Religare Enterprises Limited (RELIGARE) AI Stock Analysis

• Market Cap: ₹67.59B
• Dividend Yield: N/A
• Average Volume (3M): 55.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.78
• Revenue Growth: 8.35%
• EPS Growth: -50.99%
• Country: IN
• Employees: 13,000
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -1.36
• Shares Outstanding: 330,754,670
• 10 Day Avg. Volume: 70,962
• 30 Day Avg. Volume: 55,941
• PEG Ratio: -1.29
• Price to Book (P/B): 3.00
• Price to Sales (P/S): 1.03
• P/FCF Ratio: 4.87
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ₹217.00 ▼(-12.96% Downside)
• Action: Reiterated Date: 10/10/25
• Date: Action: Reiterated 10/10/25

Religare Enterprises' overall stock score is driven by strong financial performance, particularly in revenue growth and cash flow management. However, high valuation metrics and neutral technical indicators limit the score. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Revenue Growth

Sustained revenue growth expands the firm's market footprint and supports scale economies across its diversified financial services. Over a 2–6 month horizon, continued top-line momentum underpins investment in distribution, product development and improves resilience against cyclical volatility.

Cash Generation

Consistent operating cash flow and positive free cash flow trend provide durable internal funding for debt servicing, working capital and strategic investments. Strong cash conversion reduces reliance on external financing and supports financial flexibility over the medium term.

Balance Sheet Stability

Balanced leverage and a healthy equity base signal a resilient balance sheet able to absorb shocks and fund growth. Ample cash reserves and sufficient liquidity sustain operations and allow tactical investments or opportunistic M&A without immediate financing stress.

Negative Factors

Declining Net Profit Margin

Rising operating expenses compress net margins and can persistently reduce retained earnings and reinvestment capacity. If expense growth outpaces revenue, profitability and ability to generate sustainable shareholder returns will be structurally impaired over coming quarters.

Low Return on Equity

A low ROE signals that capital deployed is not generating commensurate profits, indicating potential allocation or operational inefficiencies. Persistently weak ROE can limit long-term shareholder value creation and constrain the firm's ability to attract equity capital.

Negative EPS Growth

A sharp negative EPS growth rate implies earnings deterioration that may reflect margin pressure or non-operational hits. Over the medium term this can reduce retained earnings, weaken capital cushions and limit capacity for investment or dividend policy improvements.

Religare Enterprises Limited Business Overview & Revenue Model

Company Description

Religare Enterprises Limited operates as an investment company in India and internationally. The company provides broking services in equities, currencies, and commodities; depository participant services; tax information network and income tax permanent account number facilities; and tax deduction at source/tax collection at source filing services, as well as operates as an NSDL-appointed enrolment agency for Aadhaar unique identification number and an AMFI-registered mutual fund distributor. It also offers finance for small and medium enterprises; and housing finance, including home-purchase, home construction, and home improvement loans. In addition, the company provides e-governance and financial advisory services; and issues digital signature certificate. Further, it offers health insurance services to employees of corporates, and individual customers. Additionally, the company provides critical illness, personal accident, top-up coverage, international travel, and maternity insurance products, as well as group health and personal accident insurance. Religare Enterprises Limited was incorporated in 1984 and is based in New Delhi, India.

How the Company Makes Money

Religare Enterprises generates revenue through several key streams. Its primary revenue sources include brokerage fees from retail and institutional clients engaged in stock trading, management fees from its asset management division, and premiums collected from its insurance products. Additionally, the company earns interest income from its lending operations, which involves providing personal loans, business loans, and other financing solutions. Strategic partnerships with financial institutions and technology firms enhance RELIGARE's capabilities and reach, contributing to its overall revenue growth. The company also focuses on enhancing its digital platforms to attract more customers and streamline its service delivery, further bolstering its earnings potential.

Religare Enterprises Limited Financial Statement Overview

Summary

Religare Enterprises shows strong revenue growth and efficient cash flow management, indicating operational resilience. However, challenges with profitability and return on equity may hinder future growth. The balance sheet is stable with adequate liquidity and balanced leverage.

Income Statement

Religare Enterprises has demonstrated robust revenue growth, with a significant increase from 2024 to 2025. The gross profit margin remains high, indicating effective cost management. However, the net profit margin has declined due to increased operating expenses, affecting overall profitability. The EBIT margin showed a positive trend, reflecting improved operational efficiency.

Balance Sheet

The company's balance sheet shows a moderate debt-to-equity ratio, suggesting balanced leverage. The equity ratio is healthy, indicating a strong equity base relative to total assets. However, the return on equity is low, pointing to inefficiencies in generating returns on shareholder investments. Liquidity appears sufficient with ample cash reserves.

