Religare Enterprises Limited (RELIGARE)
₹220.47 +0.12% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Religare Enterprises' revenue was ₹2,353 Cr (+26.5% year on year, -4.6% on the previous quarter), and net profit ₹-47.0 Cr (against a profit a year earlier); the operating margin was -2.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,353 | +26.5% | -4.6% |
| Operating profit | ₹-49.0 | to loss | to loss |
| Net profit | ₹-47.0 | to loss | to loss |
| EPS (₹) | -0.78 | to loss | to loss |
| Operating margin | -2.1% | — | — |
RELIGARE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.89% of the RELIGARE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.22%. Delivery was unusually high while the price barely moved (+0.12%).
Delivery in the last 5 sessions: 37.9% · 51.1% · 51.9% · 55.7% · 63.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Religare Enterprises announced that its material NBFC subsidiary, Religare Finvest Limited (RFL), has appointed Gaurav Sharma as Chief Technology Officer, effective October 6, 2026. Sharma brings nearly 30 years of experience across financial services and technology, having previously served as Group CTO at IIFL Finance Group and Poonawalla Fincorp. The appointment aligns with RFL's stated strategy to modernize its lending stack and scale its MSME credit operations following the removal of the RBI Corrective Action Plan. This leadership change supports digital acquisition initiatives without any immediate direct financial impact.
- Appointment of Gaurav Sharma as CTO of subsidiary Religare Finvest Limited effective October 6, 2026
- Appointee brings nearly 30 years of experience across fintech, lending, and enterprise architecture
- Previously served as Group CTO at IIFL Finance Group since July 2022 and Poonawalla Fincorp (Sept 2021 to Feb 2022)
- Term of appointment is full-time, supporting digital lending expansion
Religare Enterprises Limited has informed that shareholders at the 42nd AGM on September 24, 2026, approved the re-designation of Mr. Arjun Lamba as Managing Director. The appointment is effective retrospectively from August 12, 2026, for the remainder of his tenure and is not liable to retire by rotation. The company reported TTM revenues of ₹8,953 Cr but turned unprofitable in Q1 FY27 (Jun 2026) with a net loss of ₹46.98 Cr.
- Shareholder approval granted at the 42nd AGM held on September 24, 2026
- Re-designation of Mr. Arjun Lamba (DIN: 00124804) as Managing Director
- Appointment effective retroactively from August 12, 2026
- Position is not liable to retire by rotation for his remaining tenure
Religare Enterprises Limited concluded its 42nd Annual General Meeting on September 24, 2026. Key agenda items included the adoption of FY26 financial statements and a special resolution approving the re-designation of Mr. Arjun Lamba as Managing Director on the same terms and conditions. The Chairman highlighted that promoters have assured an infusion of ₹1,500 Crore to support growth, which represents approximately 51.5% of the company's current market capitalization of ₹2,910 Crore. Scrutinizer voting results are expected within two working days.
- 42nd Annual General Meeting held and concluded at 3:53 p.m. on September 24, 2026.
- Chairman noted promoter assurance to infuse ₹1,500 Crore into the company for growth.
- Proposed re-designation of Mr. Arjun Lamba from Whole-time Director to Managing Director under a special resolution.
- Statutory Auditors' report for FY26 had no qualifications, while Secretarial Auditors reported certain qualifications addressed in the Directors' Report.
Religare Enterprises Limited has announced the establishment of a new Corporate Office located at Arena Space, Jogeshwari Vikhroli Link Road, Jogeshwari East, Mumbai. The office has become operational effective September 18, 2026. This administrative update represents a routine operational change and does not carry any disclosed financial outlays or commercial impact.
- New Corporate Office established at Office No. 401, 4th floor, Arena Space, Jogeshwari East, Mumbai
- Office became operational effective September 18, 2026
- Disclosure filed under Regulation 30 of SEBI LODR Regulations
Religare Enterprises Limited has announced the establishment of a new Corporate Office in Mumbai, Maharashtra. The office is located at Jogeshwari Vikhroli Link Road, Jogeshwari East, and became operational on September 18, 2026. This administrative update does not disclose any financial commitments, capex, or material business changes relative to its TTM revenue of Rs 8,953 Cr.
- New Corporate Office established at Office No. 401, 4th floor, Arena Space, Jogeshwari East, Mumbai
- Office became operational effective September 18, 2026
- Disclosed under Regulation 30 of SEBI Listing Regulations
- No capex, lease value, or financial outlays disclosed in the announcement
Religare Enterprises Limited has approved the continuation of Mr. Rajender Mohan Malla as Non-Executive Chairperson for another quarter, running from October 01, 2026 to December 31, 2026. This follows the company's rotational chairperson policy adopted in February 2025, where directors rotate office quarterly. Mr. Malla, an Independent Director, originally assumed the chairperson role on July 01, 2026 for the quarter ending September 30, 2026.
