Religare Enterprises has disclosed that its material subsidiary Care Health Insurance Limited (CHIL) has received a Show Cause Notice (SCN) dated March 02, 2026 from the Insurance Regulatory and Development Authority of India (IRDAI). The notice follows a thematic onsite inspection conducted by the regulator during February 10-14, 2025.

Inspection and Notice Details

The IRDAI had conducted a thematic onsite inspection of Care Health Insurance during the period from February 10, 2025 to February 14, 2025. Following the inspection, IRDAI issued its observations, which were replied to by CHIL. The show cause notice has now been issued based on these inspection findings.

Alleged Violations

The show cause notice alleges violations by Care Health Insurance of several regulatory provisions. The company is alleged to have contravened multiple master circulars and regulations governing insurance operations.

Company Response and Impact

Care Health Insurance is currently preparing its response to the show cause notice and taking remedial steps as advised by the regulator. Religare Enterprises has stated that there is no material impact on the company's financials, operations, or other activities due to the SCN. However, any penalty that may be adjudicated and becomes payable will be borne by CHIL, whose financials are consolidated with Religare Enterprises.

Regulatory Compliance Framework

This development highlights the ongoing regulatory oversight in India's insurance sector. IRDAI regularly conducts inspections of insurance companies to ensure compliance with regulatory requirements and protect policyholders' interests. The show cause notice process allows companies to respond to regulatory concerns before any final action is taken.

Religare Enterprises has released its comprehensive investor presentation for the Q3FY26 earnings call scheduled for February 16, 2026. The company made the presentation available through a regulatory filing dated February 15, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Earnings Call and Presentation Details

The management has scheduled the earnings call for February 16, 2026, at 04:00 PM IST to discuss operational and financial performance for the quarter and nine months ended December 31, 2025. The investor presentation is now accessible on the company's website and provides detailed insights into all business segments.

Consolidated Financial Performance

The company reported consolidated total income of Rs. 2,067.90 crore for Q3 FY26 compared to Rs. 1,670.20 crore in Q3 FY25. However, the company posted a net loss of Rs. 76.50 crore for Q3 FY26 against a loss of Rs. 63.20 crore in the corresponding quarter of the previous year.

Business Segment Performance

Religare Enterprises operates through multiple business verticals including insurance services through Care Health Insurance, financial services including broking operations through Religare Broking Limited, and lending activities through Religare Finvest Limited and Religare Housing Development Finance Corporation Limited.

Care Health Insurance Performance

Care Health Insurance, India's second-largest standalone health insurer, reported Gross Written Premium of Rs. 2,621 crore in Q3 FY26 compared to Rs. 1,895 crore in Q3 FY25. The company maintains a strong market position with over 22,000 hospital networks and 274 branch offices.

Religare Broking Limited Performance

Religare Broking Limited, operating through 68 branches serving 2.5 lakh active clients, reported total income of Rs. 91.01 crore in Q3 FY26 compared to Rs. 81.47 crore in Q3 FY25. The broking business includes e-governance services and maintains a diversified revenue stream.

Strategic Reorganization Initiative

The company has announced plans for reorganizing its business structure through a proposed demerger of financial services business from Religare Enterprises Limited to Religare Finvest Limited. This reorganization aims to create focused management attention, streamline businesses, and enable separate listing of the financial services business while retaining the insurance business investment in Care Health Insurance.

Regulatory Compliance and Access Information

The announcement was made in compliance with SEBI listing regulations, with Company Secretary Anuj Jain ensuring proper disclosure to both NSE and BSE. The earnings call will accommodate participants from multiple regions with dedicated access numbers for USA, UK, Singapore, and Hong Kong, along with primary Indian numbers.