Stockrabit · Analysts
Questions across 83 calls

Sanketh Godha

Avendus Spark

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Oct25.pdf · 2025-10-24
Sir a small clarification. So if the product mix, what you have done after September 22 remains broadly the same, then the impact you are expecting to be on the full year margin is 174 basis points. That's the right understanding, sir, right?
Got it. Got it, sir. And second thing, sir, is on growth. See, a large part of your growth in the current half came from the other channels, while your banca and agency still seems to be lower compared to your own standard 7% growth, 2% growth seems to be very muted on individuality. So, any colour you want to give why these channels are still struggling when we can expect this growth to come back in December?
SBI Life Insurance Company Limited CC-Mar25.pdf · 2025-04-24
Sir, you told in the call that your contribution of pure term has improved in the entire protection and that is probably one of the reasons your term protection has slowed down a bit. So just wanted to know what is the mix between ROP and pure term and how much delta contributed to the margin? And second thing is that you also alluded to the point that you're trying to attach more riders. So, I just wanted to understand in the total s avings business, how much business has a rider attachment or has a sum assured which is more than INR10 lakhs?
Can you quantify the number?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Sep25.pdf · 2025-10-15
So, my first question, if you want to deliver say 15%-16% growth for the full year, the back calculated growth for second half comes to around 19-20% for you to deliver. So, just wanted to understand that the 19-20% growth, how confident you are to deliver in second half so that the 60-bps negative impact of fixed cost absorption can be fully neutralized? So, just wanted to understand the growth color there, given you might be going through a kind of disruption phase when you are negotiating commissions with the distributors. So, that is point number one. And the second thing I want to check is that your Banca channel growth seems to be flat for first half year-on-year. Bulk of the business comes from HDFC Bank. So, is it fair to say that the market share gain story largely played out till last year? Now, even to that extent, bank is still struggling to contribute anything to growth because the number of policies or premium in general is not growing in that channel. And if it is the case, when you see the revival in the particular channel to happen? One more thing if I can add. See, the yield curve benefit, I believe, will play out in second half. So, is it fair to say that the non-par margins might look little better in second half compared to first half? And therefore, that could be a negating factor to all the GST-related issues on the margins.
So, sorry, Eshwari, if you can say that if the yield curve holds up at the current level, maybe any positive rub-off you will have on margin delta because of the current shape of the curve, if it holds up for the entire half, second half?

Cholamandalam Financial Holdings Limited

Cholamandalam Financial Holdings Limited CC-Jun25.pdf · 2025-08-08
Sir, 81% loss ratio, honestly, is significantly very high compared to what you historically reported and even in the COVID times, the number in the worst quarter was around 80 to 83 percentage. So just wanted to understand -- you highlighted that there are 2 things that is one big claims, 1.78 percentage and maybe motor TP reserving you enhance. So even if I ignore those 2 numbers, you reporting maybe some 77%, 78% kind of a loss ratio seems to be very high compared to what you reported around 70 to 73 percentage in the past. So just wanted to understand whether things will be better in subsequent quarters? Or if any corrective actions you have taken to bring it back to 70 to 73 percentage in the loss ratio? That's my first question.
Got it. Got it, sir. Sir, this motor TP reserve enhancement what you did 80.4% loss ratio. So you absorbed everything in the current quarter or you expect this 80.4% to remain as the new normal for a subsequent quarter or will go back to the 70, 72 percentag e kind of number because whatever you wanted to provide you provided in the current quarter itself.
Cholamandalam Financial Holdings Limited CC-Mar25.pdf · 2025-05-09
Yeah. Thank you for the opportunity, sir. So in one 1/N accounting for the full year, we were at 110.2. If we don't do 1/N, it is 108.1. So just wondering, given that advance premium, which is not recognized in the current year, will ultimately get recognized in the current year and a year later. So is it fair to say that we are getting closer to 108 at least in FY '26?
Yes. Basically, if the business environment remains broadly the same, then the glide path to 108.1 is given. And if things remain better relatively compared to last year on competition, pricing, all those things, then there is an additional delta in the combined to pla y out. That's the way I was just looking at it, sir.