- Continuation of Mr. Rajender Mohan Malla as Non-Executive Chairperson approved for October 01, 2026 to December 31, 2026
- Earlier appointed for the quarter starting July 01, 2026 until September 30, 2026 per disclosure dated July 08, 2026
- Approval executed by the Board of Directors through a resolution by circulation
- Follows board policy established on February 13, 2025 to appoint a Chairperson on a quarterly rotational basis
Religare Enterprises Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34(2) of SEBI LODR Regulations. The standalone entity reports a paid-up equity capital of Rs 332.89 Cr and operates primarily as a Core Investment Company holding key assets including Care Health Insurance (63.20% stake) and Religare Finvest (100% stake). Standalone permanent employee count stood at 30 with an attrition rate of 11% in FY26 compared to 69% in FY25. This is a standard annual regulatory compliance filing.
- Submitted mandatory BRSR for FY2025-26 as part of the Annual Report
- Reported paid-up equity capital of Rs 3,32,89,04,790 (Rs 332.89 Cr)
- Standalone employee strength stood at 30 permanent employees (33% women)
- Employee attrition dropped significantly to 11% in FY26 from 69% in FY25
- Confirmed key subsidiary stakes: Care Health Insurance (63.20%) and Religare Finvest (100.00%)
Religare Enterprises Limited has issued the notice for its 42nd Annual General Meeting (AGM) scheduled for September 24, 2026, alongside publishing its FY 2025-26 Annual Report. Key business items include the adoption of FY26 financial statements and seeking shareholder approval for the re-designation of Mr. Arjun Lamba as Managing Director effective August 12, 2026. The cut-off date to determine voting eligibility is September 17, 2026, with remote e-voting open from September 20 to September 23, 2026.
- 42nd Annual General Meeting scheduled for September 24, 2026 at 3:00 PM IST via VC/OAVM.
- Shareholder voting cut-off date fixed for September 17, 2026.
- Remote e-voting window runs from September 20, 2026 (9:00 AM) to September 23, 2026 (5:00 PM).
- Special resolution proposed to confirm the re-designation of Mr. Arjun Lamba as Managing Director effective August 12, 2026.
Religare Enterprises Limited reported that the Securities Appellate Tribunal (SAT) has dismissed an appeal filed against an earlier Securities and Exchange Board of India (SEBI) order dated February 14, 2025. The SAT delivered its dismissal order on August 19, 2026, after hearing the matter at length. This follows the company's initial exchange disclosure made on February 15, 2025, concerning the regulatory ruling. With the appeal dismissed, SEBI's original regulatory directions stand upheld unless further appealed before higher judicial forums.
- SAT dismissed the appeal against SEBI's order via its Order dated August 19, 2026
- The underlying SEBI order was originally issued on February 14, 2025
- Follows initial corporate announcement dated February 15, 2025
- Company market cap stands at ₹3,012 Cr with TTM revenue of ₹8,953 Cr
Religare Enterprises Limited announced that India Ratings & Research (Ind-Ra) has affirmed the existing credit rating and assigned an additional subordinated debt rating of 'IND AA-/Stable' to its key subsidiary, Care Health Insurance Limited. The rating communication dated August 31, 2026, confirms a Stable outlook for the insurance unit's instruments. Care Health is a material operating subsidiary contributing significantly to Religare's consolidated performance.
- India Ratings affirmed existing credit rating of Care Health Insurance at 'IND AA-/Stable'
- Assigned additional subordinated debt rating of 'IND AA-/Stable' to Care Health Insurance
- Communication received from credit rating agency dated August 31, 2026
- Rating pertains to Care Health Insurance Limited, a material subsidiary of Religare Enterprises
Religare Enterprises Limited has announced that its 42nd Annual General Meeting (AGM) will take place on Thursday, September 24, 2026, at 3:00 PM IST via Video Conferencing / Other Audio Visual Means. The Annual Report and financial statements for FY26 along with the AGM notice will be sent electronically to shareholders whose names appeared on the register as of August 28, 2026. This is a routine statutory intimation without any direct impact on current business operations or financial metrics.
- 42nd Annual General Meeting scheduled for September 24, 2026 at 3:00 PM IST
- AGM to be conducted via Video Conferencing / Other Audio Visual Means (VC/OAVM)
- Cut-off date for dispatching electronic AGM notices and Annual Report was August 28, 2026
Religare Enterprises Limited (REL) has subscribed to the rights issue of its wholly owned subsidiary, Religare Broking Limited (RBL), investing ₹100 Cr. RBL allotted 4,21,05,264 equity shares at ₹23.75 per share (₹10 face value plus ₹13.75 premium) on August 21, 2026. The capital infusion equals ~3.6% of REL's market cap (₹2,769 Cr) and will be utilized to scale RBL's Margin Trade Financing (MTF) book and fund operational working capital.
