Questions across 22 calls

Shreya Shivani

Nomura

HDB Financial Services Limited

HDB Financial Services Limited · 2026-07-15

Yes, hi. Thank you for the opportunity. I have two questions. First is on the cost of fund trajectory and how do we look at, what is the current scenario in terms of our dealings with the banks? What kind of other liability lines ca n we dip into for the next rest of the three quarters and on full-year basis, will there be any change in strategy on what kind of liquidity levels you'll maintain etcetera.? Second is on Asset Finance. So, your gross stage 3 over here has come down to about 3.6% or so. 3.6%, right? So, in some of your peers in good times have seen this come down to all the way down to 3%. We only have limited historical data for you all, so is that a range that we have historically achieved? Will that be something which will be targeting towards? Thank you so much.

Right. And just a follow -up on the asset finance book in for your customer base, all the fuel supply shock, all the – the fuel price hike etc., is there any particular segment where you are still concerned or you feel they are fairly – the fleet operators are in a decent position at current levels?

HDB Financial Services Limited CC-Jan26.pdf · 2026-01-14

Yeah, hi. Thank you for the opportunity. I have two questions. First is a follow up on the reduction in ticket size in the vehicle book that y ou spoke about of about 5%. So I just want to understand some reduction would be there because the GST cut and the price of the vehicle is lesser, so the loan size is lesser, etc. But have you seen de-premiumisation of cars? So in a sense that after GST cut, have you seen more sales of the entry level cars versus what was happening earlier? Or any other colour around what has happened in the sales of the car segment? And my second is on the net slippages. So the trend, past two quarters were elevated. The trend is quite a significant improvement in this quarter. But whatever is still slipping, I think, would it be majority CV/CE/MSME? Is there some colour you give around what book continues to slip at a slightly elevated rate versus the company average?

So just to follow up on the CV/CE, there was some cyclones down south. Do these events have some lagging/ have some problems or do they create some issues for you all?

CREDITACCESS GRAMEEN LIMITED

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

I have a question on your long-term guidance that you have shared, which is Project Shakti. So the Slide number 21, I think fair to say that you're targeting for 20 -25% CAGR over next 10 years. Is that understanding correct, interpretation, correct?

Right. So now that makes me question that, see, you've always said that in the near term, your MFI will grow slower and your retail finance will grow faster, and that's how you will achieve the FY27 guidance. But over 10 years, if you're going to target this, then your MFI also has to grow at the same pace because you cannot breach the 60-40 mix. So what is our thought process around it? And when our entire presentation today has been about moving beyond MFI, then doesn't the NBFC MFI format somewhere restrict us on the longer - term period? I'm not talking about immediate 1 year.

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

I had three questions. Congratulations on a great set of improvement numbers that we are seeing in the quarter. I was just wondering, while Karnataka and Tamil Nadu have done well the improvement has been quite good. Can you give some colour about trends in Uttar Pradesh, Bihar and Madhya Pradesh compared to the April -24 number that you had given us last year, they are still probably 15 to 20 bps higher currently? So, what is the trend over there? That will be my first question. My second question is on the state of Karnataka. While you guys have reported great numbers, some of the non -MFI lenders commentary earlier this quarter or maybe even closer to December was that the credit discipline in Karnataka state, which got disturbed after the MFI ordinance came into place, which impacted our retail loans also is still not back. So, I am quite surprised with the great improvement that we are seeing in Karnataka. Some comments around that would be helpful. And my third question is that while you guys have done quite well on the cost of funds, there was a media article, and I can understand it may be more relevant for some other NBFC -MFIs, which did mention that the bank borrowings, the lines are drying up for many NBFC-MFIs. Even if the lines are available, they are coming at a significantly higher cost of funds. So, if you can speak to us about the -- any challenges or any areas that we are struggling with our bank borrowings or our bank relationships. Those are my 3 questions.

April-24 data, which you used to give in last year, you had given those numbers, April-24 data. So, I was just comparing that.

