Updates

June 30, 2026 The National Stock Exchange of India Ltd BSE Limited Corporate Communications Department Department of Corporate Services “Exchange Plaza”, 5th Floor, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 001 Mumbai - 400051 Scrip Symbol: RELIGARE Scrip Code: 532915 Sub.: General Updates- Credit Rating of Religare Housing Development Finance Corporation Limited (“RHDFCL”), a step down subsidiary of Religare Enterprises Limited (REL/the Company) Dear Sir/Ma’am, We would like to inform you that ICRA Limited (“ICRA”) has re-affirmed the following rating to Long-term/Short-term bank lines of Religare Housing Development Finance Corporation Limited (“RHDFCL”), step down subsidiary of Religare Enterprises Limited (REL/the Company): Instrument Rated Amount Rating Assigned (Rs. Crore) Long-term/Short-term bank lines 400.00 [ICRA]BBB- (Stable)/ [ICRA]A3; reaffirmed The rating action rationale published by ICRA is attached for reference. This is for your information and records. Thanking You, Yours faithfully, For Religare Enterprises Limited Anuj Jain Company Secretary & Compliance Officer Encl: a/a Religare Enterprises Limited CIN: L74899DL1984PLC146935 Registered Office: First Floor, Office No. 101, 2E/23, Jhandewalan Extn., New Delhi – 110055 Phone No.: +91-11- 4167 9692 Corporate Office: 1st Floor, Tower A, Club 125, Plot A-3,4, 5, Sector -125, Noida – 201301, Uttar Pradesh Phone No.: +91-120- 4384 941 www.religare.com / investorservices@religare.com June 30, 2026 Religare Housing Development Finance Corporation Limited: Rating reaffirmed Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long-term/Short-term 400.00 400.00 [ICRA]BBB- (Stable)/ [ICRA]A3; reaffirmed bank lines Total 400.00 400.00 *Instrument details are provided in Annexure II Rationale The ratings factor in including Religare Housing Development Finance Limited’s (RHDFCL) adequate capitalisation profile for its current scale of operations with a net worth of Rs. 186 crore and managed gearing of 0.3 times as on March 31, 2026. The classification of the Burman Group (promoter family of Dabur India Limited) as promoters of Religare Enterprises Limited (REL) — the ultimate parent of RHDFCL and the strengthening of the board and senior leadership of REL and its subsidiaries (herein referred to as Religare Group) augur well for the credit profile of the company. The shareholding of the Burman family has further increased to 30.56% as on June 04, 2026, from 25.2% post the conclusion of the open offer in February 2025. REL has proposed a capital raise of Rs. 1,500 crore through preferential warrants, off which ~Rs. 250 crore is earmarked for RHDFCL, which supports the risk profile of the company. ICRA takes note of the proposed demerger of the financial services business of REL into Religare Finvest Limited (RFL), as approved by the respective boards. Post the demerger, RFL will house the broking and lending businesses, including RHDFCL, while REL will retain the insurance business. ICRA will continue to monitor the developments around the demerger and its impact, if any, on the credit profile of RHDFCL. ICRA notes that RHDFCL’s scale of operations remains modest with limited business activity over the recent years, the same is expected to improve over the medium term with the abatement of group related legacy issues, the strengthening of the leadership team, governance framework, and capital infusion following the promoter re-classification. In this regard, the company’s ability to raise fresh debt remains imperative for business growth and improvement in earnings profile which have been under pressure due to operating inefficiencies. Key rating drivers and their description Credit strengths Religare group support– Improvement in the group’s credit profile following the classification of the Burman family (promoter family of Dabur India Limited) as promoters, along with the increase in their shareholding to 30.56% as on June 04, 2026. Further, the strengthening of governance at REL, with the induction of five directors including promoter representative directors, of these, three have also been inducted on the board of RHDFCL. The Board of RHDFCL presently comprises eight directors, with five directors common with REL, augurs well for the credit profile of the company. Further, the proposed capital raise of Rs. 1,500 crore through preferential warrants at REL, with ~Rs. 250 crore earmarked for RHDFCL, is expected to support the company’s capitalisation profile and business growth plans. Additionally, REL has also extended liquidity supported to RHDFCL over the past few years. Adequate Capitalisation – RHDFCL is adequately capitalised for the current scale of operations and is expected to support the near-term growth with a net worth of Rs. 186 crore translating into a managed gearing of 0.3 times as on March 31, 2026. Given the growth plans of the company, the company will require additional capital to grow as per business plans while keeping a prudent capitalisation profile. www.icra .in Sensitivity Label : Public Page Credit challenges Moderate scale of operations; ability to raise fresh debt imperative for business growth– While ICRA notes that RHDFCL’s scale has remained modest over past few years with disbursements of Rs. 39 crore in FY2026 and Rs. 17 crore in FY2025 as the company’s financial flexibility had been impacted because of Group level legacy issues, which led to curtailed business operations. Consequently, its AUM moderated to Rs. 243 crore as on March 31, 2026 from Rs. 250 crore as on March 31, 2025 (Rs. 282 crore as on March 31, 2024). While the company has relied on ICD support from REL to manage the liquidity profile, going forward, the ability to raise debt from external sources would be critical for improvement in disbursements and sustained business growth. Subdued profitability indicators – While the net interest margins (NIM) have remained healthy, increasing to 10.0% in FY2026 from 9.6% in FY2025, operating expenses have remained elevated at 16.8% in FY2026 compared with 15.3% in FY2025 due to retention of the business teams and building on IT infrastructure despite the run down on the portfolio. Consequently, despite low credit costs the overall profitability indicators remained subdued with PAT and RoMA of Rs. -18.4 crore and -6.7%, respectively, in FY2026 compared with Rs. -12.7 crore and -4.2%, respectively, in FY2025. While the NIMs would decline over the near term with increase in leverage, economies of scale are expected to result in an improvement in the overall earnings profile. Liquidity position: Adequate As on March 31, 2026, RHDFCL has availed an inter-corporate deposit (ICD) of Rs. 11.5 crore from REL. The liquidity profile is supported by unencumbered cash and liquid investments of Rs. 7.41 crore as on March 31, 2026 along with scheduled inflows of Rs. 11.3 crore during the next twelve months. Nonetheless, the company could be dependent on support from its ultimate holding company, REL, to grow its business. However, expanding its lender base would be crucial, going forward. Rating sensitivities Positive factors – An improvement in the credit profile of the Religare Group and an increase in likelihood of support to RHDFCL could be a credit positive. The company's ability to demonstrate a material and sustained improvement in its business volumes and earnings profile would also be a credit positive. Negative factors – Inability to raise fresh funding and the consequent impact on business operations and/or weakening of the capitalisation and liquidity profile would be a credit negative. Analytical approach Analytical approach Comments Applicable rating methodologies ICRA’s Credit Rating Methodology for Non-banking Finance Companies (NBFCs) Parent/Group support Not applicable Consolidation/Standalone Standalone www.icra .in Sensitivity Label [Showing first 8,000 characters — download PDF for full document]