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Aug25.pdf · 2025-07-31
If I understood it right, you are at 2.16 bps yield today. So, every quarter for the full year, it is 3.5%. Is it fair to say that 2.16% yield will see maybe every quarter kind of 1% depletion to arrive at full year of 3% to 4%. Is that a fair assumption?
Got it. Perfect. And my second question is with respect to payment business. See, if you can break up that payment business into MF and non -MF, point number one. And second, given insurance played a role to drive the growth, now you are getting into the cards as a payment gateway. And given it is highly competitive, how do you see it to play out, whether we predominantly MF and maybe insurance a bit? Or you think we will make meaningful inroads in cards with respect to payment.
Computer Age Management Services Limited CC-Mar25.pdf · 2025-05-06
Right, you said that non -MF business EBITDA margins are somewhere between 10% to 15%. And if I do a back calculation, the mutual fund EBITDA margin will come somewhere between 50% to 51%? So -- and you said that 46% can potentially go to 44%. So is it fair to say that you are trying to see probably 4% to 5% compression in the mutual fund business largely because of the yield pressure and muted MF growth. So that's the way you are looking at the business to play out in '26?
Okay. And lastly, a data keeping question. If you can give 2 numbers, your employee count and second, your number of KRA accounts you have. I think that number was some 1.8 crores. So what is the recent number?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Jun25.pdf · 2025-07-30
We have been following IFRS profits, but if I exclude honestly mark-to-market gains from IFRS, then we see that actually, in your IFRS, the profit has deteriorated a little higher compared to what you have reported in the accounting profit because it has shown a decline by 18%. If I exclude mark-to-market, it has declined by 31%. Given you are getting that benefit, still the pain point seems to be claims, so, obviously, again, it circle back s to the same point that on claims any respite we can see in foreseeable future? And if it is, how will it play out.
Actually, when I did that math, I excluded MTM gain in Q1-FY2025 too, but I understand that if you are structurally moving towards more equity and then benefit is real, then you can factor in the gain. The reason I am asking is that typically MTM is not appreciated by the street if profit is driven by MTM. Excluding MTM, it seems to be still weak. That is the reason I asked that question in the sense.

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Aug25.pdf · 2025-07-28
Thank you for the opportunity. And for the quarter, it was almost 32. So, is it fair to say that for the future, it will rise back to 25 at the console level?
Okay. Got it, sir. And just one thing on KYC. I think KYC income, we all know that there is a bit of slowdown in Demat account opening incrementally compared to what we witnessed in the past. So, is it fair to say that our KYC income will also see a bit of slowdown with the Demat account opening slowing down? Or you can see that can be more than compensated by probably or IPO? So, basically, the color what I wanted to understand, sir, is that in KYC income, whether Demat account opening contributes the most or MFR or something else contributes most in KYC to understand the legal sustainability of this growth?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Jun25.pdf · 2025-07-25
Thank you for the opportunity. First question is on BALIC. Basically, so as you said, the second half reversal should happen in the growth because the base naturally will be favourable for you. So, if that happens, then given last 3 quarters, we have been in single-digit growth zone to negative zone. So how much growth we can expect to play out for the full year in life insurance even given the second half reversal is expected to happen, that's point number one. And with respect to the growth only, if you can even give a colour on group protection business, which has been a bit of a struggle, just wanted to understand that, too. And lastly, on Life, the margin delta, what you witnessed is almost 4 percentage in the first quarter compared to the previous first quarter. So is it fair to say that your 14.5% what you exited for the full year, we can experience a similar number to play out for entire year given growth will come back, your restructuring will play out and even the term will be improving. So, is it fair to say that you can fairly exit at a similar delta change for the full year number 2? Those are 2 of my questions on BALIC. Maybe one -- I have one on BAGIC, which I will ask afterwards.
Perfect and maybe two simple questions on BAGIC. Just wanted to understand your outlook on tender-based businesses, maybe in the current year. I know it's a difficult question to answer whether you win the contracts or not. But given it is INR 5,000-odd crores last year for you, whether a similar number can be expected in government tender-based businesses in the current year. It's more from a growth point of view, I'm asking this question. And second, a data keeping one, if you can quantify your capital gains in the quarter, it will be useful.
Bajaj Finserv Limited CC-Dec24.pdf · 2025-01-31
See, I have two questions on BAGIC. Both are related to third-party. See, if I look at other players in motor TP, the loss ratios are meaningfully very low compared to what you guys are reporting. I just wanted to understand that is it to conservatism we are following. And therefore, likelihood of a release is very high going ahead or is it the product mix incrementally have changed in the favour of products where the claims are a little higher than normal. That is leading to the higher TP loss ratio? And second, the point I wanted to ask is that you seem to be growing very well in OD and probably gaining market share also at least in the current year. But TP seems to be off compared to market share gain point of view. So any specific reason for the divergence in the growth trend? Or is it largely hero tie-up is playing out in OD as a strong growth on a low base. That's my question on OD basically. And second on general insurance, have you seen pricing improving in commercial lines already? And if that is the case, then likely benefit of it coming in FY '26 or calendar '25, how do you see it?
Okay. No, it was on commercial lines fire segment, the...

