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RELIGARE ENTERPRISES LTD (RELIGARE)

Finance · Multi-Line Insurance · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.7 / 100
Profitability 14Growth 1
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.35 / 100
Price 68Earnings 7FII/DII 28
Compare withHDFC LIFE INSURANCE COMADITYA BIRLA CAPITALTHE NEW INDIA ASSURANCE CO

Share price

Closing priceAdjusted for splits and bonus issues.

₹231.91 latest close · −11.8% over the last 90 sessions

₹220₹240₹260Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹220₹240₹260Jul 3Sep 4Nov 9

₹231.91 month-end · −6.4% over 12 months

₹200₹225₹250₹275Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹225₹250₹275Nov '25May '26Nov '26

₹231.91 month-end · +3.0% over 3 years

₹200₹250₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹250₹300Nov '23May '25Nov '26

₹231.91 month-end · +983.7% since Jan '19

₹0₹100₹200₹300Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹100₹200₹300Jan '19Dec '22Nov '26

52-week range ₹196.51 to ₹280.00 · 1-year volatility 37.9%

How rough has the ride been?

Maximum drawdown-70.1%recovered 2020-11
1-year volatility37.9%annualised
Beta vs sector index0.763-year daily, correlation 0.37
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−70.1% 0%−20%−40%−60%2020202220242026−70.1%
Largest drawdowns

-70.1% (2019-11 peak to 2020-03 low, recovered 2020-11)

-43.6% (2021-09 peak to 2022-05 low, recovered 2022-11)

-42.0% (2019-01 peak to 2019-02 low, recovered 2019-03)

Most recent volume spikes

2026-10-12: 7.7x the 50-day median, price +1.9% that day

2026-08-31: 7.2x the 50-day median, price +4.2% that day

2026-08-07: 8.2x the 50-day median, price -9.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

2.8xP/B todayWithin its usual range
Against its own history22nd percentile
CheapestMedian 10.3xDearest

Usual range 2.0x to 15.0x since 2019-01.

Against Finance2.8x vs 1.5x
This company
2.8x
Sector median
1.5x

81% above the Finance median.

0.6x6.3x12.1x17.8xJan '19Aug '20Mar '22Oct '23May '25Nov '260.6x6.3x12.1x17.8xJan '19Sep '21May '24Nov '26
P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/S (this company)10th to 90th percentile of its own historyIts medianFinance median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/B history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (banks and financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROE (approx.)14th▼ 77 pts vs a year ago
  • EPS growth4th▼ 17 pts vs a year ago
  • P/B ↓26th▲ 24 pts vs a year ago
  • 12M momentum53rd▲ 10 pts vs a year ago
  • FII + DII40th▼ 5 pts vs a year ago

Rank history

ROE (approx.)
EPS growth
P/B ↓
12M momentum
FII + DII
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~14%annual earnings growth implied by the price

At a P/E of 17.9x, the price would imply about 14.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

This model is not meaningful for insurers, asset managers and holding companies.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹231.91
P/E
153.6x
ROCE
4.0%
Market Cap
₹8009 cr
Revenue (TTM)
₹8953 cr
P/S
0.9x
P/B
2.8x
ROE
1.8%
Operating Margin
-2.1%
Debt / Equity
0.2x
Promoter Holding
30.6%
12M Momentum
-6.4%

52-week range

₹196.51₹280.00
42% of the way from its 52-week low to its high

Price risk

1Y volatility
37.9%
Beta vs sector
1-year daily
1.00

Balance sheet & cash

Share count, 1Y
+0.6%

Are profits backed by cash?

0 of 1checks within range1 near a threshold
Tax rate8%Near threshold

Median quarterly effective tax rate over about 2.5 years: 8.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Tap a check to see how it is measured

Cash conversion and receivable days are not meaningful for banks and NBFCs, so only the other-income and tax-rate checks are shown.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, promoters added 30.6 pts; FIIs trimmed 2.1 pts; DIIs added 1.5 pts.
  • The number of shareholders rose from 61,535 to 69,935 (+14%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters0.0%30.6%+30.6 pts
FIIs11.8%9.6%-2.1 pts
DIIs7.8%9.3%+1.5 pts
Public and others80.4%50.5%-29.9 pts

Number of shareholders

69,935shareholders+14% since Sep '23
62k70k78k86k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 61,535
Dec '23: 69,311
Mar '24: 84,527
Jun '24: 83,050
Sep '24: 79,946
Dec '24: 80,236
Mar '25: 74,213
Jun '25: 74,058
Sep '25: 85,873
Dec '25: 81,959
Mar '26: 73,411
Jun '26: 69,935
 62k70k78k86k Sep '23Sep '24Sep '25Jun '26
Sep '23: 61,535
Dec '23: 69,311
Mar '24: 84,527
Jun '24: 83,050
Sep '24: 79,946
Dec '24: 80,236
Mar '25: 74,213
Jun '25: 74,058
Sep '25: 85,873
Dec '25: 81,959
Mar '26: 73,411
Jun '26: 69,935

