Thank you. Ladies and gentlemen, we will now begin the question -and-answer session. First question from the line of Naresh Naiker from Systematix Shares. Please go ahead.

Yes. Good evening, sir.

Hi. Please go ahead, Naresh. We can hear you.

Yes. This question was regarding the de -merger. So in that circular, it is nothing mentioned about specific reason for declining. And can you please specify what specific concern RBI raised regarding -- is related to capital structure or promoter or shareholding pattern? And second question, sir, regarding follow -up on value unlocking. Is there any another plan to partial demerger like, stake sale of Care Health Insurance or listing just one entity if RBI objection is not fulfilled?

So, hi. Thanks for the question. So basically, the letter is brief and simple in what we put on and that is the engagement with the regulator . They have not -- there is no reasoning has been attached. We are now engaging with the regul ator going forward. And we will figure out what the reason is and if we can come up with a better alternative that satisfies the regulator. That's one. At this stage, that remains our priority focus. We are not looking at anything else currently other than figuring this out. And then after that at an appropriate time, we will come back.

Okay. So sir, can you please advise approximate what time line it will take exit?

I mean we can't -- I cannot give a time line, but we will make our best effort. That is what I can assure you.

Okay. Thank you, sir.

Thank you. We take the next question from the line of Sarvesh Gupta from Maximal Capital. Please go ahead.

Good afternoon, sir. Sir, I had a few questions. So first of all, on CARE, so our combined CSIR ratio is like 102.7%. And this is like meaningfully higher than some of the other peers who have reported the results. So if you can give some color on that? And also, I see that your Insurance Ser vice results, is a negative of INR3 crores. So -- but if I just do the maths on INR3,000 -odd crores of revenue with 102.7%, it should come to be like INR70 crores, INR80 crores of loss. So if you can explain the difference?

Yes. First question -- I am Ajay, Sarvesh. So first question I'm taking. Second one, I'll pass on to my CFO, Ambrish Jindal. On the combined ratio, even if you see our track of last year, we started with 103% in the quarter one. Finally, it landed at 101.1%. So this is because we write many, what you call corporate wellness book where the -- there is upfront claims payment. So that is the only reason for this. It will finally come down to the guideline which we had given in the last call. Last call, I had said very clearly that we want to become 100% in next two years, and we are sticking and committed to that. And on the second question I'll request Ambrish.

Yes. So you rightly said that if we do a maths on 102.7% on the revenue, we get a higher number. So CISR includes non-attributable expenses and all the expenses, they need to be bifurcated into acquisition cost, maintenance cost and non-attributable cost. So insurance service result does not include non-attributable expenses, but, while computing CISR, inclu de those non -attributable expenses. So if you look at the presentation, after net finance result, there is an expense item of INR66 crores that gets added in the computation of CISR. So, if we add this into insurance service result as well, you will get the maths.

Okay. And this 37% odd growth, if you can break it up between fresh and porting and growth from the existing book? So, what is driving it? How much is being driven by people going for higher sum assured or because of inflation in the premiums that we are charging? If you can give some color on what are the drivers for this sort of a growth?

See, Sarvesh, I mean, I think there are few moments in the industry which are a land grab moments. Once it happened after COVID, second after GST relaxation we are finding it a land grab moment. So a few questions, one by one. Number one, our fresh business is growing the fastest among all. So it's higher than my renewal business growth. That is number one. Number two, my number of consumers are growing faster

because my growth is primarily coming in Tier 2, Tier 3 geographies. So my number of consumers are growing handsomely than the average ticket size at premium increase.

Okay, sir. Thank you and all the best.

Thank you.

Thank you. We take the next question from the line of Mukul from M &K Capital. Please go ahead.

Hi. Good afternoon. Congratulations on good numbers. My question is for Ajay, from Care. Just the first part which you explained right now, it seems that retail has grown faster than corporate and our retail share is still higher than the corporate share. And while I understand that you book more corporate business in the first quarter. But from a mix perspective, it does seem that retail has outgrown corporate and yet our losses have come one point higher. Compared to some of the other peers where similar practices are there. So just wanted more flavor on loss ratios? That is one. And second, in terms of growth, while GST has given a fillip, any guidance on where you see full year growth given a very good set of numbers in terms of growth for the first quarter in the Insurance business?