Angel One Limited

Angel One Limited CC-Jul25.pdf · 2025-07-17
Sir, if I understood you right, you are saying that if due to any reason, if you fail to achieve 40- 45% OPM margin by end of the fourth quarter, that will not trigger a price hike in your decision. That's a fair understanding, sir?
Got it. And second question which I had was that if you want to achieve 40-45% EBITDA margin by end of the quarter, you said revenue growth of 7-8% is per quarter -- sequential growth will help it, which means that you expect ex IPL overall operating cost should grow at just 2 to 3% every quarter to deliver that 40-45% EBDAT margin by end of the fourth quarter?
Angel One Limited CC-Mar25.pdf · 2025-04-17
Basically, the question is that your March saw an improvement in number of orders per day to 5.4 million. And I just want to understand in April, how you are seeing the trend. And actually, in the full year, you were at 6.9 million orders per day in FY '25. So just wanted to understand, are you decently confident that for FY '26 the number of orders for the full year or by exit at least, you will claw back to 6.9 million orders per day is the first question what I had. And the second question was, sir, that in the fourth quarter, your margins were at around 32%. I believe in first quarter of FY '26, it will be more impacted maybe because of higher IPL cost allocated to that quarter. So from residual 9 months of the next year, to even deliver 41% EBITDA margin, you should be maybe closer to 45% plus or maybe closer to 50%. So just wanted to understand what are the levers you might be having other than maybe cost- cutting exercise to deliver EBITDA margin at least similar to what you have delivered in FY '25. So that -- those are 2 my questions, means if you can give a little number related things, it will be really useful.
Got it. So basically, you are decently confident that by end of the fourth quarter, you will get to 45%, 50% kind of a margin, which we usually used to operate in that sense?

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Mar25.pdf · 2025-07-15
Thank you for the opportunity. I wanted to understand, again, this annuity piece a little better. So, if I add back the annuity premium what you did last year Q1 and to the current quarter number, assuming flat growth, your APE would have shown a marginal growth. So, which means that somewhere there has been a significant cut in the annuity business, which is clear from the numbers. Is it largely because you incrementally have reduced the exposure to the regular pa y zero surrender charges product. And I just want to understand the ₹ 100 crore business what you did in the current quarter is predominantly single premium, just to avoid maybe persistency risk with respect to the annuity business. That's my first question.
But, Dhiren, the regular pay and single pay, we can understand, but a regular pay should grow on its own, right, irrespective of what the interest rate environment would be. Single pay demand coming back is an addition to the growth. But regular pay, jus t significantly declining . Just wanted to understand whether there is a product issue or not in that sense.

