ALFA Finder
The call ran from 4:01 PM to 4:55 PM IST (55 min).
Key takeaways
Consolidated H1 loss of ₹145 Cr persists; profit rests on Care Health's Ind AS PBT (₹392 Cr, +42%) while NBFC and broking remain small and in build-out.
| Revenue growth | H1 total income +19% to ₹4,717 Cr; Care GWP +35%. |
|---|---|
| Margins | Care H1 combined ratio 100.5% (Ind AS), improved 70 bps. |
| Demand visibility | Broking Q2 market subdued; Care retail momentum; distribution rules uncertain. |
| Management confidence | Optimistic; repeatedly hedged ('hope', 'speculation') on key items. |
Growth
Care GWP +35% to ₹6,897 Cr; H1 income +19% to ₹4,717 Cr; RFL Q2 profit lifted by GNPA recoveries, not new lending.
Outlook
RFL disbursements ₹1,500–1,700 Cr FY28; combined ratio near 100% by March 2028; ₹300 Cr rights issue planned.
Risks
Consolidated loss persists; solvency 1.55x needs ₹800 Cr warrant inflows by March 2027; D-merger has no timeline.
Last quarter's promises, checked
Delivered
- Care sub-debt ₹200 Cr (Aug-26) → ₹450 Cr raised (= BEAT)
Partly delivered
- Care combined ratio 100% within 2 yrs → H1 100.5% Ind AS (= PARTIAL)
- RFL business start in 3–4 months → first loan, 3 branches; no volumes disclosed (= PARTIAL)
- Warrant conversion ₹881 Cr due by Mar-27 → ₹800 Cr still needed by Mar-27 (= PARTIAL)
Missed
- Care solvency 1.7x target → 1.55x (= MISS)
- Q1 FY28 demerger (analyst-cited; mgmt agreed delay likely) → no timeline (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Religare Enterprises Q2 FY27 Results: Net Loss of ₹97.7 Cr
Religare Enterprises Ltd reported revenue from operations of ₹2,381 Cr (+14.6% YoY) and a net loss of ₹97.7 Cr for Q2 FY27.
- Key figure
- Net loss ₹97.7 Cr
What management said last time
Full summary →From the call summary published .
Outlook they gave
Ambitious goal of ₹10,000-15,000 Cr book size for lending; Care aiming for 100% combined ratio in 2 years.
Growth they described
Consolidated revenue up 26%; Broking PBT grew 53% YoY; Care Health GWP grew 37% YoY.
Call details
| Company | Religare Enterprises Ltd |
|---|---|
| NSE symbol | RELIGARE |
| ISIN | INE621H01010 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 13 November 2026 |
| Time | 4:00 PM IST |
| Length | 55 min |
| Audio | Our stream on YouTube ↗ |
Religare Enterprises Ltd: key numbers
- Share price
- ₹233.93
- Market cap
- ₹8,065 Cr
- Revenue (annual)
- ₹8,459 Cr
- Net profit (annual)
- ₹85.96 Cr
- P/E (TTM)
- -238.1×Sector 21.0×
- Promoter holding
- 31.26%+0.70% QoQ
- FII holding
- 9.76%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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