Care Health (Religare Health) Insurance Limited Unlisted Shares

Key Takeaways

• Care Health Insurance (formerly Religare Health Insurance) is one of India’s five standalone health insurers (SAHIs) — a structurally advantaged category.
• Recent pricing: approximately ₹120 per share as of late March 2026, with a 52-week high of ₹181. Face value ₹10, minimum lot 200 shares, held on NSDL and CDSL.
• Promoter Religare Enterprises Limited holds approximately 62.84–62.98%, with the balance held by institutional investors and the public.
• The honest financial picture: FY25 saw robust topline growth but a steep drop in profitability, with EPS halving. FY25 PAT was ₹155 crore — versus Star Health at ₹646 crore and Niva Bupa at ₹214 crore. However, Q4 FY25 was profitable, suggesting FY26 could improve.
• Quality signal: consistently high claim settlement ratio of 96.74% — the primary driver of renewal decisions in health insurance.

Company Overview & Fundamentals

The Business Model — How Health Insurance Actually Works

Care Health operates on a risk pooling model: it collects premiums upfront and pays claims when required.

A simple illustration: if Care Health sells 10,000 policies at an average premium of ₹15,000, Gross Written Premium (GWP) = ₹15 crore.

Profitability then depends on three things:

1. Claims paid (net loss ratio)
2. Commissions and acquisition costs
3. Operating expenses

Together these produce the combined ratio — below 100% means underwriting profit, above 100% means underwriting loss (offset by investment income).

Care Health offers a comprehensive range of retail and corporate health insurance products with nationwide presence through banks, agents and digital platforms.

The SAHI Advantage — Why This Category Matters

Standalone Health Insurers are structurally advantaged versus general insurers, and the data proves it:

Structural tailwinds:

• Healthcare costs rising ~14% annually in India — driving insurance necessity
• Out-of-pocket expenditure still ~39% of total health spending — a large protection gap
• Retail expansion and enhanced agency networks
• Low health insurance penetration relative to global norms

Why SAHIs beat generalists: they focus entirely on health — better underwriting data, specialised claims infrastructure, hospital network relationships, and product innovation that generalist insurers spread across motor, fire and marine cannot match.

Financial Performance — The Honest Picture

Reading These Numbers Honestly

1. FY25 was a difficult year — say it plainly. Despite robust topline growth, the company faced a steep drop in profitability, with EPS halving. Market sentiment for unlisted insurers turned negative as a result. Any investor must understand this before buying.

2. But Q4 FY25 was profitable. This is the counterpoint that matters: if that performance continues, FY26 could be a good year, and on that basis the valuation could be reasonable at current levels on Market-cap-to-GWP metrics.

3. Scale gap versus Star Health is real. Star Health’s GWP of ₹16,781 crore is nearly 2x Care Health’s and 2.5x Niva Bupa’s. Scale matters in insurance — it spreads fixed costs and improves underwriting data.

4. Cost structure needs work. Care Health has higher claims and commissions than Niva Bupa but trails Star Health on scale. Improving the expense ratio is the clearest path to margin recovery.

5. All three insurers run near breakeven on combined ratio (100–103%) — meaning underwriting is roughly break-even and profits come substantially from investment income on the float. This is normal for the industry but means profitability is sensitive to both claims experience and investment returns.

6. Niva Bupa trades at the highest multiple (2.42x), suggesting stronger investor confidence in that franchise. Care Health trading below peer multiples is either an opportunity or a market judgement on execution — form your own view.

7. The 96.74% claim settlement ratio is the strongest quality signal. In health insurance, claims experience is the primary driver of renewal decisions. High settlement ratios build brand trust and policyholder retention, which compounds over time.

The Religare Context

Religare Enterprises Limited (NSE: RELIGARE, BSE: 532915) is a listed diversified financial services holding company headquartered in New Delhi, with subsidiaries spanning Religare Finvest (NBFC), Religare Broking and Care Health Insurance.

Important history: Religare underwent restructuring in 2018 following corporate governance lapses and misappropriation of funds by former promoters. Since then it has rebuilt under new professional management and has repaid substantial sums to lenders as part of its debt restructuring.

Health insurance has been Religare’s growth engine — Care Insurance registered a 41% CAGR between FY18 and FY21, with a combined operating ratio of 87% and ROE of 9.3% in FY21. A Care Insurance IPO has long been discussed as a value-unlocking event for the parent.

Note the ownership history: in 2017 Religare announced a sale of its 80% stake to a True North-led consortium valuing the business at ₹1,300 crore. Ownership subsequently evolved, and Religare Enterprises today holds approximately 62.84–62.98%.

Why Invest in Care Health Insurance Unlisted Shares?

