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View Promises →Religare Enterprises Ltd — Q4 FY26
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).
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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.
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Promoter stake in Care may not meet IRDAI requirement
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Care Health Insurance GWP
₹11,417 Cr
+24% YoY
Full year gross written premium crossed ₹10,000 Cr milestone.
Care Retail Health Growth (Q4)
37%
+37% YoY
Retail health grew 37% YoY in Q4 on a full present basis, gaining market share.
Care Combined Ratio (Ind AS)
101.2%
-120bps YoY
Improved by 120 bps driven by 100 bps reduction in loss ratio.
RFL Collection Efficiency
98%
flat
Collection efficiency remained stable at around 98%.
What Changed vs Last Quarter
NEW
Care Health Insurance combined ratio to approach 100% in two years
Management expects combined ratio to improve to near 100% over the next two years, driven by operating leverage.
NEW
Care Health Insurance GWP growth of 18-24%
Care expects to grow better than the industry, with a sustainable growth rate range of 18-24%.
NEW
Housing finance turnaround in 12-18 months
Management expects the housing finance business to turn profitable within 12-18 months as it scales up.
DROPPED
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.
DROPPED
Care 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.
DROPPED
RFL 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.
NEW RISK
Promoter stake in Care may not meet IRDAI requirement
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.
NEW RISK
Holding company discount persists
The demerger structure may not eliminate the holding company discount, as Care remains a subsidiary of a listed entity, potentially undervaluing the stock.
NEW RISK
NBFC ramp-up execution risk
The NBFC business is still in preparation phase with no clear timeline for disbursement growth, posing execution risk.
RISK GONE
Delayed restart of lending business at RFL
Management could not provide a timeline for restarting lending operations, citing leadership hiring still in progress.
RISK GONE
Uncertainty around LVB deposit recovery
The ₹750 crore LVB deposit is fully provisioned; recovery depends on court proceedings with no timeline.
RISK GONE
One-time labor code provisions impacting profitability
The new labor code led to one-time provisions across segments, affecting reported profits.
RISK GONE
Promoter 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.
Fast read
Guidance and risk preview
Management expects combined ratio to improve to near 100% over the next two years, driven by operating leverage.
Promoter shareholding in Religare is ~30.3%, but post-demerger, Care's promoter holding may fall short of the 26% regulatory requirement, raising c...
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