Cash Flow

Cash flow analysis reveals strong operating cash flow, consistent with a positive trend in free cash flow, indicating solid cash generation capabilities. The operating cash flow to net income ratio is favorable, showcasing effective cash management. However, the free cash flow growth rate is modest, suggesting limited growth in cash surplus.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	58.79B	73.18B	61.91B	43.19B	31.89B	24.01B
Gross Profit	51.71B	48.64B	40.74B	36.93B	24.49B	16.81B
EBITDA	3.02B	3.39B	6.10B	39.41B	-2.38B	2.81B
Net Income	1.18B	1.25B	2.33B	869.31M	-15.44B	-5.08B
Balance Sheet
Total Assets	0.00	112.29B	95.77B	80.94B	93.53B	87.26B
Cash, Cash Equivalents and Short-Term Investments	0.00	10.87B	10.72B	7.98B	25.26B	16.20B
Total Debt	0.00	2.33B	4.43B	8.41B	49.37B	49.40B
Total Liabilities	-34.37B	77.92B	64.08B	54.16B	98.85B	84.28B
Stockholders Equity	34.37B	25.16B	23.43B	20.58B	-9.82B	-470.86M
Cash Flow
Free Cash Flow	0.00	15.47B	14.78B	14.66B	15.56B	13.54B
Operating Cash Flow	0.00	15.72B	15.00B	15.06B	15.96B	13.73B
Investing Cash Flow	0.00	-11.85B	-13.48B	-9.39B	-6.89B	-11.81B
Financing Cash Flow	0.00	-2.85B	-1.56B	-20.79B	5.59B	-3.14B

Religare Enterprises Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 249.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RELIGARE, the sentiment is Negative. The current price of 249.3 is above the 20-day moving average (MA) of 228.45, above the 50-day MA of 237.29, and above the 200-day MA of 244.85, indicating a bearish trend. The MACD of -10.07 indicates Positive momentum. The RSI at 32.56 is Neutral, neither overbought nor oversold. The STOCH value of 13.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RELIGARE.

Religare Enterprises Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TMB	79 Outperform	₹102.87B	5.96	―	2.15%	7.08%	7.69%
SOUTHBANK	77 Outperform	₹105.58B	6.70	―	1.05%	8.09%	2.68%
KTKBANK	70 Outperform	₹80.80B	6.68	―	2.42%	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
RELIGARE	62 Neutral	₹67.59B	-45.03	―	―	8.35%	-50.99%
UJJIVANSFB	60 Neutral	₹108.24B	13.80	―	2.82%	6.15%	-64.12%
EQUITASBNK	56 Neutral	₹65.76B	19.93	―	1.63%	10.02%	-120.18%

Religare Enterprises Limited Corporate Events

Religare Subsidiary Care Health Insurance Gets IRDAI Show-Cause Notice

Care Health Insurance Limited, a material subsidiary of Religare Enterprises, has received a show-cause notice from the Insurance Regulatory and Development Authority of India following a thematic onsite inspection conducted in February 2025. The notice alleges breaches of several 2024 IRDAI master circulars and regulations covering operations, policyholder protection, health insurance business, product rules and actuarial and finance functions.

Religare said there is currently no material impact on its financials or operations from the regulator’s action, and any eventual monetary penalty would be borne by Care Health Insurance, whose accounts are consolidated with the parent. The subsidiary is taking remedial steps as advised and is preparing a formal response to the show-cause notice, signalling an early-stage regulatory process that investors will watch for potential compliance and reputational implications.

Religare Publishes Q3 and 9M FY26 Earnings Call Transcript

Religare Enterprises Limited has released the official transcript of its Q3 and nine‑month FY 2026 earnings conference call held on February 16, 2026. The call covered the company’s operational and financial performance for the quarter and year‑to‑date period ended December 31, 2025.

The transcript, confirmed to contain no unpublished price‑sensitive information, has been filed with the stock exchanges in compliance with SEBI listing regulations. It has also been made available on the company’s website, enhancing disclosure and access for investors and other market participants.

Religare Enterprises Closes Trading Window Ahead of December-Quarter Results

Religare Enterprises Limited has announced that its trading window for dealing in the company’s shares will be closed from 1 January 2026 until 48 hours after the declaration of its financial results for the quarter ended 31 December 2025, in line with SEBI’s Prohibition of Insider Trading Regulations and its own code of conduct. The company stated that the date of the board meeting to approve these quarterly results will be communicated separately, signalling the start of its next financial reporting cycle and reinforcing its compliance framework for preventing insider trading ahead of the earnings announcement.