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Religare Enterprises Limited (RELIGARE) · mywealthgrid

About

Religare Enterprises Limited operates in investment and financial services with a market capitalisation of ₹8,009.67 Cr. The company's multiple business segments are evident in the divergence between standalone and consolidated results. Positioned as a diversified financial services platform, the company has faced significant profitability challenges in recent periods.

Face value: ₹10

Market cap

₹7,663 Cr

P/E

154.7×

P/B

2.6×

Dividend yield

ROE

3.2%

ROCE

—

Debt / equity

0.14

OPM

1.6%

EPS (TTM)

₹1.5

Book value

₹87.4

52-week high

₹278.4

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme earnings volatility with losses in 4 of 8 recent quarters; Jun 2026 standalone recorded -₹9.62 Cr net loss and -426.59% OPM, signaling acute operational distress.
Structural profitability weakness: consolidated OPM of 1.6% and ROE of 3.17% are significantly below financial sector norms, limiting cash generation and reinvestment capacity.
Valuation risk: PE ratio of 161.65 disconnected from earnings quality—most recent quarters show losses or near-zero earnings, suggesting extreme overvaluation if profitability does not recover immediately.
Business mix uncertainty: standalone and consolidated results diverge sharply (Jun 2026: -₹9.62 Cr vs -₹46.98 Cr loss), pointing to underperformance in subsidiaries or specific segments; verify which business lines are loss-making and asset quality.

Generated analysis · source review pending

Growth drivers

Margin recovery: Mar 2026 consolidated achieved 5.78% OPM on ₹2,467 Cr revenue; if the company sustains operations at this margin level on the current ₹2.3–2.5 Cr quarterly revenue base, net profit would materially improve.
D/E capacity: Debt-to-equity ratio of 0.14 provides balance-sheet flexibility to fund growth initiatives, acquisitions, or segment expansion without capital constraints.
Group profitability: Mar 2026 consolidated profit of ₹95.65 Cr demonstrates the group's capability to generate returns; scaling profitable subsidiary operations could drive earnings growth.

Generated analysis · source review pending

₹224.6-10.9%1Y

Beta

0.47

Damps index moves

Volatility (1y)

37.2%

Annualised, daily returns

RSI (14)

18.7

Oversold territory

Rel. strength (1y)

-22.1%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Revenue CAGR of 27.7% over the last 5 years

Cons

−Low return on equity of 6.3% (3-yr avg)
−Thin operating margin of 1.6%
−Profit declined 69.7% a year over the last 3 years
−Expensive at 154.7× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

