Care Health (Religare Health) Insurance Limited Unlisted Shares
Care Health Insurance Unlisted Shares — Fast Growth, and the Accounting Change You Must Understand
Care Health (formerly Religare Health Insurance) is one of India’s fastest-growing standalone health insurers — and currently one of the most misunderstood unlisted shares, because a regulatory accounting change makes its reported profit look far weaker than its economics. We explain both, honestly.
| Care Health Unlisted Share | Details |
| Our Buy Price | ₹100 per share |
| Our Sell Price | ₹130 per share |
| Lot Size | On request (flexible ticket sizes available) |
| ISIN | INE119J01011 |
| Incorporated | 2007 (operations from 2012); rebranded from Religare Health in 2020 |
| Parent | Religare Enterprises (~63.2%), with Union Bank of India among shareholders |
| Regulator | IRDAI (Registration No. 148) |
[Get Live Care Health Quote on WhatsApp] [Sell Your Care Health Shares]
About Care Health Insurance
Care Health is a specialist standalone health insurer (SAHI) offering retail health, critical illness, personal accident, maternity, travel and group covers — competing with Star Health, Niva Bupa, Aditya Birla Health and ManipalCigna. It holds roughly a 6.7% share of India’s health insurance industry and ~22% of the SAHI segment, with a claim settlement ratio above 97% — among the industry’s best for three consecutive years — a ₹10,944 crore investment book, a debt-free balance sheet, and 13,000+ employees.
Care Health FY26 — Growth vs. the “1/n” Optics
| Particulars | FY25 | FY26 |
| Gross Written Premium (“n” basis) | ₹9,200 Cr (approx.) | ₹11,417 Cr (+24%) |
| GWP (statutory 1/n basis) | — | ₹10,416 Cr |
| PBT (statutory 1/n basis) | ₹208 Cr | ₹18 Cr |
| PBT (economic “n” basis) | — | ~₹539 Cr (+38%) |
| PBT (Ind AS basis) | — | ₹519 Cr (+34%) |
| Combined Ratio (1/n) | 102.8% | 106.7% |
The single most important thing to understand: from October 2024, IRDAI requires insurers to spread multi-year policy premiums over the policy’s life (the “1/n” method) instead of booking them upfront. FY26 is the first full year on this basis, so reported statutory profit collapses to ₹18 crore — but this is an accounting deferral, not lost money: the premium is collected, the cash is in the bank, and on the economic basis PBT actually grew 38% to ~₹539 crore. Any dealer quoting you Care Health without explaining this is either uninformed or hoping you are.
The genuine concern is claims. The claims ratio rose ~510 bps to 69.6% and the combined ratio worsened to 106.7% — medical inflation is squeezing the whole SAHI sector, and H1 FY26 showed an underwriting loss of ~₹70 crore. Watch this line, not the 1/n optics.
The tailwinds are real too: GST removal on individual health premiums (September 2025) drove ~30% industry retail growth in H2 FY26 — and two-thirds of Care’s book is retail. Parent Religare has already infused fresh capital (₹256 crore of a planned ₹600 crore via rights issue) to fund growth, addressing the company’s relatively thin 1.68x solvency buffer.
Why Investors Buy Care Health Unlisted Shares
- Structural sector growth — India’s health insurance penetration remains far below developed markets.
- Second-largest SAHI franchise with a 97%+ claim settlement record and strong retail mix.
- Listed peers (Star Health, Niva Bupa) provide direct valuation benchmarks — and Care has traded at a comparatively reasonable Mcap/GWP.
- Capital infusion and the Burman-controlled parent’s visible commitment.
Key Risks
- Claims inflation — the 69.6% claims ratio and 106.7% combined ratio must stabilise for profitability to normalise.
- Thinnest solvency of the peer set (1.68x) — growth depends on continued capital support.
- Accounting transition noise — FY25 and FY26 are not directly comparable; sloppy analysis leads to wrong prices in both directions.
- Parent-level complexity — Religare’s ongoing group restructuring (demerger plans) can affect sentiment.
- No announced IPO — despite recurring speculation; exits are via the private market for now.
How to Buy or Sell Care Health Unlisted Shares
Live quote → deal confirmation → KYC → off-market demat transfer, prompt settlement. Full process: buy unlisted shares. Holding Care Health/Religare Health shares from earlier allotments or ESOPs? Sell unlisted shares for a confidential quote.
FAQs — Care Health Unlisted Shares
What is the Care Health Insurance unlisted share price today?
We are buying at ₹100 and selling at ₹130 per share. Lot sizes are flexible — contact our desk for a live quote and minimum investment.
Why did Care Health’s profit fall in FY26?
Mostly accounting, not economics: IRDAI’s “1/n” rule now spreads multi-year premiums across the policy term, cutting statutory PBT to ₹18 crore — while on the economic basis PBT grew ~38% to ~₹539 crore. The genuine pressure point is rising claims, with the combined ratio at 106.7%.
