Stockrabit · Analysts
Questions across 54 calls

Shubhranshu Mishra

Phillip Capital

Home First Finance Company India Limited

Home First Finance Company India Limited CC-May26.pdf · 2026-05-07
Hi, good evening. Thank you for the opportunity. Sir, just wanted to understand this growth that we are forecasting, what proportion would come from home loans and what proportion would be from LAP? And how do we think of the demand with the West Asia crisis? Is it going to have a dip in terms of the down payment capabilities? Any kind of uptick that we are seeing in demand may be because of the PMAY or is it a very stringent PMAY this time around? So I just wanted to pick your brains on these aspects.
On PMAY 2.0, is it a more stringent policy than the previous one? Are we seeing any kind of throughput increase because of that?
Home First Finance Company India Limited CC-Nov25.pdf · 2025-11-04
Hi, Nutan and Manoj. I heard the comments on the BT-out, so I just wanted to understand what is the team size to arrest this iteration of BT -out? And how many files do we really see on a monthly basis of which how many files really go out? Because there would be a difference in the fees also, this guy has to pay these fees at the other financial as well, which also would be seen. So, do we explain the entire math and what would be the reasons of this BT-out?
So, how many files are we seeing for this BT -out right now? And how many customers really take the risk of going out on a monthly basis?
Home First Finance Company India Limited CC-Jun25.pdf · 2025-07-28
Hi Nutan, two questions or three questions. The first one is to maintain the disbursement run rate, what is the number of loans that we do on a quarterly basis? I understand there are variations in each quarter, but we would have a ballpark budget in our mind for the number of loans, given the fact that the 90+ largely remains similar. Again, when we have to look at the 1+, what is the curing of this 1+ till 15 DPD? From 16 to 30 DPD, what is the curing? And what was this a year ago? Third is if we can have the concentration of disbursemen ts, give us the concentration of AUM, concentration of disbursements of the top 10 branches, 11th to the 25th branch and 25th till the 50th branch?
I am focusing on the 0 days to 30 days. The idea was to understand what flows from 15 to the 16 to 30 DPD because till 15, we can call them or we can send SMSs or WhatsApp, the cost would be much lower versus 16 to 30 days to cure. That is the idea to understand.

IIFL Finance Limited

IIFL Finance Limited CC-May26.pdf · 2026-04-29
Hi, Nirmal. Thanks for the opportunity. J ust a quick question on the gold finance. The new regulations are in place from the 1st April despite of the appeals of -- from the banks and NBFCs. So how are we addressing that? Are we going to categorize all our gold loans as consumption loans? Are we going to look at the underwriting part of the gold loans and do the other kind of gold loans? What is the new strategy here? What kind of gold loan growth are we looking at in '27, the other NBFCs? There are new entrant NBFCs as well. And my sense i s that there will be a huge distribution footprint that a lot of these new NBFCs, including incumbents would put out as there is -- one doesn't need any regulatory approval to put out any new branches anymore? So how are we going to address all of this in the gold finance piece? If we can elaborate on that, it will be really great. Second and third is basically if you could clarify on the previous questions on home finance and IIFL Samasta demerger that you jus t spoke of and also the previous clarification on the appeal for tax audit, if there is any adverse?
Just one clarification and if you can also give a guidance on the gold loan growth. The clarification is on -- you said that our gold loans are for MSMEs. So we are going to classify these as income assessment. In that case, as per the new guidelines, we'll have to assess the cash flows of the customers or are we going to classify them as consumption loans?
IIFL Finance Limited CC-Jun25.pdf · 2025-07-31
Hi, Nirmal. So, three questions. The first one is around the gold loans. What is the onboarding LTV that we have on the gold loans right now? Second is, in terms of housing finance, is the CLSS -2 acting as a demand driver or it is too tedious in terms of operational challenges? Third is around securitization in IIFL Samasta. It has been coming off. So, are we facing issues in securitization or people asking for more cash collaterals? Any changes in covenants, especially in IIFL Samasta from our raw material providers? Thanks.
Great. Any cash collaterals?

Five-Star Business Finance Limited

Bajaj Finance Limited

Bajaj Finance Limited CC-May26.pdf · 2026-04-29
Two or three questions. The first one is, how do we split the opex into cost of acquisition and cost of collections? What would be these two as a proportion of the opex? Second is in terms of risk management, how many people do we have on rolls for collec tion? And how many feet on street of the collection agencies we have? Third is when I do a back calculation basis, our growth and the ROA metric, just a rough calculation, the profit growth would be upwards of 35% versus the 22% AUM growth. Is that a fair assessment? We are looking at 35%, 40% kind of growth levels in profit in FY'27?

