Religare Enterp. Q1 FY27 Results (NSE: RELIGARE)
Signal: Slipped to loss
The read
The key inflection is a return to consolidated loss of ₹26.18 Cr and negative EBITDA of ₹44.01 Cr after Q4FY26 PAT of ₹96 Cr, showing that the recent profit recovery has not yet become durable; the standalone view remains structurally weak with a ₹961.97 lakh loss and broking/lending losses as the principal disclosed drags.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,353.4 Cr | 26.4% | N/A |
| EBIT | ₹-61.72 Cr | N/A | |
| Net profit | ₹-26.18 Cr | N/A | |
| EPS | ₹-0.78 | N/A | |
| EBIT margin | 0% |
P&L walk
Consolidated total income was ₹2358.43 Cr, but EBITDA was negative at ₹44.01 Cr and PAT was negative at ₹26.18 Cr, marking a sharp reversal from the ₹96 Cr PAT reported in Q4FY26 as operating losses outweighed income.
Segments
The available segment table is standalone rather than consolidated: broking revenue rose to ₹137.39 lakh from ₹4.47 lakh YoY but its loss widened to ₹459.42 lakh from ₹24.67 lakh, while lending loss widened to ₹300.12 lakh from ₹280.48 lakh; Investment-Others was the only profitable activity at ₹85.28 lakh.
Key positives
- Consolidated revenue was ₹2353.4 Cr, up 26.4% YoY, although this growth did not translate into positive EBITDA.
- Standalone total income increased to ₹438.17 lakh from ₹310.32 lakh YoY and ₹335.59 lakh QoQ.
- Standalone finance costs declined 86.9% YoY to ₹22.81 lakh, reducing one source of earnings pressure.
- Investment-Others generated ₹85.28 lakh of segment result versus ₹65.30 lakh YoY, partially offsetting lending and broking losses.
Key concerns
- Consolidated EBITDA was negative at ₹44.01 Cr and PAT was negative at ₹26.18 Cr, reversing the ₹96 Cr PAT recorded in Q4FY26.
- Standalone employee benefits expense rose 180.1% YoY to ₹927.45 lakh against total income of ₹438.17 lakh, leaving the parent with a ₹961.97 lakh loss.
- Broking segment loss widened to ₹459.42 lakh from ₹24.67 lakh YoY despite revenue increasing to ₹137.39 lakh from ₹4.47 lakh.
- Lending segment loss widened to ₹300.12 lakh from ₹280.48 lakh YoY, indicating that core financial-services operations remain loss-making.
Research and educational content only. Not investment advice.