MONEYBOXX Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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What the record says.
Moneyboxx Finance reported Q3 FY26 results showing steady execution of its strategic pivot toward secured lending. AUM stood at 878 crore with underlying growth of 17% ex-ARC. PAT surged 77.6% YoY to 35 crore, driven by sharply lower credit costs (2.07% vs 4.7% YoY). Asset quality improved materially with GNPA at 1.43% (vs 5.6% a year ago) and NNPA at 0.72%. Collection efficiency reached 99%+ in current bucket with bucket 1/2 resolution at 60%—highest since inception. However, NIM compressed to 14% from 16.6% as the secured portfolio mix expands. The company raised 43.3 crore equity (primarily promoter) and targets 1,500 crore AUM by FY27. Secured loans now constitute 60% of AUM (vs 38% YoY). Management targets credit cost below 2% and expects ROE improvement from FY27 as NPA normalization completes. Risk: sector stress still normalizing with disbursements intentionally moderated due to tight onboarding norms.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided reaching at least Rs 1,500 crore AUM in FY27, implying significant acceleration from current 878 crore run rate.
- Credit cost expected to normalize to below 2% from FY27, down from ~3% in FY26 and 3.75% in FY25. GNPA expected to remain below 2% going forward.
- Average cost of funds at 12.7% with marginal cost at 11.8%. Management targets gradual move toward single-digit borrowing costs in medium term as credit profile strengthens.
- Despite shift to secured book, management expects blended yield of 23-24% as unsecured (30% of book) generates ~30%, cattle secured (~30%) generates ~25%, and other secured (~40%) generates ~18%.
Risks flagged
- NIM declined to 14% from 16.6% YoY as secured loans carry lower yields. Management expects blended yield of 23-24% going forward but any further compression could pressure profitability.
- Company received ~Rs 200 crore monthly in loan applications but disbursed only ~Rs 40 crore due to tightened onboarding norms. This voluntary restraint limits near-term AUM growth acceleration.
- Despite improvement, the company borrows at ~12.7% average cost vs larger NBFCs at ~9%, a 300+ bps gap. This structural disadvantage limits margin expansion unless credit rating improves.
- ROE remains below long-term aspiration this year. Analyst questioned whether the current business model delivers adequate risk-adjusted returns given volatile profit growth, despite improving asset quality metrics.
Key quotes
- The worst we have seen in the last 18 months is now getting over and incrementally every month we are seeing some improvement.
- We are still in a high-margin business. So a 4 to 5% ROA is possible without much difficulty once the transition completes.
- Every month we have seen growth and bucket one and bucket two resolution has improved to over 60% which is highest since inception.
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