SBI Cards and Payment Services Limited

SBI Cards and Payment Services Limited CC-Apr26.pdf · 2026-04-27
Hi Girish. Hi, Rashmi. So a couple of questions. The first one is on the open market, both in terms of CIF as well as new sourcing, we are much above 50% now. So this would also reflect on our opex. And while we talk about Banca, the open market is weighing on our CIF as well as new sourcing. So if you can speak about that? Second is that out of the EMI pool, what is the percentage of PL on CC. That is my second question. And third is that we have barely grown in terms of our bottom line by around 13%. And yet we are giving out a dividend. Was that necessary we could have possibly not given a dividend and retain it and deployed it back into the business?
Sure. Thanks. The new UI of the eStore is really great on the app. That's just a comment. It's not a question.

Shriram Finance Limited

Shriram Finance Limited CC-May26.pdf · 2026-04-24
Good evening, sir. Thank you for the opportunity. T he first one is slightly clarificatory. This 18% growth you are talking about is on the AUM or the disbursement? Second, what is our growth guidance or maybe a cost to assets g uidance growth guidance for opex or cost to asset guidance. Third is, sir, h ow do we look at the credit cost, do we want to increase our provisioning given there are certain headwinds and uncertainties. And fourth is around the new directors we have on Board the Japanese Directors. How do we look at the executive team from a 3 -year perspective? Would we see any changes at the executive level?
Sir, what I meant is that presently there on the Board, would we see more of Japanese people on the senior management personnel as well in executives roles in management roles?
Shriram Finance Limited CC-Jan26.pdf · 2026-01-23
Two or three questions. The first one is I read through the newspaper report about some concerns around the payouts to the promoters. So, there's been a lot of investor concern around it as it's being construed as an exit a mount, which has been paid to the promoters. So, if one can give some clarity around it? Second is the SCV, LCV growth that you just spoke about, we see finances earlier, which speaking about various asset quality stress due to overcapacity in SCV and LCV , so again, if you can speak about the asset quality as well as the demand in this particular space and what's really driving it? Third part is there are lot of contractors who are still awaiting their payments from various sorts of local body governments or state governments. How do we see this changing post budget?
And so, government infra and the pay out to state operators and contract has been slow, i f you can speak on that.
Shriram Finance Limited CC-Nov25.pdf · 2025-10-31
Hi, sir. Good evening. So, two or three questions. The first one is on the strong commercial vehicle, light commercial vehicle. How do we look at the asset quality there? Are the SRTOs, under cash flow pressure? Second is on the passenger vehicle, we've had various OEMs like Maruti and Hyundai talking about 6% to 10% volume grow th in FY '27. However, have the OEMs come back to you speaking about price increases from January '26 onwards, because the GST rate cut would have put up prices later. I am talking about the new vehicles here. And again, in terms of new vehicles, how do we look at 50 tonners and more? Thanks. These are my three questions.
Okay. Passenger vehicle, you're saying with the January '26 onwards, there'll be a price increase. And light commercial vehicle asset quality, the cash flows of SRTOs?
Shriram Finance Limited CC-Jul25.pdf · 2025-07-25
Hi. Good evening. So, how are we looking at the car market, especially at the entry level? What are the various demand drivers we see through the year during the festive season as well? Given the fact that we are more rural and semi -urban focused, are we seeing inventory bu ild-up and entry-level cars? Also, in terms of SPVs, LCVs, are we seeing asset quality spikes, any transition of customers to E3 wheelers or any other type of vehicle or any cash flow challenges there? The third question is around gold finance. Given the f act that regulators have now allowed equity gold loans for banks, which can be unsecured as well, are we seeing some kind of a transition back of agri gold loan customers who came to our fold and will go back to banks?
Just two more questions. One is still unanswered. What will be our driver of car growth in the next 2-3 quarters? And in terms of MSME, how many of our customers have more than 3 loans? Any kind of loans. When we do a PD, they might have a hand loan as well. Some of them might have a personal loan. A few might have a credit card. So, what percentage of our MSME customers would have 3-plus loans?

