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What the record says.
Can Fin Homes delivered a strong Q4 FY26 with disbursements of ₹3,245 crore, a new quarterly peak, and full-year disbursements of ₹10,531 crore exceeding the guidance of ₹10,500 crore. PAT for the year stood at ₹1,085 crore, up 26.6% YoY, though this includes one-time DTA and tax refund items; adjusted PAT of ₹1,027 crore still reflects 20% growth. The key strategic achievement was shifting 85% of the loan book to quarterly reset, protecting spreads at 2.8% despite passing on 50 bps to customers. Management guided for FY27 disbursements of ₹13,000 crore, AUM growth of ~14%, and maintained a conservative spread guidance of 2.75%. Credit costs remain benign at 10 bps, with guidance of 15 bps. The main risk is a potential rate hike cycle that could pressure the remaining 15% of the book still on annual reset.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 13,000 crore disbursements for FY27, implying ~23% growth over FY26, driven by 28 new branches and sales team expansion to 150 people.
- Net AUM growth expected around 14% after accounting for ~7,000 crore of prepayments and rundown.
- Management conservatively guides for 2.75% spread and 3.75% NIM, though opening spread is 2.8%.
- Credit costs expected to remain benign at 15 bps, though management believes actual could be lower.
Risks flagged
- If interest rates rise, the 15% of the book still on annual reset will lag in repricing, potentially compressing spreads.
- Prepayments and balance transfers (BT out) were elevated in FY26; if they exceed the assumed ₹7,000 crore, AUM growth could be lower.
- The ₹300 crore IT transformation project may see cost overruns or delays, impacting cost-to-income ratio and ROE.
- West Asia crisis could impact borrower sentiment and lead to higher delinquencies, though no impact seen yet.
Key quotes
- We have ended with a disbursement marginally in excess of that figure of 10,531 crores and this has been supported by a consistent quarterly performance wherein in each of the four quarters compared to the respective quarter performances it has been a new peak has been achieved.
- Now almost 85% plus of our customers are at quarterly reset and the entire benefit of the quarterly reset that 50 basis points has been passed on at the time of the revision to all of them.
- We are quite confident it'll be well below that only... while we are projecting for 15 basis points I am quite confident it'll be well below that.
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