Religare reports operating loss as expenses exceed revenue
A Rs 29.75 cr tax benefit narrowed the consolidated net loss to Rs 46.98 cr, while operating margin ranked 2 from the bottom among 61 peers.
Filed 12 Aug 2026, 20:18 IST · after market close · Religare Enterprises Ltd (RELIGARE)
Key takeaways
- Expenses of Rs 2,402.44 cr exceeded revenue of Rs 2,353.4 cr, resulting in a consolidated operating loss of Rs 49.05 cr.
- A reported tax benefit of Rs 29.75 cr reduced the consolidated net loss to Rs 46.98 cr, but did not offset the operating loss.
- Religare's operating margin of -2.08% was 64.43 percentage points below the 62.35% median for 61 Financial Services peers.
Price around the results
Expenses kept Religare in the red
In the consolidated Q1FY27 results, revenue did not cover expenses, leaving operating profit at negative Rs 49.05 cr and operating margin at -2.08%. The operating loss, along with interest of Rs 15.01 cr and depreciation of Rs 17.7 cr, resulted in a pre-tax loss of Rs 76.73 cr. Basic EPS was negative Rs 0.78.
Tax benefit reduced, but did not remove, the loss
The reported tax line was a benefit of Rs 29.75 cr, which reduced the pre-tax loss to a net loss of Rs 46.98 cr. Other income was Rs 5.03 cr, so it did not provide a large offset to the operating deficit.
Operating margin was near the bottom of the peer set
Religare's operating margin of -2.08% was 64.43 percentage points below the 62.35% median among 61 Financial Services companies that had reported. The company ranked 2 from the bottom on this measure.
Results were filed after market close
Religare filed its consolidated Q1FY27 results after market close on 12 Aug 2026 at 20:18 IST. The filing was therefore too fresh for a post-results market reaction to assess.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹2,353 cr |
| Other income | ₹5 cr |
| Expenses | ₹2,402 cr |
| Operating profit | ₹-49 cr |
| Operating margin (%) | -2.08% |
| Interest | ₹15 cr |
| Depreciation | ₹18 cr |
| Profit before tax | ₹-77 cr |
| Tax | ₹-30 cr |
| Net profit | ₹-47 cr |
| EPS (₹) | ₹-0.78 |
Operating margin of -2.08% compares with a Financial Services sector median of 62.35% across 61 peers that have reported Q1FY27.
What to watch
- Whether expenses of Rs 2,402.44 cr fall below revenue of Rs 2,353.4 cr.
- Whether operating margin improves from -2.08%.
- Whether the Rs 29.75 cr tax benefit recurs.