Religare Enterprises Limited · NSE:RELIGARE

Religare Enterprises — Q4 FY2026 Earnings Presentation

47 slides from Religare Enterprises's earnings presentation, May 12, 2026

  1. Slide 1: Exchange filing cover letter for earnings call presentation

    May 12, 2026 The National Stock Exchange of India Ltd BSE Limited Corporate Communications Department Corporate Services Department “Exchange Plaza”, 5th Floor, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400051 Mumbai – 400001 Scrip Symbol: RELIGARE Scrip C

  2. Slide 2: Religare Enterprises Limited (REL) Investor Presentation Q4 & FY2026

    Religare Enterprises Limited (REL) INVESTOR PRESENTATION | Q4 & FY2026 | May 2026 1

  3. Slide 3: Disclaimer

    Disclaimer This presentation has been prepared by and is the sole responsibility of Religare Enterprises Limited (together with its subsidiaries, referred to as the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not const

  4. Slide 4: Table of Contents

    Table of Contents 01 Religare Enterprises Limited (REL) – Business Overview 02 Care Health Insurance Limited – Business Overview 03 Religare Broking Limited – Business Overview 04 Religare Finvest Limited – Business Overview 05 Religare Housing Development Finance Corporation Limited – Business Over

  5. Slide 5: Religare Enterprises Limited (REL) – Business Overview

    Religare Enterprises Limited (REL) – Business Overview Insurance Business Financial Services Business Insurance Broking Lending/ SME Loans Lending/ Housing Finance  India's 2nd largest SAHI, fast growing  Non-bank led full-service broker with  NBFC with over 15 years of  Focused on affordable an

  6. Slide 6: Key Highlights: FY26

    Key Highlights: FY26 Board and Leadership strengthening: Strong Promoter Commitment:  The Board reconstituted across REL and subsidiaries;  Change of control at REL with the Burman Group and governance frameworks aligned with the group’s being designated as the Promoters of REL in February renewed

  7. Slide 7: Key Leadership Appointments

    Key Leadership Appointments Mr. Arjun Lamba Mr. Ajay Kumar Shah Executive Director MD & CEO Religare Enterprises Limited Care Health Insurance Limited Mr. Manish Vishnu Dodeja Mr. Karthik Srinivasan Executive Director CEO Care Health Insurance Limited Religare Finvest Limited Mr. Pankaj Rathi Mr. Vi

  8. Slide 8: Religare Enterprises Limited (REL) – Earnings Key Theme

    Religare Enterprises Limited (REL) – Earnings Key Theme Q4 FY2026 Financial Highlights  REL reported a revenue of ~Rs. 2,473 Cr. on a consolidated basis for the quarter and a PAT of ~Rs. 96 Cr.  Care (Health insurance business) reported a Gross Written Premium (GWP) of ~Rs.3,511 Cr. (1), up 29% q-

  9. Slide 9: REL – Income Statement (Consolidated)

    REL – Income Statement (Consolidated) Particulars (Rs. Cr.) Q4FY26 Q4FY25 FY26 FY25 Interest Income 260.69 186.26 913.54 714.64 Dividend Income 2.66 1.20 6.41 4.73 Fee and Commission Income 2.10 8.88 8.54 15.01 Net Gain on Fair Value Changes - - - 1.35 Sale of Services (Income From Broking Operation

  10. Slide 10: REL – Segment Reporting (Consolidated)

    REL – Segment Reporting (Consolidated) FY26 Particulars (Rs. Cr.) Insurance Financial Services Unallocated Total Revenue1 7,969.1 537.7 8.8 8,515.5 Segment Performance2 (46.8) 152.3 (18.2) 87.3 Assets 12,065.3 2,413.3 27.0 14,505.6 Liabilities 9,492.9 1,034.5 100.6 10,628.0 Q4FY26 Particulars (Rs. C

  11. Slide 11: REL – Income Statement (Standalone)

    REL – Income Statement (Standalone) Particulars (Rs. Cr.) Q4FY26 Q4FY25 FY26 FY25 Revenue from Operations Interest Income 1.27 0.03 1.96 5.17 Net Gain on Fair Value Changes 0.00 0.00 1.02 0.00 Other Operating Income Other 0.45 0.00 1.25 1.09 Total Revenue from Operations 1.73 0.03 4.22 6.26 Other In

