Religare Enterprises Limited (RELIGARE)
Micro CapFinancial Services stocks · Micro cap · NSE
Religare Enterprises Limited (REL) is a diversified financial services group with strategic majority stakes in Care Health Insurance, Religare Broking, Religare Finvest (SME lending), and Religare Housing Development Finance Corporation. It operates across insurance, secured SME lending, affordable housing finance, and broking services in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -688% YoY · margin compression · Rev +26% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,353 Cr | +26.4% | -4.6% |
| EBITDA | ₹-49 Cr | -426.7% | -134.3% |
| Operating margin | -2.1% | -290 bps | -810 bps |
| PAT | ₹-47 Cr | -687.5% | -149.0% |
| PAT margin | -2.0% | -243 bps | -589 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
REL consolidated revenue ~Rs. 2,473 Cr. (Q4FY26) and ~Rs. 8,494 Cr. (FY26). Care Health GWP up 29% QoQ to ~Rs. 3,511 Cr. and 24% YoY to ~Rs. 11,417 Cr. RFL PAT ~Rs. 89 Cr. (Q4FY26) with NNPA at ~0.8%. RBL total income up 8% QoQ to ~Rs. 99 Cr. RHDFCL AUM ~Rs. 243 Cr.
REL is undergoing a significant transformation, with new promoters, capital infusion, and resolution of legacy issues at RFL. Strong Q4 performance across key subsidiaries (Care, RBL, RFL) indicates operational momentum. The demerger plan aims for sharper focus, potentially unlocking value.
Care Health Insurance GWP by Product Mix (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Expanded Product Portfolio (Care)
Customer-centric products tailored to evolving healthcare needs with sharper focus on retail health mix.
Multi-Channel Distribution Scale-Up (Care)
Industry-first daily agent commission payouts enhancing distribution strength; various channels driving consistent premium growth.
Improve Platform & Products (RBL)
Upgrade the trading platform and mobile App. Invest in AI for better client experience and engagement.
Grow Non-Broking Revenue (RBL)
Grow MTF Book to boost interest income. Expand TPP distribution with new partners and products.
Care Health Hospital Network
~22,040+ Hospital Tie-ups
RBL E-Governance Franchise Expansion
E-Gov franchise expanded 16%, from 52,669 to 61,129 touchpoints.
Strong Promoter Commitment
Promoter group increased its stake to ~30.3% via open market purchase and contributed Rs. 750 crores in preferential issue.
Care Health Credit Rating Upgrade
Credit rating upgraded to ‘IND AA-’ from ‘IND A+’ with a Stable Outlook.
Care Health Capital Infusion
Planned infusion of Rs.600 Cr to strengthen solvency position, enabling growth and expansion in the retail health segment.
RFL Legacy Issues Resolved
RBI lifted CAP (Jul 2025) and all banks removed fraud classification; debt-free balance sheet achieved.
RBL FY26 Topline & Bottom-Line Pressure
Total Income saw a marginal decline of 2% to Rs. 373.4 Cr; PAT -26% to Rs. 23.1 Cr; PBT -31% to Rs. 29.6 Cr.
RBL One-time Charge
Employee costs for FY26 include impact of incremental liability from past service cost due to New Labor Codes.
RHDFCL Profitability
Entity Profit Before Tax was a loss of (3.64) Cr. in Q4 FY26 and (18.44) Cr. for FY26.
Regulatory Changes
Material changes in the regulations governing the Company’s businesses.
Capital Adequacy Compliance
The Company's ability to comply with the capital adequacy norms prescribed by the Regulators.
Collateral Value & Enforcement
Decreases in the value of the Company's collateral or delays in enforcing the Company's collateral upon default by borrowers.
NPA Control
The Company's ability to control the level of NPAs in the Company's portfolio effectively.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both quarterly and annual figures. QoQ comparison is crucial for assessing sequential momentum, utilization, and project execution in financial services, while YoY comparison is important for understanding annual growth trends and mitigating seasonality.
Care Health Insurance GWP (Q4 FY26)
~Rs. 3,511 Cr., up 29% q-o-q
Care Health Insurance GWP (FY26)
~Rs. 11,417 Cr., up 24% y-o-y
Care Health Insurance PBT (FY26)
~Rs. 539 Cr., up ~38% y-o-y
Care Health Insurance Solvency Ratio (FY26)
1.68
Demerger for Sharper Focus
Approval of demerger by the Boards of REL and RFL aimed at sharper focus on Financial Services Business and Insurance Business.
Care Health Scalable Growth
Strategic initiatives position CARE to accelerate growth, deepen customer trust, and build a scalable, future-ready health insurance franchise.
RFL Rebuilding & Scaling
RFL has emerged from legacy headwinds as a debt-free, governance-led, and capital-strong institution - ready to serve, scale, and sustain growth responsibly.
RHDFCL Transition Phase
The housing finance business continued its transition phase with emphasis on portfolio stability, technology transformation, and capital management.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Care Health Insurance GWP growth | 24% YoY (FY26) | Sustained growth in Gross Written Premium, especially from the retail segment. |
| RFL Net AUM growth | ~Rs. 60.6 Cr. (FY26) | Ramp-up of lending operations and growth in Net AUM post legacy resolution. |
| RBL PBT growth | +79% YoY (Q4FY26), -31% YoY (FY26) | Consistent quarterly PBT growth and improved full-year profitability. |
| RHDFCL Profitability | PBT Loss (18.44) Cr. (FY26) | Turnaround to profitability and reduction in losses. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 -8.0% / mo · MACD +
Technical chart
RELIGAREdaily · 1Y · AUTO+25.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 64. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~8.7% over last month) — short-term momentum negative.
- RSI(14) at 64 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 8% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 13/25 to the score.
- Cash flow contributes 4/10 to the score.
- Balance sheet contributes 2/15 to the score.
Main drags
- Altman Z is 1.4, in distress territory.
- Fair-value margin of safety is negative at -513.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 10th percentile of the scored universe and 15th percentile within Financial Services. Main check: results consistency is weak at 29/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.41.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 15th pctile, median 62 · Micro: 6th pctile, median 73
23 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 4.7%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.41.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 1.5x.
- ▸ROCE is low at 3.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 179.00
- P/B
- 2.94
- EV/EBITDA
- 79.28
- Market Cap
- 8862.00Cr
Profitability
- ROE
- 3.18%
- ROCE
- 3.50%
- ROA
- 0.12%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 71.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 1.53×
- Altman Z
- 1.41
- Book Value
- 87.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 1820.00 Cr
- EPS TTM
- 1.51
Shareholding
- Promoter Hold
- 30.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.