Nuvama Wealth Management Limited

Nuvama Wealth Management Limited CC-Mar25.pdf · 2025-05-29
Ashish, on the core flow number, net flow number, if I look at INR10,000 crores in Private ARR, MPIS INR6,500 odd crores and AMC INR4,500 odd crores, so INR21,000 crores. This is core net flow number. So, I just want to understand, given this number has grown by 65 percentage almost year-on-year. I mean how do you see this growth to play out in FY26 and which segments where you will see the maximum flow to happen, whether it is Private or MPIS, just want to have a color how it will play out?
Okay. Perfect. So, which means that this AUM growth of, again, around 20% plus is still overall possible is the view you have, right?
Nuvama Wealth Management Limited CC-Dec24.pdf · 2025-02-03
Sir, we see that you added almost 600 families in 9 months in ultra-HNI space. And if I do 9 months net flow figure, it is INR 7,300-odd crores. Sir, just wanted to understand, this INR 7,300 crores is largely driven by mining the old 3,600 families or this 600 actually have added much to numbers or not? And if they have not, then how do you expect it to play out in subsequent quarters or years, in a sense? And I think it's a similar trend I see in the wealth business, that family additions are there. Just wanted to understand the waterfall, whether it is more driven by family addition or client addition? Or is it mining of the existing customer? If you can give a waterfall in that thing, it will be helpful to understand how it works?
Got it. Perfect. And second question, sir, is to understand from both in wealth and private, how much of our revenue concentration or AUM concentration is linked to ML D’s? And if there is any specific -- I mean, basically, just wanted to understand MLD's concentration into the entire revenue pie of our, if you can give that break…?

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Mar25.pdf · 2025-04-15
Yes. Thank you for the opportunity. Gopal, in the current quarter, we seem to have done a little more reinsurance accepted business, because there is a meaningful difference between GDPI and GWP in the quarter, almost 10%. So sir, just wanted to understand the color of this business. And do you see opportunity in reinsurance accepted with price hikes going up, probably you will do the same kind of a business in subsequent year also. Any thoughts on those lines? Just want to understand. The second question, Gopal, was that see, if you could not book capital gains in the current quarter, your yield remained at 6.3%. Suppose hypothetically, market remains weak largely for FY2026. So is it fair to say that your 6.3%, 6.4% is the yield probably for the entire FY2026, and therefore, we need to look ROE from that perspective. Just wanted to understand that bit from you. Lastly, a data keeping question. If you can give Retail Health loss ratio breakup and Motor GWP breakup into new and old, which you usually do? Thank you.
I was asking this question predominantly because you will see a better pricing environment in next fiscal year. So if other segments slow down, say, Motor slows down a bit because of the weak auto cycle, is it fair to say that this product might be an opportunistic approach to drive the overall growth maybe from that perspective because of the pricing environment?

Max Financial Services Limited

Max Financial Services Limited CC-Dec24.pdf · 2025-02-05
Yes, thank you for the opportunity. So, initially our impact on surrender rules was somewhere between 100 to 200 basis points, but we have arrested it to 100 basis points. So, just wanted to understand if I want to break down this lower impact, how much is because of claw-back or rationalization of commission structure, and how much is because of change in IRR or benefits to the end policyholder. I just wanted to understand that part. And second, in this 100-basis point impact, what you are trying to highlight, have you already incorporated an assumption change with respect to paid - up behavior or you believe current behavior of paid -up will continue? So , that's my first question.
Got it. Perfect. So, my second question was, basically, see, if I look at the just quarter, third quarter growth, it means heavy lifting of the entire growth seems to be driven only by ULIPs because I see a sign of weakness in individual protection related to what we delivered in first half and even credit life to that extent, which was anyhow a low base product for us. So, just wanted to understand that is equally true with non-PAR and annuity. So, just wondering, anything to read here, why there is slowdown in other non -ULIP business predominantly in third quarter?

General Insurance Corporation of India

General Insurance Corporation of India CC-Dec24.pdf · 2025-02-05
Thank you for the opportunity. Sir, the primary companies are saying that the pricing environment in the domestic commercial lines, especially the Property and Fire segment is seeing a meaningful change compared to what i t was in current fiscal year. So , just wanted to understand the likely positive impact , first of all, whether you are witnessing that trend changing? And second, if it is true, then what is the likely positive impact you can expect to play out in our numbers?
Got it. Sir, you said that there is was a price discounting of c loser to 25 -odd percentage. So, when you say the pricing holding up, has it gone back to the previous level, which means there is a 25% price increase to a large extent in the current environment?