Care Health Insurance retail health premium growth (proprietary channel)
41%
+41% YoY
Retail health premium from proprietary channel grew 41% YoY in Q3 FY26.
RELIGAREENTERPRISES
Other
14 Feb 2026
Religare Enterprises Ltd — Q3 FY26
Religare Enterprises reported consolidated total income of ₹2,067.9 crore for Q3 FY26, up 23.8% YoY, driven by strong performance in the insurance segment.
✓ Verified against BSE filing
2-Min Summary
Religare Enterprises reported consolidated total income of ₹2,067.9 crore for Q3 FY26, up 23.8% YoY, driven by strong performance in the insurance segment. Care Health Insurance saw retail health premium grow 41% YoY on a full premium basis, with market share expanding to 11.4%. The group absorbed one-time provisions for past service liabilities under the new labor code, impacting profitability. The broking business grew revenue 12% YoY to ₹91 crore, while the NBFC and housing finance segments remain in recovery mode. Management announced a demerger of financial services into RFL, expected to complete by Q1 FY28, aiming to unlock value. Risks include delayed restart of lending operations and uncertainty around the LVB deposit recovery case.
Key Numbers
Care Health Insurance combined ratio improvement (YTD)
110 bps improvement
-110 bps YoY
Combined ratio improved by 110 basis points on a YTD basis.
Broking client debit book (MTF)
₹317 crore
+93% YoY
Client debit book grew 93% YoY to ₹317 crore.
Care Health Insurance market share in retail health (private players)
11.4%
+0.5pp YoY
Retail health market share among private players increased to 11.4%.
Management Guidance
Demerger of financial services into RFL to be completed by Q1 FY28
The demerger of financial services business into RFL is expected to be completed in 15-18 months, i.e., by Q1 FY28.
otherCare Health Insurance to receive up to ₹600 crore capital infusion
Out of the ₹1,500 crore warrants, up to ₹600 crore will be infused into Care Health Insurance as per original plans.
capexRFL to leverage balance sheet and restart lending
RFL plans to lever its balance sheet to industry standards and restart lending once leadership is in place.
growthKey Risks
Delayed restart of lending business at RFL
Management could not provide a timeline for restarting lending operations, citing leadership hiring still in progress.
medium · analyst_questionUncertainty around LVB deposit recovery
The ₹750 crore LVB deposit is fully provisioned; recovery depends on court proceedings with no timeline.
medium · analyst_questionOne-time labor code provisions impacting profitability
The new labor code led to one-time provisions across segments, affecting reported profits.
low · management_commentaryPromoter shareholding in Care below regulatory threshold for reverse merger
Promoter look-through shareholding in Care is ~19%, below the 25% required for a reverse merger, limiting future restructuring options.
high · analyst_questionNotable Quotes
This is not just a restructuring or reorganization. It is a strategic imperative step designed to unlock shareholder value, create business clarity and position the resulting entities for sustained long-term growth.
Our retail business during the quarter grew 41% year on year on a full premium basis with continued market share gains in retail health insurance.
We are sitting on a cash of 500 crores completely unlevered. So as and when we start the business with new leadership team coming in place we are definitely looking at levering this to industry standards in next couple of years.