Aadhar Housing Finance Limited

Aadhar Housing Finance Limited CC-May26.pdf · 2026-05-05

Congratulations on a good set of numbers. I have one question for you on the yields. So can you help me understand, you've taken a PLR reduction from February '26. The interest rate environment seems very -- I mean, it's very volatile depending versus what you would have -- how you would have thought in February 2026? So how are we thinking about the yields for the year of FY '27? Also, as you spoke about the LAP book, can you just clarify how much does that -- if you increase your LAP mix for example, how much of that -- how much boost does that give to our yield? So just the commentary on yield basis the interest rate environment we are in right now? And what would we do with that PLR cut we have taken in Feb '26?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-May26.pdf · 2026-04-30

Yeah, thank you for the opportunity. I have two questions. First is on the life insurance entity. Non-par savings mix has reduced. Just trying to understand if you can give us a flavour of how were the markets for the non-par product in the year that has gone by? Was there any pricing pressure that you'd like to highlight? What is your strategy for FY27? My second question is on the general insurance piece, the motor TP piece over there. So the reserving triangles look like the release in TP in FY26 has been higher. It’s coming to about INR 800 crores versus usually the INR 600 to INR 700 crores you've done in the last couple of years. So any colour you can give around what has happened here? And sorry, I'll squeeze in one more question. This is on Bajaj Direct. So good to hear that the migration etc. is completed. I just want to understand as we enter into this year and there are a lot of concerns around some of the business loans and what can happen etc., are there any measures we are taking to tightening anything from our end? Yeah, those are my three questions. Thank you.

Yeah, yes, that was useful. Thank you.

Bajaj Finance Limited

Bajaj Finance Limited CC-May26.pdf · 2026-04-29

Yes. Thank you for the opportunity. My question is on the long -term guidance of ROA probably inching towards 4.3 - 4.7 percentage. I mean for FY27, I understand you've given the explanation on opex and probably that will be the bigger driver. But if you can help us get into the details of this 4.3 to 4.7 over the longer term that you've spoken about? Also for FY27, as per the, the basic math that I was picking up, you may need a little bit more NIM expansion to achieve the ROA guidance for FY27. Is my understanding correct or not? Please let us know. Yes.

So for FY27 also, as per my math, you will need a NIM expansion also or at least a NIM stable flat NIM or an expanding NIM to achieve the ROA guidance for FY27?

Bajaj Finance Limited CC-Feb26.pdf · 2026-02-03

Yes, thank you for the opportunity. I have two questions. My first question is on the urban B2C or rural B2C these two books, urban B2C rather. The growth here has come down to about 20% or so. Is there any competitive -- competition increase in this segment that we could highlight? Or any other color that we can give on this book? My second question is on the gold book, which has been growing quite well. So , the branch count has crossed 1,200 I think, in this quarter. What is our plan for the next year? And yes, any details around the gold book going ahead?

Yes, just a follow-up. So, you're saying that pre-COVID till now -- from 2019 till now, our market share probably in this segment has been in this range only, under 10%, right?

Piramal Finance Limited

Piramal Finance Limited CC-Apr26.pdf · 2026-04-27

Yeah, hi. Thank you for the opportunity.

Hi. I have two questions. My first question is on the consol NIM and the Growth NIM. The gap between these two has been narrowing, it's at about 50 bps as of fourth quarter, right? 6.5% and 7% or so. The Legacy book is now like very minimal. I'm assuming the Growth NIM is where the consol NIM will reach and then beyond that, what are the levers for expansion? I mean, I get your gold loan and MFI segment would be one of the major levers. And my second question is on the Legacy book. I mean, that scale -down is quite impressive. Fair to say that majority of it is actually SRs and Stage 1. So how should we think about the Legacy book movement over the next 2 years? It's at about 3% or whatever, less than 3% of your AUM mix right now.

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Apr26.pdf · 2026-04-24

Hi thank you for the opportunity. So my one question is going to be on the AI implementation that you spoke about. Good to hear that it's become more AI/ML in the back operations team and the collections team. Is there any pilot or any other program on the AI front being done for any other department? Also, if you can help us understand if there will be investments, OPEX investments made towards those in the coming years?

So fair to say that the OPEX investment will continue, right? And at least, I mean, maybe not very quantifiable right now, but we should account for this in the years to come?

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Apr26.pdf · 2026-04-22

Yes. Thank you for the opportunity. I had two questions. First is on the banca channel sales in the last quarter, in the fourth quarter. It's actually degrown Y-o-Y. Is it to do with the fact that March may have been slower month for us. Was it coming from that or was there any other reason? Second question is there was a media interview by the Department of Financial Services Secretary, where he yet again raised the topic of banks should be open architecture, etcetera. Is there anything you can share with us because obviously, it's a big part of our distribution mix and also what is our strategy on the distribution channel in case such a decision is finally taken by or mandated by the government?

Right. And sir, strategy on other channels. I know you've added a lot of agents and new branches. But on the other line item, what are the channels we would incrementally be focused on irrespective of what happens with the banca channel?

