Religare Enterprises Limited · NSE:RELIGARE
Religare Enterprises — Q3 FY2026 Earnings Presentation
48 slides from Religare Enterprises's earnings presentation, February 2026
Slide 1: Religare Enterprises Limited (REL)
Religare Enterprises Limited (REL) INVESTOR PRESENTATION | Q3 FY2026 | FEBRUARY 2026
Slide 2: 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
Slide 3: 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
Slide 4: Religare Enterprises Limited – Business Overview
Religare Enterprises Limited – Business Overview
Slide 5: Religare Enterprises Limited (REL) – Business Overview
Religare Enterprises Limited (REL) – Business Overview 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 and mid- and consistently profitable Standalone p
Slide 6: REL – Group Structure
REL – Group Structure RELIGARE ENTERPRISES LIMITED CARE HEALTH INSURANCE LIMITED RELIGARE BROKING LIMITED RELIGARE FINVEST LIMITED [63.20%] [100%] [100%] RELIGARE DIGITAL SOLUTIONS RELIGARE HOUSING DEVELOPMENT LIMITED FINANCE CORPORATION LIMITED [100%] [87.50%] REL holds strategic majority stakes ac
Slide 7: Business Segments Update
Business Segments Update Insurance Business Financial Services Business CARE remains REL’s primary RHDFCL remains in a stabilisation Maintained consistent growth growth engine, benefiting from ₹500+ crore cash balance from and reset phase, with capital despite challenging market strong retail demand
Slide 8: REL – Income Statement (Consolidated)
REL – Income Statement (Consolidated) Particulars (Rs. Cr.) Q3 FY26 Q3 FY25 9M FY26 9M FY25 Interest Income 238.7 181.6 652.8 528.4 Dividend Income 1.2 1.1 3.7 3.5 Fee and Commission Income 1.2 4.6 6.4 6.1 Net Gain on Fair Value Changes 3.1 0.7 12.6 1.4 Sale of Services (Income From Broking Operatio
Slide 9: REL – Segment Reporting (Consolidated)
REL – Segment Reporting (Consolidated) Q3 FY26 (Rs. Cr.) Insurance Financial Services Unallocated Total Revenue1 1,931.9 143.1 0.4 2,075.4 Segment Performance2 (111.2) 8.5 (0.5) (103.1) Assets 11,152.5 2,272.1 24.2 13,448.8 Liabilities 8,460.0 1,065.2 12.7 9,537.9 1. Does not consider inter-segment
Slide 10: REL – Income Statement (Standalone)
REL – Income Statement (Standalone) Particulars (Rs. Cr.) Q3 FY26 Q3 FY25 9M FY26 9M FY25 Revenue from Operations Interest Income 0.7 0.0 0.7 5.1 Net Gain on Fair Value Changes 0.3 - 1.0 - Other Operating Income Other 0.4 - 0.8 1.1 Total Revenue from Operations 1.4 0.0 2.5 6.2 Other Income 1.0 5.3 1
Slide 11: Care Health Insurance Limited – Business Overview
Care Health Insurance Limited – Business Overview
Slide 12: Care Health Insurance Limited (Care) – 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. 7,906 Cr. ~ Rs. 10,246 Cr. 22% share in SAHI segment 1.7 Branch Network Q3 FY26 KEY HIGHLIGHTS 274 Branches Rising retail consumer base supported by digital access a
Slide 13: 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 9,223 GWP (Rs. Cr.) (Without 1/n basis) 7,022 7,906 19.5% 18.8% 18.8% 6,508 16.8% 5,238 14.3% 10.8% 10.8% 11.4% 9.4% 7.7% FY23 FY24 FY25 9MFY25 9MFY26 FY23 FY24 FY25 9M FY25 9M F
Slide 14: Care – Robust Financial Profile
