LICHSGFIN Q3 FY26 earnings call.
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Revenue
₹7,187 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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What the record says.
LIC Housing Finance reported Q3 FY26 revenue from operations of INR 7,187 crore, up 2% YoY, with PAT declining 3.35% to INR 1,383.95 crore due to a one-off recovery received in the base quarter. The loan book grew 5% to INR 314,268 crore, driven by individual home loans (85% of portfolio) growing 4% and non-housing individual loans surging 10%. Disbursements increased 4% to INR 16,096 crore, with individual home loans disbursement up 7% YoY. NIM expanded sequentially by 7bps to 2.69% as funding costs declined 45bps YTD. Asset quality improved with Stage 3 declining to 2.45% from 2.75% YoY. Management flagged intense competition from banks in the prime segment, noting disbursement growth has remained in single digits for three years. They have engaged a consultant to restructure operations and expect Q4 disbursements to exceed INR 20,000 crore. A key risk is the CEO's superannuation in August 2026, creating leadership transition uncertainty at a time when the company needs strategic acceleration.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q4 retail disbursements to exceed INR 20,000 crore, compared to INR 16,096 crore in Q3, as January alone logged INR 6,000 crore.
- NIM expected to be in the range of 2.70-2.72% in Q4, marginally above the current 2.69%, with further funding cost reduction of 5-7bps anticipated.
- Management expects PAT to grow approximately 7% for FY2026, reaching around INR 7,200 crore, driven by Q4 seasonality and improving trends.
- A Big Four consultant has been engaged to review the company's structure, technology, and compensation practices. Findings expected within 3-4 months, with implementation planned from Q1 FY27.
Risks flagged
- MD and CEO Tribhuwan Adhikari superannuates on August 31, 2026. Given the strategic transformation underway, leadership transition poses execution risk at a critical juncture.
- Project loan Stage 3 of INR 3,416 crore comprises legacy loans in various courts and DRT/NCLT stages. Management noted two cases nearly resolved in Q3 but borrowers backtracked at the last minute. These large tickets remain unpredictable.
- An analyst directly asked whether the company would consider onboarding a strategic investor (referencing PNB's earlier example). Management responded 'not in the discussion horizon,' without elaboration on board-level deliberations.
- Management admitted that credit appraisal SOPs have been 'adjusted' to match bank competition, stating they have become 'more conducive to the market environment.' This could create future asset quality stress if borrower profiles have weakened.
Key quotes
- We are caught in a sort of a trap. We are mostly into the individual home loan segment, not to the salaried segment. And there, honestly, with so many players, especially the banks being so aggressive in the market right now, that is not where the growth is going to come from.
- The dichotomy is that we are borrowing from banks and competing against them also. So this quarter particularly, with the RBI cutting rates, there's an intense rate war in the market, and that probably led to a little bit lesser disbursement than we anticipated.
- We are very open and very keen to adopt practices which will help us grow, get out of this, let me call it, Hindu Rate of Growth.
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