Religare Enterprises LimitedQ1 FY27 Results & Financial Update
Religare Enterprises Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,358.43 Cr, PAT ₹-46.98 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Religare Enterprises Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit before tax was ₹-76.73 Cr for the reported quarter. Profit after tax was ₹-46.98 Cr for the reported quarter. EPS was ₹-0.78 for the reported quarter.
The insurance segment remained the largest contributor to consolidated revenue at Rs. 2,229.74 crore, though insurance operations recorded a pre-tax segment loss of Rs. 87.26 crore under consolidated reporting.
The financial services segment generated segment revenue of Rs. 133.13 crore with a pre-tax profit of Rs. 13.27 crore during the quarter.
Care Health Insurance posted Gross Written Premium (GWP) of Rs. 3,247 crore (without 1/n basis), representing a 37% year-on-year growth driven by retail health expansion and a combined insurance service ratio of 102.7% under Ind AS.
01 · Historical context
What shaped the business before this quarter
Care Health Insurance expanded its gross written premium from Rs. 7,022 crore in FY24 to Rs. 11,417 crore in FY26 before reaching Rs. 3,247 crore in Q1 FY27.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,358.43 Cr |
| Total income | ₹2,358.43 Cr |
| Profit before tax | ₹-76.73 Cr |
| Profit after tax | ₹-46.98 Cr |
| EPS | ₹-0.78 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Net income from insurance premium contributed Rs. 1,978.27 crore to consolidated revenue in Q1 FY27, up from Rs. 1,580.52 crore in Q1 FY26.
Consolidated interest income reached Rs. 244.73 crore in Q1 FY27, compared to Rs. 199.54 crore in Q1 FY26, alongside net gains on fair value changes of Rs. 44.16 crore.
Sale of services from broking operations and e-governance stood at Rs. 62.19 crore for the quarter.
Consolidated revenue was heavily anchored by net income from insurance premiums of Rs 1,978.27 crore, compared to Rs 1,580.52 crore in Q1 FY26.
Interest income across consolidated operations stood at Rs 244.73 crore in Q1 FY27, up from Rs 199.54 crore in the year-ago quarter, supplemented by net gains on fair value changes of Rs 44.16 crore.
Religare Broking contributed Rs. 99.5 crore in total income, driven by a 13% year-on-year increase in brokerage revenue to Rs. 47.3 crore and a 28% increase in interest income to Rs. 29.8 crore.
Consolidated results benefited from a net gain on fair value changes amounting to Rs. 44.16 crore during Q1 FY27 compared to Rs. 9.46 crore in Q1 FY26.
What drove margins
Fee and commission expenses were Rs. 384.86 crore, while employee benefit expenses stood at Rs. 324.47 crore and other expenses totaled Rs. 1,709.96 crore.
Care Health Insurance recorded an Ind AS combined insurance service ratio of 102.7% in Q1 FY27, showing a 30 bps improvement year-on-year from 103.0%.
Consolidated fee and commission expenses rose to Rs 384.86 crore in Q1 FY27 from Rs 294.24 crore in Q1 FY26, reflecting distribution and acquisition costs in the insurance vertical.
Employee benefit expenses increased to Rs 324.47 crore for the quarter compared to Rs 254.35 crore in the corresponding period last year due to team expansion and talent additions.
Care Health Insurance reported an Ind AS claims ratio of 68.2% and an expense ratio of 34.5%, resulting in a combined insurance service ratio of 102.7% for Q1 FY27.
Care Health Insurance recorded an Ind AS claims ratio of 68.2% and an expense ratio of 34.5%, resulting in a combined insurance service ratio of 102.7%.
Group-wide employee benefit expenses increased to Rs. 324.47 crore from Rs. 254.35 crore, and other expenses rose to Rs. 1,709.96 crore from Rs. 1,316.83 crore, impacting consolidated profitability.
04 · Demand, customers & order book
Where demand is coming from
Care Health Insurance maintains tie-ups with over 21,600 hospitals and has settled over 89 lakh claims since inception with a 96% claim settlement ratio.
Religare Broking serves over 1 million total customers with approximately 2.4 lakh active clients and assets under custody (AUC) of Rs. 47,946 crore.
Care Health Insurance serviced a network of over 21,600 hospitals and expanded its customer touchpoints, achieving an overall claims Net Promoter Score of 68.
Religare Broking served over 1 million total customers with approximately 2.4 lakh active clients and unique traded clients reaching 73.6 thousand in Q1 FY27.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The insurance segment reported revenue of Rs. 2,229.74 crore and a pre-tax segment loss of Rs. 87.26 crore for Q1 FY27 on total assets of Rs. 12,822.04 crore.
The financial services segment reported revenue of Rs. 133.13 crore and pre-tax segment profit of Rs. 13.27 crore on total assets of Rs. 2,433.51 crore.
The insurance segment reported revenues of Rs 2,229.74 crore and a segment pre-tax loss of Rs 87.26 crore, with total segment assets standing at Rs 12,822.04 crore.
Geography and market mix
Religare Broking operates across 50 branches, over 1,100 business partners, and approximately 64,000 e-governance franchises spanning 400+ cities.
Religare Housing Development Finance Corporation operates 15 branches across 8 states with an average ticket size of approximately Rs. 12 lakh.
