Religare Enterprises Limited · NSE:RELIGARE
Religare Enterprises — Q2 FY2026 Earnings Presentation
39 slides from Religare Enterprises's earnings presentation, Nov 13, 2025
Slide 1: Exchange filing cover letter for earnings call presentation
November 13, 2025 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 Sc
Slide 2: Religare Enterprises Limited (REL) Investor Presentation Q2 FY2026
Religare Enterprises Limited (REL) INVESTOR PRESENTATION | Q2 FY2026 | NOVEMBER 2025
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Religare Enterprises Limited (the “Company”) and is intended solely to provide general information. It does not constitute, and should not be construed as, investment, legal, accounting or taxation advice, nor as an offer or solicitation for the purc
Slide 4: Table of Contents
Table of Contents 01 Religare Enterprises Limited – 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 Overview 0
Slide 5: Religare Enterprises Limited – Business Overview
Religare Enterprises Limited – Business Overview
Slide 6: Religare Enterprises Limited (REL) – Business Overview
Religare Enterprises Limited (REL) – Business Overview Care Health Broking SME Loans 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 presence in 400+ cities and
Slide 7: REL – Group Structure
REL – Group Structure RELIGARE ENTERPRISES LIMITED CARE HEALTH INSURANCE LIMITED RELIGARE BROKING LIMITED RELIGARE FINVEST LIMITED [63.20%] [100%] [100%] RELIGARE HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED [87.50%] REL holds strategic majority stakes across four growth-ready platforms 6
Slide 8: REL – Key Milestones
REL – Key Milestones 01 02 03 04 Feb 2025 Jul 2025 Jul - Sep 2025 Nov 2025 Change of control at REL The Board of REL is The Reserve Bank of India REL announced and REL is well positioned to with the Burman Group reconstituted and (RBI) withdrew the successfully concluded the deliver sustainable, bei
Slide 9: REL – Well-positioned to capitalise on the industry growth trends
REL – Well-positioned to capitalise on the industry growth trends STABILISING ELEVATING DEEPENING STRENGTHENING NURTURING AUGMENTING Operations and Governance Management Financial ability & Preserving and Fresh growth growth standards and bandwidth deeper access to creating value for initiatives ori
Slide 10: REL – Income Statement (Consolidated)
REL – Income Statement (Consolidated) Particulars (Rs. Cr.) Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Interest Income 202.7 175.8 392.2 340.4 Dividend Income 1.3 1.0 2.6 2.4 Fee and Commission Income 1.0 0.4 5.2 1.6 Net Gain on Fair Value Changes - - 9.5 0.7 Sale of Services (Income From Broking Operations) 4
Slide 11: REL – Income Statement (Standalone)
REL – Income Statement (Standalone) Particulars (Rs. Cr.) Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Revenue from Operations Interest Income 0.0 2.9 0.0 5.1 Net Gain on Fair Value Changes 0.5 0.0 0.7 0.1 Other Operating Income Other 0.4 0.5 0.4 1.1 Total Revenue from Operations 0.9 3.4 1.1 6.3 Other Income 6.7
Slide 12: Care Health Insurance Limited – Business Overview
Care Health Insurance Limited – Business Overview
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. 5,104 Cr. ~ Rs. 9,500 Cr. 22% share in SAHI segment 1.89 Branch Network Growth Drivers Expanding Retail Broader Digital First Model Product Global & 271 Branches Parti
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; Outpacing industry… …Leading to strong Retail market share gains 9,223 7,022 18.8% 18.7% 19.2% GWP (Rs. Cr.) (N basis) 16.8% 5,238 5,104 13.9% 14.3% 3,947 4,304 10.8% 10.7% 11.2% 9.4% 7.1% 7.7% FY22 FY23
Slide 15: Care – Robust financial profile
Care – Robust financial profile GWP Profit before tax Claims Ratio Combined Ratio (Rs. Cr.) (Rs. Cr.) 5,104 68.1% 101.1% 101.4% 177 4,304 65.1% 83 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Consistent growth in premium base Resilient bottom line reflecting operating Claims ratio
Slide 16: Care – Profit & Loss
Care – Profit & Loss Particulars Q2 FY 26** Q2 FY 25* Q1 FY 26** H1 FY 26** H1 FY 25* GWP 2,414 2,302 2,136 4,551 4,304 NEP 1,796 1,692 1,581 3,377 3,138 Investment Income 165 129 162 327 261 Profit Before Tax 42 56 (19) 23 83 Profit After tax 32 42 (15) 17 62 Combined Ratio 107.7% 101.3% 109.8% 108
