Stockrabit · Analysts
Questions across 69 calls

Dipanjan Ghosh

Citi

Angel One Limited

Angel One Limited · 2026-07-16
So a few questions from my side. Firstly, if I look at your annual report, it seems that there has almost been a 15% to 20% decline in the employee count in FY '26. Now if I were to take a view over the next 2 to 3 years in terms of your employee base, I mean, the way I see it is on one side, you will probably continue to invest in the new businesses, maybe sales teams, product teams? While on the other side, you might want to kind of rationalize your existing base on the pure-play platform or the traditional business that you're building on the platform side and APs. So just wanted to get some sense of how does your employee count look like from a business perspective when you think of it from medium term? Second question is on the wealth franchisee. Now if I look at it, out of your overall AUM, ultra HNI AUM, the way you classify it, is still the biggest contribution to the overall AUM number. Now looking at the ticket size, it seems that you would be competing with the incumbent wealth companies in that segment? So the question really is what's the strategy from a client acquisition perspective? I mean and especially in linkage with that relationship manager acquisition perspective, I mean, are these RMs people who have been working in existing banks or maybe boutique wealth franchisees who -- when they get onboarded on the platform already have a clientele list, which they can tap into? So just wanted to get some sense of the client and RM acquisition strategy in that business. And finally, the last question, in one of your comments, you mentioned that on the wealth side, you want to build a franchisee around recurring revenues. But when I look at the broader markets and maybe compare it globally also, I think access to exotic deals, one-off transactions, have been a key driver of acquiring new clients in certain segments. So at a certain point of time, once the AUM scales up, how does your product strategy really shape up?
Thanks for the detailed answer. Maybe one small follow-up. If you were to hypothesize and think of those business, let's say, 5 years from now, would it be fair to say that new to Angel customers would form bulk of the AUM? On the wealth piece specifically, Ionic?

ICICI Prudential Asset Management Company Limited

ICICI Prudential Asset Management Company Limited CC-Jul26.pdf · 2026-07-13
Hi, good afternoon everyone. So few questions from my side. First when I look at your PMS business, obviously it continues to do well and even when I compare with your overall mutual funds or equity mutual funds, it seems that t he growth rate sequentially have been far better for the last few quarters. Now I just wanted to or rather I would presume that this favorable growth in PMS would be a factor of relatively higher flow contribution as mark-to-market differential might not be that high. So just wanted to get some sense of the structural driver behind this flows in the PMS business and maybe some color on the distribution strategy or channel mix in that business. That was the first question. The second was on the advisory business...
Got it. No, sure, that's fair enough. No, just maybe one small follow-up on that would be that you know, you mentioned that on the alternates piece obviously the AUM that you're reporting is fee earning AUM and as and when you call their money you obviously the AUM kind of sees a jump. So I mean what's our trajectory let's say over the next 2 to 3 years and maybe previous participant's question you also mentioned you have a pipeline for commercial real estate and some real asset funds also. So how should one think of your aspirations in that segment?

