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Religare Enterprises Limited (532915) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Religare Enterprises Limited ₹379, price ₹225, upside +68.8%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Thin data
Sep 24, 2026
Religare Enterprises Limited
532915 · BSEClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value ₹379.35 · Strongly undervalued (+68.8%)
!Quality 54/100
!Mixed Growth (revenue 5y +25.6 %/yr)
!Loss over the last twelve months · -39.8% net margin (TTM) · fiscal year 2025 1.7%
✓Low debt
!Narrow moat 14/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹92.45 – ₹308.45 · fair‑value band ₹282.27 – ₹479.05 · the ₹224.75 price screens below the ₹379.35 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Religare Enterprises Limited operates as a core investment company in India and internationally.
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Religare Enterprises Limited operates as a core investment company in India and internationally. The company offers broking services in equities, commodities, and currencies; depository participant services; and TIN and PAN facilities, as well as operates as an NSDL-appointed enrolment agency for Aadhaar unique identification number and an AMFI-registered mutual fund distributor. It also provides finance for small and medium enterprises and housings, as well as health insurance products and services. In addition, the company operates an online investment portal; and provides e-governance and financial advisory services. Religare Enterprises Limited was incorporated in 1984 and is based in Noida, India.
Stock analysis
Religare Enterprises Limited (532915) currently trades at ₹224.75, while our model-based Fair Value estimate is ₹379.35, implying the stock looks roughly 40.8% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹413.33 per share, and 4 of the 11 models we run sit above the ₹224.75 price.
Bear case: the Multiples group reads lowest at ₹62.86, and 7 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹282.27 (bear) to ₹479.05 (bull), the price of ₹224.75 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Financial sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Religare Enterprises Limited reported revenue of ₹73.5B in FY2025 versus ₹24.9B in FY2021, a compound +31.1%/yr. Reported net income was ₹1.3B in FY2025.
Key figures
Market cap ₹12.6B (≈ $131M) · P/S ratio 0.53 · EPS (TTM) ₹−44.30 · Net margin 1.7% · Return on equity −164% · Return on assets (EBIT) 5.6% · Operating margin −20.9% · Revenue growth (YoY) −5.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (medium confidence).
What moves the price
The share trades about 19% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial peers we cover trades at −3% fair-value upside, at 69%, 532915 screens cheaper than that median.
Fair Value models
Bear ₹282.27
Fair Value ₹379.35
Bull ₹479.05
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Growth DCF
₹603.86
₹1,034
₹1,607
76
Owner Earnings
₹72.42
₹124.29
₹208.37
74
5Y P/E Exit
₹270.63
₹362.00
₹455.56
72
All 11 models by family
DCF Models
Owner Earnings
₹72.42
₹124.29
₹208.37
74
5Y P/E Exit
₹270.63
₹362.00
₹455.56
72
10Y P/E Exit
₹405.41
₹547.51
₹732.76
64
Earnings-Based
Graham-Dodd
₹32.88
₹199.13
₹277.66
63
Lynch FV
₹56.89
₹81.28
₹105.66
61
Multiples
P/E Multiple
₹47.14
₹62.86
₹78.57
63
P/B Multiple
₹61.65
₹82.20
₹102.75
55
Asset-Based
NCAV (Graham)
₹48.58
₹65.10
₹97.16
54
Growth DCF
Growth DCF
₹603.86
₹1,034
₹1,607
76
Rev-Margin DCF
₹290.58
₹413.33
₹584.60
72
Economic Profit
Residual Income
₹66.82
₹64.78
₹66.33
71
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Set up alert →Quality Score breakdown
Overall quality
54/100
Of which business quality 56 · Market factors (momentum, volatility) 42
Profitability
42
Margins and returns on capital today
Quality Growth
53
Are margins and returns improving?
Cashflow
92
Earnings quality: real cash, not paper profit
Fin. Strength
8
Balance sheet, leverage, solvency risk
Investment
84
Disciplined investing over empire-building
Low Volatility
68
Calm price path (market factor)
Momentum
34
Price trend over the last 3–12 months (market factor)
52W Momentum
26
Distance to the 52-week high (market factor)
Net Issuance
74
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+17.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+25.6%
Start year 2020 (pandemic). Over 10 years: +6.0% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.3%
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What shareholders gained per year (last 3 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−65.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−65.9%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−46% → 3%
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Investment Brokerage - National” was too small, so the broader sector is used.)Financials · 3207 stocks
Beats the sector median on 2/8 measures
Overall it trails its sector peers.
