Questions across 59 calls

Rajiv Mehta

YES Securities

HDB Financial Services Limited

HDB Financial Services Limited · 2026-07-15

Yes, hi, good evening. Congrats on strong asset quality and profitability performance. So, I've got two questions. First is on credit cost. I think somewhere in the opening commentary you said about 2.3% credit cost for the whole year. But when I look at your Q1 run rate, it's already 2.3% and when I look at the flow rates, the flow rates are nearly half of the last year. And even the write-offs have stabilized. So, are there any risks or trends that you are building when you speak about 2.3% credit cost for the whole year and not declining from where we are?

Yes, but as we speak the risk matrices across products are moving fine, right?

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

Yes. Hi. Good evening. My first question is on asset quality. So when I look at your loan stages and the movement to the quarter, so Stage 3 increasing is a very is pretty much in line with the seasonal pattern. When we look at the overall Stage 3, including the right of amount. But when we look at Stage 2, Stage 2 is stable and broadly by calculating the flows coming from Stage 1, the flow rate seems to be improving while I mean, Q1 Q2 improves, but even by and by the flow rate seems to be stable. Are there any early indications that from Stage 1, the collection efficiency is now getting better or the flow rates from Stage 1 going into Stage 2? Is it getting better in the recent months?

Okay. Internally, what will make us push growth? I mean, I know Macro , GST, some demand will improve. But internally, what are the indicators? What thresholds will make us push growth on the ground? , and a related question is on competition, do you see the competitive space getting slightly more cleared now, some irrationality in competition going out in certain products?

HDB Financial Services Limited CC-Jun25.pdf · 2025-07-15

Again, just coming back to the disbursement de-growth in the CV financing portfolio, it seems -- and I think from the ticket size, average ticket size, it seems that we predominantly do used - vehicle financing in that product. So now this de -growth and disbursement in business on a Y-o-Y basis would have been driven by, you know, seeing genuine slowdown in demand of used vehicles on the ground or was it because of factors like unsustainable competition or maybe pricing not being in line with your expectations?

Okay. And in the Enterprise Lending segment, also the disbursements are down on Y-o-Y basis. So, is it driven by LAP or the unsecured business loans or in both se gments have we seen the business being lower versus last year?

Muthoot Finance Limited

Muthoot Finance Limited CC-May26.pdf · 2026-05-14

Hi, good evening. Congratulations on good numbers. Again, just looking at the customer metrics, I mean, while the acquisition this quarter is better, reactivation of customers is better, we have still kind of degrown at the customer base level by 2%, which means we are also seeing slightly accelerated acquisition. So, I mean, is there any observation around it that the customers already with us are also moving to competition in the quest for better rates, or the high -value customers are moving out, which is impacting not just the customer number, it is also impacting the tonnage growth as well. Is there any observation like that of the management?

And just coming back to the yield thing, because the movement is so sharp and last quarter you had a major interest recovery as well, which you don't have this quarter, you have raised the price. So, I mean, this NPL increase which has happened in this quarter, which is stage 2 has increased, stage 3 has also significantly increased, that would have given you some more interest income recognition maybe in this quarter. But why did we see an increase in stage 2 and stage 3 so much in this quarter? Is there any particularity around it in terms of customer profile, occupation or any geography? Oommen K. Mammen So, the stage 3 increase has happened primarily because RBI has advised us to do a borrower wise classification. So, earlier we were doing this classification at the loan level. So, today, this time we have done at the borrower level. So, to that extent, there is an increase in the NPA. So, that is why there is a jump in the NPA. But if you look at percentage wise, it is much lower than what was there in the March '25. So, March '26, it is 2.34. I think last year March, it was 3.35. So, the NPA absolute amount has increased because of the borrower wise classification. And when you do a borrower wise classification, a lot of this stage 1 and stage 2 customers also will be classified as an NPA, where probably the interest servicing is done. So, the interest reversals will be much lower.

