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Aditya Birla Capital delivered a strong Q4 FY26 with consolidated PAT (ex-one-offs) up 30% YoY to INR 1,124 crore, driven by robust growth across NBFC, HFC, and insurance businesses. NBFC AUM grew 27% YoY to ~INR 1.6 lakh crore, with retail/MSME contributing 85% of incremental growth. HFC AUM surged 53% YoY to INR 47,452 crore, with ROA improving to 2.07%. Life insurance VNB margin expanded 260 bps YoY to 20.6%, while health insurance combined ratio improved to 103%. Management guided for continued growth leadership, with HFC targeting INR 1 lakh crore AUM in 24-30 months and NBFC aiming for 2.5% ROA. Key risk: potential margin compression from competitive pressures and rising unsecured exposure could offset operating leverage gains.
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Guidance to track
- Aditya Birla Housing Finance aims to achieve AUM of INR 1 lakh crore within the next 24 to 30 months, supported by branch expansion and digital initiatives.
- Housing finance expects ROA in the range of 2.1% to 2.2% for FY27, driven by operating leverage and stable credit costs.
- Aditya Birla Sun Life Insurance targets a CAGR of over 20% in individual first year premium over the next three years, while maintaining VNB margins at 18%-20%.
- NBFC expects credit cost to remain in the range of 1.1% to 1.2% even as unsecured book grows, supported by a predominantly secured portfolio.
Risks flagged
- NBFC margins saw slight compression due to MTM losses and competitive pricing; further spread compression could pressure profitability.
- Growth in unsecured personal and consumer loans (now 13.4% of NBFC AUM) could lead to higher credit costs if economic conditions deteriorate.
- Management noted no material impact from West Asia tensions but remains watchful; external volatility could affect portfolio quality.
- Negative operating variance in life insurance due to assumption changes (e.g., reduced paid-up benefits) could weigh on embedded value growth.
Key quotes
- AI is now becoming a core operating layer for us, and we are scaling up its uses across various areas such as underwriting, sales, voice calling, audit and compliance, customer service and operations.
- We are looking at, by end of this year, we are looking at 2.5% ROE. This is what we are looking at.
- Our guidance continues to grow the individual FYP at a CAGR of 20% plus for the next three years. While achieving this growth, we intend maintaining our current VNB margins in the 18%-20% range.
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