Religare Enterprises financials and balance sheet

NSE: RELIGAREBSE: 532915FinanceSmall Cap

₹209.93₹1.92 (0.92%)BSE ₹209.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹208.01.

52-week range of traded prices to 23 Oct 2026

₹196.51Low, 9 Mar 2026₹280.00High, 25 Jun 2026

Market cap: ₹7,237 Cr638th largest listed
P/E: 146.0
P/B: 2.5
Dividend yield: Nonein the last 12 months
ROE: 1.8%
ROCE: 0.2%
Debt to equity: 0.10
Volume, NSE: 10,97,01953.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Religare Enterprises annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹8,459 Cr, year to Mar 2026A loss in 6 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue8,459
Operating expenses−8,324
Operating profit136
Depreciation−47
Other income+34
One-off items0.0
Finance costs−36
Profit before tax87
Tax−14
Net profit73

What the company owns

Plant, investments and other assets₹12,682 Cr
Cash and bank₹1,703 Cr
Receivables₹119 Cr
Inventory₹2 Cr

What pays for it: net worth and liabilities

Other liabilities₹10,227 Cr
Net worth₹3,878 Cr
Borrowings₹401 Cr

Religare Enterprises business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Religare Enterprises segment results by quarter

Revenue by segment

₹8,507 CrTotal

Insurance₹7,969 Cr93.7% of total
Broking Related Activities₹314 Cr3.7% of total
Investment and Financing Activities₹161 Cr1.9% of total
E-Governance₹63 Cr0.7% of total

Profit by segment

Broking Related Activities₹18 Cr11.8% of total
Investment and Financing Activities₹131 Cr86.3% of total
E-Governance₹3 Cr1.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Insurance
Revenue, ₹ crore
1,222
1,654
1,904
2,847
4,227
5,757
6,902
7,969
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
57
68
74
18
331
406
214
−47
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Broking Related Activities
Revenue, ₹ crore
228
196
218
253
255
324
323
314
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−29
−29
9
26
14
40
23
18
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investment and Financing Activities
Revenue, ₹ crore
918
514
367
255
359
182
112
161
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1,507
−1,088
−611
−1,083
2,916
−6
−5
131
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
E-Governance
Revenue, ₹ crore
24
20
23
28
34
45
59
63
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
4
5
6
6
6
12
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,394	2,385	2,512	3,383	4,875	6,307	7,396	8,507
Company revenue, as in its results	2,346	2,355	2,487	3,224	4,676	6,235	7,354	8,459
Revenue	1,222	1,654	1,904	2,847	4,227	5,757	6,902	7,969
Revenue growth	–	35.3%	15.1%	49.5%	48.5%	36.2%	19.9%	15.5%
Profit	57	68	74	18	331	406	214	−47
Profit growth	–	19.9%	8.5%	−75.4%	1,719.3%	22.8%	−47.3%	–
Margin	4.6%	4.1%	3.9%	0.6%	7.8%	7.1%	3.1%	−0.6%
Return on capital	–	12.5%	6.8%	1.5%	19.5%	18.7%	8.9%	−1.8%
Assets	–	2,054	3,036	3,988	5,541	7,189	9,248	12,065
Liabilities	–	1,507	1,948	2,762	3,848	5,015	6,838	9,493
Capital employed	–	546	1,088	1,226	1,693	2,174	2,411	2,572
Revenue	228	196	218	253	255	324	323	314
Revenue growth	–	−14.3%	11.2%	16.3%	0.6%	27.1%	−0.3%	−2.7%
Profit	−29	−29	9	26	14	40	23	18
Profit growth	–	–	–	184.9%	−48.1%	191.7%	−41.6%	−22.9%
Margin	−12.6%	−14.9%	4.3%	10.4%	5.4%	12.4%	7.2%	5.7%
Return on capital	–	−26.4%	4.7%	8.2%	4.9%	11.2%	7.5%	4.4%
Assets	–	523	722	915	964	1,370	1,051	1,357
Liabilities	–	413	526	592	686	1,013	742	949
Capital employed	–	110	195	324	278	357	310	408
Revenue	918	514	367	255	359	182	112	161
Revenue growth	–	−44.0%	−28.7%	−30.6%	41.1%	−49.4%	−38.2%	43.2%
Profit	−1,507	−1,088	−611	−1,083	2,916	−6	−5	131
Margin	−164.2%	−211.6%	−166.6%	−425.1%	811.4%	−3.5%	−4.2%	81.7%
Return on capital	–	–	–	–	456.6%	−1.0%	−0.7%	13.7%
Assets	–	4,415	3,977	4,334	1,481	903	848	1,031
Liabilities	–	6,056	5,896	6,459	842	274	155	69
Capital employed	–	−1,642	−1,918	−2,125	639	629	693	962
Revenue	24	20	23	28	34	45	59	63
Revenue growth	–	−16.2%	–	–	–	–	–	–
Profit	6	4	5	6	6	6	12	3
Profit growth	–	−31.9%	–	–	–	–	–	–
Margin	24.8%	20.2%	22.7%	22.7%	19.0%	12.5%	19.7%	4.6%
Return on capital	–	4,022.5%	–	6,364.1%	6,384.6%	5,661.8%	189.3%	32.5%
Assets	–	15	17	19	19	18	28	26
Liabilities	–	15	17	19	19	18	22	17
Capital employed	–	0	0	0	0	0	6	9
	0	–	0	–	0	–	–	–
Profit	0	–	0	–	0	–	–	–
Assets	–	–	0	–	0	–	–	–
Liabilities	–	–	0	–	0	–	–	–
Capital employed	–	–	0	–	0	–	–	–
Revenue	1	1	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Margin	−7.2%	−8.0%	–	–	–	–	–	–
Return on capital	–	−5.6%	–	–	–	–	–	–
Assets	–	1	–	–	–	–	–	–
Liabilities	–	1	–	–	–	–	–	–
Capital employed	–	1	–	–	–	–	–	–
Revenue	13	24	27	4	4	6	17	9
Profit	−29	15	25	1	−8	2	−1	−18
Assets	0	1,122	974	96	89	97	54	27
Liabilities	0	37	41	53	21	82	36	101

