Questions across 24 calls

Viral Shah

IIFL Capital

HDB Financial Services Limited

HDB Financial Services Limited · 2026-07-15

Hi, thank you for the opportunity and congrats on good set of numbers, especially on the profitability front, Jay. I had basically two questions. Again, first is on the growth front. I understand you have explained a lot on the Asset F inance side, but just wanted to check some of the specific sub-segments when I look at say the Business Loans, even the MFI, two-wheeler on a sequential front, the book is actually marginally shrinking ev en on a sequential basis. So, is there anything more to read over there? Would you be able to just throw some light on that?

Got it. But Jay, just more so from say the structural point of view, Jay, when should we start expecting the growth to move closer to the trajectory that we have been guiding and indicating of closer to say at least an 18% kind of a growth? Would that be plausible by say the end of this year or say first half of next year?

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

Yeah, hi. Thanks for the opportunity. I have two questions. One is on the growth front, if you can help us understand, while I think disbursement growth has started showing signs of pickup, of course, festive season, some bit of offset on the ticket size front , but book growth is still, I would say, a bit softer. So what could be the horizon over which we intend to kind of reach, say, an 18% to 20% kind of book growth or medium term target, which is there? And the second question is with regards to the opex. What is the, I would say, the BAU impact of the labour code? I understand there is a one-time impact of the historical provisioning. But on a BAU basis, what would be the kind of impact of it? Is it material at all? Those are my two questions.

Just on this follow up on the growth piece that you mentioned on the nominal front, do you think with the competitive intensity likely to increase with many players receiving growth, a significant growth funding in the form of equity, does that change any of this, the competitive scenario on the growth front as well? From a medium term perspective?

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

Yes, hi. Thanks for the opportunity. So, if you can just , say, double-click on the asset quality piece. So, you mentioned that MSME has not seen any deterioration on a sequential basis. And even in Asset Finance, it is only commercial vehicle. So this entire stress of, I would say, what we are seeing in net slippages is attributable only to the commercial vehicle segment on a sequential basis. And secondly, Jay, if you can also talk about the provisioning. So, if I see and look at the Stage 1 and 2 numbers also, I understand Stage 3, there could be some write-off impact. But why has the PCR come down for the Stage 1 and 2? That would be two questions for my end. Thank you.

Got it. And just on your piece and commentary with regard to the CV segment, you mentioned that that is the major contributor. Within that, is it the new or the used piece? And has it anything to do with the correction in the CV prices, especially on the used piece?

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

Yes. Hi. First of all, thank you and congratulations on the first quarter. I had two questions. One is, you mentioned that you expect that in the, especially the consumer piece of the business and some bit in the CV, the current stress, which is there, it should kind of say or is close to peaking out and it should start improving in the next few months. When I look at the Consumer Finance disbursements, which is almost now flattish on a Y -o-Y basis and a sequential basis, we have seen a growth. Are we already starting to say, push the pedal of, say, growth or slightly loosening the filters over there?

Okay, got it. And you mentioned about the unsecured business loans. Over there also, you expect, say, a similar kind of recovery in the second half? Or is that something that may take some more time?

Five-Star Business Finance Limited

Five-Star Business Finance Limited CC-May26.pdf · 2026-04-29

Yes, hi. Thanks for the opportunity, and congrats on good set of results. Srikanth, I wanted to check three things, if I may. One, you mentioned the personal expenses. Was there any one-off, or is this just a reflection of the full build-out cost of the collections vertical that we have built up?

Got it. And Srikanth, Mr. Pathy mentioned about the growth of 20% for next year on an AUM basis. I understand, there is some element of arithmetic behind that, given the book tenures of it. But, how do you see it say on a steady-state basis '28, and maybe even beyond, what is the kind of growth outlook or aspiration that you would have?

Five-Star Business Finance Limited CC-Feb26.pdf · 2026-01-29

Yes, hi. Good morning, and thank you for the opportunity to let me ask the question. So, I had a couple of questions. So, Mr. Pathy, if you can say give the numbers on the unique collection efficiency on the current customers, right, and also without the NPA customers for the last 3 quarters.

Got it, Srikanth. Thank you. Secondly, I wanted to check with regard to the growth. I understand you mentioned that now after, say, achieving somewhat degree of stabilization on the asset quality front, we will start focusing on growth. Now, when we talk about that, right, next year if I look at the disbursement growth, if I bake in say a 20%, given how sharp the rundown has been on the disbursement front since last 1.5 year, right, it's fair to expect mathematically that at least next year the AUM growth will be more like 20%? And there on maybe, of course, our medium-term target remains, but it will be more of a backhanded thing. So, just wanted to get a sense on that front, before I get to my last question.