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-May26.pdf · 2026-05-21
Hi. Good evening, everyone. First, few questions from my side. Firstly, if I look at your EV walk, this is almost the second out of fourth year where you have been sustainably reporting a positive other variance, which is X of persistency expense and mortality. I just wanted to get some color on what exactly gets factored in this line item and how should really one think of it going ahead. My second question is on the persistency side. Now, what you're seeing persistency trends. On a premium basis, we are seeing some softness on the 13th and the 25th month. You have also strengthened your assumptions on persistency, but on the flip side, we are also seeing positive releases from the back book in the EV walk. Now, it would be great if you can kind of bifurcate this performance and persistency across the three major product classes, which is on the individual side, par, non-par, and linked business, both on the back book and on the strengthening that you have done and on the yearly performance that we're seeing on a YOY basis. The third question was on the P&L, and two questions rather on this part. One is if you can give some color on why the operating expenses were high in the fourth quarter and also in terms of benefit pay-outs. Was there any lump sum group related pay-out in the fourth quarter?
Operating variance.
Life Insurance Corporation Of India CC-Feb26.pdf · 2026-02-05
Just a few questions from my side. First, if I look at the ticket size of your non-par savings business and par business, there seems to be a little bit of trajectory change compared to what we were seeing for the past few quarters in both the segments. So just wanted to get some colour on the sub products within this segment? And has there been any shift across the quarter out there? My second question is on the banca and alternate channel. Would it be possible for you to kind of segregate it between core bancassurance and other channels and also the sort of product mix across some of these channels, how are you seeing that evolving? And the third question is taking cues from the previous participant's question in terms of your dividend pay-out policy. I just wanted to understand now you're sitting with almost a net worth of RS.1.5 trillion plus, your solvency is also quite comfortable. It seems that you might have done some rounds of exercise on IFRS calculations also. So, is there some visibility on, let's say, even 2, 3 years out, what can be a steady state dividend pay-out ratio for a company of your vintage? Those are my three questions?
Got it. Sir, just one small follow-up question. I mean, in terms of the government's shareholding in LIC, also, there are some stipulated timelines. Any colour that you can share on this aspect? That's all from my side?

Nuvama Wealth Management Limited

Nuvama Wealth Management Limited CC-May26.pdf · 2026-05-12
So 3 questions. First, if I were to think of FY '27. And obviously, there's a lot of geopolitical uncertainty that still persists. Now on that backdrop, if you were to think of the transactional revenues ex of broking majorly in Nuvama Private and maybe t o a certain extent in Nuvama Wealth also. Just wanted to get some sense of the deal pipeline that you envisage or in terms of market activity, what is the sense that you're getting in terms of the transaction revenues? Because FY '26 was a relatively good year for the company on that front. My second question is on the Nuvama Wealth business. Now if I look at the 4Q yields, normally, it tends to be a little bit affected on the managed products and Investment Solutions because of the insurance revenues, but if I look at 4Q to 4Q, I mean the y ields have held up fairly well. Despite the backdrop that one was expecting maybe some moderation post the ITC changes. So just wanted to get some sense of your insurance commissions. I mean, how has that really held up or was it , or was there some upfronting of CAT I, CAT II, AIF led commissions out there? And the third question is on the overall wealth piece. Basically, if you were to look at the new incoming customers that you're getting, maybe more from the perspective of Nuvama Private and to a certain extent, maybe the high-quality customers in Nuvama Wealth. Would this be more from smaller cities, low ticket size, generational wealth or first generation customers or it will be like poaching from erstwhile bank service customers? I mean if you can give some color on the customer quality or demographics out ther e. And I have 2 data keeping questions, which maybe I can ask at the end?
Got it. And just 2 data keeping questions. One is for FY '26 and 4Q '26, if you can break up the IB, IE between IB and IE. And the second question is, what would be your distributed mutual funds within the overall cohort of distributed MF, PMS, AIF . I mean whether you put the overall wealth together or private and wealth segregated out there?

Kfin Technologies Limited

Kfin Technologies Limited CC-May26.pdf · 2026-04-30
Just a few questions from my side. First, if I look at your presentation and you have broken up the revenue into various streams. If I look at the alternative private wealth and PMS revenue, whether I look at quarter -on-quarter or I look at year -on-year, t here seems to have been a meaningful drop. And in conjunction with that, also the OPE revenues, which you classify, if I look at sequentially, there has been a decent drop. Even Y-o-Y, it looks flattish to down. I'm just talking from a 4Q perspective. So j ust wanted to get some color on what's really going on out here? Second, in terms of your Ascent new clienteles, could you give some color -- I mean, would this be like small long -short funds, HFTs or these would be like large fund structures like one you had historically maybe in the last 18 to 24 months. So I just want to ge t some color on the clientele proposition. And the reason I ask this is because if I go back in time and look at Ascent yield, at one point, it used to be like 8 bps, 9 bps, now you're down to like 6 bps, 6.5 bps. So what's really going on out here?
I think looking at your presentation in 4Q '26, I see the alternatives private wealth and PMS revenues at INR16 crores. In third quarter, it was INR20.7 crores. In the fourth quarter of last year, it was INR18.3 crores. I'm quoting from your presentation?

