Religare Enterprises Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Religare Enterprises Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Religare Enterprises reported consolidated revenue of INR2,358 crore for Q1 FY27, up 26% year-on-year, with a consolidated net loss of INR46.9 crore driven by differing reporting standards between Ind AS segments. Care Health Insurance grew gross written premium 37% year-on-year and raised INR150 crore via rights issue plus INR200 crore of sub-debt, while Religare Broking's profit before tax rose 53% and Religare Finvest and Religare Housing Finance remained in a rebuilding phase with new leadership. Management disclosed that the Reserve Bank of India had not acceded to the company's demerger application and said it is engaging with the regulator on next steps.
Numbers mentioned
Consolidated revenue: INR2,358-odd crores (Q1 FY27)
p. 5
“REL has reported a revenue of INR2,358-odd crores against INR1,876 crores reported in the corresponding quarter last year, marking a 26% year-on-year growth”
Pratul Gupta, page 5 of the filed PDF · View the filing
Reported PAT: negative INR46.9 crores (Q1 FY27)
p. 5
“The reported PAT is negative at INR46.9 crores, mainly due to different reporting standards.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Consolidated PBT: negative INR76.73 crores (Q1 FY27)
p. 5
“resulting in a negative PBT of INR76.73 crores”
Pratul Gupta, page 5 of the filed PDF · View the filing
Religare Broking total income: INR99.5 crores (Q1 FY27)
p. 5
“Total income increased 7% Y-o-Y to INR99.5 crores, supported by 13% growth in brokerage income, 28% growth in interest income; and 78% growth in client debit book.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Religare Broking PBT: INR10 crores (Q1 FY27)
p. 5
“The PBT grew 53% Y-o-Y to INR10 crores.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Assets under custody: INR47,946 crores (as on 30th June, 2026)
p. 5
“Assets under custody stood at INR47,946 crores as on 30th June, 2026.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Religare Finvest PAT: INR15 crores (Q1 FY27)
p. 6
“The PAT during the quarter was INR15 crores and our net owned funds stands at INR837.8 crores.”
Pratul Gupta, page 6 of the filed PDF · View the filing
Religare Finvest CRAR: 238% (Q1 FY27)
p. 6
“Stable NNPA stands at around 0.8% and CRAR is at 238%, well above the regulatory requirements.”
Pratul Gupta, page 6 of the filed PDF · View the filing
Religare Housing AUM: INR247 crores (as of Q1 FY27)
p. 7
“The organization has a AUM of INR247 crores with product mix comprising 66% home loans and 34% loan against property.”
Pratul Gupta, page 7 of the filed PDF · View the filing
Care GWP growth: 37% (Q1 FY27, year-on-year)
p. 7
“Our GWP grew by 37% again on a full premium basis.”
Ambrish Jindal, page 7 of the filed PDF · View the filing
Care PBT (Ind AS): INR163 crores (Q1 FY27)
p. 8
“Profit before tax basis Ind AS for the quarter is INR163 crores against INR102 crores in the same period previous year.”
Ambrish Jindal, page 8 of the filed PDF · View the filing
Care combined ratio: 102.6% (Q1 FY27, Ind AS)
p. 9
“The combined ratio under Ind AS has improved by 30 basis points to 102.6%.”
Ambrish Jindal, page 9 of the filed PDF · View the filing
Care solvency ratio: 1.58 (as at end of June 2026)
p. 15
“I think we have a solvency of 1.58 as at the end of June ‘26.”
Ambrish Jindal, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Care combined ratio — 100% · next two years
stated firmly by Ajay Shah
p. 10
“Last call, I had said very clearly that we want to become 100% in next two years, and we are sticking and committed to that.”
Ajay Shah, page 10 of the filed PDF · View the filing
Care solvency ratio — 1.7x
stated firmly by Ambrish Jindal
p. 15
“we have a plan to ensure that the solvency remains at 1.7x”
Ambrish Jindal, page 15 of the filed PDF · View the filing
Care investment leverage — around 3.7 · this year end
stated conditionally by Ajay Shah
p. 12
“No, this year end my sense is will be reduced to around 3.7. Additional capital will be infused this year.”
Ajay Shah, page 12 of the filed PDF · View the filing
Religare Finvest business commencement — next three to four months
stated firmly by Arjun Lamba
p. 4
“Karthik is busy building out and hiring growth to commence business in the next three to four months.”
Arjun Lamba, page 4 of the filed PDF · View the filing
Financial services book size ambition — INR10,000 crores, INR15,000 crores book size
stated as an aspiration by Arjun Lamba
p. 13
“So we do believe that with INR1,500 crores to INR2,000 crores of capital we have ambitions for about a INR10,000 crores, INR15,000 crores book size.”
