RELIGAREBSEMay 18, 2026

RELIGARE ENTERPRISES LTD.

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Management on call

Arjun Lamba

EXECUTIVE DIRECTOR – RELIGARE ENTERPRISES LIMITED

Pratul Gupta

CHIEF FINANCIAL OFFICER – RELIGARE ENTERPRISES LIMITED MANAGEMENT TEAM OF RELIGARE ENTERPRISES LIMITED AND ITS SUBSIDIAR

Anisha Jain

ADFACTORS PR

Key numbers — 40 extracted

rs,

DERATOR: MS. ANISHA JAIN – ADFACTORS PR Disclaimer: This transcript may contain transcription errors, despite an earnest effort toward accuracy. The Company accepts no responsibility or liability for a

50%

is a strong promoter commitment from Burman Group for Religare. The promoters have subscribed to 50% of the preferential rights issue with commitment of INR750 crores during the year. I must also

INR750 crore

eligare. The promoters have subscribed to 50% of the preferential rights issue with commitment of INR750 crores during the year. I must also mention here that during the last quarter, the promoter group als

30.3%

creased stake in the company through open market purchases and the current shareholding is around 30.3%. Upon conversion of outstanding warrants, this stake is expected to rise further. During the last

INR2,473 crore

f REL and its subsidiaries for Q4 as well as FY '26. In Q4 FY '26, REL reported a total income of INR2,473 crores on a consolidated basis. For the full year, the total income was INR8,493 crores, and reported P

INR8,493 crore

total income of INR2,473 crores on a consolidated basis. For the full year, the total income was INR8,493 crores, and reported PAT is at INR73.16 crores. Significant subsidiary, Care, reported a GWP of INR3,51

INR73.16 crore

nsolidated basis. For the full year, the total income was INR8,493 crores, and reported PAT is at INR73.16 crores. Significant subsidiary, Care, reported a GWP of INR3,511 crores during the last quarter of the

INR3,511 crore

3 crores, and reported PAT is at INR73.16 crores. Significant subsidiary, Care, reported a GWP of INR3,511 crores during the last quarter of the fiscal and a PBT of INR274 crores. Both these numbers are on ‘n’

INR274 crore

diary, Care, reported a GWP of INR3,511 crores during the last quarter of the fiscal and a PBT of INR274 crores. Both these numbers are on ‘n’ basis. For the full year, Care reported a GWP of INR11,417 crores

INR11,417 crore

of INR274 crores. Both these numbers are on ‘n’ basis. For the full year, Care reported a GWP of INR11,417 crores and a PBT of INR539 crores. RFL reported a profit of INR89 crores in quarter 4 on account of imp

INR539 crore

numbers are on ‘n’ basis. For the full year, Care reported a GWP of INR11,417 crores and a PBT of INR539 crores. RFL reported a profit of INR89 crores in quarter 4 on account of improved recoveries and has a

INR89 crore

r, Care reported a GWP of INR11,417 crores and a PBT of INR539 crores. RFL reported a profit of INR89 crores in quarter 4 on account of improved recoveries and has a cash balance including liquid investmen

Guidance — 20 items

Arjun Lamba

opening

“As I stated earlier in our press release, we are building a foundation on which we hope to build a profitable, scalable and sustainable business and remain committed to the same.”

Arjun Lamba

opening

“Some of the people you will be interacting with on this call are in the room with us and many more will be joining us in the future.”

Arjun Lamba

opening

“And you will hear more of about this going forward.”

Ambrish Jindal

opening

“As a result, the industry saw a robust momentum in retail health and grew at 30% in H2 of the FY26, and Care grew by 8% more than what industry grew in the same period.”

Ambrish Jindal

opening

“Over the past 4 financial years, the company has delivered a strong CAGR of 30%.”

Vijay Kumar Goel

opening

“There will be a sharp focus on growing the non-broking revenue through the interest income as well as the non-broking third-party distribution products like investment products and insurance products.”

Pankaj Rathi

opening

“My immediate focus will be strengthening the foundation of the business, putting the right building blocks and creating a scalable platform for sustainable growth.”

Pankaj Rathi

opening

“Going forward, our focus will remain on driving business with sustainable growth, improving operational efficiencies, strengthening the asset quality numbers and progressively improving profitability.”

