Questions across 9 calls

Avinash Singh

Emkay Global Financial Services Limited

Piramal Finance Limited

Piramal Finance Limited CC-Feb26.pdf · 2026-01-23

Yes, hi. Good evening. Thanks for the opportunity. A few questions . Jairam, if I look at Slide 17, the salaried personal loan and digital, I just wanted some more color here on salaried side. If I see there is a ticket size of INR 4.5 lakh and disbursement yield is nearly 17.5%. So, what kind of a sort of a salaried customer these are and how the sourcing is being done here at that kind of a yield? And are the yields for both the salaried and digital net to you or it is the kind of a yield to customer? I mean, is it kind of catered for that intermediary cost or it's like a gross yield? And why sort of digital yields are lower here than your salary? So, that's question one. Second question, more again on the medium-term perspective, I would say very-very confident guidance on growth and profitability being reaffirmed again. Now, if I were to look at the market, I would say Retail and SME, a number of your peers are now getting a lot of capital and some of the mid-sized bank also operate in this segment. Now, do you see that excess capital is now chasing the same growth pool or leading to some kind of compression in NIMs? So, these are my 2 questions. Thanks.

Yes, yes. One more, just if you can allow. In what sort of, if I see, I mean, of course, branch opening plans around gold and all. So, the 2 areas where you have been kind of open to inorganic, gold and microfinance. Is that inorganic option still, you are kind of a lookout for these opportunities or right now, it is more that you have decided both to build kind of organically in- house.

PNB Housing Finance Limited

PNB Housing Finance Limited CC-Jan26.pdf · 2026-01-22

Yes. Good morning. Thanks for the opportunity. Again, a bit kind of continuing on that ROA and NIM question. So, I mean, currently that NIM is like 3.6, 3.7 that you kind of reaffirmed. And if we were to look at NIM plus fee, probably close to 4.1%-odd. Now, I mean, beyond this four, five quarters where you have this benefit of provision reversal, a normalized credit cost, if it is going to be within a 20 basis point, assuming that, okay, anyway, you are going into construction and development finance. Probably, basically this is a kind of a reversal of nearly a 40-odd basis points in terms of where the credit cost is. So mathematically speaking, to maintain ROA and also with your kind of, you know, growing book, the financial leverage will mathematically work against that NIM plus fee. Now, so when you are looking, say, FY28 or even beyond two points, kind of a current level of ROA, basically that requires a NIM plus fee to go up mathematically by nearly 50 basis points. So, I mean, of course there are push and pull factors, but are you sort of confident because we have very limited scope in opex, what I understand. And of course, credit cost side as like 40 basis point kind of a reversal. So do you see mathematically spea king that the 50 basis point is pull and pull factors taking this, let's put NIM and fee to 4.5%-odd, because that will be kind of a required level to deliver this 2.5%, 2.6% ROA. Thanks.

So, yes, thanks. So, beyond FY 26, I mean, what is kind of further now you are going to start sort of a new segments and all. So, medium term growth guidance or aspiration, what's that level?

Tata Capital Limited

Tata Capital Limited CC-Jan26.pdf · 2025-12-31

Thanks for the opportunity. A couple of questions. The first one on credit cost guidance of below 1%. So, if we were to look, let's say 1-2 years from here onwards, motor finance credit cost will of course improve a lot. Your motor vehicle finance book, which is currently 10% odd of your overall book. But then we will have with a bit of seasoning or reversal in home finance book. But, of course, there will be some bit of a pickup from where it was the last year, even from here. Then from which other segment you see that kind of a turnaround that will take credit cost eventually at the aggregate level of like 1.2%. That's already a very respectable, to be honest, to under 1%. So, that's one. I mean, which segments, particularly when you are growing at the pace you are guiding, say a 23-25% kind of a rate, which segments can see improvement in credit cost from here onwards. So, that's question number one. And on motor vehicle finance side, now, of course, the breakeven has happened and most likely the growth should start to come back. Structurally you are also going away from being captive. Will that book, I mean, match your overall guided growth of 23%-25% say in FY '28, if not 27?

Yes, so quickly on Motor Finance piece, I mean just like now you are also going into open market incrementally. So, how is your sense, I mean there have been a kind of I would say mixed data point and talk around the long -awaited C V and ILMSCV cycle recovery where some comment is suggesting that okay after many years of muted there is a growth bouncing back for many reasons. So, how do you see overall sort of that segment of growth? Are you experiencing growth returning or is it still sort of a bit mixed?

HDB Financial Services Limited

HDB Financial Services Limited CC-Oct25.pdf · 2025-10-15

Yes. Hi. Good evening. Two questions. The first one is that can you please help your mix of new and old in your CV? And the second question is, with all these kind of – some bit of challenges that were there and some bit of a demand revival across businesses a nd added consumption, this 13% kind of growth, of course, I would think are lower than normal. What kind of growth do you expect to pan out in H2 and probably in FY27? Thanks.

