Stockrabit · Analysts
Questions across 54 calls

Nischint Chawathe

Kotak Institutional Equities

Home First Finance Company India Limited

Home First Finance Company India Limited CC-May26.pdf · 2026-05-07
Hi, thanks for taking my question. If I look at the AUM growth trajectory, we've come down from around 30% to around 25% -odd. What gives us conviction and confidence that you will sustain this trajectory? Are we actively going to shift into segments or is it the same segment that we pursue? Are there liability-side tailwinds? What is it that gives you this conviction that this 25% will kind of remain here and not further taper down?
Okay. Let me be a little more specific. See, if I look at your loan book growth in the last year and loan growth accretion, almost one-third of the incremental loan growth comes in from ticket sizes above INR25 lakhs. I think you rightly mentioned that loans above INR20 lakhs are largely kind of co-originated? So is this kind of a strategy? How much is the funding cost differential between your balance sheet borrowings and co-lending, or basically on co-lending and yield differential above INR25 lakhs? Is this really the way forward in terms of slowly reducing the gap between us and maybe the target segment of larger housing finance companies?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Apr26.pdf · 2026-04-16
You mentioned that, the counter share at HDFC Bank in fourth quarter was lower than nine months, but if you could give any colour as to, what it was for the entire financial year? And, how does that sort of compare with the broad guidance of two-third counter share at HDFC Bank over the medium term?
And how does the conversation go? Is it something that it kind of reverts over time or there could be some kind of downward revision to this? How does it work?
HDFC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-15
One was going back to the persistency point. And yes, your data suggests that on a year-on-year basis, there was a decline in the early non -linked buckets. I think if I look at the trend in that bucket for last multiple years, it just looks like there is a steady decline, and it was not like there was a temporary bump for two years back, and it's gone down. The other thing is, typically in the non -linked bucket, if you have lower persistency, it sort of tends to be little in the early periods. It normally tends to be slightly accretive for margins is what our understanding was, and probably one of the r easons why surrender value guidelines were kind of envisaged by the regulator . So, maybe if you could explain that, and I have one more question.
And on the term business, now obviously there has been an impressive growth. But somehow on the Banca side, I guess there is still catch -up yet to be reflected in all the channels that are doing well other than Banca. So, anything specifically that we are doing over here, changing or probably need to change, realign incentives or anything that we can do to sort of improve protection in the Banca channel?
HDFC Life Insurance Company Limited CC-Dec24.pdf · 2025-01-15
Hi. Thanks for taking my question. You reported a fairly strong growth in non-par, in fact, much higher than ULIP. It's a little counterintuitive in t he current regime. And I remember you mentioned that you're not going to engage in flash sales towards the end of t he quarter. So , I was just curious what happened? Is there a specific variant or something that was especially pushed in this quarter or is it something that the delay in re -pricing actually helped in selling these products?
Sure. And just again, going ba ck to the sharing burden of surrender penalty guidelines. Somewhere the smaller agents would probably be at some kind of a risk because they may not have cash flows when commissions go down to support their earnings. There is s ome risk of people at a margi n kind of exiting the industry. So, what is it that you are thinking to kind of support the sma ller agents and kind of ensure that the industry continues to grow because there's always this kind of a debate, right ? When you cut down commissions, some of th e weaker agents tend to be weeded out of the market?

Canara HSBC Life Insurance Company Limited

Canara HSBC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-21
Thanks for taking my question. Actually, just taking forward from the previous participant, one of the questions that was asked was the APE mix. So, first half was around 50% of ULIP, and I think 9 months we have put in around 60%. So, I think the question was, is that the right reading? And was ULIP significantly stronger in this quarter?
Okay, got it. And I think again on the margins front, mathematically if I try to calculate the impact of GST, for this quarter I know you called out a number of 2.25 %, and I think now we are saying that we will probably end the year with 1.8%. But if I try to mathematically calculate the ratio for this quarter, it works out to around 2.8%. So, is it just a product mix change that is causing an impact or am I reading the numbers rightly? I mean what I am simply doing is, I am looking at the GST impact of 9 months minus 1st half which works out to be the GST impact for 3rd Quarter, divided by the AP of 3rd Quarter.

Poonawalla Fincorp Limited

Poonawalla Fincorp Limited CC-Jan26.pdf · 2026-01-16
So, across these 13 products, how do you think about the duration of the book, let us say, across short, medium, and long tenures, how are you really kind of thinking about balancing this? And in that sense, is there a little bit of a scope to play the yield curve? I believe you have increased the duration of the liabilities in the last two - three quarters.
Yes. So, on the asset side, first of all, how are you thinking about the contribution of short, medium, and long tenures? And I mean, are you kind of targeting a particular average duration of the book? And in that sense, how are you placed on the liability side?
Poonawalla Fincorp Limited CC-Oct25.pdf · 2025-10-17
Nischint here from Kotak. Just a small one. Thanks for the detailed introduction. But just a small one is if I look at your coverage on Stage 1 loans and that has kind of come up quite significantly from like 2.8% to 2.7%. I understand that, obviously, the re is a big change in the composition of book. But I think as you further add the secured assets, where do you really see this settling down? And the other one also is that when you are just about starting these businesses, you obviously have an internal track record of the PDs and LGDs. So how do you kind of work out this number?
Yes. So , when you start building out some of these businesses, those business lines, which Poonawalla has probably not done in the past, how do you kind of assess the PDs and LGDs and hence, work out the Stage 1 or 2 coverage ratios?
Poonawalla Fincorp Limited CC-Dec24.pdf · 2025-01-31
I think it's again on similar lines. If I look at the credit cost of ₹350-odd crores for the quarter, more from a modelling point of view, how should we sort of expect it to trend? Is there a way we can kind of corroborate it with your loan book mix and sort of say that what more could be required to provision the older book, et c.? If there is something that you can , some pointers in the presentation that you can guide us to, which will help us to model this number going forward for the next, let's say, 4 to 6 quarters?
Fair point, but given the fact that we are fairly well capitalized, would you want to take one large hit, clear up the book? And if there is any reversal that comes in the later period, I think that's well and good, so that we'll be able to kind of track t hese metrices in a more linear manner. Because with this, it's a little difficult to kind of figure out as to where and how long it takes for the legacy book to be cleared.

