Religare Enterprises is a holding company that builds and backs financial-services businesses, but it is now being deliberately dismantled into two separate listed entities - one a pure health insurer and the other a lending-and-broking platform - so that each can be valued on its own economics. The group was founded as Religare Enterprises, seeded its operating businesses over time, and spent years cleaning up legacy irregularities after the original promoters exited in 2018; the Burman Group became the designated promoter in February 2025 and held roughly 30% by the last quarter of FY26. The recurring approach is to run each vertical under an independent professional management team, charge subsidiaries a nominal fee for corporate services, and generate returns from dividends and capital gains - a structure that is now being unwound through a demerger that will give every REL shareholder one share in the spun-off lending-and-broking company for every REL share they hold. # Business segments Four engines at different stages - a health-insurance powerhouse that dominates the standalone market, a full-service broking and e-governance platform with over a million clients, an MSME lender rebuilt from a near-death regulatory freeze, and a small-ticket affordable-housing finance company - soon to be split into two listed groups. ## 1. Care Health Insurance: the group’s earnings engine and future standalone identity **India’s second-largest standalone health insurer, built on a retail-first book that grew at a 30% compound rate over four years and processes nearly nine in ten cashless claims in under an hour.** - **Retail health is the core** - retail policies make up 66% of the business, and that share improved by five percentage points year-on-year, because the company deliberately tilts toward individual and family plans rather than lumpy corporate group accounts. - **Digital claims keep customers sticky** - over 87% of cashless claims are settled in less than one hour, 96% of policies are issued digitally, and the mobile app has 12.5 million installations with 1.2 million monthly active users, which together produce a claims Net Promoter Score of 64. - **A multi-channel distribution net** - roughly 4.11 lakh agents (about 50,000 added in FY26 alone), 239 corporate agents and bancassurance partners, and 660 brokers feed the book, with the agency channel contributing 42% of total gross written premium. - **The hospital network is the infrastructure moat** - over 22,040 hospital tie-ups and more than 1,455 network locations mean the insurer can offer cashless treatment almost anywhere, which is what makes a health policy sellable in a country with no dominant hospital chain. - **An investment book that now earns better** - the roughly INR 10,944 crore portfolio yields 7.3%, and a credit-rating upgrade to the AA family during FY26 let the company raise sub-debt of INR 100 crores, lowering its cost of capital. ## 2. Religare Finvest: the rebuilt MSME lender, soon to be the listed face of the non-insurance group **A middle-layer NBFC that once ran a loan book of over INR 16,000 crores, was frozen under a regulatory corrective action plan for seven years, repaid more than INR 9,200 crores to banks, and is now debt-free with a clean slate and surplus cash.** - **The regulatory freeze is lifted** - the RBI withdrew its Corrective Action Plan in July 2025, and the Delhi High Court quashed the fraud classification by 14 lenders on the same day, so the company can now lend freely for the first time since January 2018. - **A fortress balance sheet by design** - net owned funds stand at INR 821 crores, tangible net worth is roughly INR 900 crores, and the capital-to-risk-weighted-assets ratio is 261%, which is multiples of the regulatory minimum and means the company can grow its book without raising fresh equity immediately. - **The legacy book is tiny and clean** - the core SME book is only about INR 60-odd crores, collection efficiency runs at around 98%, and net non-performing assets are roughly 0.8%, so there is no hangover of bad loans to work through. - **Lending to the fragmented SME economy** - the portfolio spans over 80 industries, and products range from working-capital loans to secured business-expansion loans and trade finance, with SME finance already over 22% of the lending business as of March 2025. ## 3. Religare Broking: the client franchise and e-governance utility **A full-service stockbroker with over a million registered clients and a parallel e-governance business that processes PAN cards for more than 5.2 crore customers - two cash-generating distribution networks under one roof.** - **A full-service broking platform with a discount option** - clients can trade cash equities, equity derivatives, commodities, and currencies through branches, web, a mobile app called Dynami, or call-and-trade, and the firm is a member of NSE, BSE, MSEI, NCDEX, and MCX. - **Assets under custody signal client trust** - INR 38,745 crores in custody assets across roughly 250,000 active clients and about 140,000 unique traded clients annually means the franchise is more than just churn; it holds sticky balances. - **The e-governance business is a separate distribution machine** - operating through roughly 61,000 business partners, it commands a 19% market share in PAN services and also handles TAN, e-TDS returns, bill payments, recharges, and ticketing, growing 13% year-on-year in FY26. - **Bancassurance partnerships widen the funnel** - tie-ups with seven banks including Union Bank of India, Karur Vysya Bank, and South Indian Bank give the broking arm access to bank customers who might not walk into a standalone brokerage branch. ## 4. Religare Housing Finance: the small-ticket affordable-housing play **An affordable housing finance company that makes home loans averaging INR 10-11 lakhs to self-employed and salaried borrowers in Tier-2 and Tier-3 cities, with a loan-to-value ratio of about 50% and all loans backed by residential property.** - **Lending to the under-penetrated mortgage market** - India’s mortgage penetration is only about 11% of GDP, compared with 28% in China and 71% in the USA, so the addressable pool of first-time homebuyers in small cities is large. - **Conservative underwriting by design** - the average loan-to-value ratio is roughly 50%, the capital adequacy ratio is about 130%, and no loan restructuring has been undertaken, which together explain how gross NPAs are contained at 3.5%. - **Co-lending partnerships stretch the balance sheet** - the company originates loans, 80% of which are funded by one HFC and two NBFC partners, while RHDFCL manages the loans and earns interest spread and fee income on the off-book assets under management. - **A branch-light model for small towns** - about 15 branches across 8 states serve roughly 3,100 customers, with a product mix of roughly two-thirds home loans and one-third loan against property, and a customer base that is 57% self-employed non-professionals. # Group structure and partners **The group is being split in two: REL will become a pure health-insurance holding company, while Religare Finvest will inherit the lending, broking, and e-governance businesses and list separately.** - REL is the listed Core Investment Company; the Burman Group is the promoter with roughly 30.3% as of the last quarter of FY26, held through four NBFC entities. - REL owns 63.20% of Care Health Insurance, 100% of Religare Broking, and 100% of Religare Finvest; Religare Finvest in turn owns 87.5% of Religare Housing Finance, with the remaining 12.5% held by the Maharishi Housing Development Trust. - The demerger scheme approved by the boards in February 2026 will transfer the lending, broking, investment, and ancillary businesses into Religare Finvest, cancel REL’s existing stake in RFL, and issue one RFL share for every REL share held, with RFL then listing on BSE and NSE - targeted for completion in the first quarter of FY28. - Religare Digital Solutions, a wholly owned subsidiary of Religare Broking, was created to house the e-governance business, and the transfer of that undertaking from RBL was approved by the NCLT in June 2025. - MIC Insurance Web Aggregator, an IRDAI-registered web aggregator acquired in December 2023, had its operations suspended and its license surrender approved in May 2026 due to financial stress.