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What the record says.
Can Fin Homes delivered a strong Q3 FY26 with record disbursements of ₹2,727 crore, up 45% YoY (aided by a low base due to the ECL impact last year) and 7% QoQ. AUM growth improved to ~10%, though elevated prepayments of ₹1,691 crore (driven by annual-reset customers not yet receiving rate cuts) trimmed ~400 bps of potential growth. Asset quality improved for the fourth consecutive quarter, with SMA-0/1/2 declining and Telangana delinquencies finally turning. Management guided for Q4 disbursements of ₹3,200-3,300 crore to hit the full-year target of ₹10,500 crore. For FY27, they target 15% AUM growth, NIM of ~3.75%, spread of ~2.75%, credit cost of 15 bps, and cost-to-income of ~19.5% (impacted by IT transformation). Key risk: higher-than-expected prepayments if annual-reset conversion lags, pressuring AUM growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve full-year disbursement guidance of ₹10,500 crore, with Q4 contributing ~₹3,200-3,300 crore.
- Next fiscal year, the company targets AUM growth of ~15%, driven by disbursements of ₹13,500 crore and prepayments of ~₹7,000 crore.
- Management expects NIM to stabilize around 3.75% and spread around 2.75% for FY27, factoring in rate cuts and NHB refinance benefits.
- Credit cost is expected to normalize to 15 bps in FY27, with no major stress seen across geographies.
Risks flagged
- Higher-than-expected prepayments (₹1,691 crore in Q3) are driven by customers on annual reset who have not yet received rate cuts, pressuring AUM growth.
- The LOS/LMS module may be delayed to Q1 FY27, causing a potential 250-300 crore disbursement impact in the implementation quarter.
- Passing on 50 bps of rate cuts to customers while liability repricing lags could compress spreads below the guided 2.75% floor.
- AUM growth of ~10% lags the industry average of 13-14%, partly due to elevated prepayments and slower recovery in Telangana.
Key quotes
- We have lost about 400 cr because of higher prepayments this year, but for that our growth would have been around 11% plus.
- Our failure to communicate to the customers or to convert them or the delay in converting them from annual reset to quarterly reset has hurt us.
- We will not compromise on the spread and go beyond below this.
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