Consolidated Financial Performance

  • Total income: ₹2,358 crores (26% YoY growth from ₹1,876 crores in Q1 FY26)
  • Total expenses: ₹2,435 crores
  • PBT: Negative ₹76.73 crores (compared to positive ₹5.73 crores in Q1 FY26)
  • PAT: Negative ₹46.9 crores (mainly due to different reporting standards between consolidated and standalone entities)
  • Segment contribution: Insurance business ₹2,229 crores, Financial Services ₹133 crores

Standalone REL Performance (Non-operating CIC)

  • Income: ₹4.38 crores
  • Expense: ₹14 crores
  • Net loss: ₹9.62 crores for the quarter

Business Segment Updates

Care Health Insurance Limited

  • Gross Written Premium (GWP): ₹3,247 crores, up 37% YoY on full premium basis
  • Retail business growth: 45% YoY on full premium basis
  • Market share: 6.7% overall industry, 24% within standalone health insurance (SAHI) segment
  • Retail health market share: 12.6% of industry, 21.6% among SAHI
  • Capital raising: ₹150 crores through rights issue during Q1 FY27; ₹200 crores sub-debt raised in August 2026
  • Profit before tax (Ind AS): ₹163 crores (vs ₹102 crores in Q1 FY26)
  • Gross opex ratio: 31.2% (improved by 100 bps YoY)
  • Combined ratio (Ind AS): 102.6% (improved by 30 bps)
  • Return on equity (PBT basis): 5.2% (vs 4.2% previous year)
  • Investment book: Increased by over ₹800 crores since March 2026
  • Investment leverage: 4.3x
  • Portfolio mix: 93% bonds and G-Secs
  • Debt yields: 7.2-7.3%
  • Digital transformation: 99.9% policies issued digitally, 99.9% fresh digital premium collection, 85% cashless claims processed within 30 minutes
  • Product portfolio: 44 healthcare products
  • Mobile app: 13.2 million installations, 1.4 million active users
  • Solvency ratio: 1.58% as of June 30, 2026 (regulatory requirement: 1.5%)

Religare Broking Limited

  • Total income: ₹99.5 crores (7% YoY growth from ₹94.1 crores)
  • Brokerage income: 13% growth
  • Interest income: 28% growth
  • Client debit book: 78% growth
  • PBT: ₹10 crores (53% YoY growth from ₹6.5 crores)
  • PAT: ₹7.5 crores (65% YoY growth from ₹4.6 crores)
  • Assets under custody: ₹47,946 crores as of June 30, 2026
  • Revenue mix: Brokerage 47%, interest income 30%, e-governance 16%, depository services and third-party product distribution remainder
  • Average daily turnover: Cash segment ₹375 crores (from ₹334 crores YoY), derivatives 10% YoY growth
  • Net worth: ₹384 crores as of June 30, 2026
  • Focus areas: Technology platform enhancement, talent hiring, product platform expansion

Religare Finvest Limited (RFL)

  • Classification: Middle layer NBFC
  • SME book: Approximately ₹53 crores
  • Collection efficiency: 98%
  • PAT: ₹15 crores (vs ₹17.9 crores in Q1 FY26)
  • Net owned funds: ₹837.8 crores
  • Tangible net worth: ₹915 crores
  • Cash balance: Over ₹600 crores
  • NNPA: 0.8%
  • CRAR: 238% (well above regulatory requirements)
  • Total income: ₹14.4 crores (vs ₹19.3 crores in Q1 FY26)
  • Net interest income: ₹13.5 crores (vs ₹18.6 crores in Q1 FY26)
  • Written-off book recovery pool: ₹350-400 crores; collected approximately ₹20 crores in quarter
  • Business restart target: 3-4 months from call date (August 2026)

Religare Housing Development Finance Corporation Limited (RHDFCL)

  • Focus: Self-employed and informal segments in semi-urban markets
  • Network: 15 branches across 8 states
  • Customer base: Over 2,800 customers
  • Average ticket size: ₹12 lakhs
  • AUM: ₹247 crores
  • Product mix: 66% home loans, 34% loan against property
  • Capital adequacy: 121%
  • Credit ratings: BBB- from ICRA and CARE
  • Net worth: ₹180 crores
  • Planned capital infusion: ₹250 crores over next few years
  • Total interest income: ₹7.1 crores
  • Average yield: 14.6%
  • Asset quality: GNPA 4.4%, NNPA 3.3%
  • Total income: ₹7.4 crores
  • Operating expenses: ₹12.5 crores
  • Loss: ₹5 crores for the quarter

Leadership Updates

  • Care Health Insurance: Ajay Shah (MD), Manish Dodeja (ED), Ambrish Jindal (CFO)
  • Religare Finvest: Srinivasan Karthik (MD & CEO, joined from HDB)
  • Religare Housing: Pavan Gupta (MD & CEO, formerly CEO of Muthoot Housing Finance), Pankaj Rathi (CFO, formerly from Grihum Housing Finance)
  • Religare Broking: Vijay Goel (CEO, joined 6 months prior)

Regulatory Matter - Demerger Scheme

  • Received communication from Reserve Bank of India (RBI) that request for demerger approval "has not been acceded to"
  • No specific reasons provided in RBI communication
  • Management engaging with regulators to address questions and determine appropriate course of action
  • Previously targeted completion by Q1 FY28, now likely delayed
  • Company remains committed to stakeholder value unlock through this route

Capital Raising

  • REL and promoter Kedaara have infused ₹376 crores into Care Health through rights issues (September 2025 and June 2026)
  • Total earmarked for Care: ₹600 crores
  • Remaining ₹881 crores due for conversion by March 2027 from preferential issue

Forward-looking Statements (as disclosed in call)

  • Care Health aims to achieve 100% combined ratio within two years
  • RFL targeting business commencement in 3-4 months from August 2026
  • Religare Housing planning ₹250 crore capital infusion over coming years
  • Religare Broking focusing on technology enhancement before aggressive client acquisition
  • Overall ambition to build ₹10,000-15,000 crores book size across financial services businesses with available capital

#Tags: #ReligareEnterprises #Q1FY27Earnings #SEBIRegulation30 #CareHealthInsurance #RBIDemerger