Religare Finvest restarts lending with Rs 660 crore liquidity

Religare Finvest Limited restarted lending on 6 November 2026 with its first loan against property disbursed at Noida, following three Uttar Pradesh branch openings in three days and supported by Rs 660 crore of cash and liquid investments as of 30 September 2026. The lender also reported tangible net worth of Rs 962.6 crore and capital adequacy of 231.8%.

When did RFL restart lending in Uttar Pradesh?

RFL restarted lending on 6 November 2026, when it disbursed its first loan against property, or LAP, at Noida. The operating rollout began with a Lucknow branch on 3 November, followed by Kanpur on 4 November and Noida on 5 November, making the first loan the fourth-day milestone.

RFL identifies Lucknow as the state capital, Kanpur as a market for traders and manufacturers, and Noida as a National Capital Region gateway. Its initial product range includes LAP, business loans and used-car loans, providing three disclosed lending categories rather than a single-product launch.

The lending event occurred after the end of Q2 FY27 on 30 September 2026. Consequently, the balance-sheet, capital and collection data presented alongside the restart describe RFL’s position at the preceding quarter-end, rather than financial results generated by lending after 6 November.

What financial capacity supports RFL’s lending restart?

RFL reported Rs 660 crore of cash and liquid investments, Rs 962.6 crore of tangible net worth and a capital-to-risk weighted assets ratio, or CRAR, of 231.8% as of 30 September 2026. The presentation also describes the balance sheet as debt free.

Net worth rose by Rs 48.9 crore from Rs 913.7 crore in Q1 FY27 and by Rs 150.8 crore from Rs 811.8 crore in Q2 FY26. CRAR decreased from 238.4% in Q1 FY27 and 261.9% in Q4 FY26, while remaining above the 197.6% recorded in Q2 FY26.

RFL reported 100.0% collection efficiency on its standard book in Q2 FY27, compared with 98.0% in Q1 FY27 and 97.7% in Q2 FY26. It also reported zero gross and net non-performing assets after writing off stage III exposure, while describing its lending design as secured-first retail credit with collateral-backed, granular exposures.

How did RFL’s Q2 FY27 income and profit change?

RFL reported Rs 44.4 crore of net total income and Rs 49.4 crore of profit after tax in Q2 FY27, compared with Rs 20.3 crore and Rs 30.8 crore, respectively, in Q2 FY26. Interest income reached Rs 39.3 crore, up from Rs 18.7 crore a year earlier and Rs 13.6 crore in Q1 FY27.

The key-ratios slide separately reports total income of Rs 44.8 crore in Q2 FY27, compared with Rs 14.4 crore in Q1 FY27 and Rs 21 crore in Q2 FY26. The income statement uses the label net total income and gives Rs 44.4 crore for Q2 FY27; the presentation does not reconcile the Rs 0.4 crore difference.

Pre-provision operating profit, or PPOP, was Rs 23 crore in Q2 FY27, compared with a Rs 5.1 crore loss in Q1 FY27 and Rs 2.8 crore profit in Q2 FY26. The statement records Rs 26.4 crore of net provisions, with its note specifying that a positive figure represents excess recovery over provisions; H1 FY27 profit after tax was Rs 64.5 crore versus Rs 48.6 crore in H1 FY26.

What is RFL’s footprint and loan-book position?

RFL’s business overview reports seven branches, more than 100 customers and a presence in five states, alongside net assets under management, or AUM, of Rs 43.5 crore. It also reports net owned funds of Rs 890.9 crore and collection efficiency of about 100%.

The seven-branch, five-state snapshot is broader than the three branch openings in Uttar Pradesh dated 3 to 5 November 2026. However, the presentation does not date the seven-branch summary or provide an AUM split by product, state, borrower type or the newly opened Uttar Pradesh locations.

RFL says its model combines technology-led underwriting with branch-led relationships, alongside faster decisions, fewer touchpoints and quicker disbursal. It also says it is building a technology-centric lending model and has established a strengthened leadership team to execute its stated growth strategy.

Where does RFL plan to expand after Uttar Pradesh?

RFL identifies Tamil Nadu, Maharashtra and Rajasthan as upcoming markets beyond Uttar Pradesh. These three states are the only named locations in the disclosed expansion pipeline following the Lucknow, Kanpur and Noida rollout.

The same slide carries the phrase “two new states next” but lists three states in its milestone table. RFL does not disclose branch-opening dates, an order of entry, planned disbursal volumes, AUM targets or the amount of its Rs 660 crore liquidity intended for each market.

Management’s stated approach is growth with guardrails, supported by risk discipline from the beginning and a secured retail orientation. The reported Rs 962.6 crore tangible net worth and 231.8% CRAR establish the capital position at 30 September 2026, but they are not a disclosed target for future lending growth.

Conclusion

RFL’s restart is a specific operational step, with three Uttar Pradesh branches opened over 3 to 5 November 2026 and the first LAP disbursed at Noida on 6 November. The preceding quarter-end figures show Rs 660 crore of cash and liquid investments, Rs 962.6 crore of tangible net worth, 100.0% standard-book collection efficiency and zero net non-performing assets.

The next disclosed development to watch is RFL’s planned entry into Tamil Nadu, Maharashtra and Rajasthan, for which no timetable, branch count or disbursal target has been supplied. Future results can show whether the Rs 43.5 crore AUM base and Q2 FY27 net total income of Rs 44.4 crore change as lending resumes and the branch network expands.