Religare Enterprises Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Religare Enterprises Ltd filed with BSE on 18 May 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 total income of Rs 8,493 crore and PAT of Rs 73.16 crore for FY26, with Care Health Insurance contributing GWP of Rs 11,417 crore and PBT of Rs 539 crore on an n basis. Management described a demerger under which REL's lending, broking and financial services will move to Religare Finvest while REL becomes a pure-play health insurance holding company, with shareholders to receive one RFL share for every REL share held. New CEOs were introduced across Care Health Insurance, Religare Finvest, Religare Broking and Religare Housing Finance during the year.
Numbers mentioned
Total income: INR2,473 crores (Q4 FY26)
p. 5
“In Q4 FY '26, REL reported a total income of INR2,473 crores on a consolidated basis.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Total income: INR8,493 crores (FY26)
p. 5
“For the full year, the total income was INR8,493 crores, and reported PAT is at INR73.16 crores.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Care GWP: INR3,511 crores (Q4 FY26)
p. 5
“Significant subsidiary, Care, reported a GWP of INR3,511 crores during the last quarter of the fiscal and a PBT of INR274 crores.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Care GWP: INR11,417 crores (FY26)
p. 5
“For the full year, Care reported a GWP of INR11,417 crores and a PBT of INR539 crores.”
Pratul Gupta, page 5 of the filed PDF · View the filing
RFL profit: INR89 crores (Q4 FY26)
p. 5
“RFL reported a profit of INR89 crores in quarter 4 on account of improved recoveries and has a cash balance including liquid investments of over INR591 crores currently.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Religare Broking income: INR99 crores (Q4 FY26)
p. 5
“Religare Broking Limited reported an income of INR99 crores for quarter 4 and for the full year, INR373 crores with INR22 crores as PAT reported for the year.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Religare Housing Finance loss: INR18.6 crores (FY26)
p. 5
“The business reported a loss of INR18.6 crores for the year.”
Pratul Gupta, page 5 of the filed PDF · View the filing
REL PBT: INR87 crores (FY26)
p. 5
“The total expenses is INR8,407 crores for this fiscal and a PBT of INR87 crores.”
Pratul Gupta, page 5 of the filed PDF · View the filing
Care combined ratio: 101.4% (FY26)
p. 7
“The combined ratio under Ind AS improved by 120 basis points to 101.4%.”
Pratul Gupta, page 7 of the filed PDF · View the filing
Care ROE: 19.9% (FY26)
p. 7
“Return on equity based on profit before tax increased to 19.9% from 17.7% in the previous year.”
Pratul Gupta, page 7 of the filed PDF · View the filing
Religare Broking PBT growth: 79% Y-o-Y to INR12.9 crores (Q4 FY26)
p. 8
“Our PBT grew by 79% Y-o-Y to INR12.9 crores.”
Vijay Kumar Goel, page 8 of the filed PDF · View the filing
RFL NNPA: approximately 0.8% (FY26)
p. 9
“The NNPA stands at approximately 0.8% and CRAR is at 261%, well above regulatory requirements.”
Pratul Gupta, page 9 of the filed PDF · View the filing
RFL PAT: INR139 crores (FY26)
p. 9
“For the full year FY '26, we have delivered a PAT of INR139 crores on account of improved collections and recoveries with quarter 4 PAT alone coming in at INR89 crores.”
Pratul Gupta, page 9 of the filed PDF · View the filing
Housing Finance AUM: INR243 crores (Q4 FY26)
p. 10
“At the end of the quarter, the assets under management stood at INR243 crores with product mix comprising of about 70% home loan and 30% loan against property.”
Pankaj Rathi, page 10 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 — near 100% · 2 years
stated as an aspiration by Ajay Shah
p. 12
“So on the tailwinds, have started with the sector from October. October to March, we saw a healthy growth of 40% in retail compared to 27% in”
Ajay Shah, page 12 of the filed PDF · View the filing
Care combined ratio — near 100% · 2 years
stated as an aspiration by Ajay Shah
p. 13
“It should come down near 100% in 2 years' time line.”
Ajay Shah, page 13 of the filed PDF · View the filing
Care retail health growth rate — 18% to 24% · next 3-4 years
stated as an aspiration by Ajay Shah
p. 18
“Range can be anything between 18% to 24%.”
Ajay Shah, page 18 of the filed PDF · View the filing
Housing Finance CEO hiring
stated firmly by Arjun Lamba
p. 18
“I think what is required is the CEO for the HFC business. We are in the process of that.”