Arjun Lamba, page 13 of the filed PDF · View the filing
Legacy NPA recoveries — next two years
stated as an aspiration by Arjun Lamba
p. 16
“we have a team that is focused on this and whatever recoveries have to happen will probably happen in the next two years.”
Arjun Lamba, page 16 of the filed PDF · View the filing
Warrant conversion — INR881 crores · by March 2027
stated firmly by Pratul Gupta
p. 18
“So what is left is INR881 crores which is due for conversion by March 2027.”
Pratul Gupta, page 18 of the filed PDF · View the filing
Care equity allocation in investment book — around 5%
stated conditionally by Ajay Shah
p. 17
“at this point of time we want to maintain around 5%, but at the right time we will continue evaluating”
Ajay Shah, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the RBI letter gave no specific reasoning and that they are engaging with the regulator to understand it; no alternative plan is currently being pursued.
Answered by Arjun Lamba
Asked by Naresh Naiker: What specific reason did RBI give for declining the demerger, and is a partial demerger or stake sale alternative being considered?
p. 9
“So basically, the letter is brief and simple in what we put on and that is the engagement with the regulator. They have not -- there is no reasoning has been attached.”
Arjun Lamba, page 9 of the filed PDF · View the filing
Management explained the combined ratio includes non-attributable expenses not reflected in the insurance service result line, and reconciled the gap.
Answered by Ambrish Jindal
Asked by Sarvesh Gupta: Why is Care's combined ratio higher than peers given the reported insurance service result?
p. 10
“So CISR includes non-attributable expenses and all the expenses, they need to be bifurcated into acquisition cost, maintenance cost and non-attributable cost.”
Ambrish Jindal, page 10 of the filed PDF · View the filing
Management declined to give specific full-year guidance, saying only that they intend to outperform the market.
Answered by Ajay Shah
Asked by Mukul: Can management give full-year growth guidance for Care given the strong Q1 numbers?
p. 11
“We intend to beat the market. That's all.”
Ajay Shah, page 11 of the filed PDF · View the filing
Management attributed this to a long embargo on lending activity and legacy cleanup, with plans to redeploy the cash as new business is launched.
Answered by Srinivasan Karthik
Asked by Amit Thawani: Why is Religare Finvest sitting on so much cash relative to its small loan book?
p. 17
“So a lot of what you see is basically lack of any business for the last 6-7 years in terms of new disbursements.”
Srinivasan Karthik, page 17 of the filed PDF · View the filing
Management said the written-off pool is roughly INR350-400 crore and that recovery visibility is limited due to litigation and repossession complexities, though the book is dwindling.
Answered by Srinivasan Karthik
Asked by Sarvesh Gupta: What is the size of the written-off loan pool being recovered from, and can collections scale up?
p. 15
“So Yes, so the pool is roughly around INR350 crores to INR400 crores of written off book from which these collections are happening.”
Srinivasan Karthik, page 15 of the filed PDF · View the filing
Management agreed the timeline would likely be delayed but said more clarity would come after re-engaging with the regulator.
Answered by Arjun Lamba
Asked by Raj Lokhandwala: Given the RBI rejection, will the demerger's tentative Q1 FY28 timeline slip?
p. 14
“Yes, I mean, I would like to think that is that is correct.”
Arjun Lamba, page 14 of the filed PDF · View the filing
Management said RBI's observation was not about merging the two sides of the business and that they were not aware of any such condition.
Answered by Pratul Gupta
Asked by Amit Thawani: Was the original RBI approval for the Burman takeover conditional on merging their private NBFCs into Religare, and could that be why the demerger was rejected?
p. 20
“The observation of RBI is not about merging the two sides of business.”
Pratul Gupta, page 20 of the filed PDF · View the filing
Risks flagged
RBI did not accede to the company's demerger application
p. 5
“the request for approval has not been acceded to”
Pratul Gupta, page 5 of the filed PDF · View the filing
Religare Finvest income decline due to reduction in loan book and lower recovery from GNPA pool
p. 6
“Total income for the quarter one stands at INR14.4 crores compared to INR19.3 crores for the corresponding previous quarter due to reduction in loan book and lower recovery from GNPA book, which has adversely impacted the profitability.”
Pratul Gupta, page 6 of the filed PDF · View the filing
Broking business revenue softness due to market conditions and internal repair mode
p. 13
“So a lot of things we are we are correcting and markets were also not particularly supporting.”
Vijay Goel, page 13 of the filed PDF · View the filing
High competitive intensity in the health insurance industry
p. 14
“So intensity is high on the health insurance, we all understand it and we know that. With newer players coming up in the market the intensity only has to go up.”
Ajay Shah, page 14 of the filed PDF · View the filing
Legacy embargo and cleanup constrained Religare Finvest and Housing Finance business for years
p. 17
“there was a period of time when the entire activities lending activities was under embargo”
Srinivasan Karthik, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.