1. One of only five SAHIs in India — a structurally advantaged, licence-protected category
2. SAHI category outperformance — retail health share up from 40% to 57%, with 17–21% projected CAGR versus 13% for general insurance
3. 96.74% claim settlement ratio — building brand trust and retention
4. Q4 FY25 profitability suggests a possible turn
5. Reasonable valuation on Mcap/GWP relative to listed peers, if FY26 performance holds
6. Structural demand — healthcare costs rising 14% annually with out-of-pocket still at ~39%
7. IPO discussed — a Care Insurance listing has been anticipated as a value-unlocking event for parent Religare
8. Listed peer benchmarks — Star Health and Niva Bupa are both listed, giving clear valuation references
9. Multi-channel distribution — banks, agents and digital platforms

Risks to Consider — Read Carefully

1. FY25 profitability dropped steeply and EPS halved. This is the central risk. Robust premium growth did not translate to profit.
2. Market sentiment turned negative for unlisted insurers generally.
3. Scale disadvantage — Star Health’s GWP is nearly 2x Care Health’s, and scale drives cost efficiency in insurance.
4. Higher claims and commissions than Niva Bupa — the expense structure needs improvement.
5. Combined ratios near or above 100% across the industry mean underwriting profits are thin; results depend heavily on investment income.
6. Parent-company history. Religare’s 2018 restructuring followed governance lapses and fund misappropriation by former promoters. While professional management has since rebuilt the group, investors should understand this history.
7. Regulatory risk — IRDAI controls product design, pricing and capital requirements.
8. Medical inflation at ~14% annually pressures claims costs faster than premiums can always be repriced.
9. No confirmed IPO date — an IPO has been discussed but not confirmed. Assume OTC liquidity only.
10. Price has fallen from ₹181 to ~₹120 — a roughly 34% decline from the 52-week high. Understand what drove it.

How to Buy from Arms Securities

Call/WhatsApp +91-8882245112 → confirm price and lot (minimum 200 shares) → share CMR → pay via NEFT/RTGS → shares credited in 24–48 hours.

FAQs

What is the current price of Care Health Insurance unlisted shares?

As of late March 2026 shares traded around ₹120, against a 52-week high of ₹181. Face value is ₹10 and the minimum lot is 200 shares. Prices move with OTC demand — call +91-8882245112 for today’s confirmed Arms Securities quote.

Is Care Health the same as Religare Health Insurance?

Yes. Care Health Insurance was formerly Religare Health Insurance. It remains majority-owned by Religare Enterprises Limited, which holds approximately 62.84–62.98%.

Is Care Health Insurance profitable?

Yes, but FY25 was difficult. Despite robust topline growth, profitability dropped steeply and EPS halved. FY25 PAT was ₹155 crore — compared with Star Health at ₹646 crore and Niva Bupa at ₹214 crore. However, Q4 FY25 was profitable, which suggests FY26 could be a better year if that performance continues.

What is a SAHI and why does it matter?

SAHI stands for Standalone Health Insurer — a company licensed to write only health insurance. India has just five. SAHIs have grown their share of retail health insurance from 40% in FY18 to 57% in FY25 and now hold 41% of the non-life market (up from 30% in FY20). The category is projected to grow at 17–21% CAGR through 2031 versus about 13% for general insurance.

What is Care Health’s claim settlement ratio?

96.74% — consistently high, which builds strong brand trust and policyholder retention in a sector where claims experience is the primary driver of renewal decisions.

Will Care Health Insurance do an IPO?

A Care Insurance IPO has been discussed for years as a value-unlocking event for parent Religare Enterprises, but no confirmed IPO date exists. Investors should assume OTC-only liquidity and note that any listing would carry SEBI’s 6-month pre-IPO lock-in.

How does Care Health compare with Star Health and Niva Bupa?

Star Health leads on both GWP (₹16,781 crore, nearly 2x Care Health) and PAT (₹646 crore). Niva Bupa is the most efficient on net loss ratio (61.2%) and trades at the highest multiple (2.42x). Care Health has higher claims and commissions than Niva Bupa but trails Star Health on scale. All three run combined ratios near breakeven at 100–103%.

Also Read: Shriram Life Insurance Unlisted Shares | Lakeshore Hospital Unlisted Shares

+91-8882245112 | contact@armssecurities.com

Entity Summary, Analysis & FAQ

Entity Summary + Quick Answers

Care Health Insurance at a glance

Is Care Health the same as Religare Health Insurance? Yes. Care Health Insurance was formerly Religare Health Insurance and remains majority-owned by Religare Enterprises Limited (~62.84–62.98%).

The SAHI Data That Explains the Thesis

Standalone Health Insurers are structurally advantaged, and the numbers prove it:

Why SAHIs beat generalists: they focus entirely on health — better underwriting data, specialised claims infrastructure, hospital network relationships, and product innovation that generalist insurers spreading across motor, fire and marine cannot match.

