Religare Enterprises Ltd
Religare Enterprise Ltd, incorporated in 1984, is a diversified financial services company with presence all over India, operating through its subsidiaries. The Co. provides loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. REL’s subsidiaries service over 11 lakh clients from over 1,275 locations having presence in more than 400 cities.[1][2]
- Market Cap ₹ 9,004 Cr.
- Current Price ₹ 272
- High / Low ₹ 320 / 202
- Stock P/E 71.9
- Book Value ₹ 76.1
- Dividend Yield 0.00 %
- ROCE 7.70 %
- ROE 5.15 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- Stock is trading at 3.58 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 25.7%
- Company has a low return on equity of 4.13% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,361 | 4,128 | 4,895 | 3,709 | 2,675 | 2,371 | 2,384 | 2,513 | 3,227 | 4,679 | 6,266 | 7,354 | |
| 1,585 | 2,006 | 3,710 | 1,659 | 2,841 | 3,005 | 2,341 | 2,235 | 3,592 | 4,196 | 5,898 | 7,054 | |
| Operating Profit | 1,775 | 2,122 | 1,184 | 2,050 | -167 | -634 | 43 | 278 | -364 | 483 | 368 | 300 |
| OPM % | 53% | 51% | 24% | 55% | -6% | -27% | 2% | 11% | -11% | 10% | 6% | 4% |
| 25 | 58 | 1,012 | -316 | 60 | 10 | -157 | 17 | 137 | 3,473 | 263 | 43 | |
| Interest | 1,584 | 1,658 | 1,879 | 1,840 | 1,271 | 854 | 855 | 733 | 750 | 641 | 112 | 37 |
| Depreciation | 34 | 37 | 36 | 31 | 30 | 26 | 61 | 59 | 53 | 56 | 72 | 62 |
| Profit before tax | 182 | 485 | 282 | -136 | -1,407 | -1,504 | -1,030 | -497 | -1,031 | 3,259 | 448 | 243 |
| Tax % | 85% | 34% | 79% | -10% | -16% | -0% | 1% | -4% | 49% | 3% | 22% | 25% |
| 27 | 321 | 61 | -124 | -1,181 | -1,501 | -1,038 | -478 | -1,539 | 3,169 | 347 | 183 | |
| EPS in Rs | -4.63 | 8.62 | -2.67 | -9.77 | -58.56 | -59.33 | -36.12 | -19.60 | -48.43 | 95.24 | 7.06 | 3.79 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 25% |
| 3 Years: | 32% |
| TTM: | 17% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | -2% |
| 5 Years: | 17% |
| 3 Years: | 28% |
| TTM: | 7% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -1% |
| 5 Years: | 47% |
| 3 Years: | 28% |
| 1 Year: | 14% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 4% |
| Last Year: | 5% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 150 | 178 | 178 | 178 | 178 | 217 | 258 | 259 | 319 | 324 | 330 | 331 |
| Reserves | 2,982 | 3,705 | 3,660 | 2,549 | 1,658 | 616 | -157 | -306 | -1,301 | 1,734 | 2,013 | 2,185 |
| 14,073 | 16,491 | 20,247 | 14,956 | 9,945 | 6,717 | 5,356 | 4,940 | 4,878 | 841 | 443 | 233 | |
| 3,920 | 5,064 | 3,344 | 3,355 | 2,081 | 2,023 | 2,673 | 3,832 | 5,467 | 5,193 | 6,789 | 8,480 | |
| Total Liabilities | 21,125 | 25,439 | 27,429 | 21,038 | 13,862 | 9,573 | 8,130 | 8,725 | 9,362 | 8,092 | 9,575 | 11,229 |
| 1,981 | 2,128 | 1,785 | 103 | 80 | 83 | 175 | 117 | 127 | 196 | 161 | 151 | |
| CWIP | 12 | 4 | 4 | 12 | 11 | 14 | 13 | 12 | 2 | 5 | 6 | 2 |
| Investments | 3,344 | 4,363 | 2,700 | 1,983 | 1,197 | 1,438 | 2,023 | 3,190 | 3,836 | 5,094 | 6,718 | 8,700 |
| 15,788 | 18,944 | 22,941 | 18,940 | 12,574 | 8,038 | 5,919 | 5,406 | 5,397 | 2,797 | 2,690 | 2,376 | |
| Total Assets | 21,125 | 25,439 | 27,429 | 21,038 | 13,862 | 9,573 | 8,130 | 8,725 | 9,362 | 8,092 | 9,575 | 11,229 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,634 | -706 | -2,154 | 5,871 | 5,802 | 3,555 | 2,433 | 1,373 | 1,596 | 1,506 | 1,500 | 1,572 | |
| -403 | -612 | 499 | 2,149 | -457 | -31 | -436 | -1,181 | -689 | -939 | -1,348 | -1,185 | |
| -1,400 | 1,094 | 1,853 | -7,696 | -6,455 | -3,819 | -1,743 | -314 | 559 | -2,079 | -156 | -285 | |
| Net Cash Flow | -169 | -224 | 198 | 324 | -1,110 | -295 | 254 | -122 | 1,466 | -1,512 | -4 | 102 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 52 | 52 | 35 | 60 | 42 | 53 | 14 | 28 | 21 | 14 | 14 | 4 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 52 | 52 | 35 | 60 | 42 | 53 | 14 | 28 | 21 | 14 | 14 | 4 |
| Working Capital Days | 104 | 56 | 42 | 26 | -118 | -98 | -267 | -264 | -387 | -275 | -291 | -273 |
| ROCE % | 11% | 11% | 9% | 10% | -1% | -7% | -0% | 4% | -6% | 16% | 9% | 8% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul
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EGM Notice
17 Jul - EGM on Aug 8 for preferential allotment of 6.38 crore warrants at INR 235 each, raising ~INR 1500 crore.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
15 Jul - Compliance Certificate under Regulation 74 (5) of SEBI (Depositories and Participant) Regulations, 2018
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Board Meeting Outcome for Issue Of Warrants On Preferential Basis
11 Jul - Religare approves ₹1,500 Cr preferential allotment of 6.38 Cr warrants; promoters contribute 50%.
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Grant Of Stock Options
11 Jul - Grant of 9.5 lakh stock options at Rs.270.84 each with 3-year vesting schedule.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Services
A)Lending (15% of the revenue in FY21) Lending and Investments, Financial Advisory Services, Distribution of Third-Party Financial Products. The Co. provides SME Finance through Religare Finvest Ltd.(RFL) and Affordable Housing Finance through Religare Housing Development Finance Corporation Ltd.(RHDFCL)
B)Health Insurance (74.5% of the revenue) Offers products in the retail segment for Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates through Care Health Insurance Limited (formerly known as Religare Health Insurance Co. Ltd.)[1]
C)Retail Broking (8.5% of the revenue)Broking in Securities and Commodities, Custodial and Depository Operations, PMS, Institutional Equities and Investment Banking Services through Religare Broking Ltd.[2] [3]