Religare Enterprises Ltd(RELIGARE)

NSE: RELIGAREBSE: 532915

₹ 209+0.50%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,205 crWebsite: www.religare.comUpdated: 24 Oct 2026

About

Religare Enterprises Limited (REL) is a Mumbai-listed Core Investment Company (CIC) registered with the RBI, holding stakes in health insurance, MSME finance, retail broking, and affordable housing finance. Its dominant subsidiary, Care Health Insurance, is India's second-largest standalone health insurer with a 22% SAHI market share, generating GWP of INR11,417 Cr in FY26. The group has over 11,000 professionals serving customers across more than 1,000 locations in India.^[1]

Business segments

Insurance (Care Health Insurance): 93.7% of group revenue in FY26, segment revenue of Rs 7,969.05 Cr; health insurance revenue was Rs 6,902.45 Cr in FY25.^[2][3]
Broking (Religare Broking): 3.7% of group revenue in FY26, contributing segment revenue of INR313.83 Cr.^[2]
MSME Finance (Religare Finvest / RFL): wholly-owned NBFC-ICC-ML that completed a multi-year balance sheet and regulatory reset in FY26; net AUM of only INR53 Cr as of Q1 FY27 as new lending is yet to restart.^[1]
Affordable Housing Finance (RHDFCL): 87.5%-owned by RFL, focused on LIG and MIG segments; AUM INR247 Cr across 15 branches in 8 states as of Q1 FY27.^[1]

Care Health Insurance operating metrics

GWP grew 37% YoY to INR3,247 Cr (full-premium basis, without 1/n) in Q1 FY27, outpacing standalone health insurer industry growth of 22.4%.^[4]
Full-year FY26 GWP on n-basis was INR11,417 Cr, up 24% YoY; retail health grew 34% and accounted for 66% of mix.^[5]
Retail health market share reached 12.6% of the industry and 21.6% within SAHI in Q1 FY27; FY26 SAHI market share was 22%.^[4]
Combined Insurance Service Ratio (Ind AS) was 102.7% in Q1 FY27, a 30 bps YoY improvement; FY26 combined ratio (Ind AS) was 101.4%, down 120 bps YoY.^[4]
Investment book AUM stood at INR11,751 Cr in Q1 FY27; solvency ratio was 1.58x (regulatory minimum 1.5x), down from 1.68x at FY26 end due to rapid premium growth.^[4]
Claim settlement ratio of more than 97% and over 44 products across group, travel, fixed benefit and indemnity categories as of FY26.^[1]

Distribution and reach

Care Health Insurance has 277 branches servicing over 1,455+ locations nationwide and a network of approximately 22,040 hospitals and healthcare centres as of FY26.^[1]
Care distributes through over 410,000 agents, brokers, corporate agents, bancassurance, and direct channels as of FY26.^[1]
Religare Broking operates 68 branches and serves 2.5 lakh active customers; active NSE clients were approximately 245,000 in FY26.^[1]
RHDFCL served approximately 3,100+ customers across 8 states through 15 branches as of FY26; Care Health has served over 3 million policyholders cumulatively.^[1]

Lending subsidiaries

RFL is debt-free with tangible net worth of INR915 Cr and cash balance of INR600+ Cr as of Q1 FY27; CRAR stands at 238.4% and NNPA at ~0.8%.^[4]
RBI withdrew the Corrective Action Plan on RFL effective July 23, 2025, and the Delhi High Court quashed the fraud classification.^[3]
RFL net AUM only INR53 Cr as of Q1 FY27; new MSME/SME lending launch targeted within 3 - 4 months (by Q3 FY27).^[4]
RFL has 127+ employees across 7 branches (including 3 offices) as of March 31, 2026.^[1]
RHDFCL AUM of INR247 Cr in Q1 FY27, mix 66% home loans and 34% loan against property; GNPA 4.4% and collection efficiency 101% as of FY26.^[4]
RHDFCL loss of INR5 Cr in Q1 FY27 and INR18.6 Cr for FY26; CRAR of 130% as of FY26.^[4]

Holding company capital and governance

INR1,500 Cr preferential warrant issue with Burman promoter group and investors contributing INR750 Cr each; remaining INR881 Cr due for conversion by March 2027.^[6]
Proceeds earmarked: up to INR600 Cr for Care Health, INR200 Cr for broking, INR250 Cr for RHDFCL, and INR75 Cr for REL debt repayment.^[6]
Promoter group (Burman family) held ~30.3% as of Q4 FY26, expected to rise to ~34% on full warrant conversion; classified as promoters from February 18, 2025.^[5][3]
RBI has barred REL from paying dividends since its letter of April 05, 2019, until further orders; the restriction continued as of the FY25 annual report.^[3]

Expansion plans

RFL and RHDFCL together target a combined lending book of INR10,000 - 15,000 Cr with INR1,500 - 2,000 Cr of capital over the medium term.^[4]
REL has committed INR250 Cr to RHDFCL, targeting hub-and-spoke asset-light expansion from its 8-state footprint.^[4]
Care Health targets a combined ratio of ~100% within two years (by FY28), reaffirmed in Q1 FY27.^[4]

Recent developments

RBI said on August 6, 2026 it has not approved the REL - RFL demerger scheme; management is re-engaging and the targeted Q1 FY28 RFL listing is delayed.^[4]
Care Health raised INR200 Cr of subordinated debt in August 2026 after solvency fell to 1.58x; a INR150 Cr rights issue was completed in Q1 FY27.^[4]
Care Health's rating was upgraded from IND A+ to IND AA- during FY26, enabling a INR100 Cr sub-debt issue.^[5]
Leadership appointments in FY27: Srinivasan Karthik MD&CEO of RFL, Pavan Gupta MD&CEO and Pankaj Rathi CFO of RHDFCL, Ajay Shah MD and Manish Dodeja ED at Care Health.^[4]
Religare Broking's e-governance business was transferred to Religare Digital Solutions Limited via an NCLT-approved scheme in Q2 FY26.^[6]

Market Cap

₹7,205 Cr

High / Low

₹285 / 197

Stock P/E

138.4

Price / Book

2.4

Book Value

₹87

EPS

₹2.6

No. of Shares

33.29 Cr

ROCE

2.4%

ROE

3.2%

Sales

₹8,459 Cr

Net Profit

₹73 Cr

Promoter holding

31.3%

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