Structural demand drivers: healthcare costs rising ~14% annually • out-of-pocket expenditure still ~39% of total health spending • low insurance penetration versus global norms

The Honest Peer Comparison

Read this honestly: - FY25 was difficult. Despite robust topline growth, profitability dropped steeply and EPS halved. - But Q4 FY25 was profitable. If that performance continues, FY26 could be a good year — and the valuation could be reasonable on Market-cap-to-GWP. - Scale gap is real. Star Health’s GWP is nearly 2x Care Health’s. - Cost structure needs work. Care Health has higher claims and commissions than Niva Bupa but trails Star Health on scale. - Niva Bupa trades at the highest multiple (2.42x) — Care Health trading below peer multiples is either opportunity or market judgement on execution. Form your own view.

The Religare Context You Should Know

Religare Enterprises Limited (NSE: RELIGARE, BSE: 532915) is a listed diversified financial services holding company with subsidiaries spanning Religare Finvest (NBFC), Religare Broking and Care Health Insurance.

Important history: Religare underwent restructuring in 2018 following corporate governance lapses and misappropriation of funds by former promoters. It has since rebuilt under professional management and repaid substantial sums to lenders.

Health insurance has been Religare’s growth engine — Care Insurance registered a 41% CAGR between FY18 and FY21, with a combined operating ratio of 87% and ROE of 9.3% in FY21. A Care Insurance IPO has long been discussed as a value-unlocking event for the parent — but no confirmed IPO date exists.

FAQ

Why is the 96.74% claim settlement ratio so important?

Because in health insurance, claims experience is the primary driver of renewal decisions. High settlement ratios build brand trust and policyholder retention, which compounds over time into a durable franchise.

Why did the price fall from ₹181?

FY25 saw profitability drop steeply with EPS halving, and market sentiment for unlisted insurers turned negative as a result. The share has moved from a 52-week high of ₹181 toward the ₹120–158 range.

What is the minimum investment?

Face value ₹10, minimum lot 200 shares. At recent price levels that is roughly ₹24,000–₹32,000. Call +91-8882245112 for exact current terms.

Will Care Health do an IPO?

A Care Insurance IPO has been discussed for years as a value-unlocking event for parent Religare, but no confirmed IPO date exists. Any listing would carry SEBI’s 6-month pre-IPO lock-in.

Can I sell my Care Health shares?

Yes. Arms Securities buys. Call +91-8882245112 with your quantity for a firm bid.

Related Companies & Guides

Financial services and insurance cluster: - Shriram Life Insurance — Shriram + Sanlam JV, rural focus - Motilal Oswal Home Finance — 7.3% NIM - KLM Axiva Finvest — gold-loan NBFC - Utkarsh CoreInvest - Lakeshore Hospital — the healthcare provider side

Guides:Pre-IPO Shares Guide • DRHP Filed Companies 2026 • Best Unlisted Shares 2026

How to Buy Care Health Insurance Unlisted Shares — Complete Process

Buying Care Health Insurance unlisted shares takes 24–48 hours from first call to shares landing in your demat account. Arms Securities has executed off-market transfers since 1990 — we are among the founder members of India’s unquoted stock market.

Step 1 — Get today’s live buy price

Call or WhatsApp +91-8882245112 or email contact@armssecurities.com with the company name (Care Health Insurance) and the quantity or investment amount you have in mind. We reply with today’s confirmed buy price, available quantity and minimum lot size.

Unlisted share prices are not exchange-quoted — they move with OTC supply and demand — so a live quote matters more than any published figure.

Step 2 — Confirm the deal terms

We lock in the price per share, total quantity and consideration, settlement timeline (typically T+1 to T+2) and applicable stamp duty (0.015% on off-market transfers). Nothing moves until you confirm in writing on WhatsApp or email.

Step 3 — Share your demat details

Send your Client Master Report (CMR) — a one-page PDF from your broker’s app or Depository Participant containing your DP ID, Client ID, beneficiary name, depository (NSDL or CDSL) and PAN.

You do not need a special account. Care Health Insurance shares are credited to your existing demat account — the same one you use for listed shares.

Step 4 — Transfer payment

Pay by NEFT, RTGS or IMPS to Arms Securities’ verified bank account. We share full details in writing with the deal confirmation. Never pay to an account shared verbally or by an unverified number — always confirm on +91-8882245112.

Step 5 — Receive shares in your demat account

We initiate the off-market transfer through NSDL or CDSL. Shares are credited within 24–48 hours of payment confirmation. You receive SMS and email from the depository, and the holding appears in your regular demat statement.

Documents required to buy Care Health Insurance shares

Everything can be submitted digitally on WhatsApp or email. No physical paperwork, no courier, no branch visit.

Minimum investment in Care Health Insurance shares

Minimum investment depends on the prevailing price and the minimum lot available at that moment — both change. Call +91-8882245112 for today’s exact minimum. For allocations above ₹10 lakh, see our bulk unlisted share transactions service.