- Infused ₹100 Cr into wholly owned subsidiary Religare Broking Limited (RBL) via rights issue
- Allotted 4,21,05,264 equity shares at ₹23.75 each (₹10 face value + ₹13.75 premium)
- Proceeds earmarked to scale the Margin Trade Financing (MTF) book and working capital
- RBL operates 50 branches, ~1,100 partners, and serves 2.4 lakh active clients (FY26 revenue of ₹315.03 Cr)
Religare Enterprises released its Q1 FY27 earnings call transcript, reporting consolidated revenue growth of 26% YoY to Rs 2,358 Cr alongside a net loss of Rs 46.9 Cr. A key development is that the Reserve Bank of India (RBI) did not accede to the company's demerger scheme application, with management now engaging the regulator on next steps. Operationally, Care Health Insurance grew Gross Written Premium (GWP) by 37% YoY and raised Rs 350 Cr (Rs 150 Cr equity and Rs 200 Cr sub-debt). Religare Finvest holds a net worth of ~Rs 915 Cr with Rs 600 Cr cash and aims to restart lending operations within 3-4 months.
- Consolidated revenue grew 26% YoY to Rs 2,358 Cr in Q1 FY27 with a net loss of Rs 46.9 Cr.
- RBI has not acceded to the company's application for approval of the demerger scheme.
- Care Health Insurance recorded 37% YoY growth in GWP, having raised Rs 150 Cr equity and Rs 200 Cr sub-debt.
- Out of the total Rs 1,500 Cr capital infusion, Rs 618 Cr has been realized, with Rs 881 Cr due for conversion by March 2027.
- Religare Finvest holds ~Rs 915 Cr net worth and Rs 600 Cr cash balance, targeting lending restart in 3-4 months.
Religare Enterprises has made available the audio recording of its earnings call held on August 13, 2026, regarding the quarter ended June 30, 2026. The call follows a fiscal year (FY26) where the company reported TTM revenue of ₹8,461 Cr and a PAT of ₹73 Cr. This disclosure is a standard regulatory requirement to provide transparency on management's discussion of operational performance. Investors can access the recording via the provided link to evaluate management's outlook on the health insurance and MSME lending segments.
- Earnings call conducted on August 13, 2026, at 04:00 P.M. IST
- Discussion focused on operational and financial performance for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹8,461 Cr with a thin operating margin of 1.5%
- Care Health subsidiary maintains a 19.2% market share among Standalone Health Insurers
- Religare Broking Assets Under Custody (AUC) stands at ₹43,000 Cr as per recent context
Religare Enterprises reported a 26% YoY increase in consolidated revenue to ‡2,358.4 Cr for Q1 FY27, primarily driven by strong performance in its insurance subsidiary. Care Health Insurance saw Gross Written Premium (GWP) grow 37% to ‡3,247 Cr, maintaining its position as India's 2nd largest Standalone Health Insurer. However, the company posted a consolidated net loss of ‡46.9 Cr, down from a profit of ‡8.1 Cr in Q1 FY26, impacted by higher insurance service expenses. Religare Finvest remains debt-free with a robust CRAR of 238.4%, though the demerger process awaits further RBI clarifications.
- Consolidated Revenue grew 26% YoY to ‡2,358.4 Cr in Q1 FY27.
- Care Health Insurance GWP increased 37% YoY to ‡3,247 Cr.
- Consolidated Net Loss of ‡46.9 Cr vs ‡8.1 Cr profit in the previous year's quarter.
- Religare Broking PAT grew 65% YoY to ‡7.5 Cr.
- Religare Finvest (RFL) reported a high CRAR of 238.4% and Net NPA of 0.8%.
Financial Performance
Revenue Growth by Segment
Care Health Insurance GWP grew 18.6% to INR 5,104 Cr in H1 FY26; Religare Broking revenue declined 18.9% to INR 89.6 Cr in Q2 FY26; Religare Housing revenue declined 12.1% to INR 7.41 Cr in Q2 FY26; Consolidated Total Income grew 5.67% to INR 2,082.7 Cr in Q2 FY26.
Geographic Revenue Split
Religare Broking revenue split: West (30%), North (29%), South (24%), and East (17%). E-Governance revenue split: East (34%), North (32%), West (17%), and South (17%).