On growth outlook, because I mean, 13% growth…

REC Limited

REC Limited CC-Jun25.pdf · 2025-07-31

Two questions. First one, if I see your Stage 1 and 2 PCR, based on ECL model, there seems to be lowering of PCR. Particularly, I notice one in that your electrical and mechanical infrastructure and logistics sector. That is where, I mean, you have close to INR48,000 crores, INR49,000-odd crores, and there now the PCR come nearly go. Does it has the element of that one of the projects in Telangana that was kind of Stage 2, perhaps last quarter and now has moved Stage 1 and that is what is reflecting here. And on the private side, if I see, remember, energy again then the PCR has gone materially lower. So was there some account that was kind of under trouble last quarter and has come back. So these are the questions on the PCR reduction. And the second question, if you can help me understand a bit better the underlying mechanics of what is kind of leading to this INR576-odd crores of fair value losses probably on your derivative mark-to-market. So how it the sort of mechanics are working and how it will sort of work going forward to the other two questions?

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Mar25.pdf · 2025-05-27

So two questions. The first one is, can you please explain what is driving this staff kind of a downtrend in employee wage expense in this quarter vis-a-vis last year same quarter? I mean what was the kind of a drag last year, this same quarter and this year, what is bringing it down because the wage expenses are pretty much down in your P&L. And the second one is, if I look at the EV walk within operating variance, there is nearly INR 1000 crores to INR 1100-odd crores positive operating variance on account of others. So what is that other because this is beyond your mortality consistency and expenses? So what is that? And thirdly, if I can, just on persistency piece, what explains the 13-month kind of persistency. 49 month I can understand that your cohort COVID affected cohort but this 13-month persistence. So I mean, why is that? I mean, the drop in policy in higher what was retained last year vis-a-vis last to last year.

Max Financial Services Limited

Max Financial Services Limited CC-Mar25.pdf · 2025-05-14

Good morning. Thanks for the opportunity. Very strong set of numbers. Couple of questions. The first one is more, if I see the growth in April, I mean your growth is very impressive, so can you and that is a bit of I would say or not in line with industry that is better struggling for growth. So what is driving this growth in this current year, this month, more into Protection or it is a kind of a balanc e across products. And in that backdrop, how do you see the growth in this FY '26 and marg ins, would you be kind of guiding for FY '26 margin by and large stable or sort of an improvement, so that some sort of growth and margin guidance in FY '26 and what is driving currently your growth? That is one. Second question again, I am not sure that I am going to get answered yet. So on this regulatory noise, of course, this regulated sector is never free from regulatory changes, but over the last, I would say a year or so, the frequency of noise is too much, and now once again, time and again this, th e new noise around bancassurance is coming. So as a participant in this industry are sort of you kind of a part of any formal discussions in the past or informal discussion in past that you have heard anything that is kind of a currently being debated around this bancassurance as well? So these are my two questions. Thank you.

Thank you.

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Dec24.pdf · 2025-01-28

A couple of questions. The first one is again on the yields and margins. So, what you are indicating that the growth in the wheels, EV is going to contribute some bit to growth. You are also going to kind of go into prime mortgages and Prime LAP. All this put together, you are still going to put pressure on yields. Now on the OPEX side, of course, I understand that over the medium run, these prime businesses are typically lower OPEX. But at the moment, you expand into this, again, OPEX is going to be sort of on the higher side. Now on the credit cost side, even if the improvement, because I mean, the reversal part on other PCR reduction part is done, so FY '26 should not see. So, if we kind of try to add, of course, I am talking to you on the fact that what you are saying on the fee side. But the pressure on the pure interest income yield, some bit of OPEX even operating leverage getting delayed because you are entering into newer segments. So, do you see the FY '26 or your ROA numbers could be better, I mean, than what is there in FY '25 or say, can it cross 2%? So, that's question one. And second, if I just look at the last quarter, I mean, it's a smaller segment, but yet we see kind of a bit of a slowdown in your preowned vehicle segment. Is it because of your kind of proactive move seeing the environment? Or I mean, is it that there's a kind of a weak demand itself?

Your kind of muted growth or rather a negative growth in the pre -owned vehicle disbursements. So, what is happening there? I mean because this is relatively a smaller piece in the pie. But in the first half, it was doing quite well. But in the Q3, suddenly, there is a kind of a decline in disbursement in pre-owned vehicle. So, what is happening there?

SBFC Finance Limited

SBFC Finance Limited CC-Dec23.pdf · 2024-01-29

Thanks for the opportunity. A few questions , The first one is on co -lending co-origination given that you have built extensive branch network and you have about three and a half thousand strong work force, sourcing dynamics particularly in the PSL segment mos t of your loans will come that is where many of the banks particularly public sector banks would be very sort of an interest wherein are d oing co-lending kind of arrangement so why sort of you are relatively bit guarded towards co-lending is your view there ? that is number one and second you are largely into secured MSME wherein you had unsecured loan in slightly may be bigger si ze MSME as well that sort of business loan in demand and your understanding, your infra and ecosystem that you developed so why sort of you are not venturing into unsecured space with the same intensity thanks?

Unsecured business loans and unsecured MSME?