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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| IndiaNivesh Limited 501700 | ₹6.92 | ₹6.71 | −3% |
| BAMPSL BAMPSL | ₹17.89 | ₹5.58 | −69% |
| ODYCORP ODYCORP | ₹7.06 | ₹13.06 | +85% |
| Cni Research Limited 512018 | ₹8.07 | ₹2.85 | −65% |
| Gemstone Investments Limited 531137 | ₹1.39 | ₹1.19 | −14% |
| Chartered Capital and Investment Limited 511696 | ₹254.95 | ₹116.97 | −54% |
| Morarka Finance Limited 511549 | ₹62.35 | ₹124.70 | +100% |
| Ashirwad Capital Limited 512247 | ₹2.57 | ₹3.37 | +31% |
| Bharat Bhushan Finance & Commodity Brokers Limited 511501 | ₹23.00 | ₹3.35 | −85% |
| Esaar (India) Limited 531502 | ₹10.99 | ₹21.98 | +100% |
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Frequently asked questions
Is Religare Enterprises Limited (532915) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹379.35 versus a price of ₹224.75, about +69% upside (undervalued).
What is the fair value of 532915?
Our model-based fair value for Religare Enterprises Limited is ₹379.35 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹224.75.
What is the quality score of 532915?
Religare Enterprises Limited has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Religare Enterprises Limited (532915)?
Our model-based price target is the fair value of ₹379.35 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario ₹282.27, optimistic scenario ₹479.05. It is a calculation from audited fundamentals, not an analyst target.
What is the Religare Enterprises Limited stock forecast for 2026?
Our models put fair value at ₹379.35, about +69% upside versus a price of ₹224.75 (undervalued). Cautious scenario ₹282.27, optimistic scenario ₹479.05. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Religare Enterprises Limited (532915)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Religare Enterprises Limited it is ₹379.35 per share (as of Sep 24, 2026), against a price of ₹224.75. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Religare Enterprises Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532915 trades below its calculated fair value: price ₹224.75, fair value ₹379.35, a gap of about +69% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532915?
No. The price is what the market pays today (₹224.75); the fair value is what the company's own numbers justify (₹379.35). For Religare Enterprises Limited the two are ₹154.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Religare Enterprises Limited worth?
The market values Religare Enterprises Limited at about ₹12.6B (market capitalisation, as of Sep 24, 2026). Per share that is ₹224.75; our models calculate a fair value of ₹379.35 per share.
What do the bullish and bearish scenarios say about 532915?
Our models span a range for Religare Enterprises Limited: cautious scenario ₹282.27, base ₹379.35, optimistic ₹479.05 per share (as of Sep 24, 2026, price ₹224.75). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Religare Enterprises Limited (532915)?
Balance-sheet figures for Religare Enterprises Limited (as of Sep 24, 2026): return on equity −163.9%, debt of 0.03 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 532915 from its 52-week high?
Religare Enterprises Limited trades at ₹224.75, about 19% below its 52-week high of ₹277.90 and 12% above the low of ₹201.50 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹379.35 is for.
Which stocks are comparable to Religare Enterprises Limited?
From the same area (Financial) we also value IndiaNivesh Limited, BAMPSL, ODYCORP, Cni Research Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Religare Enterprises Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹224.75, calculated fair value ₹379.35 (+69%), Quality Score 54/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532915 calculated?
We run Religare Enterprises Limited through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹379.35, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Religare Enterprises Limited currently trades 41 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Religare Enterprises Limited (532915)?
The closing price on Oct 1, 2026 was ₹224.75. Our model-based fair value is ₹379.35, about +69% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Religare Enterprises Limited right now?
The price is below even our cautious bear case (₹282.27). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Religare Enterprises Limited
How large is the market capitalisation of Religare Enterprises Limited (532915)?
The market capitalisation of Religare Enterprises Limited is ₹12.6B (≈ $131M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Religare Enterprises Limited (532915)?
The price-to-sales ratio of Religare Enterprises Limited is 0.53 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Religare Enterprises Limited (532915)?
Earnings per share at Religare Enterprises Limited are ₹−44.30. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Religare Enterprises Limited (532915)?
The net margin of Religare Enterprises Limited is 1.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Religare Enterprises Limited (532915)?
The return on equity (ROE) of Religare Enterprises Limited is −164% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Religare Enterprises Limited (532915)?
On an EBIT basis the return on assets of Religare Enterprises Limited is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Religare Enterprises Limited (532915)?
The operating margin of Religare Enterprises Limited is −20.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Religare Enterprises Limited (532915)?
Revenue at Religare Enterprises Limited is growing −5.1% versus a year earlier (3y avg +31.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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