Adarsh

“So just wanted to understand a lot of our peers, obviously listed separately, do indicate, especially Niva does indicate their growth outcomes that they expect and where combines are likely to go.”

Ajay Shah

“This combined ratio will come because operating leverage will be better.”

Risks & concerns — 6 flagged

Profit before tax under Ind AS grew by 55%, excluding the impact of mark-to-market on financial instruments, while on n basis it grew by 38%.

— Ambrish Jindal

The impact of Ind AS 117 is INR565 crores for the current year.

— Ambrish Jindal

As highlighted earlier, the impact of Ind AS 109 arising from the mark-to-market loss on equity investment is INR64 crores.

— Ambrish Jindal

As highlighted in the previous slide, the key difference arises primarily from the impact of Ind AS 117 and the mark-to-market effect on securities.

— Ambrish Jindal

On the full year basis for financial year '26, our overall top line saw a marginal decline by 2%, and it came down to INR373 crores.

— Vijay Kumar Goel

As and when things sort of materialize or change, we will get back to you, but we understand your concern, and we well acknowledge what the investors are saying.

— Arjun Lamba

Q&A — 13 exchanges

So the first question is directed towards Mr. Arjun Lamba since he is representing the promoters. So I think in the last call also, there were concerns raised regarding this demerger process and the holding company discount, which can be created because of this sort of a structure. So now in this last quarter, we have seen promoters increasing their stake by open market purchase as well as this in pending preferential allotment. So this would significantly increase their shareholding in Religare. And hence, we wanted to understand if there is any further views on how we can avoid the holding c

Arjun Lamba

Yes. Thanks for the question. Yes, the promoters have increased their stake in the last quarter. I think the increase has been to the tune of roughly 4%. And post conversion of the warrants, assuming everybody converts their warrants, I mean, promoters should be close to about 34%. And this is -- I mean, it is a logical step. And we believe that the structure that we put in place sets a path. And for the current moment, that's the right structure. As and when things sort of materialize or change, we will get back to you, but we understand your concern, and we well acknowledge what the investor

Yes, sir. So the first question is on Care. We did -- we put out our numbers on IFRS. So just wanted to understand a lot of our peers, obviously listed separately, do indicate, especially Niva does indicate their growth outcomes that they expect and where combines are likely to go. And hence, we get a good sense of kind of profitability. Things kind of turned a little bit for health insurance, at least on the underwriting side this year going by numbers of all the companies. So if you can provide some clarity on that? And maybe after this, I'll take one question on the structuring.

Ajay Shah

Thanks, Adarsh. This is Ajay Shah from Care. So on the tailwinds, have started with the sector from October. October to March, we saw a healthy growth of 40% in retail compared to 27% in Half 1. And we have no reason to believe why these tailwinds will not continue. So I'm bullish on the sector. On the profitability, see, currently, our combined is at 101.4%. It should come down near 100% in 2 years' time line. But more important, this combined ratio will not come because of claims or anything. This combined ratio will come because operating leverage will be better. And I expect renewal cost o

A couple of questions. So first is, how do we plan to ramp up the NBFC division? And how do we plan to deploy the excess capital there?

Arjun Lamba

So Karthik is here, our new CEO, who just joined us about literally this week. So please excuse him. I mean he'll give a few thoughts. We obviously want -- I'll just give a broad motherhood statement, and then he can take it up from there. We want to kick start the NBFC. We want to be a multiproduct NBFC. We have this cash. It's all unlevered. We have to get our credit rating where we want it to be. Promoters are strong. So I think with this preamble, I think we should be able to start. And after that, it all depends on execution. I'll ask Karthik to fill us in a little bit. Yes. Thanks, Arjun

Can you hear me now?

Management

So as per IRDA, promoters of Religare should hold 25% in Care health insurance. So are the promoters contemplating increasing their stake in Religare to meet this regulatory requirement?