Religare Broking maintained a pan-India presence across 50 branches, 1,100 business partners, and 400+ cities, with active client distributions split across Northern (28%), Southern (26%), Eastern (17%), and Western (29%) zones.
Religare Housing Development Finance operated 15 branches across 8 states, maintaining a balanced geographical exposure across southern, western, and northern markets.
Care Health Insurance operates 288 branches and 1,450+ network locations; Religare Broking operates 50 branches across 400+ cities; Religare Finvest operates 4 branches across 3 states; and RHDFCL operates 15 branches across 8 states.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Subsidiaries continued investments in digital platforms, artificial intelligence, and mobile applications to improve customer experience and operational efficiency.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Subsidiaries are deploying digital-first operating models, automated policy renewals, mobile applications, and process automation to drive scalability and productivity.
REL made a strategic capital commitment of Rs. 250 crore toward Religare Housing Development Finance Corporation to strengthen its balance sheet and support funding.
Subsidiaries advanced digital capabilities, with Care Health Insurance recording 99.9% of new policies applied digitally and Religare Broking scaling its Dynami and Religare Online platforms.
Care Health Insurance raised Rs. 150 crore through a rights issue in Q1 FY27 and an additional Rs. 200 crore through Tier II capital in August 2026. REL committed a strategic Rs. 250 crore capital infusion for RHDFCL to support future leverage and growth.
08 · Reported developments
What changed operationally
Care Health Insurance GWP grew by ~37% year-on-year to Rs. 3,247 crore in Q1 FY27, led by a 45% increase in retail health.
Religare Broking registered a 65% year-on-year growth in PAT to Rs. 7.5 crore for Q1 FY27.
Religare Broking registered a 65% year-on-year increase in profit after tax to Rs 7.5 crore, aided by higher brokerage and interest revenues.
GWP surged 37% year-on-year to Rs. 3,247 crore, driven by robust retail health performance.
PAT increased 65% year-on-year to Rs. 7.5 crore, supported by core business growth and higher brokerage volumes.
09 · Pressure points & risks
What is not going smoothly
REL and RFL stated they shall engage with the Reserve Bank of India and provide further clarifications as required following communication received from the RBI on August 6, 2026.
REL reported a consolidated net loss after tax of Rs 46.98 crore for Q1 FY27 due to underwriting and operating variances in the insurance segment.
Higher operating and employee costs led to a consolidated net loss of Rs. 46.98 crore for Q1 FY27.
REL and RFL noted ongoing engagement with the RBI following a communication received on August 6, 2026.
10 · Items worth noticing
The line items that can distort a quick read
Consolidated results included net gains on fair value changes amounting to Rs 44.16 crore for Q1 FY27.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Consolidated cash and cash equivalents stood at Rs 378.3 crore as of Q1 FY27, representing a 170% increase compared to Rs 140.1 crore in Q1 FY26.
Religare Finvest maintained a strong liquidity profile with cash balances and liquid investments of approximately Rs 609 crore to support the restart of lending operations.
Capital allocation & funding
Care Health Insurance raised Rs. 150 crore through a rights issue in Q1 FY27 and subsequently raised Rs. 200 crore through Tier II capital in August 2026.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Leadership Appointments
Key leadership changes included appointing Mr. Pavan Kumar Gupta as MD & CEO and Mr. Pankaj Rathi as Whole Time Director & CFO of Religare Housing Development Finance Corporation.
13 · Previous-quarter changes
What changed since the previous quarter
Consolidated total income moderated from Rs 2,473.30 crore in Q4 FY26 to Rs 2,358.43 crore in Q1 FY27.
14 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit before tax was ₹-76.73 Cr for the reported quarter. Profit after tax was ₹-46.98 Cr for the reported quarter. EPS was ₹-0.78 for the reported quarter.
What drove revenue or demand?
Net income from insurance premium contributed Rs. 1,978.27 crore to consolidated revenue in Q1 FY27, up from Rs. 1,580.52 crore in Q1 FY26.
What mattered most for margins or profitability?
Fee and commission expenses were Rs. 384.86 crore, while employee benefit expenses stood at Rs. 324.47 crore and other expenses totaled Rs. 1,709.96 crore.
What changed operationally beyond the headline numbers?
Subsidiaries continued investments in digital platforms, artificial intelligence, and mobile applications to improve customer experience and operational efficiency.
What are the main pressure points disclosed for the quarter?
REL and RFL stated they shall engage with the Reserve Bank of India and provide further clarifications as required following communication received from the RBI on August 6, 2026.
What should the next disclosure help confirm?
Monitor updates regarding regulatory engagements between REL, RFL, and the Reserve Bank of India.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Regulatory Engagement Progress: Monitor updates regarding regulatory engagements between REL, RFL, and the Reserve Bank of India.
- 02
Subsidiary Capitalization and Growth: Track capital infusion execution in RHDFCL and ongoing scaling of Care Health Insurance and Religare Broking operations.
- 03
RFL Lending Operations Restart: Track milestones regarding the formal restart of lending operations at Religare Finvest utilizing its available liquid investments of Rs 609 crore.
- 04
Capital Deployment: Track the deployment of recent capital raises at Care Health Insurance and the planned Rs. 250 crore capital commitment into RHDFCL.
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