Care – Robust Financial Profile GWP Profit before tax Claims Ratio Combined Ratio (Rs. Cr.) (Rs. Cr.) 265 102.3% 101.2% 7,906 6,508 64.6% 67.3% 92 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 Consistent growth in premium base Resilient bottom line reflecting Claims ratio normalizi
Slide 15: Care – Profit & Loss
Care – Profit & Loss Particulars (Rs. Cr.) Q3 FY 26 Q3 FY 25 Q2 FY 26 9M FY 26 9M FY 25 GWP 2,621 1,895 2,414 7,172 6,199 NEP 1,746 1,423 1,796 5,123 4,561 Investment Income 180 134 165 507 396 Profit Before Tax (112) (69) 42 (89) 14 Profit After tax (84) (51) 32 (67) 11 Combined Ratio 111.1% 115.2%
Slide 16: Foundations for Scalable Growth
Foundations for Scalable Growth Expanding Retail Broader Distribution Digital First Model Product Innovation& Global & Participation Footprint Wellness Integration Diversified Outlook Rising retail Scaling agency, Distribution and Continuous Gift City operations and consumer base intermediary and cu
Slide 17: Religare Broking Limited – Business Overview
Religare Broking Limited – Business Overview
Slide 18: Religare Broking Limited (RBL) – Strong foothold to drive growth
Religare Broking Limited (RBL) – Strong foothold to drive growth Business Channels Region wise Presence Assets Under Custody Product Offerings Broking E-Gov. Retail Broking I Depository I Number of Employees Branches (AUC) Business Partners North (29%) North (32%) Investment Products 1,334 South
Slide 19: E- Governance – Business Model & Services Offered
E- Governance – Business Model & Services Offered The e-Governance business model entails the firm offering various services through a network of agents, to end customers via their digital platform Business Builds and manages marketplace for Distributor/ Agent products and services on its platform M
Slide 20: Broking Industry story
Broking Industry story Growth in Demat Accounts & Activation Rates Expanding Retail Participation 40.0% 216 34.0% 192 27.0% 28.0% 26.0% 151 21.0% Digital Democratisation of Investing 114 89 55 Rising Household Savings & Financialization FY21 FY22 FY23 FY24 FY25 FY26 (YTD Dec) Demat accounts (mn) Act
Slide 21: Religare Broking – Key Financial Strengths
Religare Broking – Key Financial Strengths Total Income* Profit Before Tax* (Rs. Cr.) (Rs. Cr.) 94.1 91.0 89.6 7.2 81.5 83.4 6.5 6.6 3.6 0.7 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Income sustaining at an elevated base, reflecting improved trading traction Pro
Slide 22: Religare Broking – Key Operating Parameters
Religare Broking – Key Operating Parameters Avg. Daily Turnover (ADTO)- Cash Avg. Daily Turnover (ADTO)- Derivatives (Rs. Cr.) (Rs. Cr.) 334 10,211 9,623 9,782 299 266 274 276 7,933 7,350 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Trading volumes largely remain s
Slide 23: RBL – Profit & Loss
RBL – Profit & Loss Particulars (Rs. Cr.) Q3 FY 26 Q3 FY 25 Q2 FY 26 9M FY 26 9M FY 25 Brokerage 41.81 39.29 39.42 123.06 155.72 Revenue from E-Governance 8.80 7.25 8.61 26.17 24.31 Interest Income 30.40 21.92 27.96 81.63 81.76 Other operational revenue 10.00 13.01 13.61 43.84 37.51 Total Income 91.
