Yield improvement may be delayed
Despite favorable mix shift, yields have remained flat; management expects it to take a couple more quarters for improvement.
ABCAPITAL / Q3-FY26 / risks
Keep the risk register visible.
Aditya Birla Capital · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
Unsecured portfolio recalibration
Management is cutting high-risk segments in unsecured loans, which could temper growth and delay margin expansion.
GST impact on insurance margins
Life insurance VNB margins face headwinds from GST changes; only 40% of impact has been mitigated via commercial arrangements.
ECL model assumptions not disclosed
Management declined to provide ECL breakdown or PD/LGD assumptions, leaving uncertainty about provision adequacy.