  12. Slide 12: Care Health Insurance Limited – Business Overview

    Care Health Insurance Limited – Business Overview 11

  13. Slide 13: Care Health Insurance – India's Leading Standalone Health Insurer

    Care Health Insurance Limited (Care) – India’s Leading Standalone Health Insurer GWP Investment Book Market Share Solvency Ratio Rs. 11,417 Cr. ~ Rs. 10,944 Cr. 22% share in SAHI segment 1.68 Branch Network FY26 KEY HIGHLIGHTS  GWP stood at Rs. 11,417 Cr. in FY26, registering a robust growth of 24%

  14. Slide 14: Care Has Witnessed Strong Premium Growth Vis-à-vis Industry

    Care Has Witnessed Strong Premium Growth Vis-à-vis Industry Robust growth traction in premiums Strong Retail market share (Rs. Cr.) 11,417 9,223 18.8% 19.7% 16.8% 7,022 14.3% 5,238 10.8% 11.6% 9.4% 7.7% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 % share among industry % share among SAHI Source – Public

  15. Slide 15: Care – Investment Performance

    Care – Investment Performance Portfolio Yield and AUM Investment portfolio mix 4% 3% Gross 7.1% 7.3% 7.3% Yield Bonds G-Sec Bonds 10,944 35% FY26 Equity / ETF 8,399 58% Others 6,633 AUM (Rs. Cr.) FY24 FY25 FY26 Debt Securities Breakdown by Credit Rating  The investment book increased by ~30% compar

  16. Slide 16: Care – Laying the Groundwork for Scalable Growth

    Care – Laying the Groundwork for Scalable Growth Strong Promoter Augmented Capital Multi-Channel Expanded Commitment Strength Distribution Scale-Up Product Portfolio Sustained increase in promoter stake Planned infusion of Rs.600 Cr to Industry-first daily agent commission Customer-centric products

  17. Slide 17: Care – Customer App: One App. Whole Health

    Care – Customer App: One App. Whole Health App Installation Monthly Active Users Health Offering Wellness Offering (# in mn) (# in Lacs) 12.5 12.0 8.4 10.0 8.0 Buy Medicine Activity Tracker 4.7 FY24 FY25 FY26 FY24 FY25 FY26 Health Check-ups & Curate Product offering Home Collection discount if a min

  18. Slide 18: Care – Yearly Financial Profile

    Care – Yearly Financial Profile Particulars (Rs. Cr.) FY26 FY25 Gross Written Premium 10,416 8,562 Profit Before Tax 18 208 Claims Ratio % 69.6% 64.5% I-GAAP (1/n Basis) Expense Ratio % 37.1% 38.3% Combined Ratio % 106.7% 102.8% Solvency Ratio 1.68 1.68 Gross Written Premium 11,417 9,223 Profit Befo

  19. Slide 19: Care – Profit & Loss

    Care – Profit & Loss Particulars (Rs. Cr.) Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Gross Written Premium (GWP) 3,245 2,363 2,621 10,416 8,562 Net Earned Premium (NEP) 2,133 1,786 1,746 7,256 6,347 Investment Income 186 145 180 693 540 Profit Before Tax 107 194 (112) 18 208 Profit After Tax 79 144 (84) 12

  20. Slide 20: Care – Transition Bridge: IGAAP to Ind AS

    Care – Transition Bridge: IGAAP to Ind AS Particulars (Rs. Cr.) FY26 FY25 Profit before Tax (as per I-GAAP) 18 208 IGAAP Taxation 6 53 Profit after Tax (as per I-GAAP) 12 155 Ind AS Adjustment 501 180 Insurance Contracts (Ind AS 117) 565 163 Leases (Ind AS 116) 1 1 Financial Instruments (Ind AS 109)

  21. Slide 21: Care – Ind AS Equity summary

    Care – Ind AS Equity summary Particulars (Rs. Cr.) FY26 FY25 Equity as per I-GAAP 2,666 2,331 Ind AS Adjustment Insurance Contracts (Ind AS 117) 525 (40) Leases (Ind AS 116) 0 (1) Share-based payment (Ind AS 102) (10) - Financial Instrument (Ind AS 109) (85) 81 Income Taxes (Ind AS 12) (108) (10) Eq

  22. Slide 22: Religare Broking Limited – Business Overview

    Religare Broking Limited – Business Overview 21

  23. Slide 23: Religare Broking Limited (RBL) – Strong foothold to drive growth

    Religare Broking Limited (RBL) – Strong foothold to drive growth Region wise Presence Product Offerings Business Channels Broking E-Gov. Assets Under Custody  Branches Retail Broking I Depository I Number of Employees North (28%) North (33%) (AUC) Investment Products I 1,266  Business Partners Sou

