Unlisted Share Research Report | FY2026
Sector: Health Insurance
Company: Care Health Insurance Limited
Formerly: Religare Health Insurance Company Limited
CIN: U66000DL2007PLC161503
ISIN: INE119J01011
Face Value: ₹10 per share
Registered Office: New Delhi
IRDAI Registration: 148
Status: Unlisted Public Company
1. Company Overview
Care Health Insurance Limited is a specialised standalone health insurance company in India and was formerly known as Religare Health Insurance.
The company offers health and related insurance products across retail, corporate and specialised segments. Its product portfolio includes health insurance, top-up plans, personal accident, maternity, critical illness, international travel insurance, group health and group personal accident products, along with wellness services.
Official Care Health Insurance Website
Care is positioned as one of India’s major standalone health insurers. Religare’s FY26 investor communication reported Care’s retail standalone health insurance market share at 19.7%, up from 18.8% in FY25.
2. Business Model
Care Health primarily earns premiums by underwriting health insurance policies and subsequently manages claims and investment income generated from the premium float.
Key business segments
| Segment | Description |
|---|---|
| Retail Health | Individual and family health insurance |
| Corporate Health | Group medical insurance for employees |
| Top-up / Super Top-up | Additional protection above an existing deductible |
| Critical Illness | Lump-sum protection for specified critical illnesses |
| Personal Accident | Accident-related insurance coverage |
| Maternity | Maternity and newborn-related coverage |
| Travel | International travel insurance |
| Rural / Micro Insurance | Insurance solutions for underserved segments |
| Wellness & Digital | Health services, app-based servicing and wellness initiatives |
3. Products & Distribution
Some of the company’s current products include Care Supreme, Care, Care Advantage, Care Plus, Care Classic, Care Freedom, Care Heart, Care Advanced and Ultimate Care, among others.
The company distributes its products through a combination of branches, agents, intermediaries, corporate channels and digital platforms.
As of FY26, Care reported:
- 277 branches
- 1,455+ network locations
- Approximately 22,040+ hospital tie-ups
- 85 lakh+ claims settled cumulatively
- 12.5 million app installations
- Approximately 1.2 million monthly active app users
Care Health Network Hospital Locator
4. FY2026 Financial Performance
Care’s FY26 performance needs to be viewed carefully because insurance accounting under the newer 1/n basis can make reported premium and profitability less directly comparable with earlier periods.
On the economic/n basis, Religare reported strong improvement in FY26.
| Particulars | FY25 | FY26 |
|---|---|---|
| Gross Written Premium | ~₹9,200 Cr | ₹11,417 Cr |
| GWP Growth | — | ~24% |
| PBT – n basis | ~₹390 Cr | ₹539 Cr |
| PBT Growth | — | ~38% |
| Solvency Ratio | — | 1.68x |
| SAHI Retail Market Share | 18.8% | 19.7% |
| Credit Rating | IND A+ | IND AA-, Stable |
The company’s standalone statutory financial statements on the 1/n basis show FY26 premium-related operating performance differently: GWP was approximately ₹9,805 Cr, net earned premium ₹7,256 Cr and PAT ₹12.16 Cr. The company reported that the accounting transition materially affects year-on-year comparability.
Important point
Do not judge Care only by the ₹12 Cr FY26 PAT shown under the 1/n statutory presentation.
Management reported ₹539 Cr PBT on the n basis, with profitability improving 38% YoY.
This distinction is particularly important when analysing the company’s valuation.
5. Underwriting Performance
The most important metric for a health insurer is not simply premium growth but whether premium growth translates into sustainable underwriting profitability.
FY26 showed strong premium growth, but claims and operating expenses also remained important variables.
A third-party analysis of the statutory financial statements calculated:
- Net earned premium: ₹7,255.94 Cr
- Net claims incurred: ₹5,050.89 Cr
- Net commission: ₹1,482.79 Cr
- Operating expenses: ₹1,386.72 Cr
- Operating loss: ₹151.21 Cr
- PBT: ₹17.81 Cr
- PAT: ₹12.16 Cr
Management’s FY26 investor presentation reported an Ind AS combined ratio of around 101.4%, while another company presentation cited 98.9% on its specified basis. Investors should therefore ensure that the accounting basis is consistent before comparing ratios across insurers.
6. Solvency
As of 31 March 2026, Care reported a solvency ratio of approximately:
1.68x
This was described by management as being supported by recent capital infusion.
Solvency is particularly important for insurance companies because the insurer needs adequate capital to support future premium growth and absorb unexpected claims.
7. Investment Portfolio
Insurance companies collect premiums upfront and invest the available funds while remaining obligated to meet future claims.
Care reported an investment book of approximately:
₹10,944 Cr
The FY26 presentation indicated approximately:
- 58.3% in corporate bonds
- 35% in Government Securities
- Balance in other instruments
The reported investment portfolio yield was approximately 7.3%.
This investment income is an important component of overall insurer profitability.
8. Shareholding
Care remains controlled through its promoter group structure.
The FY25 statutory shareholding disclosure showed:
| Shareholder / Category | Holding |
|---|---|
| Religare Enterprises Limited | 62.84% |
| Trishikhar Ventures LLP | 15.82% |
| Union Bank of India | 5.27% |
| Other shareholders | Balance |
| Promoters & Promoter Group | 83.94% |
Religare’s FY26 disclosures also indicate that the group is working toward a restructuring in which Religare Enterprises would become a more focused health-insurance holding company after the proposed demerger of its other financial-services businesses.
