Stockrabit · Analysts
Questions across 84 calls

Prayesh Jain

Motilal Oswal

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited · 2026-07-15
Yes, hi. Just wanted to understand from you on the ground realities as to what's really transpiring on the ground with respect to SIP momentum, direct versus distributed, which is seeing any momentum change towards more distributed rather than direct? Any color because we've seen SIP kind of plateauing. I know, Navneet, you've always been saying that this INR30,000 crores number itself is a very good number. But as analysts, we al ways look at even small drops as something which is a slight negative. So just trying to see as to what's really kind of happening on the ground. And secondly, even on the debt and liquid front, we've seen loss of market share. What are we trying to do to kind of arrest that or improve that? Yes, those would be my 2 questions. Thanks.
Got that. Any color in terms of debt and Liquid
HDFC Asset Management Company Limited CC-Jul26.pdf · 2026-07-15
Yes, hi. Just wanted to understand from you on the ground realities as to what's really transpiring on the ground with respect to SIP momentum, direct versus distributed, which is seeing any momentum change towards more distributed rather than direct? Any color because we've seen SIP kind of plateauing. I know, Navneet, you've always been saying that this INR30,000 crores number itself is a very good number. But as analysts, we al ways look at even small drops as something which is a slight negative. So just trying to see as to what's really kind of happening on the ground. And secondly, even on the debt and liquid front, we've seen loss of market share. What are we trying to do to kind of arrest that or improve that? Yes, those would be my 2 questions. Thanks.
Got that. Any color in terms of debt and Liquid
HDFC Asset Management Company Limited CC-Oct25.pdf · 2025-10-15
Yes. H i. Just on this expense front again, this increase in business promotion sequentially is mainly led by the new scheme launches. And so whether that is a sustainable increase and the CSR obviously is generally is lumpy in nature. So, could you highlight as to what is a sustainable kind of a mix of these one -time bumps, what could be the sustainable run rate on the OPEX front?
Yes, it is phenomenal. But we always want more, right?

Bajaj Finserv Limited

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-May26.pdf · 2026-04-29
Hi, good morning, everyone and congratulations on a good set of numbers. Just a few questions from my side. Firstly, Anand, you spoke about growth, right? While the industry has been seeing a very strong growth on the retail side, our growth is still lower than the industry? Obviously, the base kind of plays a role. But the gap that used to exist, even say a few years back, that gap still exists. Now other companies have also scaled up reasonably well over the last couple of years. So, how do you see the growth panning out for us in the next couple of years, given the tailwinds that we are seeing from the industry?
Got that. Secondly was on loss ratio. The fresh growth has picked up momentum in H2 of FY26, and to a certain extent, that is definitely a reflection in terms of improvement of loss ratio. I think as NEP unwinds out of this fresh growth; do you think that the loss ratio improvement can still hold up for another few quarters before the impact of this new book starts coming in from the loss ratio perspective also?
Star Health and Allied Insurance Company Limited CC-Jun25.pdf · 2025-07-30
Hi, everyone. There are similar questions to what have been asked previously. If you could highlight some parts on whether a fresh combined ratio versus the renewal combined ratio on the retail book that would be helpful for us to understand as to how are things really operating between fresh and renewal. Second, Anand, when you had mentioned about the growth aspects of when the longer term guidance of doubling the premiums and tripling the IFRS PAT, w hat was the assumptions with respect to investment versus underwriting in that number to kind of understand as to whether we are on track for it or whether the mark-to-market is helping us more rather than the underwriting profit and we are kind of deviating from the underwriting assumptions that we would have made in that guidance? And lastly, from my expense standpo int, while we see that the employee cost has not grown materially, even not in line with the inflation, what are the thoughts there as to whether we have not hired enough or we are not hiring more, or we have not given pay hikes? What is the thought? I am happy to see that number, but what's the thoughts behind the employee cost not going so much? Those are my three questions.
And just on the cost front?

