Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,467 Cr
verified against source
Revenue YoY
13.9%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Religare Enterprises reported consolidated total income of ₹8,493 crore for FY26, up ~14% YoY, driven by strong performance at Care Health Insurance (GWP ₹11,417 crore, +24% YoY) and improved recovery at RFL (PAT ₹139 crore). Care's retail health grew 37% YoY in Q4, gaining market share. The demerger scheme to separate insurance and financial services was approved, with promoters increasing stake to ~30.3%. However, consolidated PAT fell sharply to ₹73 crore from ₹243 crore, impacted by mark-to-market losses and higher expenses. Management guided for Care's combined ratio to approach 100% in two years and expects 18-24% GWP growth. The housing finance business remains loss-making, with a turnaround expected in 12-18 months. Key risk: execution of NBFC ramp-up and promoter stake dilution concerns persist.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects combined ratio to improve to near 100% over the next two years, driven by operating leverage.
- Care expects to grow better than the industry, with a sustainable growth rate range of 18-24%.
- Management expects the housing finance business to turn profitable within 12-18 months as it scales up.
Risks flagged
- Promoter shareholding in Religare is ~30.3%, but post-demerger, Care's promoter holding may fall short of the 26% regulatory requirement, raising concerns about compliance.
- The demerger structure may not eliminate the holding company discount, as Care remains a subsidiary of a listed entity, potentially undervaluing the stock.
- The NBFC business is still in preparation phase with no clear timeline for disbursement growth, posing execution risk.
Key quotes
- We are building a foundation on which we hope to build a profitable, scalable and sustainable business and remain committed to the same.
- Our combined ratio will come down near 100 in two years downline. But more important, this combined ratio will come because operating leverage will be better.
- We are conscious of what the shareholders want and we will apply our minds and collectively we'll keep interacting with you.
Research modules