Care Health (Previously Religare Health) Insurance Company Limited Unlisted Shares
Care Health (Previously Religare Health) Insurance, the health insurance arm of Religare Enterprises Limited (REL), is a specialized Health Insurer offering health insurance services to employees of corporates, individual customers, and financial inclusion as well. RHI commenced business in 2012 and currently has three major shareholders – Religare Enterprises Limited, Union Bank of India and Corporation Bank.
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Fundamentals
Financial (In Cr)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2559 | 3880 | 5141 | 6864 |
| Cost of Material Consumed | 1980 | 3088 | 4590 | 6047 |
| Gross Margins | 1729 | 2510 | 3932 | 5329 |
| Change in Inventory | 1.9 | 3.6 | 7 | 13 |
| Employee Benefit Expenses | 103 | 446 | 172 | 255 |
| Other Expenses | 242 | 2 | 414 | 81 |
| EBITDA | 2075.9 | 2961.6 | 4525 | 5678 |
| OPM | 953 | 1633 | 2116 | 3074 |
| Other Income | 26 | 110 | 442 | 1070 |
| Finance Cost | 721 | 1070 | 1322 | 1178 |
| D&A | 111 | -135 | 0 | 0 |
| EBIT | 264.9 | 283.6 | 645 | 356 |
| EBIT Margins | 59 | 59 | 105 | 143 |
| PBT | 0.8 | 0 | 0 | 0 |
| PBT Margins | 247 | 325 | 420 | 89 |
| Tax (2021) | 75 | 15 | 327 | 410 |
| PAT | -26 | 4 | 82 | 105 |
| NPM | 101 | 11 | 245 | 305 |
| EPS | 1.2 | 0.12 | 2.6 | 3.14 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 98.32 | 112.07 | 98.68 | 99.87 |
| Net Profit Margin | 0.55 | 0.65 | 0.54 | 0.58 |
| Earning Per Share (Diluted) | 6.08 | 4.33 | 3.3 | 2.97 |
Shareholding Pattern
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Promoters | 0.946 | - | - | - |
| Religare Enterprises Limited | - | 0.6546 | 0.6498 | 0.6298 |
| Trishikhar Ventures LLP | - | 0.1648 | 0.1636 | 0.1586 |
| Union Bank Of India | - | 0.0565 | 0.0545 | 0.0529 |
| Public | 0.054 | 0.1241 | 0.1321 | 0.1586 |
Promoters
| Promoters | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Mr. Anuj Gulati | MD, CEO | 26 yes | in |
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Consensus estimates suggest that Care Health Insurance's share price could reach ₹230-240 by 2025. This projection is supported by the company's expansion in the health insurance market, increasing digital adoption, and improved underwriting margins. Growth is further anticipated through strategic partnerships and a focus on value-based healthcare models.
Read MoreCare Health Insurance is progressing with plans for an initial public offering (IPO), aiming to raise between ₹1,500 crore and ₹2,000 crore. The funds are intended to enhance solvency and provide growth capital to the health insurer. The IPO is expected to occur within the next 12–18 months, contingent upon regulatory approvals. The company reported a 25% year-over-year increase in premiums, reaching ₹7,022 crore in FY24, and maintains a claims ratio of 58%, outperforming the industry average of 70% .
Read MoreCare Health is regarded as a growth-oriented pick in the expanding health insurance sector. Its innovative digital platforms and efficient claims management system add value, making it attractive for investors seeking a balance between growth potential and defensiveness. The company has been aggressively expanding its distribution network, enhancing its policyholder value, and investing in technology upgrades.
Read MoreUnderwriting Risk: Variability in claims can lead to fluctuations in margins. Competitive Risk: Faced with stiff competition from established insurers and emerging insurtech companies. Regulatory Risk: Insurance industry is heavily regulated, affecting pricing strategies.
Read MoreMr. Harish Desai: A seasoned insurance professional with deep expertise in underwriting and risk management, actively guiding the company’s strategic roadmap. Ms. Sunita Rao: Head of Operations and Distribution, noted for her innovative approach in expanding the company’s market reach.
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