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Apr26.pdf · 2026-04-24
Hi, Raul. Good evening. Thanks for the opportunity. The first one is on the cross -sell. We have pointed out cross -sell and around 2.4 PPC. So I just wanted to understand, what is the cross -sell opportunity within our client base? What is it presently as a percentage of disbursement and AUM and what is our total client base that we are banking on a monthly basis? What are the NACH presentations on a monthly basis? The second is on the OPEX. What percentage of the OPEX would be cost of acquisition? And what percentage of the OPEX would be cost of collections? And the third is you did mention about some clarity about the mortgage business being run either in the HFC subsidiary or in our standalone NBFC license. So have we got any clarity about it from the Board yet or we'll take some time on that?
Right. If I can just squeeze in one last question. What kind of credit cost are we looking at in '27, '28 and OPEX growth should be in tandem with the AUM growth?
Mahindra & Mahindra Financial Services Limited CC-Jun25.pdf · 2025-07-22
Hi, Raul. Good evening. Two or three questions. The first one is, how do we get deeper into the wallet share of existing customers that we have through our own products or through co-lending or through noncredit products like insurance, mutual funds or any other distribution income products? What is the road map for that in the next two to three years? The second is that you did allude to volatility due to agri customers. How do we understand this volatility? And how do we attack this in terms of catering more non-agri? And even if we cater to agri, how do we help get our credit costs more predictable from the same pool of customers?
Yes.

JM Financial Limited

JM Financial Limited CC-Feb26.pdf · 2026-02-06
Three questions. One is on the wealth management. We've doubled the RMs. So what do we think of the AUM per RM going forward in the next 2, 3 years? What is our aspiration there? Second, if we can split our wealth management revenue into a few line items, how much is coming from Advisory, so on and so forth? The third is around Affordable Housing. We've seen a stellar growth in the AUM. However, when we heard the couple of other affordable housing finance companies, they spoke of a slowdown. There were certain states of certain contiguous listed in, say, Gujarat and Tamil Nadu which had tepid growth. So if you can give finer details of how we look at the growth and decompose the growth maybe into what status is contributing to that? And the fourth is, we had spoken about the deal pipeline at a systemic level, I think a couple of quarters ago. If Vishal can speak about it, what are we thinking about the deal pipeline at a systemic level for the next 5 to 7 years? And how do we see ourselves positioned there?
So what's the aspiration for AUM per RM in the next 2 to 3 years?

Bajaj Housing Finance Limited

Bajaj Housing Finance Limited CC-Feb26.pdf · 2026-02-02
Hi Atul, hi Gaurav. Thanks for the opportunity. So just want to understand what is our prepayment rate which would include the BT-out plus there would be foreclosures, there would be people who want top ups and there would be people who would be fighting for rates. So if we can split this into these four broad categories. The second is how many people do we bank on a monthly basis as in the NACH hitting their bank accounts on a monthly basis. The third question is around liabilities. Today what of our borrowings are on floating and what do we think about the cost of funds going forward in the next year. Thanks.
Just one clarification on this BT-out, so if there are 100 applications which say that, okay I want to transform my files, how many are we able to retain back?

Manappuram Finance Limited

Manappuram Finance Limited CC-Feb26.pdf · 2026-01-29
Hi Deepak. Good to hear your voice here at Manappuram. Given the fact that you're pretty much outlining to change the organization at various levels, one, if we can maybe in the medium term, 2 to 3 years from now? Second is you also spoke about LOS, LMS transformation. So which are the tech partners we are looking at to have this changed? Would this have different kind of LOS LMS for various kinds of asset classes that we would be working on? The third part is, are we rationalizing the manpower or having a different orientation for the manpower if that would be the concern.
One last question, . Bain Capital also holds a controlling stake in Tyger Capital , which was erstwhile Adani Capital Okay, do Manappuram Finance to have that controlling…

Tata Capital Limited

Tata Capital Limited CC-Nov25.pdf · 2025-10-28
Hi, team. Good evening , and thanks for the opportunity. Just wanted to understand the growth guidance which you gave for 25 %. It is for FY'26 and FY'27? And also wanted to understand how we decompose this, as in which businesses would contribute majorly to this particular growth. And second is, when we are talking about the credit cost improvement of around 15 to 20 basis points, what kind of write-offs are we factoring in FY'26 and FY'27? Thanks.
Correct.

Can Fin Homes Limited

Can Fin Homes Limited CC-Mar25.pdf · 2025-07-21
Sir, I'll just talk on four questions. So given the fact that we are facing the issues in growth, are we thinking of having any co-lending arrangements with other HFCs or banks, first? Second is, I see a housing CRE segmentation around 11% of our AUM. So is that the construction finance or is it the APF sales? And related to this, are we -- do we have any plans to have a construction finance vertical, LRD vertical to prop up the growth? And given the fact that we are optimistic about the second quarter and second half in general, what is the number of home loan contracts we would onboard on a monthly basis? What are we budgeting for? And most of the HFCs have a separate subsidiary for cost measures to onboard the sales staff, like I'm sure you'd be aware of it, fo r example, HDFC sales was there. So do we have plans t o have a similar subsidiary?
Just one part, Suresh, this housing CRE versus what APF sales, what is this number?