Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Oct
Source: Bse
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.
₹212.54
-3.88 · -1.79%
Market cap ₹7,461 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result12 Aug, 08:17 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -7.6% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RELIGARED candles · FIT view-4.7%Latest close ₹212.54 on 2026-10-21
Bar
-1.6%
RSI
30
MACD hist
-0.91
52W pos
19%
2026-10-21O ₹216.00H ₹217.79L ₹211.55C ₹212.54Vol 10.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RELIGARENifty Financial ServicesNifty 500
- RELIGARE
- -17.0%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -10.5 pp
Chart stats
21 Oct 2026- From 52W high
- -24.1%
- 52W range position
- 19%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.88x
- Avg traded value
- ₹26.6 Cr
- 20D price channel
- ₹211.6 - ₹254
₹280
₹196.5 - ₹280
₹6.8
Latest completed session
20-session average
26.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED22
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +26.4% · PAT -687.5% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-452.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence52
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -688% YoY · margin compression · Rev +26% YoY
Filed 12 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 151.00
- P/B
- 2.47
- EV/EBITDA
- 67.41
- Market Cap
- 7461.00Cr
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
- 1.34
- 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
- 22%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 2,353-4.6% vs prev
Net Profit
₹ CrLatest: -47.0-149.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~8.3% over last month) — short-term momentum negative.
- RSI(14) at 30 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 24% off 52W high · 8% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 1 Base / Transition
1M return
-16.1%
3M return
-17.0%
6M return
-4.2%
1Y return
-19.6%
RS 1D
+2
RS 20D
-12
Sector rank
#10
Industry rank
#18
Stage evidence
- Price is 10.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 87.62-0.87%
RS vs Nifty 50088
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth13/25
Quality0/20
Balance Sheet2/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
22
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
22/100 · legacy band OVERVALUED
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 1.3, in distress territory.
- Fair-value margin of safety is negative at -452.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
151.0
PB
2.5
EV/EBITDA
67.4
ROE
3.2%
ROCE
3.5%
FCF Yield
—
Debt/Equity
0.2
MoS
-452.0%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
22
Previous: 22
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-452.0%
Previous: -462.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
22
22
22
22
22
22
22
22
22
22
22
22
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹54.49
-290.0% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹38.51
-452.0% MoS
PEG
5.55
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CHOICEIN
Large
Choice International Limited
Financial Services
match 70
43
72.0
16.1%
-176%
WATCHLIST
EFCIL
Small
EFC (I) Limited
Financial Services
match 59
79
9.8
33.4%
+66%
DEEP VALUE
PRUDENT
Micro
Prudent Corporate Advisory Services Limited
Financial Services
match 52
53
51.6
28.6%
-103%
FAIR VALUE
JAYKAY
Small
Jaykay Enterprises Limited
Financial Services
match 49
44
82.2
3.6%
+41%
WATCHLIST
BLUSPRING
Small
Bluspring Enterprises Limited
Financial Services
match 48
14
142.0
-0.5%
-1982%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T04:25:07.769Z
Management commentary snapshot
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.
Current business mix
Care Health Insurance GWP by Product Mix (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Retail66.0%
Group31.0%
PA3.0%
Travel1.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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
Management forward view
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.
Thesis monitor
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.
Trust Score
52Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
23 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
10th percentile
overall median 67 · Financial Services: 15th pctile, median 62 · Micro: 6th pctile, median 73
Evidence depth
Financial-only
23 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
82
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
41
weak · leverage and solvency
Discipline
30
weak · capital discipline
Results
29
weak · quarterly consistency
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.
Continue researching Religare Enterprises Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Business Responsibility and Sustainability Reporting (BRSR) 2 Sep - Religare submitted FY2025-26 BRSR with annual report and ESG disclosures on September 2, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 25 Sep - Shareholders approved Arjun Lamba’s redesignation as Managing Director effective August 12, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Newspaper Advertisement- Special Window for transfer and dematerialisation of physical securities
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 7 Jul - REL received NSE no-objection and BSE no-adverse observations for demerger scheme with RFL on July 7, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 13 Aug - CARE report for quarter ended June 30, 2026 shows Rs 1,500 crore warrant proceeds utilized as planned.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper Publication of Un-Audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jun - Newspaper Advertisement - Special Window for transfer and dematerialisation (demat) of physical securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 4 Jun - Allotted 83,43,263 equity shares on warrant conversion, raising Rs 147.05 crore and boosting paid-up capital.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.