NIM compression from strategic shift to secured lending
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.
MONEYBOXX / Q3-FY26 / risks
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Moneyboxx Finance · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Disbursement growth intentionally muted
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.
Funding cost gap vs larger peers persists
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.
Profitability volatility during transition
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.