Muthoot Finance Limited CC-Jun25.pdf · 2025-08-13

Most of my questions are answered. But just 2 things. Sir, in the stand-alone company, the employee cost is moving in line with the AUM growth for the last 3 quarters. So can we expect some operating leverage? Or are most of the employee costs are related to the value growth and hence, as a proportion of overall AUM, it's all moving in the same line?

Yes. It was just an observation because last 3 quarters, it's been growing in line with the AUM and the AUM has grown really well. So the incentives of the schemes that we run for the employees, is it linked to value growth itself? Or is it more linked to the number of customers, volume numbers?

CREDITACCESS GRAMEEN LIMITED

CREDITACCESS GRAMEEN LIMITED CC-May26.pdf · 2026-05-08

Congratulations on good numbers. One clarification first. This INR 38 Crore of additional provision taken for the West Asia crisis. This will be sitting in Stage 1, right? So 1.63% will have some element of this. But would this become a usual provisioning rate or then this coverage will actually come down next quarter because you may not take this additional provision if it is not required?

So in your guidance of 3-4% credit costs, have you kind of -- your base assumption is that you will continue with this 1.63% broad based ECL provision rate.

CREDITACCESS GRAMEEN LIMITED CC-Jan26.pdf · 2026-01-20

Congrats on a very strong performance. Sir, my first question is on the new customer acquisition. That count is slightly even lower than Q2 and the industry has been continuously deleveraging. When do we see this new customer acquisition picking up for us? Because eventually, that number has to go up and keep growing for us to even grow higher in the JLG model? Because, I mean, as we see that the ticket sizes of the portfolio is increasing largely because of bulk of the growth coming from the renewals of existing customers. But eventually, in the longer run, this lever has to pick up of new customer acquisition. What is the outlook on that? Ganesh Narayanan; Okay. I think new customer acquisition will pick up traction in Q4 itself. So, we believe we should see some significant improvement as we move ahead because you have cleared historical PAR now and the field level sentiments are a lot more positive now and people have more time to do new business. There are specific efforts that are targeted towards increasing these numbers. And I think in Q4 FY26 itself, we should be able to demonstrate that the run rate is picking up.

And can you segregate December disbursement number? And can we further build on that number as a run rate in Q4?

CREDITACCESS GRAMEEN LIMITED CC-Nov25.pdf · 2025-10-28

What is the PAR 15 accretion rate for the loans disbursed in the recent quarters? I mean, in the last 3 quarters, post the implementation of all the guardrails, you would have done loan disbursements of Rs. 15,000 crore, Rs. 16,000 crore on that portfolio. Is the PAR 15 accretion rate not better than the overall portfolio reported number?

No, because a lot of players are giving us t wo collection efficiencies for the new portfolio and for the legacy portfolio, and they are saying that the blended number will improve because the new portfolio collection efficiency, the re the accretion rates are much better. I'm just thinking from us also, while we are assuming that PAR 15 accretion rate will remain where it is right now. But mathematically, as the new portfolio becomes a larger portfolio, should it not directionally improve?

Shriram Finance Limited

Shriram Finance Limited CC-May26.pdf · 2026-04-24

Congrats on good numbers. My first question is on the very strong growth seen sequentially in CV portfolio. So if you can give some color whether the new CV financing yo u picked up on? Or was it used, which kind of increased its momentum. And whether in use, did we increase our market share in our core vintage segment of 5 to 8 years or 5 to 10 years? Can you give some color about why this high growth came about in this quarter in the CV portfolio?

And in terms of market share, did we increase market share in used?

Shriram Finance Limited CC-Nov25.pdf · 2025-10-31

Good evening. Thank you and congratulations on a strong performance. Sir, firstly on asset quality, what drove a strong collection performance in early buckets across your main products? Because when I calculate the flow rates into Stage-2, they seem to be much better in Q2 versus Q1. So, can you give us some color about how the income, liquidity and leverage of your customer moved in this quarter, which may have helped you in collecting better?

Okay. And, sir, in the light of, you know, reduction in the value of vehicles, now, how do we see the traction, growth traction in used CV and PV likely getting impacted in the next, you know, couple of quarters? And to respond to it, do we plan to tweak our valuation or LTV practices?