Arjun Lamba

Niharika, I think it's 26%, if I'm correct. But yes, 25%, 26%, that's the right thing. We've increased our stake last quarter. We'll see as and when at an appropriate time, we'll see what we have to do, and we'll keep you guys informed as and when we do something. But we are well aware of these facts and figures. Okay. Okay. Understood. So is there any plan of bringing in strategic investor on board, given Kedaara Capital might want to exit? Or what are your thoughts on this? So we've not heard that Kedaara wants to exit, but that's a question that Kedaara would answer, but I do not -- we have

Arjun, as you would have realized, there's only one thought on the shareholders' mind today. What about the reverse merger of Care? And I think the previous people asked the same question. And to be honest, we haven't got a clear answer on this. If Kedaara is a long term -- as there are some legal issues, which the previous person asked, can we amend -- is it possible legally to amend the current demerger in case you are able, for example, to either get Anuj as a promoter or Kedaara as a promoter, it was good to hear that Kedaara are long-term investors. That's one question. And related to tha

Arjun Lamba

No, I'll answer your last question first. We don't want to amend the scheme. Whether a subsequent scheme can be done, when it can be done, we shall see at an appropriate time. Now whether we can increase our stake to 26%, that is speculative. Time will tell. We have taken a first step. What can happen with our other partners, that's an open question, and we have not sort of decided anything on this front just now, and we'll take our thoughts on board. And we hear, again, as I said to the last participant that we acknowledge and well taken. And we've listened -- we've just also onboarded oursel

So some of my questions have been answered. Just a couple of things. If you can broadly mention about the Religare Housing Finance and the Religare Finvest...

Management

Yes. Is it better now?

Management

So some of my questions have been answered. Just a couple of things. For the NBFC and the housing finance business, if you can broadly touch upon that for NBFC, which kind of product we are targeting or at what yield or NIM we are targeting? And will it be like a branch-led model or a digital model? If you can just give some rough picture.

Karthik Srinivasan

Yes. So this is Karthik here. I'll attempt at answering your question. But as Arjun said, these are early days for me, just getting my head around the entire structure in terms of the art of the possible here. But to come to your question, basically, it will be a mix of secured and unsecured products with a reliance on -- with a higher mix for the secured products. In terms of what is the distribution model, I think today, there are certain products which require a local presence. There will be a need for a physical infrastructure, office branch, et cetera. And there are products which are bas

Sir, I just wanted to know when we are going to start disbursement in our Finvest and Housing Finance division. Currently, we are doing -- acquiring books or files or we have not started yet? And any target in mind in next 2, 3, 5 years kind of achieving any target of INR5,000 crores or INR10,000 crores kind of? I think so new leadership, vision has been set up. So if you have any?

Pankaj Rathi

Yes. So currently, we are doing insignificant, I would say, about INR10 crores a month, less than that. But as we go along and get the first round of capital, we'll start putting in blocks in terms of our infra and expansion both. And obviously, it will be supported by investment on the front line, on the technology and all of that. We can't put a number right now in terms of how much we will -- going to do in another 5 years, 10 years. But yes, the opportunity set is really pretty large. And I'm sure you would agree to that. But yes, we will start business gradually and slowly and increase th

My questions are more in the line of a valuation perspective. So the first one is that over the medium term, 2 to 3 years, can you give me a strategic roadmap for...

Pratul Gupta

There is lot of echo, we couldn't understand your question. Could I request you to just keep the mouth away. Can you try again, there is a lot of echo, please. Is it better now? Yes. Yes. So my question is more on the valuation side of the -- and the modeling side of the business. So over the medium term, let's say, 2, 3 years, can you help me with the strategic roadmap for our verticals like insurance or broking, NBFC, housing finance, more so in terms of growth aspiration and capital allocation? So Parvesh, I think we obviously raised capital at REL level to fund the growth of each of these

My question is, is the leadership and management largely in place? Or are you looking at adding more senior people and in which business?

Arjun Lamba

So that's a simple question to answer. So most of our leadership, at least at the CXO level, CEOs and CFOs are there. I think what is required is the CEO for the HFC business. We are in the process of that. And CTOs will be coming in for each of these companies. And then it will be BAU going from here. But that's ongoing process. And I think we are making good headway on this process as well. Okay. My second question is, do you expect the individual businesses to turn around in FY '27 and report profit in the same? So just our NBFC is already reporting profit. Our broking business is already r

Thank you, Swapnali and Anisha. We thank our shareholders for their faith in us, our customers for choosing our product and services, regulators for their engagement, our employees for their dedication and hard work. I also thank the entire leadership team present here with me in the room for taking out time and responding to our investors. Thank you, everyone, and wish you a good evening.