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

This comparison is not meaningful for insurers, asset managers and holding companies.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

MANAPPURAM FINANCEMANAPPURAM
Finance
62%similar
promoter holdingvolatility
ARMAN FINANCIAL SERVICES LIMITARMANFIN
Finance
61%similar
promoter holdingROE
UJJIVAN SMALL FINANCE BANKUJJIVANSFB
Finance
56%similar
market capvolatility

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Nov '22

  1. OctPriceVolume reached 7.7x its 50-day median on 2026-10-12; price +1.9% that day.
  2. SepPeer rankSlipped to the bottom quartile of Finance on ROE (from the 3rd quartile).
  3. AugPriceVolume reached 8.2x its 50-day median on 2026-08-07; price -9.4% that day.
  4. JunPromoterPromoter holding rose 4.0 pts to 30.3% (largest rise since 2025-06).
  5. JunPeer rankSlipped to the 3rd quartile of Finance on ROE (from the 2nd quartile).
  6. MarPriceFell 35% from the Dec 2024 peak to the Mar 2026 low.
  7. MarPeer rankSlipped to the 2nd quartile of Finance on ROE (from the top quartile).
  8. FebPriceVolume reached 7.2x its 50-day median on 2026-02-16; price -5.2% that day.
Show 22 earlier events
  1. OctPriceVolume reached 5.2x its 50-day median on 2025-10-10; price +4.3% that day.
  2. JulPriceVolume reached 18.5x its 50-day median on 2025-07-11; price +7.9% that day.
  3. JunPromoterPromoter holding rose 25.7 pts to 25.7%.
  4. FebPriceVolume reached 15.5x its 50-day median on 2025-02-21; price +18.3% that day.
  5. JanDebtDebt / equity halved over 12 months to 0.19x.
  6. DecPriceVolume reached 13.8x its 50-day median on 2024-12-10; price +3.5% that day.
  7. JulPriceVolume reached 26.2x its 50-day median on 2024-07-01; price +7.0% that day.
  8. JunResultsRevenue (TTM) reached a new high of ₹6,236 cr.
  9. JunInstitutionsFII + DII holding fell 3.5 pts over 2 quarters to 16.1%.
  10. JunValuationP/B crossed above the 90th percentile of its own history to date (14.5x).
  11. JunDebtDebt / equity halved over 12 months to 0.19x.
  12. JunPriceVolume reached 8.0x its 50-day median on 2024-06-20; price +3.9% that day.
  13. JanValuationP/B crossed above the 90th percentile of its own history to date (11.1x).
  14. JanPriceVolume reached 32.4x its 50-day median on 2024-01-31; price +4.4% that day.
  15. AugPriceRegained the 2022-11 peak, 5 months after the low.
  16. AugPriceVolume reached 12.2x its 50-day median on 2023-08-07; price +8.5% that day.
  17. JunResultsEPS (TTM) turned positive.
  18. JunPeer rankMoved into the top quartile of Finance on ROE (from the bottom quartile).
  19. AprPriceVolume reached 9.1x its 50-day median on 2023-04-25; price +5.6% that day.
  20. MarPriceFell 27% from the Nov 2022 peak to the Mar 2023 low.
  21. MarPriceVolume reached 9.6x its 50-day median on 2023-03-09; price +2.6% that day.
  22. NovPriceRegained the 2021-09 peak, 6 months after the low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11153.6x₹8953 cr1.8%4.0%0.2x