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Religare Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 26 May	Mar 2023Filed 12 May	Mar 2024Filed 22 May	Mar 2025Filed 20 May	Mar 2026Filed 29 May
Revenue from operations	3,772	2,587	2,346	2,355	2,487	3,224	4,676	6,235	7,354	8,459
	–	–	–	2,347	2,244	3,610	4,210	5,917	7,054	8,324
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Operating profit before depreciation	–	–	–	8	243	−387	467	318	300	136
Operating margin	–	–	–	0.3%	9.8%	−12.0%	10.0%	5.1%	4.1%	1.6%
Depreciation and amortisation	31	38	26	61	59	53	56	72	62	47
Operating profit after depreciation	–	–	–	−53	184	−440	411	246	238	89
Other income	69	106	55	42	44	149	187	64	43	34
Finance costs	–	1,261	850	849	725	740	628	94	37	36
Profit before one-off items and tax	306	−1,578	−1,503	−860	−497	−1,031	−31	217	243	87
One-off items	−442	0	0	−170	0	0	3,289	230	0	0
Profit before tax	−136	−1,578	−1,503	−1,030	−497	−1,031	3,259	448	243	87
	−13	−227	−3	8	−20	507	90	100	60	14
Current tax	–	–	3	3	18	4	91	100	64	7
Deferred tax	–	–	−6	5	−38	503	−1	0	−4	8
Share of profit of joint ventures and associates	0	158	0	0	0	0	–	–	–	–
	−174	−1,193	−1,501	−1,038	−478	−1,539	3,169	347	183	73
Belonging to the company's shareholders	−174	−1,193	−1,287	−932	−508	–	3,082	233	125	86
Belonging to outside owners of subsidiaries	–	–	−214	−106	31	–	87	115	58	−13
Other comprehensive income	–	–	4	14	29	−34	−76	54	68	−110
Total comprehensive income	–	–	−1,497	−1,024	−449	−1,572	3,092	402	251	−36
Net margin	−4.6%	−46.1%	−64.0%	−44.1%	−19.2%	−47.7%	67.8%	5.6%	2.5%	0.9%
Net margin without joint ventures and associates	−4.6%	−52.2%	−64.0%	−44.1%	−19.2%	−47.7%	–	–	–	–