Yes. This is Ajay. So we cannot comment on the full year growth. Till now the market has been supportive, and we are -- we'll continue to ride the market as it grows, number one. Number two, our quarter one is not necessarily corporate-driven market. Our corporate businesses started well within the year. Quarter one is highly skewed on corporate employee wellness driven, which is a bit different than corporate employer -employees. And our retail definitely does better than corporate even in quarter one.

Got it. So sir, any guidance on growth?

We intend to beat the market. That's all.

Got it. All right. Can I just squeeze in one more question, if okay?

Sure, sure, sure, please.

Just on the accounting, I understand that IRDAI has transitioned to Ind AS accounting. And I did see the notes on consol also, they are under Ind AS. So I was -- I couldn't sort of understand why under consol accounts CARE actually shows a loss because that is also Ind AS and stand - alone Care is also Ind AS. So if you can just explain me that, I couldn't follow that?

Yes, Hi, Mukul. I’m Ambrish this side. So I think the regulator has come up with the implementation of Ind AS effective 1 April, 26. We as an organization, we took a forbearance of one year from the regulator to stabilize the technology and other stuff. And hence, the reason the impact of Ind AS 117 is not showing into consolidated accounts and hence, the reas on the

consolidation looks on the negative side and Care Health Insurance stand -alone results on Ind AS are looking positive. So that's the only reason. So from next year onwards, we'll start seeing both the accounts or both the consol results and Care health insurance results to be same.

Yes. No it came from a fact that you know we are actually market leading ROE business in health and the consol necessarily doesn't give the right picture. So the comment was from that perspective.

Yes, Yes.

Thank you. We take the next question from the line of Amit Thawani from Clearblue Capital Advisors LLP. Please go ahead.

Hi, thank you for taking my question. My first question is I was just looking at the leverage and our leverage is in the presentation it is 4.3 which seems to be on the higher side for like a SAHI business. Any comments there?

No, this year end my sense is will be reduced to around 3.7. Additional capital will be infused this year.

I think capital has been earmarked by the promoters through the raise of the pref. And I think some part of that capital will be flowing through and I think that should level off the leverage ratios it should come down post that.

Okay. My second question is that, you know in the retail growth how much is fresh growth and how much is port in?

See I don't have that numbers. What I can tell is my percentage share of port has come down drastically from last year.

Okay.

Yes.

Okay. And I think that’s it. I have no other questions. I’ll come back in the queue

Thank you.

Thank you. We take the next question from the line of Meet Bhuva from Entigrity Ventures and Partnerships. Please go ahead.

Hi sir. I think we have seen losses in the financial services business and I am sure that is because of the investments that we are doing to fund the growth that company is looking for next phase.

Wanted to understand what kind of numbers or what kind of growth AUM kind of numbers that could be looking at in this financial services business?

So I'll just answer that question. You know the CEOs have just joined, some as late as one month and some -- Karthik has joined us about three months back. What I can assure you is that we are adequately capitalized, the NBFC has a capital of about INR1,000 odd crores, the HFC has a capital of about INR200 crores and this will be further topped up by about INR250 crores. So we d o believe that with INR1,500 crores to INR2,000 crores of capital we have ambitions for about a INR10,000 crores, INR15,000 crores book size. I think we'll be able to come back on the plans. I mean the business teams are busy working their AOPs and all and we'll be coming back to you. But rest assured we are ambitious about this business and we will capitalize this business at an appropriate stage as and when capital is required.

Okay. And just another question on broking business. I think in broking business there has been a revenue de-growth quarter-on-quarter. Just a second, let me also open…

Hi, good afternoon I am Vijay Goel. So as we mentioned as Pratul mentioned that we are in the process of repairing our business. So a lot of things we are we are correcting and markets were also not particularly supporting. So this is just a temporary blip in the business as we build the new technology platform and new products. We have seen the productivity gains. The annual increment happened after that the natural attrition also in the business happens. So that was a small reason because of this there's a small blip in the -- small drop in the broking side revenues. But our debit book has gone up and our interest income has actually gone up.

Okay.

