Detailed Narrative
Overall FY26 Performance and Strategic Rebuilding
Religare Enterprises reported a total income of INR 8,493 crores for FY26, a 14.7% increase from INR 7,405 crores in the previous year, with a PAT of INR 73.16 crores. The year marked a significant shift from recovery to rebuilding, focusing on leadership, governance, capital availability, and regulatory response. The company reconstituted its Board and onboarded new directors, including Mr. Arjun Lamba as Executive Director from April 1, 2026.
Demerger and Group Restructuring
The company approved a demerger scheme to create two separately listed entities. REL will become a pure-play health insurance holding company through its stake in Care Health Insurance, while RFL will house the lending, broking, and ancillary financial services businesses. Post-demerger, REL shareholders will receive one RFL share for every REL share held, aiming for greater efficiency and focused operations.
Care Health Insurance: Strong Growth and Efficiency Focus
Care Health Insurance delivered a GWP of INR 11,417 crores for FY26, a 24% growth YoY, and a PBT of INR 539 crores (on 'n' basis), up 38% YoY. The company's AUM crossed INR 10,000 crores, reaching INR 10,944 crores, and it holds a 6.7% market share in the industry. The combined ratio improved by 120 basis points to 101.4% (Ind AS), with a target to bring it closer to 100% within two years.
Religare Finvest (NBFC) Revival and Growth Strategy
Religare Finvest (RFL) reported a PAT of INR 139 crores for FY26, with a total income of INR 121.9 crores, a 61.6% increase YoY. The company maintains a strong liquidity position with a surplus fund balance of over INR 591 crores and a net worth of INR 900 crores. With a new CEO, Mr. Srinivasan Karthik, the focus is on building a multi-product NBFC platform, leveraging its capital and digital transformation efforts.
Religare Broking (RBL) Performance and Strategic Initiatives
Religare Broking reported an income of INR 373 crores for FY26, a marginal decline of 2% YoY, and a PBT of INR 29.6 crores, down 31% YoY. However, Q4 FY26 saw a strong rebound with income growing 19.2% YoY to INR 99 crores and PBT increasing 79.1% YoY to INR 12.9 crores. The company is focusing on increasing traded clients, improving technology, and expanding non-broking revenue streams through third-party distribution products.
Religare Housing Finance: Foundation Building and Future Outlook
Religare Housing Finance reported a total income of INR 30 crores and a loss of INR 18.6 crores for FY26. The company's AUM stood at INR 243 crores, with a healthy capital adequacy ratio of 130%. With a new CFO, Mr. Pankaj Rathi, the focus is on strengthening the foundation, building a scalable platform, and targeting profitability within 12-18 months, primarily in affordable housing finance with an average ticket size of INR 10-11 lakhs.
Promoter Commitment and Capital Infusion
The Burman Group, as promoters, demonstrated strong commitment by increasing their stake in Religare to 30.3% through open market purchases. They also subscribed to 50% of the preferential rights issue, committing INR 750 crores, with INR 256 crores already infused. This capital infusion is intended to fund the growth of the various businesses, including INR 600 crores for Care, INR 250 crores for housing finance, and INR 200 crores for broking.