NSE: RELIGARE · BSE: 532915 · ISIN INE621H01010
Religare Enterprises Limited stock analysis
Religare Enterprises Limited ranks #2747 in the TickerSutra evidence-ranked universe with a score of 44/100 and 95% data confidence. The latest captured fundamentals show ROCE of 3.5%, quarterly sales growth of 26.4% and quarterly profit growth of -356.2%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.17×
- Strong CFO/EBITDA of 11.67×
- 21.8% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Operating margin has compressed materially
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹3,227cr | ₹-364cr | ₹-1,539cr | -11.0% |
| 2023 | ₹4,679cr | ₹483cr | ₹3,169cr | 10.0% |
| 2024 | ₹6,266cr | ₹368cr | ₹347cr | 6.0% |
| 2025 | ₹7,394cr | ₹356cr | ₹183cr | 4.8% |
| 2026 | ₹8,462cr | ₹156cr | ₹73cr | 1.8% |
| TTM | ₹8,954cr | ₹66cr | ₹18cr | 0.7% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Religare Enterprises Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineReligare Enterprises Ltd - 532915 - Announcement under Regulation 30 (LODR)-Change in ManagementNSE · 25 Sept 2026Re-designation of Mr. Arjun Lamba as Managing Director
RoutineReligare Enterprises Ltd - 532915 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 25 Sept 2026Copy Scrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineShareholders meetingNSE · 25 Sept 2026Religare Enterprises Limited has submitted the Exchange a copy Scrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineReligare Enterprises Ltd - 532915 - Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015BSE · 18 Sept 2026Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
The revenue growth was primarily led by core business segments. PAT as mentioned, grew by 65% from INR4.6 crores to INR7.5 crores, reflecting improved operating leverage and profitability. On a consolidated basis, the net worth of Religare Broking Limited and its subsidiaries stood at INR384 crores as of June 30, 2026.
Highlights of the quarter are as: our retail business grew at 45% year-on-year on a full premium basis. Its continued market share gains in retail health insurance. Our GWP grew by 37% again Religare Enterprises Limited August 13, 2026 Page 7 of 19 on a full premium basis.
The sector continued to witness increasing adoption of technology, data analytics and digital lending platform, enabling NBFCs to improve customer acquisition, credit assessment, collections and operating efficiency. At the same time, competition from banks, fin-techs remained intense, increasing the focus on differentiated products, diversified funding, strong capitalisation and risk-adjusted returns. Going forward,
Negative: Data breaches and cyber-attacks may result in substantial financial losses. These losses may include direct costs such as incident response, legal fees, regulatory fines, and compensation for affected parties. Indirect costs may also arise from reputational damage, loss of customer trust, and decreased market value.
At the same time, regulatory measures aimed at curbing excessive retail participation in derivatives have influenced trading behaviour; options contract volumes declined materially in FY26 following tighter regulatory measures. Going forward, sustained retail participation, increasing penetration of digital investing and financialisation of savings are expected to support long-term growth of the sector, while competi
The quantum of capital mobilisation through securities markets has expanded substantially, reflecting both domestic prosperity and global recognition of Indian market governance standards. What distinguishes current-cycle growth is the composition of participants such as domestic institutional investors have become the primary decision-makers rather than price-takers following overseas sentiment. The companies access
It is registered with the Reserve Bank of India (RBI). Key Strategic Initiatives • Preferential Issue During FY26, the Company achieved a significant milestone in strengthening its capital base through the implementation of preferential issue of convertible warrants approved by the shareholders in the Extraordinary General Meeting held on August 08, 2025. The issue, aggregating up to H 1,500 Crore through issuance of
Written Submissions have been filed on behalf of the said incumbent independent directors and the Company. Warning letter issued with respect to delayed disclosure of refusal of application seeking RBI’s approval for appointment of Director in the Company The Company on November 02, 2023 had submitted a disclosure to stock exchanges for appointment of Mr. Rakesh Asthaana as Additional Director (to be designated as Wh
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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