GST exemption impact on insurance margins
GST waiver on life and health insurance premiums may cause short-term margin pressure due to loss of input tax credits and inability to immediately reprice products.
ABCAPITAL / Q2-FY26 / risks
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Aditya Birla Capital · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Competitive intensity in housing finance
Increasing competition in the housing finance segment could compress net interest margins, though management expects operating leverage to offset.
Regulatory changes in mutual fund TER structure
Proposed SEBI changes to total expense ratio (TER) calculation could impact AMC profitability, though management is engaging with regulators.
NBFC ROA stuck at 2.2% despite margin improvement
Despite margin expansion and lower credit costs, NBFC ROA remained at 2.2%, raising questions about achieving medium-term target of 2.5%.