Religare Enterprises Limited (RELIGARE)

Financial Services · Finance · NSE · Updated 15 July 2026

₹267.85 ↓ 0.12% (1Y)

🎯 Key Takeaways

Religare Enterprises Limited is undergoing a strategic transformation through the proposed demerger of its health insurance and financial services businesses, aiming to unlock value and provide focused growth trajectories for each entity. The company is actively restructuring its capital allocation and leadership to support this shift, with management emphasizing operational efficiency and long-term profitability in key segments like housing finance and broking.
Revenue declined 14.7% QoQ to ₹1,664 in Q3FY25.
⚠️ 1) Execution risk of the demerger, which requires shareholder and regulatory approval and may face delays or modifications. 2) Profitability targets f

Market Cap

₹7,388

P/E Ratio

34.7

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About RELIGARE 📊 Interactive Charts

📖 The Story

Religare Enterprises Limited is undergoing a strategic transformation through the proposed demerger of its health insurance and financial services businesses, aiming to unlock value and provide focused growth trajectories for each entity. The company is actively restructuring its capital allocation and leadership to support this shift, with management emphasizing operational efficiency and long-term profitability in key segments like housing finance and broking.

📰 What's Happening

In FY26, Religare reported consolidated net profit of ₹73.16 crores on total income of ₹8,493 crores, with Q4 income reaching ₹2,473 crores. The company announced a demerger to separate its health insurance and financial services businesses, offering a 1:1 share exchange ratio to shareholders. Key subsidiaries showed strong momentum: Religare Broking grew revenue 18% YoY to ₹[amount context mismatch] crores and PBT 79% to ₹12.9 crores; Religare Finvest reported ₹139 crores PAT and 261% CRAR; and Care Health Insurance achieved 11.6% industry-wide and 19.7% SAHI market share with a combined ratio of 101.4% under Ind AS. Management plans capital allocation of INR600 crores to housing finance, INR200 crores to broking, and INR375 crores to general corporate purposes, targeting housing finance profitability within 12-18 months. The demerger is expected to be completed by Q3 FY27.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,396	1,285	1,584	1,511	1,856	1,710	1,952	1,664
Operating Profit	3,600	156	103	82	272	62	95	-60
OPM %	17.7%	10.7%	6.4%	3.7%	1.2%	3.3%	3.9%	-3.9%
Net Profit	3,517	93	40	34	181	27	68	-63
EPS	₹107.64	₹1.95	₹0.78	₹0.61	₹3.80	₹0.55	₹1.55	₹-1.30

The quarterly financials reveal significant volatility, with FY24 showing a sharp spike in net profit (₹3,517 crores in Q4FY24) followed by a steep decline to ₹-63 crores in Q3FY25, indicating a challenging transition. This drop correlates with management's stated focus on restructuring and capital reallocation rather than sustaining prior profitability levels. While Q2FY25 showed a return to profitability (₹68 crores net), the subsequent Q3FY25 returned to loss (₹-63 crores), suggesting ongoing operational adjustments. The company's financial trajectory appears to be in a transitional phase, where short-term profitability fluctuations are expected as it executes its demerger and capital deployment strategy.

🔮 Management Outlook & What's Next

Management explicitly stated that the demerger will be completed by Q3 FY27 and that housing finance aims to achieve profitability within 12-18 months. They also outlined specific growth targets, including Care Insurance targeting 18-24% growth and a combined ratio of ~100% within two years. Capital allocation priorities were detailed: INR600 crores to housing finance, INR200 crores to broking, and INR375 crores to general corporate purposes. This forward-looking guidance provides clarity on the strategic timeline and performance milestones for key initiatives.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Bajaj Finance Limited	5.67 L Cr	30.9	22.4%	18.6%	1.37
Bajaj Finserv Limited	2.77 L Cr	14.4	—	13.4%	—
Shriram Finance Limited	2.21 L Cr	23.3	—	—	—
Jio Financial Services Limited	1.54 L Cr	92.1	—	—	—
Power Finance Corporation Limited	1.47 L Cr	5.0	—	—	—
Muthoot Finance Limited	1.33 L Cr	26.6	—	—	—
Cholamandalam Investment and Finance Company Limited	1.32 L Cr	31.9	—	—	—
Tata Capital Limited	1.31 L Cr	—	—	—	—
Indian Railway Finance Corporation Limited	1.29 L Cr	18.4	—	—	—
Bajaj Holdings & Investment Limited	1.15 L Cr	15.3	—	—	—

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN JIOFIN PFC

⚠️ Risk Factors

1) Execution risk of the demerger, which requires shareholder and regulatory approval and may face delays or modifications. 2) Profitability targets for housing finance (12-18 months) and Care Insurance (combined ratio ~100% in 2 years) may not be achieved, potentially undermining the restructuring rationale. 3) Volatility in subsidiary performance, as seen in the sharp swing from FY24's high net profit to FY25 losses, suggests operational instability during transition. 4) Dilution from warrant conversion and potential future fundraising could pressure shareholder value if not managed effectively.

📋 Recent Filings

🧠 Analyst's Read

Religare is in a pivotal restructuring phase with a clear strategic vision through demerger and focused capital allocation. The key watchpoints are the timely execution of the demerger by Q3 FY27 and the pace at which subsidiaries achieve profitability, particularly in housing finance. Investors should monitor progress against stated milestones and the market's reception of the newly structured entities post-demerger.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on RELIGARE

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when RELIGARE files new disclosures

Track RELIGARE filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track RELIGARE — Free

Free account · 2 AI queries/day