Elevated opex from collection infrastructure investments
Opex ratio increased to 3.7% due to investments in MSME sales and collection teams; if credit costs do not decline as expected, profitability could be pressured.
CARBORUNIV / Q2-FY26 / risks
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Carborundum Universal · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Higher credit cost in intermediate retail segment
Credit cost in the intermediate retail segment was elevated due to prudent provisioning; analyst questioned sustainability, management cited management overlays.
Slowdown in fee-based business growth
Fee income was subdued at 6% of AUM due to cautious underwriting and slow credit demand; management expects improvement in H2 but risk of delayed recovery.
MFI portfolio stress despite CGFMU cover
MFI credit cost improved but remains elevated at 5.1%; reliance on CGFMU guarantee may not fully offset underlying asset quality risks.