Go Digit General Insurance Limited

Go Digit General Insurance Limited CC-May26.pdf · 2026-04-28
Hi good evening. So, a few questions from my side. Firstly, if I look at your group health insurance business and obviously, this business has seen some pressure on pricing over the past quite some quarters now. I mean just wanted to get some sense of how you are seeing the employer employee business kind of evolving? And second thing is within the group health business, it would be great if you can split the business between nonemployer employee and employer employee especially, let's say, for the fiscal year '26 and '25 or at least give some color on how the nonemployer employee portion is growing? So those are 2 questions on the group health side. The third question, we have had some discussions on the commission part during this call. But what I read from media articles is that a lot of new companies are interested in entering the non-life space, some backed by private equity, some backed by a strong parent? And my understanding is that some of these companies will get a forbearance on EOM over the next 5 years when they commence operations. So given the environment, I mean, do you expect the B2C or the more retail businesses to kind of face higher competition at least from a medium- term perspective?
No, no, absolutely, absolutely, sir. So just maybe a small follow-up. I mean, given the fact that -- this is my point that you're probably operating at an underwriting profitability or rather marginal loss on a net earned premium on the group health or overall health business. And obviously, you'll be getting some float income also. So do you see a scope for kind of gaining momentum in this business, let's say, the next year or the year after that? I mean, what's the medium to...
Go Digit General Insurance Limited CC-Nov25.pdf · 2025-10-28
So a few questions from my side. First, you mentioned that the non -employer-employee mix within group is like 70% currently. If I recall correctly, it used to be more like 80 -- sorry, employer-employee mix is like 70% currently. If I recall correctly, it used to be like 80%, 85% a few quarters back. So given that your non-employer-employee has increased, just wanted to understand despite that claims ratio on the health part excluding the government business is more like stable Y-o-Y. So just on the employer -employee business, given your focus on more small businesses and corporates, how has the loss ratio been trending in that part of the segment? Can you give some color on how the growth rate would be. Second, at the start of the call, you mentioned your motor business growth since or rather post - GST cuts, but if you were to compare, let's say, festive to festive on an apples -to-apples basis, can you give some color on how the growth rate would be in tha t case across auspicious dates? And lastly, in terms of the motor mix you mentioned, just wanted to clarify, is it for the second quarter or first half? And if you can give the corresponding data point for the last year's base?