Shriram Finance Limited CC-Jul25.pdf · 2025-07-25

Yes. Hi. Good evening. Congrats on good numbers. My question again is on the flow rate. So, flows from Stage-1 to Stage-2 are happening. But they are not moving forward into Stage-3. And so for example in this quarter as you said because of onset of early monsoon and some disturbance getting created, you did see incremental new flows from Stage-1 to Stage-2. But the existing Stage-2 pool never flow forward into Stage-3. So, can you explain why the flow rate between Stage-2 and Stage-3 is much lesser despite the outside disturbances and what all collection actions and mechanisms are being taken when the account slips into Stage-2 and also whether any remediation is offered to the customer who has moved into Stage-2.

Okay but no remediation in terms of changing the loan structure or anything of that sort you can offer?

Aavas Financiers Limited

Aavas Financiers Limited CC-Feb26.pdf · 2026-02-05

Congratulations on good performance on asset quality and spreads . I just have 2 -3 things. First is for having a better productivity, any changes planned in incentivization for employees and channels? That's first question. Second is on this 1+ DPD improvement, did the bounce improve? Or did we make a better effort on collections and hence, were you able to correct the same a larger volume of bounce? And third is on asset quality, generally, traditionally, we see a large pullback in buckets and sizable recoveries in Q4. It did not happen last year because it was a difficult income liquidity environment for customers. But this quarter, in Q4, can we revert back to that traditional movement in asset quality, which we generally see in Q4?

And the third question was on the traditional pullback that we see, which is very significant in Q4 asset quality. Would we see that kind of a pullback in this quarter as well?

Manappuram Finance Limited

Manappuram Finance Limited CC-Feb26.pdf · 2026-01-29

Congrats on stable numbers. My first question is on the non -gold portfolios. So how deep can this asset quality NPA recognition phase go in vehicle and equipment finance, in MSME, personal loan, housing finance because we are seeing spikes in the NPAs. So when do you -- at what levels can they peak out and by when they can peak-out? And just to understand the credit cost impact incremental because of that, what is the current PCR that we are holding on the existing NPAs on each of these books? And would it be right to presume that you would want to address this in terms of provisions or recognition largely in Q4 itself? So that you can start FY '27 on a lighter note?

Okay. And in Asirvad, can you share the bucket collection trends? And if I were to look at your Stage 2 and the net NPL figures, would it be right to assume that the credit cost in Q4 itself will come meaningfully down from what it was in Q3?

Manappuram Finance Limited CC-Nov25.pdf · 2025-10-30

Hi, good evening. Thank you for taking my question. So my first question is, what is the management assessment of this strategy of lowering rates in goal loans and how is that kind of improving your growth? Because when I look at the metrics of number of customers, even tonnage, tonnage actually should have improved because you are offering lower rates to high- digit customers. So tonnage should have improved better than customer growth, but that is not happening. And even the new customer addition remains lower Q-on-Q. So while we have reduced the rates so much, but there is no revival in terms of customer growth or the overall tonnage growth. So what is our assessment of this strategy, because we've already kind of reduced the rate by about 250 basis points as the yield of the portfolio?

So sir, as per the prevailing rates being offered to customer segments and the likely mix towards higher tonnage and higher ticket customers that we would see, where does our Gold Loan portfolio settle finally? I think it's already come down to 19.7%. What is the destination? I mean, should it come down to 18%-18.5%? That's where the larger peers are operating?

Manappuram Finance Limited CC-Jun25.pdf · 2025-08-08

Sir, my first question is on the gold loan industry itself. So sir, are we seeing that the competition here again, is going up in the market now post the RBI guideline and the clarity from the regulator about the regulations? Are we seeing that more players coming into the market, the existing players intensifying their strategy and game? And on the other side, are we also seeing that the demand for gold loan is suddenly rising across ticket sizes because the other avenues of loans are not freely available, so much available as before. So how do you assess the demand and supply side of the gold loan market playing out? And whether lowering the yield then in that case should get us the desired volume growth because I think value growth is right now, but if the gold price were to stabilize in the future, does lowering the yield will give us the desired volume growth? And what will be that desired volume growth that we would want to be at?

