ADITYABIRLACAPITAL / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Aditya Birla Capital · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY26 · 2026-04-??Back to quarter ↗

Questions audited

12

Answered directly

71%

Numeric claims

0

Consistency

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Question ledger

What was answered, and how?

Chintan · ICICI Securities

partial

Why are NBS margins compressing despite unsecured growth?

margins have been more or less stable over the previous quarter... unsecured business and personal and consumer is around 23.4%. If we improve both these segments even by 200 basis point in the next two three quarters we will see expansion of margins by almost 25-30 basis point.

Chintan · ICICI Securities

direct

What ROA can be expected in FY27 given margin and credit cost?

by end of this year we are looking at 2.5% ROA... credit cost of 1.04% is the lowest for us... we have always guided that it will be in around 1.2, so 1.1 to 1.2 kind of a range.

Chintan · ICICI Securities

partial

Will AI improve OPEX or customer quality?

underwriting stages can come down... customer experience will improve... branch productivity and employee productivity improving... opex for the full year it's 1.93, for the quarter it's 2%.

Juan Ga · Shan Field

partial

Why hasn't unsecured growth improved margins?

overall product mix is still at 13.4% personal and consumer... all other segments have also grown quite well... every 200 basis point improvement there will be a margin expansion.

Ain Singh · MK Global

partial

What is the base case assumption behind 1.1-1.2% credit cost guidance?

almost 72-73% of our loan book is secured by a collateral which is appreciating in nature... our yield in this segment is almost 12.2%... quite well priced.

Ain Singh · MK Global

partial

How is pricing vs competition in secured segment?

we compare quite well with the other NBFC in this segment... our yield in this segment is almost 12.2%... quite well priced.

Arun · GM Financial

evasive

Why has OPEX growth sharply outperformed?

OpEx has been we have been seeing investment in our retail businesses and MSN business... no there's no specific reason for that.

Arun · GM Financial

direct

Why are disbursements flat despite AUM growth in unsecured?

disbursement is flattish... we are looking at a very calibrated growth... supply chain business and line of credit which we don't include in our disbursement numbers.

Midesh Jane · Invest

direct

Why did housing finance margins compress QoQ and outlook for FY27?

NIM is 4.13 for Q3 and 4.00 for Q4... seasonality and competitive pressures... other income lower due to lower direct assignment and mark-to-market loss... NI to be range bound in this year, about 5.10 to 5.13.

Midesh Jane · Invest

direct

What is medium-term ROE for housing finance?

RO will be in that range of 2.10-2.15... currently we have 14.27% at the end of the financial year... as the years will progress in the next 24 months you'll see the ROE crossing 15%.

Midesh Jane · Invest

direct

Why negative operating variance in life insurance?

we revisited some of our assumptions as we build for moving into the IFRS regime... changing assumptions on the reduced rate of benefits on some of our products.

Midesh Jane · Invest

direct

Has spread compression occurred in NBFC secured business?

No we haven't seen any competition. It's primarily the outcome of the product mix... there was a MTM loss because of the G-Sec which had gone up that has impacted our margins by 3-4 basis points.