2026-10140.6x₹8953 cr1.8%4.0%0.2x
2026-09151.6x₹8953 cr1.8%4.0%0.2x
2026-0893.7x₹8461 cr7.3%4.0%0.2x
2026-0797.7x₹8461 cr7.3%4.0%0.2x
2026-06104.3x₹8461 cr7.3%4.0%0.2x
2026-0576.6x₹8036 cr14.7%8.0%0.1x
2026-0471.5x₹8036 cr14.7%8.0%0.1x
2026-0365.2x₹8036 cr14.7%8.0%0.1x
2026-0267.0x₹7648 cr16.4%8.0%0.1x
2026-0175.4x₹7648 cr16.4%8.0%0.1x
2025-1278.1x₹7648 cr16.4%8.0%0.1x
2025-1170.0x₹7523 cr19.0%8.0%0.1x
2025-1074.6x₹7523 cr19.0%8.0%0.1x
2025-0970.9x₹7523 cr19.0%8.0%0.1x
2025-0862.8x₹7372 cr21.2%8.0%0.1x
2025-0771.3x₹7372 cr21.2%8.0%0.1x
2025-0658.8x₹7372 cr21.2%8.0%0.1x
2025-0550.2x₹7186 cr26.5%9.0%0.2x
2025-0446.0x₹7186 cr26.5%9.0%0.2x
2025-0351.1x₹7186 cr26.5%9.0%0.2x
2025-0234.6x₹7029 cr38.5%9.0%0.2x
2025-0136.6x₹7029 cr38.5%9.0%0.2x
2024-1242.2x₹7029 cr38.5%9.0%0.2x
2024-1143.7x₹6661 cr34.9%9.0%0.2x
2024-1043.1x₹6661 cr34.9%9.0%0.2x
2024-0951.0x₹6661 cr34.9%9.0%0.2x
2024-0838.7x₹6236 cr43.0%9.0%0.2x
2024-0735.5x₹6236 cr43.0%9.0%0.2x
2024-0633.6x₹6236 cr43.0%9.0%0.2x
2024-052.2x₹4679 cr446.1%16.0%0.4x
2024-042.3x₹4679 cr446.1%16.0%0.4x
2024-032.2x₹4679 cr446.1%16.0%0.4x
2024-022.5x₹4679 cr446.1%16.0%0.4x
2024-012.5x₹4679 cr446.1%16.0%0.4x
2023-122.2x₹4679 cr446.1%16.0%0.4x
2023-112.4x₹4679 cr446.1%16.0%0.4x
2023-102.4x₹4679 cr446.1%16.0%0.4x
2023-092.5x₹4679 cr446.1%16.0%0.4x
2023-082.5x₹4679 cr446.1%16.0%0.4x
2023-071.8x₹4679 cr446.1%16.0%0.4x
2023-061.9x₹4679 cr446.1%16.0%0.4x
2023-05—₹3227 cr—-6.0%—
2023-04—₹3227 cr—-6.0%—
2023-03—₹3227 cr—-6.0%—
2023-02—₹3227 cr—-6.0%—
2023-01—₹3227 cr—-6.0%—
2022-12—₹3227 cr—-6.0%—
2022-11—₹3227 cr—-6.0%—
2022-10—₹3227 cr—-6.0%—
2022-09—₹3227 cr—-6.0%—
2022-08—₹3227 cr—-6.0%—
2022-07—₹3227 cr—-6.0%—
2022-06—₹3227 cr—-6.0%—
2022-05—₹2513 cr—4.0%—
2022-04—₹2513 cr—4.0%—
2022-03—₹2513 cr—4.0%—
2022-02—₹2513 cr—4.0%—
2022-01—₹2513 cr—4.0%—
2021-12—₹2513 cr—4.0%—
2021-11—₹2513 cr—4.0%—
2021-10—₹2513 cr—4.0%—
2021-09—₹2513 cr—4.0%—
2021-08—₹2513 cr—4.0%—
2021-07—₹2513 cr—4.0%—
2021-06—₹2513 cr—4.0%—
2021-05—₹2384 cr—0.0%53.0x
2021-04—₹2384 cr—0.0%53.0x
2021-03—₹2384 cr—0.0%53.0x
2021-02—₹2384 cr—0.0%53.0x
2021-01—₹2384 cr—0.0%53.0x
2020-12—₹2384 cr—0.0%53.0x
2020-11—₹2384 cr—0.0%53.0x
2020-10—₹2384 cr—0.0%53.0x
2020-09—₹2384 cr—0.0%53.0x
2020-08—₹2384 cr—0.0%53.0x
2020-07—₹2384 cr—0.0%53.0x
2020-06—₹2384 cr—0.0%53.0x
2020-05—₹2371 cr-522.0%-7.0%8.1x
2020-04—₹2371 cr-522.0%-7.0%8.1x
2020-03—₹2371 cr-522.0%-7.0%8.1x
2020-02—₹2371 cr-522.0%-7.0%8.1x
2020-01—₹2371 cr-522.0%-7.0%8.1x
2019-12—₹2371 cr-522.0%-7.0%8.1x
2019-11—₹2371 cr-522.0%-7.0%8.1x
2019-10—₹2371 cr-522.0%-7.0%8.1x
2019-09—₹2371 cr-522.0%-7.0%8.1x
2019-08—₹2371 cr-522.0%-7.0%8.1x
2019-07—₹2371 cr-522.0%-7.0%8.1x
2019-06—₹2371 cr-522.0%-7.0%8.1x
2019-05—₹2675 cr-186.3%-1.0%5.4x
2019-04—₹2675 cr-186.3%-1.0%5.4x
2019-03—₹2675 cr-186.3%-1.0%5.4x
2019-02—₹2675 cr-186.3%-1.0%5.4x
2019-01—₹2675 cr-186.3%-1.0%5.4x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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