Aditya Birla Capital Ltd — Q4 FY26
Aditya Birla Capital delivered a strong Q4 FY26 with consolidated PAT (ex-one-offs) up 30% YoY to ₹1,124 crore, driven by robust growth across NBFC, housing finance, and insuran...
bullish
high
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered1Evaded / deflected12Questions audited
Partial answer
High priority
Why are NBS margins compressing despite unsecured growth?
Asked by Chintan, ICICI Securities
Acknowledged compression but did not provide the requested delta between secured and unsecured fees.
no delta givenreframed to mix shift
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Question
margin on the NBS business the margins have actually compressed like almost four bits and this is despite strong growth seen in the unsecured business... can you give the delta between secured and unsecured fees?
Management (unidentified)
margins have been more or less stable over the previous quarter... unsecured business and personal and consumer is around 23.4%. If we improve both these segments even by 200 basis point in the next two three quarters we will see expansion of margins by almost 25-30 basis point.
Answered
High priority
What ROA can be expected in FY27 given margin and credit cost?
Asked by Chintan, ICICI Securities
Provided specific ROA target and credit cost guidance.
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Question
what could be the RO which we could be looking at in 27?
Management (unidentified)
by end of this year we are looking at 2.5% ROA... credit cost of 1.04% is the lowest for us... we have always guided that it will be in around 1.2, so 1.1 to 1.2 kind of a range.
Partial answer
Medium priority
Will AI improve OPEX or customer quality?
Asked by Chintan, ICICI Securities
Listed benefits but did not quantify AI's specific impact on OPEX or customer quality.
no quantification of AI impact
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Question
OPEX is likely to further moderate due to AI or is it the customer quality which is likely to improve?
Management (unidentified)
underwriting stages can come down... customer experience will improve... branch productivity and employee productivity improving... opex for the full year it's 1.93, for the quarter it's 2%.
Partial answer
High priority
Why hasn't unsecured growth improved margins?
Asked by Juan Ga, Shan Field
Did not directly explain why margin didn't improve despite unsecured growth; reiterated mix shift.
no direct explanationrepeated earlier point
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Question
unsecured class and cost mix have run up to percentage point year but the margin... why hasn't the increase in the open result in the margin secured and personal?
Management (unidentified)
overall product mix is still at 13.4% personal and consumer... all other segments have also grown quite well... every 200 basis point improvement there will be a margin expansion.
Partial answer
Medium priority
What is the base case assumption behind 1.1-1.2% credit cost guidance?
Asked by Ain Singh, MK Global
Did not explain the base case assumption regarding the conflict; gave generic portfolio quality.
did not address 'current conflict'generic answer
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Question
what is your kind of a base case assumption behind this 1.1 to 1.2% guidance in terms of the current conflict?
Management (unidentified)
almost 72-73% of our loan book is secured by a collateral which is appreciating in nature... our yield in this segment is almost 12.2%... quite well priced.
Partial answer
Medium priority
How is pricing vs competition in secured segment?
Asked by Ain Singh, MK Global
Claimed good pricing but did not provide specific comparison to competitors.
no specific competitor comparison
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Question
how are you placed versus competitive dynamics in this segment in terms of each you are offering?
Management (unidentified)
we compare quite well with the other NBFC in this segment... our yield in this segment is almost 12.2%... quite well priced.
Evasive
High priority
Why has OPEX growth sharply outperformed?
Asked by Arun, GM Financial
Acknowledged OPEX growth but gave no specific reason for the sharp rise.
no specific reason givenvague
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Question
OPEX growth has sharply outperformed growth and this is for the last three quarters... any specific reason for a sharp rise in this quarter?
Management (unidentified)
OpEx has been we have been seeing investment in our retail businesses and MSN business... no there's no specific reason for that.
Answered
Medium priority
Why are disbursements flat despite AUM growth in unsecured?
Asked by Arun, GM Financial
Explained that certain products are not counted in disbursement, causing the discrepancy.
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Question
despite increasing the PNC exposure the AU numbers have been increasing but disbursement figures have been broadly flat... why is this happening?
Management (unidentified)
disbursement is flattish... we are looking at a very calibrated growth... supply chain business and line of credit which we don't include in our disbursement numbers.
Answered
High priority
Why did housing finance margins compress QoQ and outlook for FY27?
Asked by Midesh Jane, Invest
Provided specific reasons for compression and quantified outlook for NI and ROA.
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Question
In housing plans also we have seen margin compression on a Q basis. So what is the reason for that and what is the outlook for margins and ROA in the housing finance business for 27?
Management (unidentified)
NIM is 4.13 for Q3 and 4.00 for Q4... seasonality and competitive pressures... other income lower due to lower direct assignment and mark-to-market loss... NI to be range bound in this year, about 5.10 to 5.13.
Answered
High priority
What is medium-term ROE for housing finance?
Asked by Midesh Jane, Invest
Provided specific ROE trajectory and timeline.
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Question
from a medium-term perspective, how do you see RO for housing and business?
Management (unidentified)
RO will be in that range of 2.10-2.15... currently we have 14.27% at the end of the financial year... as the years will progress in the next 24 months you'll see the ROE crossing 15%.
Answered
Medium priority
Why negative operating variance in life insurance?
Asked by Midesh Jane, Invest
Explained the reason for negative variance due to assumption changes for IFRS transition.
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Question
on life insurance there is a negative operating variance and assumption change variance. So what are the reasons for that?
Management (unidentified)
we revisited some of our assumptions as we build for moving into the IFRS regime... changing assumptions on the reduced rate of benefits on some of our products.
Answered
High priority
Has spread compression occurred in NBFC secured business?
Asked by Midesh Jane, Invest
Denied spread compression and attributed margin decline to product mix and MTM loss.
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Question
have we seen a spread compression on a line of business basis because of overall margins have a marginal decline this quarter?
Management (unidentified)
No we haven't seen any competition. It's primarily the outcome of the product mix... there was a MTM loss because of the G-Sec which had gone up that has impacted our margins by 3-4 basis points.