Go ahead.

How are you planning to compete with the existing broking players like what kind of mode that we are bringing in where the market is already cluttered with multiple brands focusing on niche and multiple brands focusing on full service business?

To this answer you have to wait. We are currently doing this repairing and the clear direction that what kind of model will be built will be clear to us in about one or two quarters and we'll be happy to discuss and report it to you that what kind of model we are going to build.

So currently we are playing for productivity and efficiency gains while the work is going on and I think in the first quarter we have grown our income broking income…

Marginal growth but there is a growth.

So I think work is in progress. I think things are happening as you can see this is our first quarter. Rest assured we will be also dependent on the vagaries of the market. But our idea is to increase market share as we go forward by also increasing our ot her businesses whether it is a margin funding book, whether it is third-party products, because we do have a platform and we believe there is some enough room and scope to grow. But your question is very valid, it's a scattered industry, there are a lot of people, they are doing niches, what will we do that is different from anybody else? But as Vijay said, we'll come back to you on that.

Okay, no problem. Thank you so much and all the best to the team.

Thank you.

Thank you. We take the next question from the line of Raj Lokhandwala an Individual Investor. Please go ahead.

Good evening, thanks for the opportunity. So my question is regarding the competitive intensity on the health insurance side. So how is it shaping up in the recent years and how is it affecting the profitability in different segments, the retail as well as the group? Thank you.

So thanks Raj. So intensity is high on the health insurance, we all understand it and we know that. With newer players coming up in the market the intensity only has to go up. But what is helping the industry is if you look at the industry, the industry, even the regulator and hospitals have come together on defining few things. At the industry level there are a lot of guidelines which the GIC has laid down, I would call them as protocols. They are not GIC led, it is government led guidelines number one. Number two WHO led guidelines which GIC has educated the industry. Number two they are also making a lot of positional statements, positional statement on cataract and this. Number three with the blessing of the chairman and CII, the distrust between hospitals and the insurance company is bridging gap. And two major things in that particular piece is NHCX adoption by the hospitals, number two is what you call proper code of conduct both by insurance company and the hospital. All this make sense will bring about the profitability in spite of competition intensity.

Okay, fair enough. And second question is on the proposed demerger. So now that the RBI has rejected the proposal, is it fair to assume that the tentative deadline of Q1 FY28 would be slightly delayed?

Sure, thank you.

Thank you. We take the next question from the line of Yash Matta, an Individual Investor. Please go ahead.

Hi, good afternoon everyone. My first question is what is the plan for equity raise by Care Health Insurance since its solvency ratio is now down to 1.58% as against requirement of 1.5?

Hi Yash, I think we have a solvency of 1.58 as at the end of June ‘26. We always plan to raise a sub-debt in the first quarter, but since capital market was in turmoil at that point in time and hence we waited for that and hence ther e has been a sub -debt raise of INR200 crores in the month of August ‘26. So I think that solves us as of now for the solvency, but as far as the equity capital is concerned, we have a plan to ensure that the solvency remains at 1.7x. So we'll be taking appropriate action at the appropriate point in time whether we need to further raise capital through equity or through sub-debt, but we'll ensure the solvency to be at 1.7x. So I think I think that is what will be driving us.

So I would also lik e to chip in from REL's perspective. I think REL and the other promoter Kedaara both of them have stepped in and put money in whenever money is required and as per our pref document I think Pratul INR360 crores….

yes. So out of INR600 crores which has been earmarked for Care, between the two rights issue which happened in September 2025 and June 2026, we have already infused over INR376 crores and the remaining amount as the warrants get converted shall be available for appropriate infusion.

So from REL's perspective that whenever they need money, we are happy to fund because this is our growing business, this is the star in the crown in the Jewel currently and we will fund this and I mean there's no doubt about that from our end.

Okay, thank you.

Thank you. We take the next question from the line of Sarvesh Gupta from Maximal Capital. Please go ahead.

Yes, thank you sir for the follow-up. On the recovery side, so I can see that this quarter we have collected around INR20 odd crores from the written off book I think. So what is the existing pool of written off accounts which is available for us to collect from and rig ht now we are collecting INR20 crores but as we are putting in a new team, can we expect this collection to meaningfully go up and how much do we want to collect let's say every year for the next two three years?

