Religare Enterprises Limited, incorporated in 1984, is a diversified financial services company with a presence across India, operating through its subsidiaries. The company's subsidiaries service over 11 lakh clients from over 1,275 locations, with a presence in more than 400 cities. Religare Enterprises Limited is an India-based emerging markets financial services company that provides a comprehensive suite of financial services.
The company operates through an integrated suite of financial services delivered via its subsidiary companies and operating entities. It offers loans to SMEs, affordable housing finance, health insurance, and retail broking. It operates through segments including Investment and Financing Activities; Broking Related Activities; E-Governance; and Insurance.
Religare's diversified business model spans multiple financial service verticals with distinct revenue contributions.
- Health Insurance: This is the largest segment, contributing 74.5% of the revenue. It offers products in the retail segment for Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance, and Maternity, along with Group Health Insurance and Group Personal Accident Insurance for corporates through Care Health Insurance Limited (formerly known as Religare Health Insurance Co. Ltd.).
- Lending Segment: This segment contributes 15% of the revenue in FY21. It encompasses Lending and Investments, Financial Advisory Services, and Distribution of Third-Party Financial Products. The company provides SME Finance through Religare Finvest Ltd. (RFL) and Affordable Housing Finance through Religare Housing Development Finance Corporation Ltd. (RHDFCL).
- Retail Broking: This segment contributes 8.5% of the revenue. It covers Broking in Securities and Commodities, Custodial and Depository Operations, PMS, Institutional Equities, and Investment Banking Services through Religare Broking Ltd.
As of the latest available data, Religare Enterprises has a market capitalization of ₹8,238 crore.
- Full Year Ended March 2025: Net profit declined 46.25% to ₹125.19 crore compared to ₹232.91 crore in the previous year ended March 2024. Sales rose 10.59% to ₹974.49 crore in the year ended March 2025, as against ₹881.19 crore during the previous year ended March 2024.
- Quarterly Performance (Q3 December 2024): On a consolidated basis, Religare Enterprises reported a net loss of ₹43.08 crore in Q3 December 2024, as against a net profit of ₹19.50 crore in Q3 December 2023. However, total income rose 8.65% year-on-year to ₹1,670.24 crore in Q3 December 2024.
Key Financial Metrics:
- P/E ratio: 62.74
- P/B ratio: 2.47
- 52-week high: ₹320
- 52-week low: ₹201.60
- Company is almost debt-free.
A major corporate development has reshaped Religare's ownership structure and governance. The Burman family acquired control of Delhi-based financial services firm, Religare Enterprises, and were designated as its promoters after an 18-month takeover battle. The Burman Group stated that governance, trust, and integrity will remain at the core of their vision as they steer REL towards a future defined by resilience and stakeholder value maximization.
The takeover battle for Religare began in September 2023 when the Burmans of Dabur group, having reached a 25 percent stake in the company, made an open offer to acquire an additional 26 percent. The senior management, led by chairperson Rashmi Saluja, opposed the offer, contending that the price of ₹235 per share undervalued the company.
Promoter holding in Religare Enterprises Ltd has gone up to 25.67 per cent as of March 2025 from 0.00 per cent as of June 2024. This significant change in ownership structure represents one of the most notable corporate developments in the Indian financial services sector.
Religare holds a 62.8% stake in Care Health Insurance, which has shown growth but currently needs capital. In terms of valuation, Religare's holding is at a significant discount to peers like Niva Bupa and Star Health. This subsidiary represents a significant value creation opportunity given the growing health insurance market in India.
The company's extensive distribution network and client base position it well for future growth. Religare Enterprises is headquartered in New Delhi and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. Religare offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
Recent corporate developments include RBI's approval of the appointment of three Non-Executive, Non-Independent Directors to Religare's Board, with the appointments being effective from July 8, 2025. A board meeting was scheduled for July 11 to consider a preferential issue of securities, with the trading window closed until results are announced.
The company has appointed Mr. Malay Kumar Sinha as Non-Executive Chairperson from July to September 2025. These leadership changes reflect the ongoing organizational restructuring following the change in promoter control.
Religare Enterprises continues to navigate its transformation under new leadership while maintaining its position as a significant player in India's diversified financial services sector. The company's multi-segment approach, extensive distribution network, and strategic assets like Care Health Insurance provide a foundation for future growth. The execution of the new management's vision will be crucial for realizing this potential.