SBI Life Insurance Company Limited CC-Oct25.pdf · 2025-10-24

Congratulations on a good set of numbers. I have two questions. My first question is on the expense ratio side. This is the non -commission expenses. That seems to be slightly higher this year versus trends in the previous year. Any colours on what is adding to this? My second question is on the other channel, which has been doing well for us. Now I understand you mentioned that the non-SBI bank is about 3% of the mix. So, 14 minus 3%, what is the split of the remaining 11%? How much would be our website, how much would be brokers? And sorry, one more question, third question. Can you give us in descending order, what is the product which gets hit the most because of the GST cut and which one would be the least impacted for SBI Life?

Right, sir. Sir, my question on the non -SBI banks was basically the channel mix, 14% is other channels. In that 3% I get is non -SBI banks, what is the other 11%, split between brokers and our own website?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Apr26.pdf · 2026-04-16

A couple of questions on the EV and VNB walk basically. Shouldn't the GST and Labour Code impact be an assumption change because it is a permanent change rather than a variance? Also, comparing to one of your peers, there i s no impact of the yield curve movement on your VNB walk. What is the thought process behind this if you can explain that? And has the persistency assumption changes caused a sharp movement in your persistency sensitivity from your sensitivity analysis table? Just one question on the growth outlook o n the competitive landscape etcetera to Vibha. I mean, one way of dealing with the competitive landscape is obviously what you're doing: going granular and trying to find a different kind of pricing for your products etcetera. However, expanding beyond our obvious markets, expanding into deeper pockets or markets where only few players operate, isn't that something which we would be focused on from a long- term period? Not for FY 27, but if I ask you a bout next 5 years, shouldn't that be one of your strategies, knowing that the competitive landscape can be quite volatile in the urban Tier 1 markets?

HDFC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-15

My first question is if you can help us understand if your negotiation with the distributor on GST cut, etc., are completed, and from 1st January, have they moved on to new terms and conditions? Is it completed or not? My second question is the really good performance of persistency on the 61st month. What I find conflicting, or maybe I am not understanding it better, i s that if that trend has improved, then we should be seeing positive, like a bigger benefit in our operating variances, right? But that operating variance seems to be negative. I may be wrong , that maybe it reflects after some time, or if you can just help me understand what's going on over there. And my third question is on the retail protection product that you have sold. I know you have mentioned the sum assured has been higher, etc. Now, the math shows that the gross margin on some product is much higher to achieve whatever margins you have achieved for nine months and in the third quarter. So, is it in the retail protection or even in the ULIP, the rider attachment continu es to be high, and that is why overall VNB margins you have been able to achieve what you have achieved?

And just one follow -up on the distributor negotiations, w hile obviously the details can be left out, but is it fair to say , wide and across with every distributor the negotiations have been completed and whatever has to be passed on has been passed on?

HDFC Life Insurance Company Limited CC-Sep25.pdf · 2025-10-15

Both my questions are around the GST only. Can you help me understand which products get impacted the most because of the GST, in descending order? So, you know, protection, ULIP, non-par, par, whatever it is. Second is, I wanted the clarity on, if you do nothing, how much of a VNB margin hit on an annualized basis comes for you? And how much time should we build in for expecting that all the negotiations, etc., would get completed? Just one data keeping question. In your VNB walk, can you explain what is that impact of delay in pricing, that first bit in that chart?

Yes, I remember you didn't reprice the products.

Max Financial Services Limited

Max Financial Services Limited CC-Feb26.pdf · 2026-02-12

Yes. Hi, good morning. Thank you for the opportunity and c ongratulations on a good set of numbers. I have two questions. My first question is on the VNB margins itself. Now you ha ve mentioned, obviously, the product mix and opex ratio, et cetera, have helped you in mitigating one-third of the impact that you had spoken about. But however, I thought the distributor negotiation was yet not completed or was it completed enough to bring about such a big impact because the margins between 2Q to 3Q is very much far away from 300 or 350 bps that we had spoken about. So some understanding on how much of the mitigation happened due to cost action, product mix an d distributor negotiation. That i s my first question. My second question is on some of the regulatory changes that are happening, and there was an RBI document as well last night. Can you highlight what sort of impact do you e xpect in your banca channel going ahead? And this conversation actually started for the banca channel back in November '24 itself. So , what all changes do you expect goi ng ahead or were the processes at the bank level already changed back in 2025?

Just a follow -up on that. So , there were a lot of changes which were being taken in , November '24 already. So, is there anything which you can highlight which is incremental, which again Axis Bank by whatever, whichever of our banca channel, we wi ll have to go and make some more changes with that regard? Because I remember in our conversations back in 2025 also, there were changes being implemented at the bank level?