So Yes, so the pool is roughly around INR350 crores to INR400 crores of written off book from which these collections are happening. In terms of visibility in terms of how this will go quarter-

on-quarter, this is an old book, there are complications in terms of litigation, repossession, these are secured loans. So while we give some guidance in terms of what the annual operating plan is, exact numbers is something which only time will tell in terms of how it is. But it's a dwindling book. I think this will -- the legacy NPA write off recovery also will start coming down every quarter.

But our best effort is on with each of these cases. We hav e a team because it is INR350 crores INR400 odd crores like Karthik said, we have a team that is focused on this and whatever recoveries have to happen will probably happen in the next two years.

Okay. And finally on the demerger side, so un derstand that this RBI application was rejected. Now earlier shareholders wanted a cleaner demerger for maybe Care Health Insurance instead of the financial services company which will -- which would have reduced the holding company discount. So given that we have also seen some promoter stake increasing, so how are we looking into that option and is that option also on the table to sort of do a clean demerger for Care instead of the financial services business?

Sarvesh, so there is a new IRDAI guideline that has come out that talks about the collapse of a non-insurer into an insurer. I think that's just come out we are evaluating that. More importantly, we will look to unlock value but the RBI permission is needed whether we do this demerger or the other one. So I think that that is of utmost importance to us to engage which we are with the regulator and get their views and try to assuage them and understand what the regulator wants us to do. So I think that that is a pre-condition to both.

Okay, thank you.

Thank you.

Thank you. We take the next question from the line of Amit Thawani from Clearblue Capital Advisors LLP. Please go ahead.

Hi, sorry I don't know if these questions were covered in previous calls, but just trying to get some clarity here. The RFL net worth is INR914 crores and the AUM is only INR53 crores.

Correct. Yes. Amit Thawani So I mean.

It is sitting -- Amit it is sitting on a cash of over INR610 cro res lying in the banks in terms of various securities. That's the collections for the business.

Amit, so this is if you go back in history there was a period of time when the entire activities lending activities was under embargo and then the new promoters came in, did a, so lot of legacy issues which had to be cleaned up. And I think we are at a point of time when we are rebuilding the entire technology stack, soft launching the product. So a lot of what you see is basically lack of any business for the last 6 -7 years in terms of new disbursements. So while the net worth has not got really eroded, I mean the cash has been sitting on the balance sheet. You will see that -- you will see this profile changing si gnificantly over the coming quarters.

To answer your question Amit, we want to start business which we are now aiming to in the next quarter or two, maybe less than two quarters, about four months as we speak from here. And this cash to be put to use so that we can justify the cash sitting and then have a healthy ROE on this cash.

Okay, excellent. But I am seeing a similar case even in Religare Housing where our AUM has not gone anywhere for the last one year.

So agai n, just to , because RFL was under PCA ,under CAP and Religare Housing was its subsidiary, it could not access market funds for the last seven to eight years. And hence it had its book started to shrink and had to shrink over time. But now your question is right looking at from today's point of view, but this will correct like Karthik had said with the NBFC as well.

Got it, got it. And my last question is, I have actually two questions. The equity in Care that we are taking in our investment book is at 5%. Are we looking to increase that because we are seeing some other insurers taking a bigger bet on equities and we don't need to take a stock specific bet but maybe if we can have a higher exposure to equities any thoughts on that?

Sarvesh, at this point of time we want to maintain around 5%, but at the right time we will continue evaluating

Okay, and ………

Amit, I would request you to please join back the queue for follow-up questions.

Yes, I will, I will, yes.

Thank you. We take the next question from the line of Meet Bhuva from Entigrity Ventures and Partnerships. Please go ahead.

Just a clarity on demerger. So is company exploring opportunities to demerge Care instead of financial business I just want to consolidate the thoughts I think this question has been discussed multiple times but just want to consolidate the thoughts on this.

Okay. Got it. Thank you.

Thank you. We take the next question from the line of Lala Ram from LRS Capital. Please go ahead.

