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Revenue
₹11,343 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Aditya Birla Capital reported a solid Q1 FY26 with consolidated PAT up 10% YoY to INR 835 crore and revenue up 10% to INR 11,343 crore. The NBFC segment saw 22% YoY AUM growth to INR 1.31 trillion, with credit costs stable at 1.3%. The housing finance business was a standout, with disbursements surging 76% YoY to INR 5,404 crore and AUM growing 70% YoY. Asset quality improved across segments, with NBFC GS2+GS3 declining 75bps YoY to 3.7%. The life insurance business grew individual FYP 23% YoY, well above industry, while health insurance GWP rose 30%. Management guided for sustained credit costs and margin improvement in NBFC, and reiterated HFC ROA target of 2-2.2% over 3-8 quarters. Key risk: continued uncertainty in the small-ticket unsecured MSME segment, where the company remains cautious.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects credit cost for the NBFC segment to remain in the similar range of 1.3% for the full fiscal year.
- Housing finance company aims to achieve ROA between 2% and 2.2% over the next three to eight quarters.
- Life insurance business maintains guidance to expand net VNB margins to 18%+ for the current fiscal year.
- Life insurance business targets individual first year premium growth of 20% to 25% annually over the next three years.
Risks flagged
- Management remains cautious on the small-ticket unsecured MSME segment (1.3% of NBFC portfolio) due to macroeconomic uncertainties, with disbursements declining 8% sequentially.
- Analyst raised concern that PCR on unsecured SME NPAs is only 35.7%, though management considers it sufficient given 53% coverage under government guarantee scheme.
- Net interest margin including fees declined to 5.97%, and management expects improvement only as higher-yielding unsecured portfolio grows.
Key quotes
- We have been preemptive in making these interventions and will continue to have a positive approach in the small unsecured business loan segment, which we would like to reiterate and is less than 1.5% of the total portfolio.
- We maintain our guidance to expand net VNB margins through this year to achieve an 18%+ for the year.
- We are very well placed to take advantage of, clearly, the market share gain is what we are getting, so riding on the 14%, 15% growth which is here in the industry, and with the capacity and productivity moving up for us combined with the ABG ecosystem and with the right eye on portfolio quality, I think we can see the growth momentum remaining quite consistent for us.
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