Okay. And just a few data points on Asirvad.

Aadhar Housing Finance Limited

Aadhar Housing Finance Limited CC-Nov25.pdf · 2025-11-07

Hi, good evening. Thank you and congrats on steady and solid performance. So a few of my questions are already answered, but again, just coming back to asset quality and Stage-II performance, which has been pretty stable, which also implies that your early bucket collections have slightly improved. And when I in fact look at the flow rates, it seems that your flow rates or your collection performance in the early bucket in this H1 is actually better than last H1. So my question is, if the bounce rates are stable, then has the resolution improved in t he early buckets? And if it has improved, then what has driven it? Is it your collection effort, intervention, or is it something like at the customer end, the leverage has gone down and is able to kind of make the payment immediately?

And just one last thing, when you look at the asset quality movement at the whole company level, and is it reflective of the movement in LAP as well , because LAP is a much smaller as portfolio than home loan. So within LAP, has the asset quality or the DPD movement been similar to the whole company?

Aptus Value Housing Finance India Limited

Aptus Value Housing Finance India Limited CC-Nov25.pdf · 2025-11-01

Congrats on good collections performance. Sir, first is on disbursement and collections. Can you tell us how the disbursement and collections performed in September and October? Just wanted to check what is the latest monthly business run rate since we hav e been adding distribution? And also, what is the latest collection trend? Because in Q2, it seems that your early -stage collections were better. So just wanted to understand what was the exact trend in September and how October is playing both in terms of disbursement and collection?

Okay. Sir, this below INR7 lakh ticket size portfolio, which you stopped logging from July 1, what is the current proportion of this portfolio in the current overall AUM? And have you seen worsening of asset quality trend in that particular segment and por tfolio and which is why you stopped logging that in? Because overall asset quality is fine, seems to be fine, but you're saying that below INR7 lakh portfolio is something that you will not focus on incrementally. So I just wanted to understand what is the underlying asset quality trend in that particular portfolio? And what is the proportion in the overall AUM?

Aptus Value Housing Finance India Limited CC-Jun25.pdf · 2025-08-01

Congrats on resilient performance. Sir, again, just continuing on collections. Can you share some data on collections of June and July or maybe just to understand that whether are we normalizing or have we normalized already in June, July in terms of our collection efficiency? Or maybe you can share the bounce rates, have they come back to normal levels?

Okay. Okay. And sir, how would this recent rating upgrade and plus the repo and MCLR cuts manifest in our overall cost of funds in the coming quarters? And what would we do with that benefit? Would we, at some point in time and when would we evaluate cutting lending rate? Or would we kind of retain the benefit of the spreads and for how many quarters?

LIC Housing Finance Limited

LIC Housing Finance Limited CC-Nov25.pdf · 2025-10-30

Most of my questions are answered, but just two things. First, on the borrowing side, this borrowing which you sourced in Q2 at 6.73%, can you tell us mix? And also can you tell us the fresh pricing for NCDs for bank loans and whether the whole repo benefit on the existing bank loans had already come through?

But can you quote the fresh bank loan pricing? I mean, is it below 7? And how much is it for the new facilities that you would have taken from banks? And similarly, if you would also raise, say a 3-year, 39-month NCDs in the market right now, what will be the cost of NCDs?

Home First Finance Company India Limited

Home First Finance Company India Limited CC-Jun25.pdf · 2025-07-28

Hi, good evening. Manoj, can you comment on the trends in employee attrition at the branches? And how is your share in your connectors business volume moving? Are we gaining share within existing active connectors? How are the dynamics there?

And just one thing, just observation is on the UP and Uttarakhand market. I mean in the past two quarters, the AUM growth has significantly slowed down. I mean anything to read here? Or if you can comment why the slowed down in the last two quarters?