Religare Enterprises Limited (RELIGARE) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Religare Enterprises Limited ₹48.15, price ₹225, upside -78.6%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹105.95 – ₹309.45 · fair‑value band ₹41.76 – ₹48.15 · the ₹224.59 price screens above the ₹48.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 1, 2026.
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Religare Enterprises Limited, through its subsidiaries, provides various financial services in India and internationally. It operates through Investment and Financing Activities; Broking Related Activities; E-Governance; and Insurance segments.
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Religare Enterprises Limited, through its subsidiaries, provides various financial services in India and internationally. It operates through Investment and Financing Activities; Broking Related Activities; E-Governance; and Insurance segments. The company provides small and medium enterprise financing; and housing finance products comprising home-purchase, home construction, and home improvement loans. It also offers broking services in equity, currency, and commodity; and depository participant services, as well as operates as a NSDL-appointed enrolment agency for Aadhaar Unique Identification Number, and a mutual fund distributor. In addition, the company provides health, critical illness, personal accident, top-up coverage, international travel, and maternity insurance products, as well as group health and personal accident insurance for corporates. Further, the company engages in the permanent account number issuance; tax deduction and collection account number and e-TDS returns; acting as a business correspondent for banking services; bharat bill payment systems and recharges; ticketing for airlines, railways, buses, and tourism through online and offline platforms; digital signature certificate and token services; and operating as a central record keeping agency facilitation center. The company was incorporated in 1984 and is headquartered in New Delhi, India.
Stock analysis
Religare Enterprises Limited (RELIGARE) currently trades at ₹224.59, while our model-based Fair Value estimate is ₹48.15, 78.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ₹56.52 per share, and 0 of the 4 models we run sit above the ₹224.59 price.
Bear case: the Multiples group reads lowest at ₹32.42, and 4 of the 4 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹41.76 (bear) to ₹48.15 (bull), the price of ₹224.59 sits above 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 Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Religare Enterprises Limited reported revenue of ₹84.3B in FY2026 versus ₹31.9B in FY2022, a compound +27.5%/yr. Reported net income was ₹860M in FY2026.
Key figures
Market cap ₹74.5B (≈ $774M) · P/E ratio 148.7 · P/S ratio 1.52 · EPS (TTM) ₹1.51 · Net margin 1.0% · Return on equity 2.0% · Return on assets (EBIT) 6.6% · Operating margin −2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low 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 Services peers we cover trades at −35% fair-value upside, at −79%, RELIGARE screens richer than that median.
Fair Value models
Bear ₹41.76Fair Value ₹48.15Bull ₹48.15
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.7653 per share) are deliberately not added.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.
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
+15.2%
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.
+25.0%
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.
+28.6%
Start year 2021 (pandemic). Over 10 years: +7.2% a year
Revenue growth 20 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.
+32.3%
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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.
−19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.0%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘ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.−21% → 0%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−23.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −26.5% a year for the price.
Compare Religare Enterprises Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Life · 89 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−78.6% · Bottom 25%
Profitability
Return on equity (TTM)2.0% · Bottom 25%
Return on assets0.6% · Below median
Net margin (TTM)0.6% · Bottom 25%
Operating margin (TTM)−2.6% · Bottom 25%
Growth and dividend
Revenue growth26.0% · Top 25%
Balance sheet
Debt / equity0.14× · Lowest 25%
Valuation Multiplesvs Insurance - Life median · lower = cheaper
P/E (TTM)148.7× · Priciest 25%
P/B2.56× · Priciest 25%
P/S (TTM)0.83× · Cheaper than median
P/FCF2.9× · Cheaper than median
EV/EBITDA59.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 2
FUTURE (revenue growth)100· sector 43
PAST (return on equity)8· sector 48
HEALTH (low debt)93· sector 87
DIVIDEND (yield)0· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Religare Enterprises Limited (RELIGARE) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹48.15 versus a price of ₹224.59, about −79% upside (overvalued).
What is the fair value of RELIGARE?
Our model-based fair value for Religare Enterprises Limited is ₹48.15 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹224.59.
What is the quality score of RELIGARE?
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 (RELIGARE)?
Our model-based price target is the fair value of ₹48.15 (as of Oct 1, 2026) from 4 valuation models. Cautious scenario ₹41.76, optimistic scenario ₹48.15. 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 ₹48.15, about −79% upside versus a price of ₹224.59 (overvalued). Cautious scenario ₹41.76, optimistic scenario ₹48.15. The calculation is refreshed regularly with new filings.