  24. Slide 24: Broking Industry story

    Broking Industry story Growth in Demat Accounts & Activation Rates Expanding Retail Participation 40.0% 225 34.0% 27.0% 192 28.0% 151 26.0% Digital Democratisation of Investing 20.0% 114 89 55 Rising Household Savings & Financialization FY21 FY22 FY23 FY24 FY25 FY26 Demat accounts (mn) Activation ra

  25. Slide 25: Religare Broking – Key Financial Strengths

    Religare Broking – Key Financial Strengths Total Income (1) Profit Before Tax (1) (Rs. Cr.) (Rs. Cr.) 42.9 382.7 373.4 29.6 12.9 83.4 98.7 7.2 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Income grew 18% YoY in Q4, while full-year performance remained stable at an Profitability surged 79% YoY in

  26. Slide 26: Religare Broking – Key Financial Strengths

    Religare Broking – Key Financial Strengths Avg. Daily Turnover (ADTO) - Cash Avg. Daily Turnover (ADTO) - Derivatives (Rs. Cr.) (Rs. Cr.) 371 11,860 10,353 301 296 9,626 266 7,350 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Quarterly trading volumes grew steadily, highlighting resilient client p

  27. Slide 27: Religare Broking – Profit & Loss

    Religare Broking – Profit & Loss Particulars (Rs. Cr.) Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Brokerage 43.9 31.2 41.8 167.0 186.9 Revenue from E-Governance 10.1 7.7 8.8 36.3 32.0 Interest Income 30.6 21.3 30.4 112.3 103.1 Other operational revenue 14.0 23.1 10.0 57.8 60.7 Total Income 98.7 83.4 91.0 373

  28. Slide 28: Religare Broking – Growth Levers Supporting Business Growth

    Religare Broking – Growth Levers Supporting Business Growth Increase Traded Improve Platform & Grow Non-Broking Process-Led Execution Clients Products Revenue Upgrade the trading Improve client connect Grow MTF Book to Process Re-engineering: platform and mobile and add more boost interest income. O

  29. Slide 29: Religare Finvest Limited – Business Overview

    Religare Finvest Limited – Business Overview 28

  30. Slide 30: Religare Finvest – Rebuilding a Credible, Capital-Ready MSME Lender

    Religare Finvest Limited (RFL) – Rebuilding a Credible, Capital-Ready MSME Lender Net AUM Surplus Fund Collection Efficiency PAT Net Owned Fund (NOF) ~Rs. 60.6 Cr. ~Rs. 591.5 Cr. ~98% ~138.8 Cr ~821.4 Cr. Branch Network FY26 Result Highlights  4 Branches  3 States  Successfully transitioned into

  31. Slide 31: RFL – Transformation & Credibility Restoration

    RFL – Transformation & Credibility Restoration Platform Reset & Operational Readiness  Diversion of funds by erstwhile promoters leading to corporate governance issues Legacy Challenges  Asset-liability mismatches and high NPA levels in legacy corporate  Debt-free balance sheet with CRAR of 261.9

  32. Slide 32: RFL – Key Ratios

    RFL – Key Ratios (Rs. Cr.) Total Income (Rs. Cr.) PAT Collection Efficiency (Standard Book) 89.0 99.2% 98.9% 42.8 98.3% 39.6 30.8 97.7% 97.7% 22.4 19.3 21.0 17.9 7.4 1.2 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4FY26 Steady incom

  33. Slide 33: RFL – Profit & Loss

    RFL – Profit & Loss Particulars (Rs. Cr.) Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Interest Income 40.6 18.2 28.7 106.7 66.4 Other Operating Income 0.8 2.3 0.5 2.5 4.8 Finance Costs (0.2) (0.4) (0.2) (1.0) (1.3) Net Interest Income 41.1 20.1 29.0 108.2 69.9 Other Income 1.5 1.9 10.5 13.7 5.5 Total Income 4

  34. Slide 34: Religare Housing Development Finance Corporation Limited – Business Overview

    Religare Housing Development Finance Corporation Limited – Business Overview 33

  35. Slide 35: RHDFCL – Affordable Housing Specialist within REL Ecosystem

    Religare Housing Development Finance Corporation Limited (RHDFCL) – Affordable Housing Specialist within REL Ecosystem Credit Rating Product Mix Customer Mix AUM Collection Efficiency CRAR LT – ICRA BBB-(Stable) HL – 66% Salaried – 43% CARE BBB-(Stable) Rs. 243 Cr. 101% 130% LAP – 34% SENP – 57% ST

