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What the record says.
India Shelter delivered a strong Q4 FY26 with AUM crossing ₹11,044 crore (up 29% YoY) and PAT of ₹138 crore (up 27% YoY). Disbursements crossed ₹1,000 crore for the first time in a quarter. Asset quality improved sharply: 30+ dpd improved 100 bps QoQ to 4%, gross stage 3 fell 29 bps to 1.2%, and net stage 3 improved to 0.9%. The company maintained spreads above 6% and guided for 25-30% AUM growth over the next 3 years, targeting ₹30,000 crore AUM by 2030. Branch expansion continues at 40-45 per year. Credit cost guidance remains 40-50 bps. Key risk: geopolitical tensions and LPG supply disruptions could pressure informal income segments, though no immediate impact seen.
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Guidance to track
- Management guided for loan growth of 25-30% annually over the next three years, targeting ₹30,000 crore AUM by 2030.
- The company plans to add 40-45 branches each year, consistent with past strategy.
- Credit cost guidance maintained at 40-50 basis points for the medium term.
- Management committed to maintaining spreads above 6% in the medium term.
Risks flagged
- Ongoing geopolitical uncertainties and LPG supply disruptions could pressure informal income segments, though no immediate impact seen.
- Co-lending growth stalled due to regulatory changes; management has no clear timeline for resumption under CLM1.
- Increased competition in affordable housing could pressure yields and growth, though management downplays the risk.
Key quotes
- We have delivered another year of strong and consistent performance with significant milestone in this financial year like we cross rupees 10,000 crore AUM.
- Our business rule engine, the credit engine that has to function that has entitled us purposely keeping in mind all the aspects which is happening there. So we've been a little cautious in that way.
- We have been able to bring down the percentage of fixed rate portfolio funded by variable rate liabilities from about 33% in March 24 to about 8% this year.
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