RELIGARE
Religare Enterprises share price & financials
- Price
- ₹253.4
- Market cap
- ₹8.0k Cr
- Sector
- Financial Services
- Calls analysed
- 4
Religare Enterprises Limited Q1 FY27
What went well
- Consolidated revenue increased 26% YoY to INR2,358 crores against INR1,876 crores in the corresponding quarter last year.
- Care Health Insurance (CHI) Gross Written Premium (GWP) grew 37% YoY, with retail business growing 45% YoY, outpacing industry trends.
- Religare Broking reported a 53% YoY growth in PBT to INR10 crores, supported by 13% growth in brokerage income and 78% growth in client debit book.
What to watch
- Consolidated PAT was negative at INR46.9 crores, mainly due to different reporting standards, and PBT was negative INR76.73 crores.
- RBI has not acceded to the request for approval for the demerger scheme, requiring further engagement with regulators.
What Religare Enterprises Limited does
Religare Enterprises is an RBI-registered Core Investment Company that holds controlling stakes across four financial-services verticals: Care Health Insurance (standalone health and travel insurance), Religare Broking (equity, currency and commodity broking plus depository and e-governance services), Religare Finvest (an NBFC focused on secured/unsecured MSME and retail lending), and Religare Housing Development Finance Corporation, RHDFCL (affordable housing loans for low-income, self-employed and first-time homebuyers in semi-urban and urban India). The group earns through insurance premiums and investment income at Care Health, brokerage plus interest income at Religare Broking, interest income on its loan book at Religare Finvest, and interest income on housing loans at RHDFCL. The Burman Group was designated as REL's promoter in 2025, and the boards of REL and Religare Finvest have approved a demerger under which REL would become a pure-play health-insurance holding company while the lending, broking and ancillary financial-services businesses move into Religare Finvest.
Segments
- Insurance
- Financial Services
- Market position
- 2nd-largest standalone health insurer in India (Care Health Insurance)
- Care Health branch network
- 277 branches
- Care Health hospital tie-ups
- 22,040+ empanelled hospitals
- Care Health distribution network locations
- 1,455+ network locations
- Care Health insurance product range
- 44 products
- Care Health distribution force
- 4,11,408 agents; 660 brokers; 239 corporate agents/bancassurance tie-ups
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 0 delivered 2 missed 14 open- Care Health Combined Ratio missed said Q2 FY26 Promised: less than 100% Q1 FY27: Promise remains missed. Superseded by a new two-year target set in Q4 FY26.
- Demerger & RFL Listing Timeline at risk said Q3 FY26 Promised: 15 to 18 months... culminate in the first quarter of FY '28 Q1 FY27: RBI has not acceded to the request for approval for the demerger scheme. Management is re-engaging with regulators, but the original timeline is now highly uncertain.
- Religare Housing Finance AUM on track said Q2 FY26 Promised: four digit kind of a franchise in few years Q1 FY27: AUM grew marginally to 247 cr. The business remains in a rebuilding phase, with the long-term target still distant.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 950.0%, net profit down 56.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 0 | 0 | 0 | 1 −74% | 1 +3325% | 2 +5633% | 3 +950% |
| EBITDA | -17 | -16 | -8 | -7 | -8 +55% | -12 +27% | -13 −56% | -11 −62% |
| Net profit | 9 | -13 | -18 | -6 | -4 −142% | -11 +15% | -12 +30% | -10 −56% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +0.3% 1Y
1Y: ₹256.16 on 10 Sept 2025 → ₹256.81. High ₹278.36 (24 Jun 2026), low ₹201.11 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.3%
- 13 Aug