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Apr26.pdf · 2026-04-22
Sir, my first question on the VNB mix. I know that you don't give the margins across channels and every channel has a different product mix. But let's say if you were to take FY23 for the last 2 years and assume a similar product mix, channel mix, cost structure. What would be the VNB contribution across some of these channels or some qualitative color in terms of divergence between APE mix and VNB mix across channels, at least qualitatively? The second question is on the Credit Protect business for FY26. The growth seems to be a little bit on the softer side. So going into next year I just wanted to get some color on what are the attachment rates at SBI? Or what are the efforts that you're re ally undertaking to grow this business because it's a relatively high-margin business, I would assume. And finally, the third question is on the operating release. Now if I look at the last 10 years, ex of COVID I mean in almost all the years, you would have delivered a positive release. So just in terms of the assumptions that you have built in the back book transition into IFRS. And I understand you are taking the forbearance. But does this sort of robust risk management or prudent underwriting that you would have done give you any sort of benefit relative to any other company, who should have probably taken a differentiated strategy on these assumptions? And one question on the data keeping question, if you can break the operating variance into mortality, persistency and expense and others?
Got it. Just one small follow -up. If I heard correctly, you mentioned that your persistency variance this year is a little lower than last year. And I think last year, you were around INR2.5 billion to INR3 billion. So that basically means that for this ye ar you almost had like INR8 million, INR9 million of positive mortality variance. I mean, is that the right understanding?
SBI Life Insurance Company Limited CC-Feb26.pdf · 2026-01-28
A few questions from my side. First, when I look at your segment-wise margins, it seems that the ULIP margins are probably somewhere close to your company level margins, maybe a few percentage points lower. Maybe due to some efforts that you have undertaken on riders or had some issues. So, just in terms of understanding the prospects of the ULIP margins for the next 2 to 3 years, how much more scope do you really see in this segment? The se cond question is on the non -SBI Banca part, y ou mentioned the growth data. I just wanted to get some color on the product mix in this channel and how that has shifted in the last few quarters or years ? And the third question was, I don't know if I missed it, but could you spell out the APE for 3Q and 9- months?
Sir, I just wanted to ask for the Credit Life APE for the third quarter and also the non - SBI banca product mix and how that has evolved?
SBI Life Insurance Company Limited CC-Oct25.pdf · 2025-10-24
So, a few questions. First, you mentioned your growth on the online business, both in terms of IRP and also in terms of protection. And those are quite strong numbers. So, I just wanted to get some sense of the strategic change on the online side and what is really driving this growth? And is there a vision that you have discussed with your counterparties on the online side in terms of the counter share that you would want to have at those specific counters? Second question is on the non -SBI banca. In your opening commentary, you mentioned that there has been a strong growth in those channels also. So, could you give some colour on your counter share in those channels or the overall growth trajectory or the product mix that you are targeting in those non-SBI banca channels? And third, you have touched upon this, but just wanted to kind of dig a little bit deep in terms of what norms were there till August, which got tweaked in September because of which you are seeing incremental growth picking up at agency and banca. If you can give some granular colour on that part?
Just one follow -up. What is the mix of non -SBI banca within the overall individual business, APE?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Apr26.pdf · 2026-04-16
So, few questions from my side. First in terms of the Banca channel and more s pecifically on the non-HDFC Banca channels. Just wanted to get some sense of what's the direction or strategy when you kind of think of these channels? Is it more growth -focused or do you think the focus will be on more VNB counter share? And from the next two -year perspective, if you can give some colour on that. That's the first question. The second question is on the product pipeline and this is more in line with also the AGNI product that you have la unched. You mentioned that there has been strong traction initially. If you can kind of quantify or give some colour around that? And also, in terms of the refinements on the non-par products that you have done, if you could kind of elaborate on that? And the product pipeline, alongside on the non-par and annuity side? I mean, if you can kind of sum it up?
Thanks, Niraj. Just one small follow-up. This variable annuity product propositions, how are the margins in this product, I mean, compared to industry or company-level margins?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Apr26.pdf · 2026-04-16
Hi, good evening, sir. So just two questions from my side. First, you quantified the impact of this new base TER and other regulations on at a gross level and also the strategy in terms of distributor commission cuts that you might undertake going ahead. Just wanted to understand, that other non -distributed costs and other overheads also that you can manage. So just wanted to understand, I mean, is there a thought process around your RTA payouts and when do these renegotiations really happen and do you think that at least for the next two to three -year perspective, there is any scope or headroom available on that side to curtail cost? The second question was on the unique investor count. Obviously, your market share has expanded rapidly and it kind of showcases maybe a lot of new customers coming in through the fintech channels given that they are probably the largest originators of new customers. Now given this current market downturn and maybe the ongoing pain in the broader Indian equities over the last many quarters now, I mean two things: one is, how is the customer wallet really divided between different players on these platforms? I mean, have you guys done any study on that? And secondly is in terms of the customer behavior during this current downturn? I mean, any difference between the more assisted channels and let's say the DIY sort of channels o ut there? Yes, those were my questions.
Yes, so the question was more on, let's say the wallet share of a customer, how that would be divided between you and other players when they're deciding on let's say allocation through the fintech channel. And in that regard also how their behavior has been versus let's say the assisted channels during this downturn?