27/100

Business quality: 28
Growth: 47
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jio Financial Services LimitedJIOFINJIOFIN	₹1,40,316 Cr	₹1,62,084 Cr	₹4,905 Cr	₹3,264 Cr	65.6%	₹2,066 Cr	44.4%	—	1.2%	—
Aditya Birla Capital LimitedABCAPITALABCAPITAL	₹1,02,546 Cr	₹2,81,426 Cr	₹48,186 Cr	₹17,803 Cr	36.7%	₹4,104 Cr	8.5%	—	11.6%	—
Tata Investment Corporation LimitedTATAINVESTTATAINVEST	₹31,122 Cr	₹31,122 Cr	₹404 Cr	₹361 Cr	89.4%	₹431 Cr	109.2%	—	1.4%	—
Cholamandalam Financial Holdings LimitedCHOLAHLDNGCHOLAHLDNG	₹25,721 Cr	₹2,36,121 Cr	₹40,993 Cr	₹22,781 Cr	55.1%	₹2,669 Cr	14%	—	17.5%	—
Tvs Holdings LimitedTVSHLTDTVSHLTD	₹24,010 Cr	₹60,166 Cr	₹62,488 Cr	₹9,940 Cr	15.8%	₹1,970 Cr	5.8%	—	30.4%	—
Maharashtra Scooters LimitedMAHSCOOTERMAHSCOOTER	₹14,113 Cr	₹14,113 Cr	₹289 Cr	₹285 Cr	98.7%	₹279 Cr	99.3%	—	1.1%	—
Jsw Holdings LimitedJSWHLJSWHL	₹12,496 Cr	₹12,496 Cr	₹184 Cr	₹168 Cr	92.2%	₹137 Cr	81.7%	—	0.5%	—
Religare Enterprises LimitedRELIGARERELIGARE	₹7,663 Cr	₹8,064 Cr	₹8,941 Cr	₹60 Cr	1.6%	₹50 Cr	0.9%	—	3.2%	—
Pilani Investment And Industries Corporation LimitedPILANIINVSPILANIINVS	₹4,320 Cr	₹6,712 Cr	₹248 Cr	₹216 Cr	88.5%	₹-12 Cr	11%	—	0.2%	—
Nalwa Sons Investments LimitedNSILNSIL	₹2,633 Cr	₹2,636 Cr	₹98 Cr	₹77 Cr	74.8%	₹55 Cr	56.1%	—	0.3%	—
Kalyani Investment Company LimitedKICLKICL	₹2,065 Cr	₹2,065 Cr	₹78 Cr	₹65 Cr	82.2%	₹41 Cr	47.1%	—	0.4%	—
El Cid Investments LimitedELCIDINELCIDIN	₹2,043 Cr	—	₹134 Cr	₹127 Cr	94.5%	₹109 Cr	81%	—	1.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,355	2,487	3,224	4,676	6,235	7,354	8,459
Interest	849	725	740	628	94	37	36
Expenses	2,347	2,244	3,610	4,210	5,917	7,054	8,324
Financing profit	-841	-482	-1,126	-161	225	263	100
Financing margin %	-35.7%	-19.4%	-34.9%	-3.5%	3.6%	3.6%	1.2%
Other income	42	44	149	187	64	43	34
Depreciation	61	59	53	56	72	62	47
Exceptional items	-170	0	0	3,289	230	0	0
Profit before tax	-1,030	-497	-1,031	3,259	448	243	87
Tax	8	-20	507	90	100	60	14
Tax %	0.8%	-4%	49.2%	2.8%	22.4%	24.7%	16.2%
PAT	-1,038	-478	-1,539	3,169	347	183	73
EPS (₹)	-39.6	-19.7	-51.3	96.1	7.1	3.8	2.6
EPS adjusted (₹)	-36.1	-19.6	-48.3	95.2	7.1	3.8	2.6
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	258	259	319	324	330	331	333
Reserves	-157	-307	-1,301	1,734	2,013	2,185	2,575
Minority interest	93	345	450	620	831	921	969
	5,356	4,890	4,836	729	344	138	401
	2,580	3,538	5,060	4,687	6,059	7,654	10,227
Total equity & liabilities	8,130	8,726	9,364	8,094	9,577	11,229	14,506
	175	117	89	196	161	145	133
CWIP	0	0	—	0	0	2	0
Investments	2,023	3,190	3,836	5,094	6,718	8,700	11,203
	5,932	5,419	5,439	2,804	2,698	2,382	3,169
Total assets	8,130	8,726	9,364	8,094	9,577	11,229	14,506

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,433	1,394	1,596	1,506	1,500	1,572	1,820
	-436	-1,187	-689	-939	-1,348	-1,185	-2,176
	-1,743	-329	559	-2,079	-156	-285	690
Net cash flow	254	-122	1,466	-1,512	-4	102	334
Free cash flow	2,408	1,374	1,559	1,466	1,478	1,547	1,807
CFO / Operating profit %	—	574.3%	—	322.7%	471.4%	524.3%	—

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Insurance	7,969.05	-46.84	12,065.28	9,492.91	2,572.37	-1.82
Broking Related Activities	313.83	18

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	0.3%	9.8%	-12%	10%	5.1%	4.1%	1.6%
EBIT margin %	-2.2%	7.4%	-13.7%	8.8%	4%	3.2%	1%
PAT margin %	-44.1%	-19.2%	-47.7%	67.8%	5.6%	2.5%	0.9%
Working capital
Receivable days	15	28	21	—	—	—	—
Inventory days	0	0	0	0	0	0	0
Payable days	0	0	1	—	—	—	—
NWC days	14	28	20	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	669.54	20.15	—	1.56	1.08	0.46	2.95
Debt to equity	53.02	-103.84	-4.92	0.35	0.15	0.05	0.14
Interest coverage	-0	0.3	-0.4	1	3.3	7.6	3.4
Asset turnover	0.29	0.28	0.34	0.58	0.65	0.65	0.58
Return ratios
Return on assets %	-12.8%	-5.5%	-16.4%	39.1%	3.6%	1.6%	0.5%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	-1,027.5%	1,014.7%	156.6%	154%	14.8%	7.3%	2.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0%	0%	0%	0%	0%	0%	25.67%	25.83%	25.83%	26.27%	30.27%	30.56%
	11.75%	9.89%	7.91%	8.49%	8.01%	8.04%	8.25%	8.1%	7.8%	7.61%	7.85%	9.64%
	7.94%	7.86%	8.2%	10.99%	13.43%	13.14%	11.76%	11.62%	10.27%	9.32%	8.52%	9.33%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	80.31%	82.25%	83.89%	80.52%	78.56%	78.82%	54.32%	54.45%	56.1%	56.8%	53.36%	50.47%
No. of shareholders	—	—	—	—	—	—	—	—	85,873	81,959	73,411	69,935

Promoter holding up 30.56 percentage points since Sep 2023.