Slide 24: Growth Levers Supporting Business Growth
Growth Levers Supporting Business Growth Expanding Retail Platform & Product Segment Digital & Ecosystem Governance & Participation Innovation Diversification Leverage Compliance-led Execution Increase revenue share Expand retail Client Upgrade Trading from HNI Clients, Driving digital Experienced l
Slide 25: Religare Finvest Limited – Business Overview
Religare Finvest Limited – Business Overview
Slide 26: Religare Finvest Limited (RFL) – Rebuilding a Credible, Capital-Ready MSME Lender
Religare Finvest Limited (RFL) – Rebuilding a Credible, Capital-Ready MSME Lender Net AUM Surplus Fund Collection Efficiency NNPA CRAR Rs. 70.1 Cr. Rs. 480.4 Cr. 99.2% 1.4% 228.2% Branch Network Q3FY26 Result Highlights • 5 Branches • 4 States Ready to re-enter credit ecosystem post RBI-CAP remova
Slide 27: 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 book, RFL defaulted on payment to lenders
Slide 28: RFL – Key Ratios
RFL – Key Ratios Total Income PAT Collection Efficiency (Rs. Cr.) (Rs. Cr.) 30.8 100.0% 39.6 99.2% 17.9 98.9% 22.1 19.3 21.0 98.3% 13.9 97.7% 6.8 7.4 1.2 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Steady income growth refle
Slide 29: RFL – Profit & Loss
RFL – Profit & Loss Particulars (Rs. Cr.) Q3 FY 26 Q3 FY 25 Q2 FY26 9M FY 26 9M FY 25 Interest Income 28.6 15.9 19.1 66.0 37.8 Other Operating Income 0.6 0.7 0.7 1.8 2.4 Finance Costs 0.2 0.3 0.2 0.7 0.9 Net Interest Income 29.0 16.3 19.6 67.1 39.3 Other Income 10.5 5.5 1.2 12.3 14.1 Total Income 39
Slide 30: Religare Housing Development Finance Corporation Limited – Business Overview
Religare Housing Development Finance Corporation Limited – Business Overview
Slide 31: Religare Housing Development Finance Corporation Limited (RHDFCL) – Affordable Housing Specialist
Religare Housing Development Finance Corporation Limited (RHDFCL) – Affordable Housing Specialist within REL Ecosystem Credit Rating AUM Product Mix Customer Mix Collection Efficiency CRAR LT – ICRA BBB-(Stable) Rs. 241 Cr. HL – 69% Salaried – 45% CARE BBB-(Stable) 97.36% 132.1% LAP – 31% SENP – 55%
Slide 32: Lending – Highly Underpenetrated Segment, With Huge Growth Opportunity
Lending – Highly Underpenetrated Segment, With Huge Growth Opportunity Massive opportunity for NBFCs owing to their dominant position in low ticket size segment India Retail Credit Total Mortgage AUM In India 143 (Rs. Tn) 104 Prime Affordable Others 48 21 32 95 10 Dec Dec-16 Dec-24 Dec 21 2024 2035E
Slide 33: RHDFCL – Key Ratios
RHDFCL – Key Ratios AUM Total Income Yield 258 Rs. Cr. Rs. Cr. 7.8 7.8 250 15.2% 15.2% 248 7.5 244 7.3 15.1% 15.0% 241 7.1 14.9% 14.9% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Stable top line growth Remains resili
Slide 34: RHDFCL – Profit & Loss
RHDFCL – Profit & Loss Particulars (Rs. Cr.) Q3 FY 26 Q3 FY 25 Q2 FY 26 Q1 FY26 9M FY26 9M FY25 Interest Income 6.80 7.43 7.06 6.91 20.77 22.84 Interest Expenses 0.16 0.00 0.09 0.09 0.16 0.59 Net Interest Income(NII) 6.64 7.43 6.97 6.82 20.61 22.25 Fee Income 0.03 0.03 0.02 0.04 0.09 0.11 Other Inco
Slide 35: Reorganisation of REL – Demerger of Financial Services Business
Reorganisation of REL – Demerger of Financial Services Business
Slide 36: REL & RFL – Current Structure
REL & RFL – Current Structure About REL REL operates in multiple business segments – insurance, financial services including lending activities, broking activities, directly or through its subsidiaries REL is registered with RBI as a Core Investment Company (‘CIC’) and is classified as NBFC - Midd
Slide 37: Rationale for Reorganisation
