Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹14,181 Cr
verified against source
Revenue YoY
30%
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 delivered a strong Q3 FY26 with consolidated PAT up 41% YoY to INR 983 crore and revenue growth of 30% YoY to INR 14,181 crore. The NBFC arm posted 24% AUM growth with credit costs at 1.23%, while housing finance AUM surged 58% YoY to INR 42,204 crore with ROA improving to 1.96%. A landmark capital infusion of INR 2,750 crore from Advent International in ABHFL at a post-money valuation of INR 19,250 crore underscores confidence in the housing franchise. Life insurance VNB margins expanded 380 bps to 14.2%, and health insurance grew GWP 39% YoY. Management guided NBFC loan book growth of 24-25% and expects NBFC ROA to reach 2.5% in 4-5 quarters. Key risk: recalibration of unsecured lending may delay yield improvement, with margin expansion dependent on portfolio mix shift.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to double the NBFC loan book in three years, implying ~25% CAGR.
- NBFC ROA (ex-labor code impact at 2.28%) is expected to expand to ~2.5% in the next 4-5 quarters.
- Life insurance business targets individual first year premium CAGR of 20%+ over the next three years.
- Management aims to double absolute net VNB in three years while expanding VNB margins above 18%.
Risks flagged
- Despite favorable mix shift, yields have remained flat; management expects it to take a couple more quarters for improvement.
- Management is cutting high-risk segments in unsecured loans, which could temper growth and delay margin expansion.
- Life insurance VNB margins face headwinds from GST changes; only 40% of impact has been mitigated via commercial arrangements.
- Management declined to provide ECL breakdown or PD/LGD assumptions, leaving uncertainty about provision adequacy.
Key quotes
- We believe we are now fully geared up for the next phase of our growth...
- Our guidance continues to grow individual FYP at a CAGR of 20%+ for the next three years. While achieving this growth, we intend expanding our current VNB margins of +18%, and in absolute numbers, double the value of our net VNB in three years' time.
- We believe we could achieve this slightly earlier than the guided time frame.
Research modules