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the years to Mar 2017, Mar 2018 and Mar 2019: borrowing is this company's raw material rather than a claim against it, and it has no trading cycle, so netting its debt against its cash, adding its interest bill back to its profit or counting days of inventory are not figures about it. Belonging to the company's shareholders is left blank for the year to Mar 2022: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 19 Jul	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 26 May	Mar 2023Filed 12 May	Mar 2024Filed 22 May	Mar 2025Filed 20 May	Mar 2026Filed 29 May
	1,052	194	298	−532	2,677	3,175	3,437	3,878
	833	101	−47	−982	2,058	2,343	2,516	2,908
Share capital	217	258	259	319	324	330	331	333
Reserves	616	−157	−307	−1,301	1,734	2,013	2,185	2,575
Belonging to outside owners of subsidiaries	219	93	345	450	620	831	921	969
Borrowings	6,721	5,356	4,890	4,836	729	344	138	401
Total assets	9,578	8,130	8,726	9,353	8,094	9,577	11,229	14,506
Plant in use, after depreciation	29	125	70	77	151	121	114	107
Plant being built	1	–	0	–	0	0	2	0
Inventories	0	0	0	1	0	3	3	2
Trade receivables	–	94	192	230	175	245	85	119
Cash and cash equivalents	173	372	251	1,717	205	201	303	588
Other bank balances	1,120	1,082	1,268	686	606	871	784	1,115
Net debt	–	3,902	3,371	2,433	−82	−728	−949	−1,302

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there. Net debt is left blank for the years to Mar 2017, Mar 2018 and Mar 2019: borrowing is this company's raw material rather than a claim against it, and it has no trading cycle, so netting its debt against its cash, adding its interest bill back to its profit or counting days of inventory are not figures about it.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 Aug	Mar 2022Filed 26 May	Mar 2023Filed 12 May	Mar 2024Filed 22 May	Mar 2025Filed 20 May	Mar 2026Filed 29 May
Cash from operations	1,394	1,596	1,506	1,500	1,572	1,820
Capital spending	20	37	40	21	25	13
Free cash flow	1,374	1,559	1,466	1,478	1,547	1,807
Cash from investing	−1,187	−689	−939	−1,348	−1,185	−2,176
Cash from financing	−329	559	−2,079	−156	−285	690
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	584	0	38	5	–
Net change in cash	−122	1,466	−1,512	−4	102	334

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.Religare Enterprises dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 26 May	Mar 2023Filed 12 May	Mar 2024Filed 22 May	Mar 2025Filed 20 May	Mar 2026Filed 29 May
Earnings per share	−₹9.79	−₹66.84	−₹63.32	−₹39.55	−₹19.65	−₹51.33	₹96.06	₹7.13	₹3.79	₹2.59
Diluted earnings per share	−₹9.79	−₹66.84	−₹63.32	–	–	−₹51.33	₹94.67	₹7.07	₹3.78	₹2.59
Book value per share	–	–	₹38.40	₹3.91	−₹1.82	−₹30.81	₹63.60	₹71.06	₹76.09	₹87.36
Shareholder yield	–	–	–	–	0.0%	−14.1%	0.0%	−0.6%	−0.1%	–
Market cap at the year end (₹ crore)	3,856	964	638	492	2,266	4,141	4,689	6,894	7,769	6,726