Nippon Life India Asset Management Limited

Nippon Life India Asset Management Limited CC-Apr26.pdf · 2026-04-27
Yes. Hi. Thanks for the opportunity. Just a few questions from my side. Firstly, in the as you mentioned, right, that the SIP momentum in the industry itself has kind of stabilized and post that also we've seen markets not doing great, right? So, do you see any further slowdown or how should we kind of read into this from an industry trends perspective and especially if you could highlight how are the trends different between say a do -it-yourself model versus a distributed model? That's my question number one. Question number two is, you know, last couple of quarters we've seen a very strong traction on silver and gold ETFs in terms of flows and because of which we have kind of benefited on the yield. How do you see the traction at least in the near term on these categories? And my last question will be on the expenses front, overall expenses, you know, you've been guiding about a 15% growth in overall expenses. Should we kind of stick to that and as basis points of AUM we are still higher than a few of our peers. So, do you think that we can structurally over the next couple of years, we should start tending towards that kind of a number or how should we look at expenses? Yes, those would be my questions. Thanks.
Yes, sir.

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Jan26.pdf · 2026-01-23
Good set of numbers. Anuj, the first is a bit of a structural question as to there are a lot of new MFs, again, getting licenses to open up and more are in the pipe line, more people wanting to open mutual funds. So how is the landscape now in terms of the competitive intensity in acquiring new AMCs into the fold? So could, if you could throw some light there? Because I think in the past few years, there has been a hi gh degree of competitive intensity to acquire the new AMCs. So what is the kind of intensity right now that you're seeing?
Got that. And secondly, on the -- again, a structural bit, do you think that the RTA industry at any point in future, say, like next 3, 4 years, could move to a fixed pricing mechanism rather than a percentage of AUM basis? Do you think that is a better approach?
Computer Age Management Services Limited CC-Sep25.pdf · 2025-10-29
Yes, hi, everyone. Just, on this question, somehow you answered earlier, but just trying to get more insight into it. So, if, for example, AMC, which would have been giving you a certain fee at Rs.1 lakh crore AUM today, let us assume that it's just an equity AUM, the new AMCs that you have enrolled, would they be, in case they reach that Rs.1 lakh crore equity AUM in the next couple of years, would you still earn the same amount of fee that you would be earning today on that Rs.1 lakh crore AUM? Just trying to understand, is there a pricing gap between what you are earning today and what are you giving the pricing to the new AMCs?
Got that, got that. Second is, from a profitability perspective, you all mentioned that the non-MF businesses profitability will improve to 30%, 35% in the next couple of years. Should that kind of lead to the overall company level EBITDA margins inching towards more like a 47%, 48% kind of margins or do you think that you will be able to maintain at 44%, 45% given that there could be some compression in margins on the mutual fund business, so just trying to understand that?
Computer Age Management Services Limited CC-Oct25.pdf · 2025-10-29
Yes, hi, everyone. Just, on this question, somehow you answered earlier, but just trying to get more insight into it. So, if, for example, AMC, which would have been giving you a certain fee at Rs.1 lakh crore AUM today, let us assume that it's just an equity AUM, the new AMCs that you have enrolled, would they be, in case they reach that Rs.1 lakh crore equity AUM in the next couple of years, would you still earn the same amount of fee that you would be earning today on that Rs.1 lakh crore AUM? Just trying to understand, is there a pricing gap between what you are earning today and what are you giving the pricing to the new AMCs?
Got that, got that. Second is, from a profitability perspective, you all mentioned that the non-MF businesses profitability will improve to 30%, 35% in the next couple of years. Should that kind of lead to the overall company level EBITDA margins inching towards more like a 47%, 48% kind of margins or do you think that you will be able to maintain at 44%, 45% given that there could be some compression in margins on the mutual fund business, so just trying to understand that?
Computer Age Management Services Limited CC-Aug25.pdf · 2025-07-31
Sir, just firstly on this yield part, while I understand that the adjustment of the one big negotiation has happened, any further renegotiations that are expected in this year or early of next year that can impact the yield further? That's first. Second, on the yield front itself, as these new customers, particularly Jio BlackRock kind of scales up, do you think that your yields can be under pressure? Because what we understand is most of these new wins are, have a very low fees in the initial part, in the initial 2 or 3 years. So yes, that's my first question on the yield front. Second is on the non -MF businesses, particularly CAMSPay, which has seen a sequential decline in this quarter, what would you attribute that to? And how should we think about this? Yes, probably, and thirdly, on profitability between the MF business and non -MF business, if you could spell out the EBITDA margins both ways ? Those would be my questions.
Got that. I really appreciate the kind of guidance you have been giving us on the trend and the way it's panning out. Thank you for keeping us updated on that.