9. Management
Ajay Kumar Shah – MD & CEO
Ajay Kumar Shah was appointed Managing Director & CEO of Care Health Insurance effective April 2026.
He is a founding team member of Care with more than three decades of insurance-industry experience.
The appointment followed the tenure of Anuj Gulati, who had led Care during its expansion as a major standalone health insurer.
10. Unlisted Share Price
Care Health Insurance is not currently listed on NSE or BSE. Its shares trade in the unlisted/OTC market.
Recent September 2026 references include:
| Source | Indicative Price |
|---|---|
| Moneycontrol | ₹149.57 |
| Planify | ₹147.50 |
| BuyUnlistedShares | ₹148 |
Moneycontrol reported approximately ₹14,895 Cr market capitalisation at ₹149.57, while Planify reported approximately ₹16,000–17,500 Cr valuation references in connection with potential restructuring/listing discussions.
Important: These are indicative private-market references, not exchange-traded prices. OTC liquidity, spreads, settlement, lot sizes and price discovery can differ materially from listed shares.
11. Valuation
Using approximately ₹149.5 per share and around 99.6 crore shares, the implied equity value is roughly:
₹14,900 Cr
The valuation should not be assessed purely on P/E because statutory FY26 PAT under the 1/n accounting basis is distorted by the accounting transition.
More relevant metrics for an insurance company include:
- Price-to-book
- Market-cap/GWP
- Solvency
- Combined ratio
- Premium growth
- Sustainable ROE
- Embedded value / future profitability
- Capital requirements
Moneycontrol currently reports a P/B of roughly 5.4x at its indicative price.
12. Potential Listing / Corporate Restructuring
Care Health Insurance itself is currently unlisted.
In February 2026, Moneycontrol reported that Religare was considering a restructuring that could potentially result in Care becoming separately listed.
Separately, Religare management has discussed a demerger under which its financial-services businesses would move to Religare Finvest, leaving Religare Enterprises more focused on its Care Health Insurance holding.
Important
There is no confirmed IPO price band or listing date for Care Health Insurance as of September 2026.
Therefore, any current market discussion around a future listing should be treated as a potential corporate-action catalyst rather than a confirmed IPO timetable.
13. Growth Drivers
1. Rising health-insurance penetration
India remains an underpenetrated health-insurance market, providing a long-term opportunity for specialised insurers.
2. Retail health growth
Care reported retail SAHI market share increasing from 18.8% to 19.7% in FY26.
3. Strong premium growth
FY26 GWP grew approximately 24% to ₹11,417 Cr on the company’s reported n basis.
4. Scale benefits
A larger customer base can potentially improve operating leverage as fixed technology, distribution and servicing costs are spread across a larger premium pool.
5. Digital adoption
The company reported 12.5 million app installations and approximately 1.2 million monthly active users, supporting digital servicing and customer engagement.
6. Potential corporate restructuring
The proposed Religare restructuring could create a simpler holding-company structure around Care and potentially increase investor focus on the health-insurance business.
14. Key Risks
Underwriting risk
High claims inflation or adverse medical-cost trends can pressure margins.
Combined-ratio risk
Premium growth alone does not guarantee profitability. Sustainable underwriting requires the combined ratio to move toward/below 100%.
Capital requirement
Fast premium growth requires additional capital to maintain adequate solvency.
Regulatory risk
Health insurance pricing, commissions, solvency, accounting and product regulations can change.
Competition
Care competes with Star Health, Niva Bupa, ICICI Lombard and other insurers.
OTC liquidity
Unlisted shares can have limited liquidity and wider bid-ask spreads compared with listed securities.
Valuation risk
At around ₹14,900 Cr implied market value, the valuation already reflects significant expectations regarding future growth and profitability.
Corporate-action uncertainty
A potential restructuring or listing can be a catalyst, but timing and final structure remain subject to regulatory and shareholder processes.
15. What to Track Going Forward
For investors analysing Care Health Insurance, the following numbers are particularly important:
- GWP growth
- Retail health market share
- Combined ratio
- Claims ratio
- Solvency ratio
- PBT/PAT on a comparable accounting basis
- ROE
- Investment income
- Capital infusion requirements
- Any confirmed listing/de-merger developments
16. UnlistedCart Takeaway
Care Health Insurance represents a scaled standalone health-insurance franchise with strong premium growth, increasing retail market share and a large healthcare distribution network.
The FY26 numbers need to be read carefully because the transition to the 1/n insurance accounting framework makes reported statutory profit look substantially weaker than the company’s economic/n-basis profitability.
The key investment debate is therefore not simply “₹12 Cr PAT vs ₹15,000 Cr valuation”.
The more relevant questions are:
Can Care maintain high premium growth?
Can the combined ratio sustainably move toward 100%?
Can it grow without repeatedly requiring large capital infusions?
And will the proposed Religare restructuring eventually provide a clearer listing/valuation route?
The answers to these variables will have a major bearing on the long-term valuation of the unlisted shares.
Important Sources
Care Health Insurance – Official Website
Care Health – Public Disclosures
Care Health – About the Company
Care Health – Network Hospitals
Care Health – Product Terms & Conditions
Disclaimer: This report is for educational and informational purposes only and should not be considered investment advice, an offer to buy/sell securities, or a guarantee of listing or returns. Unlisted-share prices are indicative and may vary based on liquidity, transaction size and market conditions. Investors should independently verify financial statements, shareholding, valuation, regulatory status and transaction terms before investing.
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