Shareholder yield is left blank for the year to Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Religare Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 26 May	Mar 2023Filed 12 May	Mar 2024Filed 22 May	Mar 2025Filed 20 May	Mar 2026Filed 29 May
Revenue growth	−14.9%	−31.4%	−9.3%	0.4%	5.6%	29.6%	45.1%	33.3%	18.0%	15.0%
Operating profit growth	–	–	–	–	2,933.0%	–	–	−31.8%	−5.8%	−54.8%
Net profit growth	–	–	–	–	–	–	–	−89.0%	−47.2%	−60.1%
Earnings per share growth	–	–	–	–	–	–	–	−92.6%	−46.8%	−31.7%
	–	–	−154.5%	−199.7%	−1,885.7%	–	573.1%	10.6%	5.2%	3.2%
	–	–	–	−45.1 pts	−1,686.0 pts	–	–	−562.5 pts	−5.4 pts	−2.0 pts
From the net margin	–	–	–	43.0 pts	96.5 pts	–	–	−540.6 pts	−5.8 pts	−2.1 pts
From asset turnover	–	–	–	−9.6 pts	−11.3 pts	–	–	10.3 pts	0.0 pts	−0.2 pts
From borrowing	–	–	–	−78.6 pts	−1,771.3 pts	–	–	−32.2 pts	0.3 pts	0.3 pts
Return on capital employed	–	–	–	−1.0%	3.5%	−10.2%	12.0%	7.0%	6.7%	2.1%
Cash conversion	–	–	–	–	–	–	47.5%	431.7%	857.5%	2,487.5%
Interest cover	–	–	–	–	0.3	–	0.7	2.6	6.4	2.5
Debt to equity	–	–	–	27.57	16.42	–	0.27	0.11	0.04	0.10
Receivable days	–	–	–	15	28	26	14	14	4	5
Asset turnover	–	–	0.25	0.27	0.30	0.36	0.54	0.71	0.71	0.66
Assets per rupee of net worth	–	–	11.50	18.96	312.55	−17.56	16.22	4.02	4.28	4.74
Sales per rupee of plant	–	–	–	18.81	35.58	42.12	30.92	51.59	64.58	79.28
Capital spending to depreciation	–	–	–	–	0.34	0.68	0.72	0.30	0.40	0.27
Plant being built, % of plant in use	–	–	2.4%	–	0.0%	–	0.0%	0.0%	1.7%	0.0%

Debt to equity, interest cover, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2017, Mar 2018 and Mar 2019: borrowing is this company's raw material rather than a claim against it, and it has no trading cycle, so netting its debt against its cash, adding its interest bill back to its profit or counting days of inventory are not figures about it. Interest cover is left blank for the years to Mar 2020 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the year to Mar 2022: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.7%
Cash from operations against operating profit: 1,341.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.7%	27.7%	21.8%
Profit growth, yearly rate	–	–	−69.7%
Return on equity, average	–	148.0%	6.3%
Return on capital employed, average	–	3.5%	5.2%
Operating margin, average	–	1.8%	3.6%
Net margin, average	−14.9%	5.8%	3.0%
Asset turnover, average	–	0.59	0.69
Interest cover, average	–	3.0	3.8
Debt to equity, average	–	0.13	0.08

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	7,993	4,892	1,820
Cash from investing	−6,336	−4,709	−2,176
Cash from financing	−1,271	248	690
Capital spending	136	59	13
Dividends paid	0	0	0
Shares bought back	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	−8.12	−27.05	29.82	2.22	−1.96	3.33
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	3.90	2.33	1.24	8.10
Assets under construction, years of additionsOur threshold 2 years of additions	0.00	–	0.00	0.00	0.04	0.00
Effective tax ratePublished threshold 17.16 per cent	–	–	2.76	22.40	24.65	16.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	0.71	17.59	21.39	−8.32

A threshold marked as ours has no published figure; it is the line we read the check against.