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Jan26.pdf · 2026-01-23
So a few questions from my side. First, on the KRA business, do you see any sort of pricing regime change over the next few years? That was the first question. Second, at t he start of the call, you mentioned some number around INR20 crores to INR25 crores possible impact due to the mutual fund. Firstly, did I understand it correctly? And second, how do you arrive at this number? And if you can kind of shed some colour on that? And the third question is on the Payments business. Obviously, I mean, that has been growing at a very, very good run rate. Just wanted to understand in terms of new business horizons on the non -mutual fund side, is there either any inorganic activity or new cohorts where you would like to kind of penetrate into?
Got it. Sir, just if I can squeeze in one small question. On the mutual fund side of the business, are there any asset managers where the renegotiation or the pricing -- repricing kind of happens on an annual basis or everything is more like a 2-, 3-, 5-year contract?
Computer Age Management Services Limited CC-Sep25.pdf · 2025-10-29
Hi, good morning, sir. So, just a few questions from my side. First, if I look at the alternates business, obviously, there have been a very, very strong pickup in momentum on a sequential basis. But if I look at last year also, between 1Q and 2Q, there was a decent improvement of almost 10%-plus and then it kind of again fell off. So, just to get some sense on whether if there is any seasonality in this business or incrementally, we can think of more like 11 crores to be more than that to be like more of a steady state run rate in that segment? That was the first question on the alternates business. Second, I just want to go back to one of the previous participant's questions on the KRA business. This sequential offtake that you have seen, how much of that would be, let us say, because of new DEMAT account getting opened and incrementally when you see the visibility for let us say, October also, I mean, because we are towards the end of October, do you see this run rate sustaining? And my last question is, again, going back to the mutual fund business. You mentioned that, two years out, somewhere around FY28, you would probably see multiple large asset managers coming up for renegotiations. Given that at that particular stage, the absolute quantum of money that some of these asset managers that will be paying to you, depending on that AUM at that point of time, would be a very, very significant number, do you think that there can be a case that, given that it will be almost three decades of your operation, that some of them might want to move to more of a cost plus sort of a model or some different sort of a revenue model compared to the AUM linked model that we have today? Those were the three questions.
So, just one small question if I can chip in. Any inorganic plans in the horizon I mean barring the one that you are already ongoing?
Computer Age Management Services Limited CC-Oct25.pdf · 2025-10-29
Hi, good morning, sir. So, just a few questions from my side. First, if I look at the alternates business, obviously, there have been a very, very strong pickup in momentum on a sequential basis. But if I look at last year also, between 1Q and 2Q, there was a decent improvement of almost 10%-plus and then it kind of again fell off. So, just to get some sense on whether if there is any seasonality in this business or incrementally, we can think of more like 11 crores to be more than that to be like more of a steady state run rate in that segment? That was the first question on the alternates business. Second, I just want to go back to one of the previous participant's questions on the KRA business. This sequential offtake that you have seen, how much of that would be, let us say, because of new DEMAT account getting opened and incrementally when you see the visibility for let us say, October also, I mean, because we are towards the end of October, do you see this run rate sustaining? And my last question is, again, going back to the mutual fund business. You mentioned that, two years out, somewhere around FY28, you would probably see multiple large asset managers coming up for renegotiations. Given that at that particular stage, the absolute quantum of money that some of these asset managers that will be paying to you, depending on that AUM at that point of time, would be a very, very significant number, do you think that there can be a case that, given that it will be almost three decades of your operation, that some of them might want to move to more of a cost plus sort of a model or some different sort of a revenue model compared to the AUM linked model that we have today? Those were the three questions.
So, just one small question if I can chip in. Any inorganic plans in the horizon I mean barring the one that you are already ongoing?

