1. At a Glance
Religare’s story reads like an Indian Netflix thriller—fraud, collapse, regulatory battles, and then… redemption arc. With ₹7,354 Cr in FY25 revenue, a ₹1,500 Cr fresh infusion via warrants, and a health insurance arm that dominates group revenue, Religare 2.0 is here.
- CMP: ₹269
- Market Cap: ₹8,894 Cr
- FY25 PAT: ₹183 Cr
- ROE: 5.15%
- P/E: 71x
- Promoters (finally): 25.67%
2. Introduction with Hook
If your past involved regulatory probes, jailed ex-promoters, and balance sheet bleeding, most people would write you off. But not Religare. It’s the financial services cockroach—impossible to kill, and now… suddenly attractive?
In FY25:
- Health insurance (Care Health) drove ~75% revenue
- Net profit back at ₹183 Cr
- Promoters return with a ₹1,500 Cr preferential allotment
- ROE still low, but hey, at least it’s positive!
3. Business Model (WTF Do They Even Do?)
Religare is a financial services holding company with 3 key arms:
- Health Insurance (Care Health) – 74.5% of revenues
- Individual & group health, maternity, top-up, critical illness
- One of India’s fastest-growing standalone health insurers
- Lending – 15%
- SME finance via Religare Finvest
- Affordable housing via RHDFCL
- Retail Broking (Religare Broking Ltd) – 8.5%
- Equity, commodity, PMS, investment banking,