Max Financial Services Limited

Max Financial Services Limited CC-Nov25.pdf · 2025-11-12
Yes. Hi, team congrats on a great set of numbers. First question is on the GST hit. I think, Amrit, you mentioned 200 to 250 or 300 to 350?
On run rate basis if nothing is done. So in that light, you had earlier guided for a VNB margin expansion of about 100 basis points for FY26. Now how would you kind of guide f or the margins for FY26? Would you change that 100 bps expansion or you would want to increase or cut it? How should we look at it for the full year?
Max Financial Services Limited CC-Jun25.pdf · 2025-08-08
The first question is on the product level margins, whether they have improved with rider attachments or with respect to even ULIPs, whether the sum assured has been going up. So, whether the product level margin has improved ? And your product -mix movement towards non -par the rates in the industry, have these been aggressive? And are we getting some impact of being aggressive and margins being lower on non -par relatively? So that's my first question. The second question is on the persistency of the near -month 13 -month persistency; there's some marginal weakness. Is there anything to read into it? Yes, those are my two questions.
Sir, do we expect some persistency variance coming in terms of EV walk or negative variance coming in the EV walk towards the end of the year?

Multi Commodity Exchange of India Limited

Multi Commodity Exchange of India Limited CC-Nov25.pdf · 2025-11-07
Just any update on the base metal front with respect to the delivery centre issue or the sorting out of delivery centre and how do you trying to plan to scale this segment, which has been kind of weak for a pretty long period of time? That will be my first question.
Yes. And we were thinking about consolidating the delivery centres, right, the Public number of delivery centres on base metal. Is that something which is there on the cards and where are we with respect to it?

Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited CC-Nov25.pdf · 2025-11-03
The first question is on the GST front, where you mentioned that the commissions you have kind of passed on to the distributors. So you are saying that the ITC impact would not be there at all for Niva Bupa. Is that the fair statement or you passed on partially and there is some still impact, which would come on the books for us? And if so, what would be the quantum of that?
Right, right. And second is, again, Vishwanath, again, on the loss ratio front, if you adjust for that first quarter kind of one -off, this seems to be much elevated than what we would have expected, right? So is that the benefit -- is there some pockets where the loss ratio have come in higher in some cohorts or is the group business working against or -- I'm talking about the overall loss ratio for the company level. That's what I'm asking. So do you think that the group business or any other place where you've seen some higher loss ratios?
Niva Bupa Health Insurance Company Limited CC-Jun25.pdf · 2025-07-31
Sir, firstly, on the IFRS numbers, when we look at the reconciliation that is given, the Insurance Contract IFRS 17 is about -- the adjustment is about INR179 crores. This I would assume would take care of both the benefit of expenses as well as the impact of 1/365. But it's still kind of a very big positive number. So could you explain why is this such a big positive in this quarter?
Okay. And could you break down your loss ratio possibly even on IFRS basis between retail and group?

UTI Asset Management Company Limited

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Sep25.pdf · 2025-10-15
Just extending the previous question on GST trend, you said gross impact is 3%. Now that obviously doesn't factor in the growth that can come in from this, right? So, if you look at the second half, even if you take the gross impact, it is about 3%. But obviously, even if you don't make any alterations to products or to commissions, you still will have some net benefit coming in from the growth, right? Is there a fair way to look at it?
The second question is on the non-par side. While you mentioned that the ULIP demand has been strong, but is this reduction in non-par is a strategy also, given that the competitive intensity has been high? Because we have seen with some other players the non-par share has been going up and there has been a decently strong demand on the ground for non-par. So, is there a strategy wherein you are letting go of the business given the competitive intensity? And how do you kind of see this panning out, from where we are today in the first half, do you see the second half could be significantly higher? How should we think about this?

ICICI Prudential Life Insurance Company Limited

Anand Rathi Wealth Limited