RELIGARE
Micro CapReligare Enterprises Limited
Financial Services
Religare Enterprises Limited (REL) is a diversified financial services group in India, with key businesses in health insurance (Care Health Insurance), SME lending (Religare Finvest), broking (Religare Broking), and affordable housing finance (Religare Housing Development Finance Corporation). The company is undergoing a significant transformation with new promoters and strategic initiatives.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -36% YoY · margin compression · Rev +21% YoY · +20% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,467 Cr | +20.8% | +20.0% |
| EBITDA | ₹143 Cr | -39.7% | +250.5% |
| Operating margin | 6.0% | -600 bps | +1100 bps |
| PAT | ₹96 Cr | -36.4% | NDF |
| PAT margin | 3.9% | -350 bps | +764 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
REL reports consolidated revenue of ~Rs. 8,494 Cr. for FY26, driven by strong health insurance growth. Q4 FY26 shows broad-based sequential improvement across key subsidiaries, with RFL resolving legacy issues and RBL rebounding.
Religare is undergoing a significant transformation with new promoters, capital infusion, and demerger plans. Key subsidiaries like Care Health Insurance show strong growth and profitability, while Religare Finvest has resolved legacy issues and is debt-free, positioning for a restart in lending. Religare Broking also shows a Q4 rebound. The focus on governance and capital strength across segments supports the thesis.
Care Health Insurance GWP by Product (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Retail Health Growth (Care Health)
Care Health Insurance GWP grew 24% y-o-y in FY26, led by retail health growth.
Restart of Lending Operations (RFL)
Religare Finvest has a debt-free balance sheet and robust capital position, enabling immediate restart of lending operations.
Affordable Housing Market (RHDFCL)
The affordable housing market is growing at 20-22% CAGR, driven by demand for new housing and government support.
Non-Broking Revenue Growth (RBL)
Religare Broking aims to grow its MTF Book to boost interest income and expand TPP distribution with new partners and products.
Care Health Insurance Network
Care Health has 277 branch offices, 22,040+ hospital tie-ups, and a wide distribution reach with 411,408 agents.
Religare Broking E-Gov Franchise
Religare Broking's E-Governance franchise expanded 16% in FY26, reaching 61,129 touchpoints.
Strong Promoter Commitment
The Burman Group was designated as promoters in Feb 2025, increased its stake to ~30.3%, and contributed Rs. 750 Cr. in a preferential issue.
Capital Raise
REL announced a capital raise via a preferential issue of convertible warrants to the tune of Rs. 1,500 Cr. with investment from promoters and other investors.
Broking Industry Long-Term Potential
India's Demat accounts penetration is 8.1% compared to 65% in the USA, indicating significant long-term growth potential for the broking industry.
Housing Finance Underpenetration
India's low mortgage penetration provides a long growth runway, with affordable housing finance companies leading the way.
Religare Broking FY26 Topline & Bottom-Line Pressure
RBL's total income saw a marginal decline of 2% YoY in FY26, and PAT was down 26% YoY, partly due to a one-time charge from new Labor Codes.
RHDFCL Entity Loss
RHDFCL reported an Entity Loss Before Tax of (Rs. 18.44 Cr.) for FY26.
Regulatory Changes
Material changes in the regulations governing the Company’s businesses could impact operations.
Asset Quality Control
The Company's ability to control the level of NPAs in its portfolio effectively is a key risk.
Operational & Cyber Security Risks
Internal or external fraud, operational errors, systems malfunctions, or cyber security incidents pose risks.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both QoQ and YoY comparisons are relevant. QoQ highlights sequential momentum in broking and housing finance, and GWP for insurance. YoY is crucial for assessing annual growth in the health insurance business and the turnaround in the NBFC segment.
Care Health Insurance GWP
FY26 Gross Written Premium (GWP) stood at Rs. 11,417 Cr., registering a robust growth of 24% y-o-y. Q4 FY26 GWP was ~Rs. 3,511 Cr., up 29% q-o-q.
Care Health Insurance PBT
FY26 Profit Before Tax (PBT) registered a robust growth of ~38% y-o-y to ~Rs. 539 Cr. Q4 FY26 PBT was ~Rs. 274 Cr.
Religare Finvest PAT
RFL reported PAT of ~Rs. 138.8 Cr. in FY26, up from ~Rs. 24 Cr. in FY25. Q4 FY26 PAT was ~Rs. 89 Cr. on account of improved recoveries.
Religare Finvest CRAR
RFL's CRAR improved to 261.9% as on Mar’ 26 compared to 160.9% as on Mar’ 25.
Demerger for Sharper Focus
The Boards of REL and RFL approved a demerger of the Financial Services Business from REL to RFL, aimed at a sharper focus on two different segments.
Care Health Capital Infusion
Care Health has a planned infusion of Rs. 600 Cr. to strengthen its solvency position, enabling growth and expansion in the retail health segment.
RFL Ready to Ramp-up
Religare Finvest has emerged from legacy headwinds as a debt-free, governance-led, and capital-strong institution, ready to serve, scale, and sustain growth responsibly.
RHDFCL IT Transformation
Religare Housing Development Finance Corporation Limited's IT system transformation is underway, including LOS, LMS, and CRM.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Care Health GWP Growth | 24% YoY (FY26) | Sustained retail health growth and market share expansion. |
| Religare Finvest Lending Restart | Debt-free, capital-ready | Commencement of new disbursements and AUM growth. |
| Religare Broking Total Income Growth | Q4 FY26 +18% YoY, FY26 -2% YoY | Sustained quarterly growth momentum and full-year recovery. |
| RHDFCL AUM Growth | ~Rs. 243 Cr. | Acceleration in AUM growth post capital infusion and IT transformation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +2.6% / mo
Technical chart
RELIGAREweekly · 1Y-2.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 47. Wait for confirmation.
- SMA20 rising (~2.6% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 13/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Fair-value margin of safety is negative at -165.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 15th percentile of the scored universe and 29th percentile within Financial Services. Main check: results consistency is weak at 29/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.33.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 29th pctile, median 62 · Micro: 10th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 4.4%.
- ▸9 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.33.
- ▸5 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 3.1%.
- ▸ROE is low at 3.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 87.00
- P/B
- 2.57
- EV/EBITDA
- 43.56
- Market Cap
- 7478.00Cr
Profitability
- ROE
- 3.17%
- ROCE
- 3.06%
- ROA
- 0.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 71.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 3.78×
- Altman Z
- 1.32
- Book Value
- 87.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 1820.00 Cr
- EPS TTM
- 2.58
Shareholding
- Promoter Hold
- 30.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.