Profitability Margins
Consolidated PAT margin for Q2 FY26 was 2.2% (INR 45.9 Cr PAT on INR 2,082.7 Cr income). Care Health PBT (N basis) grew 113% to INR 177 Cr in H1 FY26. Religare Broking PBT margin fell to 3.68% in Q2 FY26 from 16.2% YoY.
EBITDA Margin
Consolidated PBT margin was 2.76% in Q2 FY26, down from 3.42% in Q2 FY25, primarily due to higher 'Other Expenses' which rose 16.1% to INR 1,403 Cr.
Capital Expenditure
Concluded a preferential issue of INR 1,500 Cr in Sept 2025; infused INR 322 Cr into Care Health Insurance in Sept 2025 to support business growth and maintain a solvency ratio of 1.89.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company's cost of borrowing is noted as high, and it recently transitioned to a debt-free status for its RFL subsidiary.
Operational Drivers
Raw Materials
Not applicable for financial services; primary cost drivers are Insurance Claims (68.1% ratio) and Finance Costs (INR 9.8 Cr in Q2 FY26).
Capacity Expansion
Care Health Investment Book grew by INR 900 Cr to INR 9,500 Cr as of Sept 2025; Religare Broking AUC stands at INR 43,000 Cr.
Raw Material Costs
Claims Ratio for Care Health normalized at 68.1% in H1 FY26 compared to 65.1% YoY; Finance costs decreased 24% to INR 9.8 Cr in Q2 FY26.
Manufacturing Efficiency
Not applicable; however, collection efficiency for RFL is maintained at 98% in the standard book.
Logistics & Distribution
Distribution costs (Fee and Commission) for the consolidated entity were INR 367.2 Cr in Q2 FY26, representing 17.6% of total income.
Strategic Growth
Expected Growth Rate
18.60%
Growth Strategy
Achieving growth through a technology refresh to increase digital acquisition, re-entering the MSME lending market via RFL post-RBI CAP removal, and utilizing the INR 1,500 Cr capital infusion to scale operations across all financial service verticals.
Products & Services
health insurance policies, MSME loans, housing loans, demat accounts, e-governance services (bus/train/flight booking)
Brand Portfolio
Religare, Care Health Insurance
New Products/Services
Expanding wealth offerings in broking and increasing revenue share from E-Governance services through a network of agents.
Market Expansion
Re-entering the credit ecosystem post-RBI CAP removal in July 2025 to expand MSME credit reach.
Market Share & Ranking
Care Health holds a 9.9% market share in the overall health insurance space and 19.2% among Standalone Health Insurers (SAHI).
Strategic Alliances
Burman Group designated as promoters post-open offer; preferential issue included participation from marquee investors (INR 750 Cr).
External Factors
Industry Trends
Health insurance is outpacing general industry growth, with Care Health's GWP growing 18.6% YoY; India's demat penetration remains low at ~7-10% compared to 65% in the US, providing a long-term growth runway.
Competitive Landscape
Intense competition in the group insurance segment from General Insurance (GI) and SAHI players; broking segment faces competition from discount brokers.
Competitive Moat
Multi-channel distribution network where the Agency segment contributes 40% of insurance business; strong retail focus (62% of insurance book) provides granular revenue and reduces corporate client dependency.
Macro Economic Sensitivity
Demand for health insurance and broking services is highly sensitive to India's financial literacy rates and demat penetration (currently ~7-10%).
Consumer Behavior
Shift toward digital acquisition and app-based trading; increasing demand for retail health insurance post-COVID.
Geopolitical Risks
Minimal direct impact due to domestic focus, though global market volatility affects AUC and broking volumes.
Regulatory & Governance
Industry Regulations
IRDAI accounting change to 1/N basis for long-term policies; RBI Corrective Action Plan (CAP) on RFL (removed July 2025); Expense of Management (EOM) regulations (compliant at 32.2%).
Taxation Policy Impact
Consolidated tax expense was INR 11.5 Cr in Q2 FY26; RHDFCL tax expense was INR 0.7 Cr.
Legal Contingencies
Delhi High Court order removed the 'fraud' tag on Religare Finvest Limited (RFL), facilitating its re-entry into the credit market.
Risk Analysis
Key Uncertainties
Regulatory accounting changes (1/N) impacting reported profitability by INR 154 Cr in H1 FY26; competitive pricing pressure in group insurance segments.
Geographic Concentration Risk
RBL has 30% revenue concentration in the West region and 29% in the North.
Third Party Dependencies
Significant reliance on the Agency channel (40% of insurance business) and franchise partners for broking distribution.
Technology Obsolescence Risk
Risk of outdated trading platforms; mitigated by ongoing technology refresh and digital platform upgrades.
Credit & Counterparty Risk
RFL NNPA at 1.0% and RHDFCL NNPA at 3.3% indicate stable asset quality in the lending verticals.