  36. Slide 36: Lending – Highly Underpenetrated Segment, With Huge Growth Opportunity

    Lending – Highly Underpenetrated Segment, With Huge Growth Opportunity Massive opportunity for HFC/NBFCs owing to their dominant position in low ticket size segment India Retail Credit Total Mortgage AUM In India (Rs. Tn) 104 143 Prime Affordable Others 48 21 32 95 10 21 Dec-16 Dec-24 2024 2035E Ind

  37. Slide 37: RHDFCL – Key Ratios

    RHDFCL – Key Ratios Total Income Portfolio Yield AUM (Rs. Cr.) (Rs. Cr.) 7.8 7.9 250.5 248.0 244.3 241.1 243.2 7.3 7.5 7.1 15.9% 14.9% 15.0% 15.0% 15.3% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Stable top line growth Cons

  38. Slide 38: RHDFCL – Profit & Loss

    RHDFCL – Profit & Loss Particulars (Rs. Cr.) Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Interest Income 7.71 7.21 6.80 28.48 30.05 Interest Expenses 0.29 - 0.16 0.45 0.59 Net Interest Income (NII) 7.42 7.21 6.64 28.03 29.46 Fee Income 0.02 0.06 0.03 0.11 0.17 Other Income 0.45 0.54 0.44 1.68 2.10 Total Reven

  39. Slide 39: Foundations for Scalable Growth

    Foundations for Scalable Growth Strong Structural Experienced Customer Focused Growth Drivers Management Team Affordable housing market growing at Focused on first-time home buyers and Deep domain expertise, compliance 20-22% CAGR led by demand for new informal sector borrowers. focus. Leadership au

  40. Slide 40: Annexures

    Annexures 39

  41. Slide 41: REL – Group Structure

    REL – Group Structure RELIGARE ENTERPRISES LIMITED CARE HEALTH INSURANCE LIMITED RELIGARE BROKING LIMITED RELIGARE FINVEST LIMITED [63.20%] [100%] [100%] Insurance Business RELIGARE DIGITAL SOLUTIONS RELIGARE HOUSING DEVELOPMENT LIMITED FINANCE CORPORATION LIMITED [100%] [87.50%] Financial Services

  42. Slide 42: REL – Consolidated P&L and Balance Sheet

    REL – Consolidated P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY26 FY25 FY24 Particulars (Rs. Cr.) FY26 FY25 FY24 Interest Income 914 715 598 Equity Share Capital 333 331 330 Dividend Income 6 5 4 Fee and Commission Income 9 15 4 Other Equity 2,575 2,185 2,013 Net Gai

  43. Slide 43: Care – P&L and Balance Sheet

    Care – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY26 (1) FY25 (1) FY24 (2) Particulars (Rs. Cr.) FY26 (1) FY25 (1) FY24 (2) GWP 10,416 8,562 7,022 Cash and Cash Equivalents 522 193 96 NEP 7,256 6,347 5,329 Investments 10,944 8,399 6,633 Investment Income (3) 693 540

  44. Slide 44: Religare Broking – P&L and Balance Sheet

    Religare Broking – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY26 FY25 FY24 Particulars (Rs. Cr.) FY26 FY25 FY24 Brokerage 167.0 186.9 201.9 Cash and Cash Equivalents 879.0 759.8 844.7 E-Governance Income 36.3 32.0 32.8 Trade Receivables 93.0 65.2 92.3 Interest Incom

  45. Slide 45: RFL – P&L and Balance Sheet

    RFL – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY26 FY25 FY24 Particulars (Rs. Cr.) FY26 FY25 FY24 Interest Income 107 66 75 Cash and Cash Equivalents 297 23 69 Other Operating Income 2 5 3 Finance Costs 1 1 46 Loans 61 133 259 Net Interest Income 108 70 32 Investme

  46. Slide 46: RHDFCL – P&L and Balance Sheet

    RHDFCL – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY26 FY25 FY24 Particulars (Rs. Cr.) FY26 FY25 FY24 Interest Income 28 30 38 Cash and Cash Equivalents 3 4 6 Other Operating Income 2 2 5 Loans 187 185 210 Finance Costs - 1 6 Net Interest Income 30 31 37 Investments

  47. Slide 47: Thank You

    THANK YOU ! Religare Enterprises Limited Investor Relation Advisors – Adfactors PR Private Limited Ms. Hanishi Shah| +91 9619059339 investor.relations@religare.com hanishi.shah@adfactorspr.com |teamreligare@adfactorspr.com Website – https://www.religare.com Website – www.adfactorspr.com 46

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