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IndoStar Capital reported Q3 FY26 PAT of ₹8.3 crore, impacted by a one-time wage code charge of ₹4.8 crore. Disbursements grew 20% QoQ to ₹1,117 crore, driven by vehicle finance (up 21% QoQ) and microloan scaling. Asset quality improved with new vintages showing 50% lower delinquency vs earlier cohorts. Gross stage 3 stood at 4.06%, net stage 3 at 1.76%. Management guided for continued sequential disbursement growth, targeting microloan AUM doubling in FY27, and expects credit cost to normalize to ~2% as the post-Jan 2025 book gains share. Key risk: elevated credit costs persist if legacy portfolio stress takes longer to roll off.
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Guidance to track
- Management expects sequential disbursement growth to sustain, supported by 30% increase in frontline sales force and branch expansion.
- Management targets doubling microloan AUM from current levels in the next financial year, with calibrated expansion across states.
- Management targets credit cost of approximately 2% as the post-January 2025 book becomes a larger share of the portfolio.
Risks flagged
- Current credit cost is higher than the 2% target due to legacy stress; if the older book does not roll off as expected, profitability may remain under pressure.
- Rapid expansion of microloan business into new states could strain underwriting quality if not managed carefully, despite early strong performance.
- As the company expands into prime segments and faces competition, vehicle finance yields may decline, pressuring NIMs if funding costs do not fall further.
Key quotes
- Delinquency levels in the calendar year 2025 cohort are nearly 50% lower than earlier cohorts on a like-for-like basis.
- We would target a credit cost of about 2% plus minus few basis points... that is really our plan.
- We are investing significantly in our frontline sales team and that number would go by 30%.
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