Good evening gentlemen. I have two questions. Number one, in terms of value unlocking if demerger does not happen, do we have a plan B or we continue to remain in the current structure? Question number two is how much warrants are remaining to be converted and what is the timeline on that? Thank you.

Lala Ram ji your line is a bit echoing, but what we could understand question one is around the option B. So as Mr. Lamba mentioned right now we are just engaging with the regulator.

So any value unlock that can be done or should be done requires the RBI approval and the regulator's approval. So first we will try to address and rationalize with the regulator whatever the queries the regulator has and after that we are open to unlocking value at an appropriate stage but this remains our priority number one to try to figure out.

Got it.

And on the second question we collected 25% of the overall raise which was INR1,500 crores that is INR375 crores in September 2025. T hereafter there have been multiple conversions, as of today including some conversions which has recently happened in August 2026, we have INR618 crores of proceeds out of INR1,500 crores. So what is left is INR881 crores which is due for conversion by March 2027.

Got it. Thank you so much.

Thank you.

Thank you. We take the next question from the line of Kareena Kaur from Starkloom Investments. Please go ahead.

Thank you for the opportunity. My question is in regards to Care. So, with Care planning to raise an additional INR150 crores of capital through rights issue and INR200 crores through tier 2 capital, which is also mentioned in your IP, could you give us some color on the key areas of deployment? Also, how you see this capital supporting growth and profitability going forward?

Hi Kareena. So I think as far as the deployment is concerned, this capital was only required to support the growth from the business. So the entire money has been invested as per the regulatory norms of investment of IRDAI. And I didn't get your second question if I you can repeat so I...

So her second question was about the INR150 crores of equity and INR200 crores of sub debt

Which has already been raised.

So quarter one saw an equity raise of INR150 crores by Care and as Ambrish mentioned in the current quarter, the company has already raised a sub debt of INR200 crores. And the same has been deployed.

Okay. Thank you.

Yes. Thank you.

Thank you. We take the next question from the line of Amit Thawani from Clearblue Capital Advisors. Please go ahead.

Yes just trying to understand the next round of capital raise by Care will that also be a rights issue?

Yes most probably it will be a rights issue.

Yes, it will be a rights issue as things stand today.

Okay, okay. Because I was hoping that Religare can give a pref, Care can give a pref to Religare so that we can increase our stake in Care.

So we maintain our stake Amit as mentioned. So largely in every rights issue Religare Enterprises subscribes not only fully to its quota but there is always some additional subscription. So if you see the trend, there has been a marginal uptick in the stake held by Religare Enterprises in Care. I am sorry Amit there is a lot of background noise. Yes, I think you are on the road.

Okay, let me see what I can do about that, sorry.

Sir you can wrap up please I have just muted Amit’s line.

Next question?

Amit you can proceed please with your next question.

Thank you. Just one last question. If I don't know if my understanding is right but at the time when the Burmans took over Religare, I believe the approval that RBI had given was a conditional approval and that condition was that the Burmans would have to merge their NBFCs which they own privately into Religare. Is that understanding correct? And could that be a reason why this scheme was rejected because RBI was expecting a composite scheme where a merger of the private NBFCs would be included in that scheme.

So Amit there is a slight gap in understanding the RBI letter when it comes to the approval. As far as the situation is concerned, there is a set of NBFCs within the Religare fold and then there are privately held NBFCs. The observation of RBI is not about merging the two sides of business.

And that was a condition -- that condition -- those conditions have been given RBI has approved our directors and RBI has approved our takeover and control. So we will -- and we are not aware of this, this was not part of the letter and we are not aware of this. Trust me, we will when we engage with the regulator we will update as and when there's something concrete. Thank you.

Thank you. Ladies and gentlemen we take that as the last question and we conclude the question- and-answer session. I now hand the conference over to Mr. Pratul Gupta for his closing comments.

Thank you, Ryan. Thanks for this session. As always we thank all our shareholders and other stakeholders for their interest and trust in us. For any queries we are available at the contact details as mentioned on the last slide of the presentation. I thank everyone once again for taking out time and wish you all a great evening.

Thank you so much, bye-bye.

Thank you bye-bye.

Thank you. On behalf of Religare Enterprises Limited that concludes this conference call. Thank you for joining us and you may now disconnect your lines.