Arjun Lamba, page 18 of the filed PDF · View the filing
HFC profitability turnaround — turn profitable · 12 to 18 months
stated as an aspiration by Arjun Lamba
p. 18
“I think maybe give it another 12 to 18 months. I think that would be a fair ask because you have to scale up and scale up will require some opex and capex.”
Arjun Lamba, page 18 of the filed PDF · View the filing
NBFC product launches — multiline NBFC · next couple of quarters
stated as an aspiration by Karthik Srinivasan
p. 14
“So I think that's what we are going to see over the next couple of quarters from the NBFC.”
Karthik Srinivasan, page 14 of the filed PDF · View the filing
Warrant conversion — end of March next year
stated firmly by Arjun Lamba
p. 13
“I think the warrants itself convert by the end of March next year.”
Arjun Lamba, page 13 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 current structure is the right one for now and will revisit if circumstances change.
Answered by Arjun Lamba
Asked by Sarvesh Gupta: How will the company avoid a holding company discount given Care remains a subsidiary of a listed firm post-demerger?
p. 12
“And this is -- I mean, it is a logical step. And we believe that the structure that we put in place sets a path. And for the current moment, that's the right structure.”
Arjun Lamba, page 12 of the filed PDF · View the filing
Management declined to confirm a specific profit figure, saying they manage to combined ratio rather than a profit target.
Answered by Ajay Shah
Asked by Adarsh: What profitability level could Care reach if combined ratio falls to 100%?
p. 13
“That you can take out very clearly. That's okay. But we are only balancing ourselves on the combined ratio. That's the only measure we do.”
Ajay Shah, page 13 of the filed PDF · View the filing
Management said the plan is to build a multiline NBFC with new products launched over time.
Answered by Karthik Srinivasan
Asked by Niharika Karnani: How will the NBFC division be ramped up and excess capital deployed?
p. 14
“So the aim is to create a multiline NBFC, launching products over a reasonable period in terms of conceptualization, preparedness in terms of technology platform and eventual launch into the market.”
Karthik Srinivasan, page 14 of the filed PDF · View the filing
Management said increasing the stake to 26% is speculative and no decision has been made on other partners becoming promoters.
Answered by Arjun Lamba
Asked by Vikas Srivastava: Can promoters increase stake further to reach 26% in Care, and could Kedaara or Anuj Gulati become promoters?
p. 15
“Now whether we can increase our stake to 26%, that is speculative. Time will tell.”
Arjun Lamba, page 15 of the filed PDF · View the filing
Management said the case is sub-judice and legal proceedings have been initiated to recover the funds.
Answered by Arjun Lamba
Asked by Chintan Mehta: What is the status of the Lakshmi Vilas Bank deposit case recovery?
p. 17
“LVB case is sub-judice. We are obviously going to make best efforts to recover these money because it was an FD that was fraudulently taken away from RFL.”
Arjun Lamba, page 17 of the filed PDF · View the filing
Management said NBFC and broking are already profitable, while HFC needs more time to reach profitability.
Answered by Arjun Lamba
Asked by Karina Kaur: Will individual businesses turn profitable in FY27?
p. 18
“Our HFC is the only one that is not reporting profit. I think maybe give it another 12 to 18 months.”
Arjun Lamba, page 18 of the filed PDF · View the filing
Risks flagged
Mark-to-market loss on equity investments due to geopolitical reasons at end of March impacted Care's profit
p. 7
“During this year, profit was impacted by a mark-to-market loss of INR64 crores on equity investment as of 31st March due to geopolitical reasons at the end of March.”
Pratul Gupta, page 7 of the filed PDF · View the filing
Solvency ratio lowered by mark-to-market losses in the equity book
p. 6
“However, due to mark-to-market losses in the equity book, solvency was lower by 2 basis points.”
Ambrish Jindal, page 6 of the filed PDF · View the filing
Broking business saw declining activity ratio and falling turnover during the year
p. 8
“But overall, the activity ratio has been falling from 2022 when it was 40%, is now…”
Vijay Kumar Goel, page 8 of the filed PDF · View the filing
One-time charge related to new labour codes affected Religare Broking profitability
p. 8
“And we had a onetime charge regarding the new labour codes.”
Vijay Kumar Goel, page 8 of the filed PDF · View the filing
Complex and time-consuming regulatory restructuring process for any further corporate structure changes
p. 12
“And because these are complicated -- these restructurings are complicated, as you know, and they are time consuming as well.”
Arjun Lamba, page 12 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.