Is it legal and safe to buy Care Health Insurance unlisted shares?

Yes — trading in unlisted shares is completely legal in India.

One caution: SEBI has warned investors against unauthorised electronic platforms offering unlisted securities. Deal only with established intermediaries who settle through the depository system and who you can speak to on a phone number.

 Buy Care Health Insurance shares — call/WhatsApp +91-8882245112

Related: buy unlisted shares in India • off-market share transfer • our transfer procedure • how to buy unlisted shares — step-by-step guide

Sell Your Care Health Insurance Unlisted Shares — We Buy

Arms Securities buys Care Health Insurance unlisted shares. If you hold them and want to exit, we provide a firm bid, handle the entire transfer, and pay by NEFT/RTGS within 24 hours of receiving the shares.

We buy in every format

Why sellers come to Arms Securities

Most brokers cannot help you. Your regular stockbroker can only trade listed shares on the exchange. Unlisted shares have no exchange — you need a dealer with an actual buyer network.

We have been that dealer since 1990. We are among the founder members of India’s unquoted stock market, we deal in physical certificates that most modern platforms refuse to touch, and we maintain a standing book of HNI and institutional buyers across 15+ states.

How to sell Care Health Insurance shares — step by step

Step 1 — Tell us what you hold. Call/WhatsApp +91-8882245112 with the company name, quantity, and whether your shares are in demat or physical form.

Step 2 — Receive our bid. We quote a firm buy price based on current OTC demand. No obligation.

Step 3 — Submit documents.

For demat holdings: Demat account statement / Client Master Report • PAN card copy • Cancelled cheque • Delivery Instruction Slip (DIS)

For physical certificates: Original share certificates • PAN card copy • Address proof • Cancelled cheque • Transfer deed (Form SH-4) • If inherited: death certificate, succession certificate or legal heir documents

Step 4 — Transfer the shares. Demat: Submit a DIS to your DP transferring shares to Arms Securities — A/C 11323830, DP ID IN302365, DP: Shri Parasram Holdings Pvt. Ltd. You can also execute online via CDSL Easiest or NSDL Speed-e. Physical: Courier the certificates with signed transfer deed. We guide you through the exact process.

Step 5 — Receive payment. On confirmation of share receipt, we release payment by NEFT or RTGS — typically within 24 hours.

Selling inherited or old Care Health Insurance share certificates

This is our specialism, and very few dealers in India offer it.

If you have found old Care Health Insurance share certificates among family papers — perhaps belonging to a parent or grandparent — you likely have a valid, transferable asset.

1. Do not discard them. Old certificates frequently retain real value.
2. Photograph them and send to +91-8882245112. We verify authenticity and current status at no cost.
3. We check the company’s position — active, merged, renamed, delisted or dissolved — and tell you honestly what your holding represents today.
4. If the shares have value, we quote and buy. If not, we explain the position and the capital-loss tax set-off available to you.

Full physical share certificate guide →

Tax when you sell Care Health Insurance unlisted shares

• No STT (Securities Transaction Tax) applies to unlisted share transactions
• Stamp duty of 0.015% applies on off-market transfers, collected by the depository
• For inherited shares, the holding period includes the original owner’s period — often making gains long-term automatically
• For NRIs, TDS provisions apply; we guide on documentation

If the shares later list, post-listing tax treatment changes to listed-share rules (12-month LTCG threshold), with the holding period counted from your original purchase date.

 Complete tax guide on unlisted shares • Capital gains tax on unlisted shares

Consult a Chartered Accountant for your specific situation.

 Sell your Care Health Insurance shares — call/WhatsApp +91-8882245112 for a firm bid

Related: sell unlisted shares in India • physical & demat share assistance

Trust & Contact Block

Why Buy and Sell Care Health Insurance Shares Through Arms Securities?

Our pre-IPO track record

Arms Securities identified and supplied pre-IPO shares in companies that became genuine multibaggers for our clients:

DLF • D-Mart (Avenue Supermarts) • Nazara Technologies • LUX Industries • ISGEC Heavy Engineering • L&T Infotech (now LTIMindtree)

 The full 35-year Arms Securities story • Arms Securities vs UnlistedZone • ⭐ Client success stories

Contact:  +91-8882245112 (Call/WhatsApp) • +91-9899131155 • +91-11-47000023  contact@armssecurities.com •  www.armssecurities.com Mon–Fri 9:30–18:00 • Sat 10:00–14:00

Related guides: What are unlisted shares in India • Best unlisted shares to buy in 2026 • Full unlisted share price list • Unlisted shares FAQ • Contact Arms Securities

Balance Sheet of Care Health Unlisted Shares

in ₹ Cr.

Profit and Loss of Care Health Unlisted Shares

in ₹ Cr.