- Q4 FY26
- +2.3%
- 13 May
- Q3 FY26
- −5.2%
- 16 Feb
- Q2 FY26
- −1.4%
- 19 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 90.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to -933.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.7k Cr | ₹12 Cr | ₹6 Cr | ₹4 Cr |
| Operating profit | ₹467 Cr | ₹-54 Cr | ₹-56 Cr | ₹-39 Cr |
| Operating margin | 10.0% | -442.4% | -876.6% | -933.7% |
| Interest | ₹628 Cr | ₹25 Cr | ₹15 Cr | ₹4 Cr |
| Depreciation | ₹55 Cr | ₹6 Cr | ₹5 Cr | ₹2 Cr |
| Net profit | ₹3.2k Cr | ₹-65 Cr | ₹-38 Cr | ₹-34 Cr |
| Net margin | 67.8% | -534.8% | -589.3% | -802.6% |
| Cash from operations | ₹-40 Cr | ₹-72 Cr | ₹73 Cr | ₹-102 Cr |
| Free cash flow | ₹-40 Cr | ₹-74 Cr | ₹73 Cr | ₹-102 Cr |
| ROCE | 0.0% | -2.0% | -1.0% | -1.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹259 Cr | ₹319 Cr | ₹324 Cr | ₹330 Cr | ₹331 Cr | ₹333 Cr |
| Reserves | ₹1.3k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.6k Cr | ₹2.1k Cr |
| Borrowings | ₹339 Cr | ₹93 Cr | ₹219 Cr | ₹140 Cr | ₹319 Cr | ₹6 Cr |
| Other liabilities | ₹243 Cr | ₹255 Cr | ₹42 Cr | ₹141 Cr | ₹9.3k Cr | ₹100 Cr |
| Total liabilities | ₹2.2k Cr | ₹2.5k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹12.5k Cr | ₹2.6k Cr |
| Fixed assets | ₹4 Cr | ₹15 Cr | ₹16 Cr | ₹20 Cr | ₹137 Cr | ₹6 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹2.0k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹9.9k Cr | ₹2.5k Cr |
| Other assets | ₹198 Cr | ₹187 Cr | ₹126 Cr | ₹124 Cr | ₹2.4k Cr | ₹81 Cr |
| Total assets | ₹2.2k Cr | ₹2.5k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹12.5k Cr | ₹2.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +4.72 pp while the public trimmed −3.96 pp. The shareholder count shrank 6% to 69,935.
- Promoters
- 30.6%
- FIIs
- 9.6%
- DIIs
- 9.3%
- Public
- 50.5%
Since Jun 2025
- Promoters +4.72 pp
- Public −3.96 pp
- DIIs −2.29 pp
How it drifted, 12 quarters
Over this window promoters went from 0.0% to 30.6% — +30.6 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 11.8%, DIIs 7.8%, Public 80.4%.Dec '23: FIIs 9.9%, DIIs 7.8%, Public 82.4%.Mar '24: FIIs 7.9%, DIIs 8.2%, Public 83.9%.Jun '24: FIIs 8.5%, DIIs 11.0%, Public 80.5%.Sep '24: FIIs 8.0%, DIIs 13.4%, Public 78.6%.Dec '24: FIIs 8.1%, DIIs 13.1%, Public 78.8%.Mar '25: Promoters 25.7%, FIIs 8.3%, DIIs 11.8%, Public 54.3%.Jun '25: Promoters 25.8%, FIIs 8.1%, DIIs 11.6%, Public 54.5%.Sep '25: Promoters 25.8%, FIIs 7.8%, DIIs 10.3%, Public 56.1%.Dec '25: Promoters 26.3%, FIIs 7.6%, DIIs 9.3%, Public 56.8%.Mar '26: Promoters 30.3%, FIIs 7.8%, DIIs 8.5%, Public 53.4%.Jun '26: Promoters 30.6%, FIIs 9.6%, DIIs 9.3%, Public 50.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Large And Midcap Fund Mutual fund newly disclosed 4.42% held
- Ashish Dhawan +1.12 pp 5.24% held
- Vic Enterprises Private Limited +0.83 pp 8.57% held
- Ellipsis Partners Llc FPI fund +0.38 pp 4.45% held
The same filing shows 6 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Religare Enterprises Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Puran Associates Private Limited | 10.40% | −0.26 pp |
| Vic Enterprises Private Limited | 8.57% | +0.83 pp |
| M B Finmart Private Limited | 5.51% | −0.13 pp |
| Ashish Dhawan | 5.24% | +1.12 pp |
| Chandrakanta | 4.61% | −0.11 pp |
| Ellipsis Partners Llc FPI fund | 4.45% | +0.38 pp |
| Motilal Oswal Large And Midcap Fund Mutual fund | 4.42% | newly disclosed |
| Quick Trading And Investment Advisors Llp | 3.28% | −0.08 pp |
| Milky Investment And Trading Company | 2.94% | −0.07 pp |
| Shivani Burman | 2.75% | −0.07 pp |
| Gyan Enterprises Pvt Ltd | 0.39% | unchanged |
| Gaurav Burman | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Religare Enterprises Limited
Guides on how to read this kind of business and the numbers that matter.