Is Care Health the same as Religare Health Insurance?
Yes — the company was rebranded from Religare Health Insurance to Care Health Insurance in 2020. Religare Enterprises remains its majority shareholder at ~63.2%.
Is a Care Health IPO coming?
No DRHP has been filed. IPO talk resurfaces periodically, especially amid Religare’s group restructuring, but nothing is announced — treat timelines as speculation.
Related unlisted shares: Shriram Life Insurance • Hero FinCorp • InCred Holdings • Orbis Financial
Key Financials
Profit & Loss
| (In Rs. Crore) | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
| Net Earned Premium | 6347.22 | 5328.67 | 3932.04 | 2510.84 | 1729.47 | 1508.45 | 1091.20 |
| Growth % | 19% | 35.52% | 56.60% | 45.18% | 14.65% | 38.24% | 0 |
| Expenses | 1237.58 | 1265.78 | 1329.36 | 1077.92 | 728.20 | 667.85 | 558.30 |
| Growth % | -2% | -4.78% | 23.33% | 48.03% | 9.04% | 19.62% | 0 |
| Operating Profit | 5109.64 | 4062.89 | 2602.68 | 1432.92 | 1001.27 | 840.60 | 532.90 |
| Op. Profit Margin % | 81% | 76.25% | 66.19% | 57.07% | 57.89% | 55.73% | 48.84% |
| Other Income | 551 | 491.69 | 284.17 | 190.65 | 166.06 | 119.52 | 95.27 |
| Net Incurred Claims | 4,096 | 3074.27 | 2116.18 | 1633.73 | 953.82 | 891.94 | 602.67 |
| Net Commision | 1356.8 | 1070.24 | 442.71 | 110.17 | 26.61 | -22.17 | -31.42 |
| Premium Deficiency | 0 | 0 | 0 | -135.88 | 111.42 | 24.46 | 0 |
| Profit Before Tax | 208.20 | 410.07 | 327.96 | 15.55 | 75.48 | 65.89 | 56.92 |
| Tax | 53 | 105.17 | 82.12 | 4.05 | 26.74 | 0.24 | 0 |
| Tax % | 25% | 25.65% | 25.04% | 26.05% | 35.43% | 0.36% | 0.00% |
| Profit After Tax | 155.18 | 304.90 | 245.84 | 11.50 | 102.22 | 65.65 | 56.92 |
| Growth % | -49% | 24.02% | 2037.74% | -88.75% | 55.70% | 15.34% | 0 |
| PAT % | 2% | 5.72% | 6.25% | 0.46% | 5.91% | 4.35% | 5.22% |
| Diluted EPS | 1.6 | 3.18 | 2.64 | 0.13 | 1.24 | 0.90 | 0.86 |
Balance Sheet
| (In Rs. Crore) | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
| Equity Capital | 974.18 | 972.04 | 942.23 | 908.57 | 841.04 | 727.95 | 688.55 |
| Reserves | 1397.97 | 1225.70 | 801.29 | 380.18 | 289.44 | 53.03 | 12.33 |
| Total Equity | 2372.15 | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Sources of Funds | 2372.15 | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
| Investments | 8399.44 | 6632.92 | 5076.28 | 3566.08 | 2635.01 | 1775.73 | 1301.66 |
| Loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fixed Assets | 33.85 | 41.90 | 56.18 | 55.07 | 49.00 | 54.52 | 56.41 |
| Deferred Tax Asset | 44.02 | 41.23 | 46.81 | 39.95 | 42.16 | 0.00 | 0.00 |
| Cash and Bank Balances | 193.46 | 95.85 | 99.81 | 78.69 | 45.68 | 55.86 | 40.24 |
| Other Assets | 350.12 | 301.08 | 237.31 | 157.48 | 210.28 | 114.13 | 173.49 |
| Sub Total (A) | 543.58 | 396.92 | 337.12 | 236.17 | 255.96 | 169.99 | 213.73 |
| Current Liabilities | 3343.10 | 2002.56 | 1559.45 | 1161.19 | 847.29 | 681.19 | 544.07 |
| Provisions | 3305.64 | 2912.67 | 2213.42 | 1529.17 | 1097.68 | 733.63 | 588.05 |
| Sub Total (B) | 6648.74 | 4915.23 | 3772.88 | 2690.36 | 1944.97 | 1414.81 | 1132.12 |
| Net Current Assets (A-B) | -6105.16 | -4518.31 | -3435.76 | -2454.19 | -1689.01 | -1244.83 | -918.39 |
| Debit Bal P/L | 0.00 | 0.00 | 0.00 | 81.84 | 93.33 | 195.56 | 261.21 |
| Total Application of Funds | 2372.15 | 2197.74 | 1743.52 | 1288.74 | 1130.49 | 780.98 | 700.88 |
Shareholding
| Religare Enterprise Limited | 62.84% |
| Trishikhar Ventures LLP | 15.82% |
| Union Bank of India | 5.27% |
| Others | 16.06% |
