Religare Enterprises Limited (REL) announced its presentation for the Q3 FY2026 earnings call, detailing operational and financial performance for the period ending December 31, 2025. The report highlights significant progress across key subsidiaries, particularly in Insurance and Broking. Crucially, the presentation details the proposed reorganization involving the demerger of the Financial Services business into the resultant RFL entity, set to be listed on BSE and NSE. Consolidated results show a loss before tax of ₹(103.1) Cr. for the quarter.
Q3 FY2026 Consolidated Financial Snapshot
For the quarter ending December 31, 2025 (Q3 FY26), Religare Enterprises Limited (REL) reported Total Income of ₹2,067.9 Cr., compared to ₹1,670.2 Cr. in Q3 FY25. Total Expenses stood at ₹2,171.0 Cr., leading to a Profit/(Loss) Before Tax of ₹(103.1) Cr., compared to a loss of ₹(78.9) Cr. in the previous corresponding quarter. For the nine months ended December 31, 2025 (9M FY26), the consolidated loss before tax was ₹(39.9) Cr..
Business Segments Update
Insurance Business (Care Health Insurance Limited)
Care remains REL’s primary growth engine, with a Gross Written Premium (GWP) of ₹7,906 Cr. for 9M FY26 (without 1/n basis). The company registered robust retail portfolio growth in Q3 FY26, with proprietary business growing 41% Year on Year. The Solvency Ratio stood at a strong 1.7x, and the combined ratio improved by 110 bps compared to the prior year period.
Financial Services Business Overview
Religare Broking Limited (RBL)
RBL maintained sustained revenue momentum, with total revenue increasing 12% YoY. Key highlights include strong growth in the client funding book (~93% YoY growth) and an average daily turnover (ADTO) rise of 22% YoY in Q3 FY26. Assets Under Custody (AUC) rebounded sharply to ₹42,642 Cr. by Q3 FY26. The resultant RBL segment performance showed a profit before tax of ₹6.56 Cr. in Q3 FY26.
Religare Finvest Limited (RFL)
RFL showed continued recovery in Q3 FY26, marked by a consistent 99% collection efficiency in the standard book. The entity is positioned to re-enter the credit ecosystem post-RBI CAP removal in July 2025. The company reported a CRAR of 228.2% and a NNPA of 1.4%, reflecting a debt-free balance sheet and resolution of legacy exposures. RFL reported a Profit After Tax of ₹1.2 Cr. in Q3 FY26.
Religare Housing Development Finance Corporation Limited (RHDFCL)
RHDFCL remains in a stabilization phase, focusing on cost reduction and capital conservation. The Asset Under Management (AUM) was ₹241 Cr.. The entity maintains a strong capital base with CRAR at 132.1% and a loan book backed by 99.8% asset backing. Collections stood at 97.36% for the period.
Reorganisation: Demerger of Financial Services Business
A significant announcement details the proposed scheme of arrangement: the demerger of the ‘financial services’ business from REL to RFL. This business segment includes lending, broking, investment activities, and support services. The investment in Care (Insurance, 63.2% stake) will be retained in REL. As consideration, RFL will issue fully paid-up equity shares to REL shareholders on a 1:1 basis. The resultant RFL entity will be listed on BSE and NSE, mirroring REL’s pre-scheme shareholding pattern. The overall timeline for scheme approval is estimated to take ~15 to 18 months.
Resultant Structure Overview
The reorganization creates two distinct listed entities. The remaining REL (CIC) will focus solely on the Insurance business (Care). The resultant RFL will house the entire Financial Services Business, encompassing RBL (Broking), RFL (Lending-NBFC), and RHDFCL (Lending-HFC).
Source: BSE