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 Segment Focus* Region wise Presence Assets Under Custody (Revenue Mix) Broking E-Gov Product Offerings Number of Employees Brokerage (52%) North (29%) North (32%) (AUC) Retail Broking I Depository ~1,400 Interest Income (27%) South (24
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% 34.0% 192 27.0% 28.0% 26.0% 151 Digital Democratization of Investing 114 89 55 Rising Household Savings & Financialisation FY21 FY22 FY23 FY24 FY25 Demat accounts (mn) Activation rate (%) Product
Slide 21: RBL – Profit & Loss
RBL – Profit & Loss Particulars (Rs. Cr.) Q2 FY 26 Q2 FY 25 Q1 FY26 H1 FY 26 H1 FY 25 Brokerage 39.4 58.1 41.8 81.2 116.5 Interest Income 28.0 31.5 23.3 51.2 59.8 E- Governance income 13.8 11.8 16.5 30.3 24.6 Other operational revenue 8.4 9.1 12.5 20.9 16.9 Total Income 89.6 110.5 94.1 183.7 217.8 F
Slide 22: Religare Finvest Limited – Business Overview
Religare Finvest Limited – Business Overview
Slide 23: 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. 94.8 Cr. Rs. 422.7 Cr. 98% 1.0% 197.6% Branch Network Growth Drivers • 6 Branches • 4 States • ~300+ Customers Expanding MSME Employee Quality & Risk Capital Key
Slide 24: 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 25: RFL – Key Ratios
RFL – Key Ratios Total Income PAT Collection Efficiency 22.1 Rs. Cr. Rs. Cr. 30.8 100.0% 13.8 13.9 14.8 14.8 98.9% 17.9 98.3% 98.3% 97.7% 6.8 7.4 1.5 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Steady income growth reflectin
Slide 26: RFL – Profit & Loss
RFL – Profit & Loss Particulars (Rs. Cr.) Q2 FY 26 Q2 FY 25 Q1 FY26 H1 FY 26 H1 FY 25 Interest Income 7.2 9.3 8.2 15.4 21.9 Other Operating Income 0.2 0.3 0.5 0.7 1.8 Finance Costs 0.2 0.3 0.3 0.5 0.6 Net Interest Income 7.2 9.3 8.4 15.6 23.1 Other Income 7.4 4.2 6.1 13.5 8.5 Total Income 14.6 13.5
Slide 27: Religare Housing Development Finance Corporation Limited – Business Overview
Religare Housing Development Finance Corporation Limited – Business Overview
Slide 28: RHDFCL – Affordable Housing Specialist within REL Ecosystem
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. 245 Cr. HL – 70% Salaried – 42% CARE BBB-(Stable) 97.34% 142% LAP – 30% SENP – 58%
Slide 29: Highly underpenetrated segment, with huge growth opportunity
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-16 Dec-24 21 2024 2035E India’s low mortg
Slide 30: RHDFCL – Key Ratios
RHDFCL – Key Ratios Total Income Yield AUM Rs. Cr. Rs. Cr. 8.8 273.2 7.8 7.8 7.5 15.2% 15.2% 7.3 15.1% 15.0% 257.8 14.9% 250.5 248.7 245.0 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Stable top line growth Remains resilient,
Slide 31: RHDFCL – Profit & Loss
RHDFCL – Profit & Loss Particulars (Rs. Cr.) Q2 FY 26 Q2 FY 25 Q1 FY26 H1 FY 26 H1 FY 25 Interest Income 7.06 7.98 6.91 13.97 15.41 Interest Expenses 0.09 0.36 0.09 0.18 0.80 Net Interest Income(NII) 6.97 7.62 6.82 13.79 14.61 Fee Income 0.02 0.04 0.04 0.06 0.08 Other Income 0.42 0.77 0.37 0.79 1.23
Slide 32: Annexures
Annexures
Slide 33: 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 Gain
Slide 34: 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 35: 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 187.1 202.2 161.9 Cash and Cash Equivalents 759.8 844.7 654.8 E-Governance Income 43.2 43.8 31.9 Interest Income 103.1 87.0 64.2 Trade Receivables 65.2 92.3
Slide 36: 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 19 23 69 Other Operating Income 3 3 5 Loans 133 259 449 Finance Costs 1 46 608 Net Interest Income 47 32 (486) Inve
Slide 37: 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 38: Abbreviations
Abbreviations Abbreviation Full Form / Description AHFC Affordable Housing Finance Company ALM Asset Liability Management AUC Assets Under Custody AUM Assets Under Management CAP Corrective Action Plan (by RBI) CRAR Capital to Risk-Weighted Assets Ratio EWS / LIG / MIG Economically Weaker Section /
Slide 39: 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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