26 deals · 16 Aug 2023 – 31 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 Aug 2026	ASHISH DHAWAN	Bulk	BSE	Buy	19,01,448	₹237.00	₹45.06 Cr
31 Aug 2026	ASHISH DHAWAN	Bulk	NSE	Buy	16,98,790	₹237.00	₹40.26 Cr
28 Aug 2026	ASHISH DHAWAN	Bulk	BSE	Buy	20,00,000	₹232.00	₹46.40 Cr
28 Aug 2026	ASHISH DHAWAN	Bulk	NSE	Buy	18,00,000	₹232.00	₹41.76 Cr
25 Mar 2026	SHIVANI BURMAN	Bulk	NSE	Buy	38,40,000	₹224.54	₹86.22 Cr
19 Feb 2026	D S TRUST	Bulk	NSE	Sell	16,80,836	₹218.48	₹36.72 Cr
21 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	21,60,251	₹244.29	₹52.77 Cr
21 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	21,60,251	₹244.41	₹52.80 Cr
5 Feb 2025	GIRDHARILAL VISHINDAS LAKHI	Bulk	NSE	Sell	17,00,024	₹245.48	₹41.73 Cr
1 Jul 2024	PLUTUS WEALTH MANAGEMENT LLP	Bulk	NSE	Sell	71,00,000	₹239.05	₹169.73 Cr

1–10 of 26

1 / 3

Mr. Rajender Mohan MallaNon-Executive - Independent Director-Chairperson
Mr. Suresh MahalingamNon-Executive Chairperson
Mr. Malay Kumar SinhaNon-Executive - Independent Director
Mr. Praveen Kumar TripathiNon-Executive - Independent Director
Mr. Ranjan DwivediNon-Executive - Independent Director
Ms. Preeti MadanNon-Executive - Independent Director
Mr. Shrikant SomaniNon-Executive - Independent Director
Mr. Arjun LambaExecutive Director
Mr. Gurumurthy RamanathanNon-Executive - Non Independent Director
Mr. Suresh MahalingamNon-Executive - Non Independent Director
Mr. Pratul GuptaChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

2.94%

of the company's equity

All mutual funds

5.24%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

9 schemes · 3 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	55.1 L	133.79	0.66%	1.615%	-43.9 L
ACTIVE MOMENTUM FUND	Samco Mutual Fund	15.24 L	37	4.92%	0.447%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	13.93 L	33.82	0.66%	0.408%	-30.96 L
DYNAMIC ASSET ALLOCATION FUND	Samco Mutual Fund	6 L	14.57	8.67%	0.176%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	5.91 L	14.34	0.58%	0.173%	-12,932
SPECIAL OPPORTUNITIES FUND	Samco Mutual Fund	3.48 L	8.45	6.65%	0.102%	-61,808
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	58,000	1.41	1.07%	0.017%	-0
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	4,043	0.1	0.03%	0.001%	+19

1–8 of 9

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Interim dividend30 Mar 2010 · ex-date₹2
Dividend dividend12 Sept 2008 · ex-date₹1.1

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

78 announcementsExport CSV

28 Sept 2026, 6:01 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Date	Category	Subject	Filing
28 Sept 2026, 6:01 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 6:18 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
18 Sept 2026, 6:13 pm	Company Update General	Intimation With Respect To Establishment Of New Corporate Office Of The Company	PDF
14 Sept 2026, 3:08 pm	Company Update General	Update	PDF
4 Sept 2026, 10:54 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
3 Sept 2026, 5:01 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
2 Sept 2026, 10:15 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
2 Sept 2026, 10:07 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

Religare Enterprises Limited

Religare Enterprises Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

2

1

Announcements

2

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Broking Related Activities · revenue

Religare Enterprises Limited

Religare Enterprises Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends2

Board meetings1

Announcements

Dividends2

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Broking Related Activities · revenue

2

1

2

1