Religare Enterprises LimitedFinancial ServicesRELIGARE
Q1 FY27 concall · earnings callReligare Enterprises Limited
The quarter focused on building foundations across financial services and strong growth in the insurance business, while navigating a regulatory setback on the proposed demerger.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Total Income | ₹2,358 Cr | +26% Y-o-Y growth | |
| Consolidated PBT | INR -76.73 crores | — | |
| Care Health GWP Growth | 37% | — | |
| Care Health PBT (Ind AS) | ₹163 Cr | — | |
| Religare Broking PBT | ₹10 Cr | +53% Y-o-Y growth | |
| Religare Finvest NNPA | 0.8% | — | |
| Religare Housing GNPA | 4.4% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,664.43 Cr+10.2% YoY-14.7% QoQ | ₹-63.28 CrTurned loss-making YoYTurned loss-making QoQ | ₹-1.30Turned negative YoYTurned negative QoQ |
| Q2 FY25 | ₹1,951.86 Cr+23.2% YoY+14.2% QoQ | ₹68.49 Cr+69.7% YoY+155.5% QoQ | ₹1.55+98.7% YoY+181.8% QoQ |
| Q1 FY25 | ₹1,709.55 Cr+33.1% YoY-7.9% QoQ | ₹26.81 Cr-71% YoY-85.2% QoQ | ₹0.55-71.8% YoY-85.5% QoQ |
| Q4 FY24 | ₹1,855.69 Cr+32.9% YoY+22.8% QoQ | ₹180.96 Cr-94.9% YoY+438.9% QoQ | ₹3.80-96.5% YoY+523% QoQ |
| Q3 FY24 | ₹1,510.58 Cr+29.6% YoY-4.7% QoQ | ₹33.58 CrTurned profitable YoY-16.8% QoQ | ₹0.61Turned positive YoY-21.8% QoQ |
TL;DR
- Consolidated revenue grew 26% year-on-year to INR 2,358 crores, driven by insurance.
- Reported consolidated PAT was negative INR 46.9 crores, attributed to different reporting standards.
- Care Health Insurance GWP grew 37% YoY, retail business grew 45%, and PBT (Ind AS) was INR 163 crores.
- Financial Services businesses are in a 'repair and investment' mode with new leadership teams in place.
- The RBI did not approve the company's demerger scheme; management is engaging with the regulator.
Said on the call
“This has been a quarter of deliberate measured progress for us. We are putting the house in order to build a strong foundation for the businesses.”
From the Q&A
| Topic | What management said |
|---|---|
| RBI Demerger Rejection | RBI rejected the application without specific reasons; management is engaging with the regulator but confirmed the Q1 FY28 timeline will likely be delayed. |
| Care Health Insurance Performance | Management explained the high combined ratio (102.7%) is due to upfront claims in corporate wellness business and expects improvement; growth is driven by fresh business in Tier 2/3 markets, not premium inflation. |
| Capital and Growth in Financial Services | RFL has INR 600+ crore cash, Religare Housing has INR 180 crore net worth plus INR 250 crore committed capital; ambitions are for a INR 10,000-15,000 crore book size over time. |
| Capital for Care Health | Care raised INR 150 crore equity in Q1 and INR 200 crore sub-debt in August; REL and Kedaara will continue to provide capital as needed to maintain a 1.7x solvency target. |
| Recovery of Written-off Book | RFL has an old written-off pool of INR 350-400 crores; collections are happening but will dwindle over the next couple of years. |
Guidance
- Care Health aims to become 100% combined ratio in the next two years.
- Care Health intends to beat the market in terms of growth.
- Care Health will aim to maintain solvency at 1.7x.
- RFL and Religare Housing aim to commence/scale business in the next 3-4 months.
Source
Summary written from the transcript filed by Religare Enterprises Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:16 IST.
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