SBFC Finance Limited

SBFC Finance Limited CC-Mar25.pdf · 2025-04-28
It was just a little bit qualitative. As eem you mentioned that we are a little bit more cautious in the current environment. Now is it just kind of a fear of unknown, unknown? Or is it something that you're tangibly able to see at the ground?
Got it. Just a little bit of -- again, a little bit of quantitative maybe. On the asset side, with rates coming down, how fast do you think you need to transmit? And any specific reason why you said that you don't want to pen down any cost of benefit this year?
SBFC Finance Limited CC-Dec24.pdf · 2025-01-27
Hi, two, three questions from my side. One is, you kind of said that your yield on loans has gone up marginally, will be around 12 basis points quarter -on-quarter. So, just curious what is driving it, whether there is a change in the lending rates or the mix or what is it? And the second one is on gold loans, your book is sort of flattish or probably gone down a little bit this quarter despite the fact that there are a fair amount of tailwinds for the gold loan companies.
Sure. Just extending the first question, what is your view on the pricing environment at this point of time? Do you see, with whatever is happening around, do you really see the rates going up? Or given the fact that we are kind of probably looking at a rate cut in the near future, would you kind of expect the rates to go down? We have seen competition tightening rates a little bit, so.

SBI Life Insurance Company Limited

Aavas Financiers Limited

Aavas Financiers Limited CC-Mar25.pdf · 2025-04-24
Hi. I just wanted to get a little bit of a sense of the growth trajectory. This time, we have kind of come off a little bit, versus the 20% growth guidance that we have been talking about. So how should we see the trend in disbursements and loan growth going forward?
So, I was just curious, how do we sort of reconcile this? I mean, I know we need to sort of protect our spreads because of which we are going a little more granular, going a little bit down the risk curves. But at the same time, probably what you seem to b e indicating is that this may not be the best time to do it. And your login-to-sanction ratio has come down. Arguably, if you kind of continue to go down the curve or go down lower tickets, this ratio will kind of remain low or maybe come off as well. So, how do we really reconcile the conflict between growth and margins?

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Mar25.pdf · 2025-04-22
This is actually on your growth guidance. I guess it's a fair expectation to say that we'll probably be somewhere closer to mid - to high teens growth over the next -- over the medium term. But what is the role of non-vehicles in the overall business? How do you expect it to ramp up? And what proportion could non -vehicles be, let's say, 2, 3 years down the line? And is that kind of baked into the numbers that we are talking about?
And the pre-owned is something which we consider as a part of wheels, I believe?

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Dec24.pdf · 2025-02-07
I had in my head the same aspect of essentially the cost of hedging. And what you mentioned is that it's kind of -- will go through the EV walk. So can you give any sense in terms of what kind of a quantum or what kind of impact would it have out there?
Sure. The other thing is on the individual non-par side, your growth was around high since level in the third quarter. We have been growing somewhere in triple digits still like the last quarter. So do you sort of say that this now kind of plateaued out and the gap between non-par and par, maybe as you said, you sort of -- you start pushing for par as well at some point of time, will gradually start reducing?

Aadhar Housing Finance Limited

Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited CC-Dec24.pdf · 2025-02-04
This is actually on the point that we were just discussing earlier about the regulator kind of probably capping the inflation on prem ium. But I think at the same time, the regulator is somewhere nudging the industry to get together and have a common platform for negotiation with hospitals. Do you really see that happening, or is it like very early days right now?
But do you see that sort of getting rolled out through IRDA or is it still early days? When do we really start kind of -- do we say that next year's negotiations will be done jointly with healthcare companies?

Aptus Value Housing Finance India Limited

Aptus Value Housing Finance India Limited CC-Dec24.pdf · 2025-02-03
Essentially on your medium-term growth target. Just curious that when you're looking at such a larger book, will the product mix be similar? Are you going to have such larger proportion of fixed rate loans? And in that case, how would you sort of manage the liability side of the balance sheet? I think as what we can see is that as your balance sheet keeps on growing, the overall share of fixed rate borrowings does keep on coming down. So if you're going to have a similar ratio of fixed versus floating, prob ably you might have some kind of a mismatch a few years down the line.
Got it. So basically, it's the leverage that gives you comfort. And if there is any kind of a swing, you'll absorb it. But broadly, what we are trying to say is that the loan book composition and the step-down structure, I think those things will remain as they are.

Manappuram Finance Limited

LIC Housing Finance Limited