Rationale for Reorganisation 1 2 3 4 Streamlining Listing financial Focussed management Risk management & businesses services business attention compliance Segregation of financial Listing of financial Enable implementation services business services business to of risk management (consisting of len
Slide 38: Reorganisation Overview
Reorganisation Overview Demerger of ‘financial services’ business from REL to RFL pursuant to proposed scheme of arrangement Share issue Promoters Public ‘Financial services’ business to include lending activities, 29.75% 70.25% broking activities, investment activities and ancillary and support
Slide 39: Resultant Structure
Resultant Structure Financial Services Business Insurance business Promoters Public Promoters Public 29.75% 70.25% 29.75% 70.25% REL RFL (CIC) (Lending-NBFC) Listed To be listed 63.2% 87.50% 100% Care RHDFCL RBL (Insurance) (Lending-HFC) (Broking) 100% RDSL (e-Governance) 39
Slide 40: Key Milestones and Tentative Timeline for Implementation
Key Milestones and Tentative Timeline for Implementation Timeline Q4 FY26 Q1 FY27 Q2 FY27 Q3 FY27 Q4 FY27 Q1 FY28 Board Board approval approval Filing of application with SE / SEBI, RBI and other appropriate authorities SE / SEBI / RBI Approval process: SE / SEBI, RBI and appropriate authorities app
Slide 41: Annexures
Annexures
Slide 42: REL – Consolidated P&L and Balance Sheet
REL – Consolidated P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY25 FY24 FY23 Particulars (Rs. Cr.) FY25 FY24 FY23 Interest Income 693 598 508 Equity Share Capital 331 330 324 Dividend Income 5 4 1 Fee and Commission Income 15 4 5 Other Equity 2,184 2,013 1,734 Net Gai
Slide 43: Care – P&L and Balance Sheet
Care – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY25 FY24 FY23 Particulars (Rs. Cr.) FY25 FY24 FY23 GWP 8,562 7,022 5,238 Cash and Cash Equivalents 193 96 100 NEP 6,347 5,329 3,932 Investments 8,399 6,633 5,076 Investment Income* 540 411 284 Fixed Assets 34 42 56 Ot
Slide 44: RBL – P&L and Balance Sheet
RBL – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY25 FY24 FY23 Particulars (Rs. Cr.) FY25 FY24 FY23 Brokerage 186.9 201.9 161.7 Cash and Cash Equivalents 759.8 844.7 654.8 E-Governance Income 43.8 43.8 31.9 Interest Income 103.1 87.0 64.0 Trade Receivables 65.2 92.3
Slide 45: RFL – P&L and Balance Sheet
RFL – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY25 FY24 FY23 Particulars (Rs. Cr.) FY25 FY24 FY23 Interest Income 45 75 117 Cash and Cash Equivalents 23 69 19 Other Operating Income 3 3 5 Finance Costs 1 46 608 Loans 133 259 449 Net Interest Income 47 32 (486) Inve
Slide 46: RHDFCL – P&L and Balance Sheet
RHDFCL – P&L and Balance Sheet Income Statement Balance Sheet Particulars (Rs. Cr.) FY25 FY24 FY23 Particulars (Rs. Cr.) FY25 FY24 FY23 Interest Income 30 38 47 Cash and Cash Equivalents 4 6 4 Other Operating Income 2 5 4 Finance Costs 1 6 11 Loans 185 210 256 Net Interest Income 31 37 41 Investment
Slide 47: Abbreviations
Abbreviations Abbreviation Full Form / Description ADTO Average Daily Turnover AHFC Affordable Housing Finance Company ALM Asset Liability Management AUC Assets Under Custody AUM Assets Under Management BSE BSE Limited (formerly Bombay Stock Exchange) CAP Corrective Action Plan (by RBI) CRAR Capital
Slide 48: THANK YOU !
THANK YOU ! Religare Enterprises Limited Investor Relation Advisors – Adfactors PR Private Limited Ms. Manasi Bodas | +91 9821043510 investor.relations@religare.com manasibodas@adfactorspr.com|teamreligare@adfactorspr.com Website – https://www.religare.com Website – www.adfactorspr.com
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