Care Health Insurance GWP
₹11,417 Cr
+24% YoY
Full year gross written premium crossed ₹10,000 Cr milestone.
RELIGAREENTERPRISES
Other
15 May 2026
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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2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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%.
Management Guidance
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.
Management guidance marginsCare Health Insurance GWP growth of 18-24%
Care expects to grow better than the industry, with a sustainable growth rate range of 18-24%.
Management guidance revenueHousing finance turnaround in 12-18 months
Management expects the housing finance business to turn profitable within 12-18 months as it scales up.
Management guidance growthKey Risks
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.
high · analyst_questionHolding 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.
medium · analyst_questionNBFC ramp-up execution risk
The NBFC business is still in preparation phase with no clear timeline for disbursement growth, posing execution risk.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Religare Enterprises's revenue in Q4 FY26?
Religare Enterprises reported revenue of ₹2,467 Cr in Q4 FY26, representing a +13.9% change compared to the same quarter last year.
What guidance did Religare Enterprises management give for FY27?
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. 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%. Housing finance turnaround in 12-18 months: Management expects the housing finance business to turn profitable within 12-18 months as it scales up.
What are the key risks for Religare Enterprises in FY27?
Key risks include 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.; 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.; NBFC ramp-up execution risk — The NBFC business is still in preparation phase with no clear timeline for disbursement growth, posing execution risk..
Did Religare Enterprises meet its previous quarter's guidance?
Of 1 tracked promise, management 1 met, 0 close, 0 missed.
Where can I read the full Religare Enterprises Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.