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Jan26.pdf · 2026-01-22
Good evening, sir. So, a few questions from my side. On the expense side, if I look at your other expense run rate and not looking at quarterly volatility, but looking at it more from a, let's say, rolling 12 months sort of a thing. It seems that the run r ate has meaningfully been controlled, despite your kind of growing your alternate fees, you're also kind of probably scaling up your sales personnel on the MF side, given the traction in flows. So just wanted to get some sense of how one should think of the trajectory on the other expense side in case, let's say, you had to kind of scale up initiatives given that your performance is now back on track. The second question is on the flow share. You know I'm trying to triangulate this math that your SIP market share is like fully yet to stabilize. But obviously, your redemptions are probably kind of narrowed down, resulting in improvement in net flow trajectory. So, just from a channel perspective, would it be fair to assume that when performance improves, maybe the MFD or the more assisted channels are the fastest to pick up in terms of both net new money and maybe a lower churn rate? I mean, are you seeing that or maybe I can be corrected in case that's not the trajectory. The third question is on similar lines. I mean, you mentioned some number on the flow part in reply to the previous participant's question. But you included arbitrage also. I mean, is it possible to give you some idea of the quantum excluding arbitrage? And just two data keeping questions, if you can s pell out the employee number and SIP AUM number as of December 31?
Got it. So just to clarify, this was for 3Q or 9M this data that you mentioned, the last data point on flows?
Aditya Birla Sun Life AMC Limited CC-Oct25.pdf · 2025-10-24
Good evening, Sir. A few questions from my side. First, if we were to see your SIP flow trajectory, despite the improvement that we are seeing in some of your schemes, the SIP market share has been kind of declining. Just two questions on this front. One is, if you can give colour on your overall flow trajectory, that will give us some understanding of your redemption and lump sum trends on the equity side of things. And secondly, if I were to dissect this SIP market share decline, let’s say, over the last 12 to 18 months across channels, which channel has been the biggest drag out there? My next question is on the ESOP expense, if you can quantify the number for the first half. And with this ESOP 2025 scheme, assuming it gets approved, what can be the ESOP cost rate over the next, let's say, FY2027-2028? And the third question is on the other expense that has been controlled quite well. So, is there any one-off out there, or is this the normal run rate that we should think of? And lastly, a data-keeping question: if you can give the SIP AUM for the quarter.
Also, the question on ESOP expense for the first half of the year and how it will be for the next two years.

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Nov25.pdf · 2025-10-29
Good morning, sir. Just a fe w questions from my side. First, obviously we have seen the improvement in claims ratio but correspondingly on the other side we have also seen sustained strong new business growth over the last many quarters now. So, just wanted to get a sense of when you look at your back book claims movement versus the impact of new business growth being high and that kind of helping your claims ratio. Is there any divergence that you see and if you can give some color on that, how the cohorts are behaving? Maybe not qua ntify but at least give some qualitative color. Second, on the new business growth side, obviously it has been holding up at very strong levels. I wanted to understand in terms of your portability mix, does that remain at the low levels or has there been any further tweaking, be it in terms of relaxation or tightening on the portability side? And do you have any color of what your new business market share would be, let's say ex of portability for the industry, at least for the first half? My third questio n is a follow -up of the previous participant's question on the pass -through of the GST rate cuts and while you give an elaborate response to it, I wanted to understand if there is a one -size-fits-all approach that you are going for and if you can shed some color on that?
Just one follow up on the first question. What I wanted to understand was more like if you were to look at let's say cohort. Let's say if you look at the 4th year plus cohort or let's say the 6th year plus cohort or 2nd year plus cohort, let's say standing in 1H'23, 1H'24, 1H'25 and now 1H'26 and look at the YoY trajectory across these cohorts, ex of the new business obviously. Are you seeing the trajectory improving? We understand that price hikes incurred take time to flow through. But at least on a YoY trajectory basis, is there any gradual impro vement across the older cohorts? That is something I think we want to know to get some color on the incremental trajectory of the claims ratios.