Max Financial Services Limited CC-Nov25.pdf · 2025-11-12

Yes, thank you for the opportunity. C ongratulations on a great set of numbers. I have three questions. First is, as you highlighted the impact of GST, if you do nothing, would be a 300, 350 basis points annual Y-o-Y impact that we are talking about. So I just wanted to understand that when it comes to cost, what kind of negotiations are we done with our distributors o r what kind of time lines do we have when it take us 1 quarter, 2 quarter, etcetera? That is my first question. My second question is again on the GST cut, if you can help us understand in your product suite, which product gets impacted the most, which product gets impacted the least. And how would you manage the impact across the product category? Or some understanding of how each product responds to what has happened on the GST bit. My third question is on the channel and I wanted to understand on the channel strategy. So your partnership channel, obviously, your proprietary channel has been running faster than the partnership channel. Within the partnership channel, what has been the trends with the banca partners and particularly with Axis Bank? And yes, that would be my third question? Thank you.

Got it. Just a follow -up on, because the channel strategy, I wanted to understand it better. There has been some media, I mean, the Chairman of Redeye in some media reports has been talking about how insurance is a high-cost industry, and he would want to bring it to medium cost. I understand some of the team may be referring towards the health insurance product specifically. But just wanted to understand your perspective on how to deal with such , I mean how are you thinking about the entire distribution strategy, along with the cost structure in mind because the Chairman of Redeye is making, is speaking in these terms currently?

SBFC Finance Limited

SBFC Finance Limited CC-Jan26.pdf · 2026-01-24

I hope I'm audible. My first question is on the asset quality trend. I want to understand your provision coverage for Stage 3 has, I mean, on Y-o-Y basis, it's been up, sequentially, it's been flat. Can you help me understand if there is any management overlay that we've built into or is it just a number, purely a mathematical number that the model throws up? My second question is on the login detail that you gave that you are seeing even in a profile with a higher than 700 CIBIL, there is over -leveraging and probably more loans which are not towards asset-creating activities. So , is that an implication that probably more personal loan where the end use is not defined is visible to you in the kind of files that you are receiving? Also, is it in certain categories of your customer, like because your customers are all MSME borrowers, is it more among the trading community or the servicing community where you see a higher chunk of personal loan, maybe I'm just guessing that. Or any color around that, if you can share with us?

Sure. And just a follow -up over there. You mentioned that most of your customers after your loan may not be taking a lot of unsecured. So , your collection team probably is checking the CIBIL score, I mean, that must be a part of your business process, right, on a regular basis to manage that, the outlook that you're sharing, right?

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Jan26.pdf · 2026-01-13

Hi, thank you for the opportunity and congratulations on a good set of numbers. I have three questions. My first question is on the VNB margins of Q3. While you have explained what has driven the almost flat margins, I wanted to understand if the new labor laws’ impact of those have been priced into this quarter's financials in terms of the margins. If not, will it come in the next quarter? If you can help us, explain how much would that impact be, how much of it is recurring and so on and so forth. Some details around that would be useful. My second question is on the persistency bucket. While you have spoken about the 13-month persistency, I also want to understand what is going on with the 61st month because over the years, the persistency trend in this bucket has gone up to as high as 66% probably in the FY2024 numbers and now it is in a different trajectory. Before that, it was as low as 56%-57%. So, if you can help us understand the wide movement and what is causing this amount of wide movement over here. My third question is RBI FSR (Financial Stability Report) spoke about the distribution reforms, product innovation that they look forward to in the insurance sector. If you can help us understand, what kind of reforms should we expect from the industry, what could be the timelines and so on and so forth? Thank you.

Just to follow up on that, distribution reforms is not, I mean, any, I understand the product-process innovation, but we have anything, any inkling on the distribution reform?

Manappuram Finance Limited

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

Hi, thank you for the opportunity. I have three questions. First one is on the MFI Asirvad book. If you can help us understand the trend on stage three, which had sort of gone down and then has slightly started inching up on the GNPA that you can see, if you can give some more color around how has the trend been over there. My second book is on the vehicle book. Can you help us understand which sub segments or geographies or areas are the places where we are seeing some stress or has there been some turnaround in the past two months, September and October? Those are my two questions. My third question is for Mr. Reddy. You've highlighted a lot of strategies on how you plan to move things around as you go ahead. One of the things that we wanted to understand was what do you think would be the first and most critical thing that you'd be moving along with and that you feel could really trigger every other change to follow in your transformation that you're planning to carry out? Thank you.

Sure, sir.