What is the revenue of Religare Enterprises Limited (RELIGARE)?
Religare Enterprises Limited reported trailing-twelve-month revenue of about ₹89.8B (latest available figure, as of Oct 1, 2026).
What growth is priced into Religare Enterprises Limited (RELIGARE)?
For today's price to be fair in a discounted-cash-flow model, Religare Enterprises Limited would have to grow free cash flow by -23.4 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.6 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of RELIGARE use?
Our models discount Religare Enterprises Limited at 13.9 %: a base by market capitalisation (small), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Religare Enterprises Limited that is -23.4 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Religare Enterprises Limited (RELIGARE) delivered so far?
Over the past 5 years revenue at Religare Enterprises Limited grew +28.6 % a year. The price currently implies -23.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Religare Enterprises Limited (RELIGARE) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into Religare Enterprises Limited (-23.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Religare Enterprises Limited (RELIGARE)?
The free-cash-flow yield on the price is 34.62 %: that much free cash flow Religare Enterprises Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Religare Enterprises Limited (RELIGARE)?
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 ₹48.15 per share (as of Oct 1, 2026), against a price of ₹224.59. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Religare Enterprises Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, RELIGARE trades above its calculated fair value: price ₹224.59, fair value ₹48.15, a gap of about −79% (overvalued). 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 RELIGARE?
No. The price is what the market pays today (₹224.59); the fair value is what the company's own numbers justify (₹48.15). For Religare Enterprises Limited the two are ₹176.44 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 ₹74.5B (market capitalisation, as of Oct 1, 2026). Per share that is ₹224.59; our models calculate a fair value of ₹48.15 per share.
What do the bullish and bearish scenarios say about RELIGARE?
Our models span a range for Religare Enterprises Limited: cautious scenario ₹41.76, base ₹48.15, optimistic ₹48.15 per share (as of Oct 1, 2026, price ₹224.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RELIGARE?
Religare Enterprises Limited trades at a price-to-earnings ratio of 148.7 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹48.15 is built from several models across several years. Other multiples: P/B 2.6, P/S 0.8, EV/EBITDA 59.8.
How solid is the balance sheet of Religare Enterprises Limited (RELIGARE)?
Balance-sheet figures for Religare Enterprises Limited (as of Oct 1, 2026): return on equity 2.0%, debt of 0.14 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is RELIGARE from its 52-week high?
Religare Enterprises Limited trades at ₹224.59, about 19% below its 52-week high of ₹278.36 and 12% above the low of ₹201.11 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹48.15 is for.
Which stocks are comparable to Religare Enterprises Limited?
From the same area (Financial Services) we also value China Life Insurance Company, Ping An Insurance (Group) Company, AIA Group, Manulife Financial Corporation, 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 Oct 1, 2026: price ₹224.59, calculated fair value ₹48.15 (−79%), Quality Score 54/100, from 4 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 RELIGARE calculated?
We run Religare Enterprises Limited through 4 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 ₹48.15, 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 itself currently trades above fair value. 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 (RELIGARE)?
The closing price on Oct 1, 2026 was ₹224.59. Our model-based fair value is ₹48.15, about −79% upside (overvalued). 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 sits above even our optimistic bull case (₹48.15). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. 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 (RELIGARE)?
The market capitalisation of Religare Enterprises Limited is ₹74.5B (≈ $774M). 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 (RELIGARE)?
The price-to-sales ratio of Religare Enterprises Limited is 1.52 (P/E × margin). 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 (RELIGARE)?
Earnings per share at Religare Enterprises Limited are ₹1.51 (price ÷ EPS = P/E 148.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Religare Enterprises Limited (RELIGARE)?
The net margin of Religare Enterprises Limited is 1.0% (fiscal year 2026). 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 (RELIGARE)?
The return on equity (ROE) of Religare Enterprises Limited is 2.0% (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 (RELIGARE)?
On an EBIT basis the return on assets of Religare Enterprises Limited is 6.6% (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 (RELIGARE)?
The operating margin of Religare Enterprises Limited is −2.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Religare Enterprises Limited (RELIGARE)?
Revenue at Religare Enterprises Limited is growing +26.0% versus a year earlier (3y avg +25.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Religare Enterprises Limited (RELIGARE)?
Earnings per share at Religare Enterprises Limited are growing −16.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Religare Enterprises Limited (RELIGARE) hold?
Religare Enterprises Limited holds more cash than debt, ₹12.1B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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