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What the record says.
Arman Financial reported a strong Q4 FY26 with consolidated PAT of ₹41 crore, up 220% YoY, driven by improved collections and lower credit costs. AUM crossed a record ₹2,728 crore (+22% YoY), with microfinance AUM at ₹1,999 crore (+19% YoY). Disbursements hit a record ₹951 crore in Q4, reflecting strong momentum. Asset quality improved with GNPA at 3.4% and NNPA at 0.95%. Management highlighted structural changes—separating credit/recovery functions and shifting to individual-level underwriting—which have improved portfolio quality but raised operating costs (cost-to-assets ~9%). They target reducing opex to ~7% in FY27. Guidance is cautiously optimistic: they expect ROA of 3.5-4%+ and credit costs around 3%. Key risks include global uncertainty, elevated rejection rates, and potential margin compression from rising borrowing costs.
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Guidance to track
- Management expects ROA to improve to 3.5-4%+ in FY27, driven by margin expansion, operating leverage, and lower credit costs.
- Management aims to reduce opex from ~9% to ~7% in FY27 through AUM growth and efficiency improvements.
- Management expects credit costs to be around 3% in FY27, assuming no major macro disruptions.
- Management targets 20-25% growth in MSME and LAP segments, with cautious expansion given uncertain macro environment.
Risks flagged
- Management cited global disruptions (West Asia conflict, inflation) as key risks that could impact collections and growth.
- Despite targeting opex reduction, costs remain high due to new credit model and CGFMU premiums; achieving 7% target is uncertain.
- Analyst raised concern about fixed-rate book and rising MCLR; management acknowledged risk but expects stable costs due to improved performance.
- Management noted elevated rejection rates under new underwriting model, which could limit disbursement growth if not managed.
Key quotes
- We believe that the industry has moved beyond the most difficult phase and is now entering into a stable and disciplined growth cycle.
- This is probably not the year to push growth hard.
- I would rather have a competition problem than a quality problem.
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