Management

Speaking time

Moderator

Arjun Lamba

Pratul Gupta

Ajay Shah

Niharika Karnani

Parvesh Patel

Pankaj Rathi

Sarvesh Gupta

Adarsh

Karthik Srinivasan

Opening remarks

Anisha Jain

Thank you, Swapnali. Good day, everyone, and thank you for joining us today to discuss the Q4 and full year '26 business performance of Religare Enterprises and its subsidiaries. We have with us today the management of Religare Enterprises Limited and its subsidiaries. Before we proceed with this call, I would like to mention that some of the statements made in this call may be forward-looking in nature and may involve risks and uncertainties. The company undertakes no obligation to update any forward-looking statements to reflect the developments that occur after the statement is made. Documents related to company's financial performance, including investor presentation, have been uploaded on the stock exchanges and on the company's website. I now hand over the call to Mr. Pratul Gupta, Chief Financial Officer, at Religare Enterprises Limited. Over to you, Pratul.

Pratul Gupta

Thank you, Anisha. Good evening, ladies and gentlemen. Welcome to our quarter 4 and full year FY '26 earnings conference call. I am grateful to you for your participation and continued interest in Religare Enterprises and its subsidiaries. FY '26 has been an important year for Religare. We moved from recovery to rebuilding with significant progress across leadership, governance, capital availability and regulatory response. During the year, the Board of REL was substantially reconstituted with the appointment of Mr. Rajender Mohan Malla and Mr. Shrikant Somani as Independent Directors, followed by onboarding of Mr. Arjun Lamba, Mr. Gurumurthy Ramanathan and Mr. Suresh Mahalingam as Promoter Nominee Directors post the RBI approval in July 2025. Mr. Lamba have subsequently been redesignated as Executive Director of REL from 1st April 2026. Across all the operating subsidiaries, the respective Boards have been strengthened with enhanced membership from the nominee directors as well as ind

Arjun Lamba

Thank you, Pratul. And good evening, everyone. As I stated earlier in our press release, we are building a foundation on which we hope to build a profitable, scalable and sustainable business and remain committed to the same. To get to this stage, we are hiring the right talent, empowering them, incentivizing them. Some of the people you will be interacting with on this call are in the room with us and many more will be joining us in the future. As part of this process, we are also streamlining the group's structure for efficiencies, both from a capital and a shareholder perspective. Adequate capital has also been raised. The platform is now getting ready to give shape to the above vision for all 4 businesses. And you will hear more of about this going forward. I will now hand it over to Pratul from here.

Pratul Gupta

Thank you, Arjun. So I am joined in the room by leadership of all the operating businesses. And once we get into individual businesses, I'll mention about them. Let me walk you through our investor presentation. The presentation has already been shared with you and is available in the Investor Relations section on our website as well as it has been uploaded on bourses. The respective speakers shall also be referring to this presentation during discussions. I am now referring to Slide 4. While some of the audience may have seen this slide earlier, I would just like to refresh everyone's memory on our business overview. Religare Enterprises serves as the listed holding company, CIC, with stakes in India's second largest standalone health insurance company called Care Health Insurance as well as financial services businesses across Religare Broking (RBL); Religare Finvest (RFL), the MSME lending platform; Religare housing finance (RHDFCL), which focuses on affordable housing. Moving to ne

Ambrish Jindal

Thank you, Pratul. Good evening, everyone. This has been a transformative year for India's insurance sector. The exemption of GST on individual health insurance policy materially improved affordability for customers by removing the 18% exposure, which supported stronger demand across the segment. As a result, the industry saw a robust momentum in retail health and grew at 30% in H2 of the FY26, and Care grew by 8% more than what industry grew in the same period. In this financial year, we achieved multiple milestones. Our top line crossed INR10,000 crores mark as we delivered gross written premium of INR11,417 crores against INR9,200 crores in the previous year. Our profit before tax both under Ind AS on an ‘n’ basis crossed INR500 crores mark. Profit before tax under Ind AS grew by 55%, excluding the impact of mark-to-market on financial instruments, while on n basis it grew by 38%. We continue to deliver mid-teens ROE for the fourth consecutive financial year. And this year, our cred

Pratul Gupta

Thank you, Ambrish, for detailed overview. I now invite Mr. Vijay Kumar Goel, MD Religare Broking Limited, to give his remarks .

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