Shrinking borrower pool due to past defaults
Rejection rates remain high (~77%) as past defaulters are auto-rejected, reducing the addressable customer base.
ARMANFINANCIAL / Q3-FY26 / risks
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Arman Financial Services · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Potential overleveraging in micro LAP segment
Analyst raised concern about customer overleveraging in micro LAP; management acknowledged risk but relies on strong underwriting.
Sustained low borrower cash flows
Borrower cash flows on the ground remain subdued, which could pressure repayment behavior if economic conditions worsen.