Five-Star Business Finance Limited CC-Nov25.pdf · 2025-10-29

Thank you for the opportunity and I would say congratulations on a good set of numbers. Mr. Pathy, if you can elaborate on two things. One is the changes that you have highlighted and mentioned also in the press release with regards to say the sourcing, underwriting, if you can just elaborate and try to give us a flavor of what are the things that you have changed. And consequently, because of that, do you think, like how much time do you think we will take to go back to say a Rs. 1,400 crores kind of quarterly disbursement run rate? That is my first question. And the second is on the asset quality front, while I look at the unique collection efficiency remaining stable Q -O-Q, but the overall collection efficiency has started improving. And this has been actually accompanied by your net slippage is improving both on Stage-2 and 3. First of all, do you see now the recovery starting to come back even from delinquent customers? And secondly, more importantly, while you are talking about we are on the cusp of it, how strong this improvement could be? Can we start seeing a 30 plus DPD reducing from say 3Q onwards? Those are my two questions. Probably I will come back in the queue for other questions.

Got it, sir. Thank you very much.

Bajaj Finance Limited

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

I have 2 questions more connected to each other. So first thing is when I look at the PCR coverage across Stage 1 and 2, especially, I think even versus the last quarter, you have further shored it up in this quarter. And correct me if I'm wrong, now this is basically at almost highest levels that we have seen in our history barring the COVID periods. Do you -- like over here, is there any cushion that has been built up and through the course of next year, you will see some of that unwinding basically, or does your PCR levels remain over here next year or does it reduce? And the connected question to this is the credit cost guidance, Rajeev, you mentioned basically of 1.45% to 1.6%. Does this -- the change versus 165 to 175 basis points in the last quarter you guided for FY27, is this purely because of the change in the presentation of the recoveries?

Bajaj Finance Limited CC-Jun25.pdf · 2025-07-24

Rajeev, I have 3 questions. But first, to begin with, I would say, it's glad to have you back, but just wanted to understand what have been the learnings of, say, this transition process we had planned, I would say, 2 to 3 years back? And what is it that incrementally you have in mind as to how to approach this, say, 2, 3 years down the line, so that we see a more smoother transition? That would be my first question. And then I have 2 to 3 questions on the business, if I may.

Got it, very fair, Rajeev. My second question is more for Sandeep. Sandeep, on the financial front, and I look at, say, your cost of fund guidance that you have given, say, now 15 to 20 bps is the reduction that you anticipate for the year, given that's the movement that we are seeing from 4Q to 1Q. Do we now anticipate, say, a 5 to 10 bps kind of a NIM expansion on a full year basis versus flat earlier?

Bajaj Housing Finance Limited

Bajaj Housing Finance Limited CC-May26.pdf · 2026-04-27

Yes, hi Atul. I have three questions. One is first of all if we assume , let's say, there is no repo rate hike, do you first of all see any need and requirement for say reducing the PLR rates further given what is currently there in the market, competition, elevated G-Sec yields, etcetera?

Got it. And on the OIS piece that you mentioned, the one that you are using to say convert the fixed into floating, how will this behave in say a rate hike scenario? And secondly basically what is the share of currently , say on a behavioralized basis the floating rate loans or rather the borrowings, I mean?

Bajaj Housing Finance Limited CC-Nov25.pdf · 2025-11-06

Hi Atul and Gaurav and team. Thanks for the opportunity and congrats on a good set of numbers. Atul, I wanted to know, so I am looking at the guidance that you have put out on the panel 16, it remains unchanged primarily on the margin front. Now for the first half of this year or the two quarters, we have kind of delivered a flat-ish margin, so we are guiding for a 15-20 basis points kind of a decline for the full year perspective. Are we expecting such a sharp decline in the second half or just more of a continuation of the guidance and we are likely to basically beat these numbers?

Gaurav, just a bit on that. I think what you mentioned is basically an expectation of another 25 bps kind of a rate cut in this fiscal. I think last quarter when we gave that number , I don't think we were baking in that kind of expectation. Does it mean that on an underlying basis we are probably despite a 125 bps rate cut instead of 100 bps, we are likely to kind of say beat the numbers what we had guided for in the previous quarter? Would that be the right way to look at it?

Bajaj Housing Finance Limited CC-Mar25.pdf · 2025-07-23

Yes. Hi. Thank you for the opportunity. So, I have couple of questions. One is on the margin. I think it is more of a clarificatory, I would say, question. You mentioned 5 to 10 bps kind of margin compression or NIM compression that is incremental, right , from versus 10 to 15 you had mentioned earlier?

Okay. Secondly, Atul, you mentioned and the reasons that were mentioned is because of the lower DA income which we have. And secondly, of course, the cash levels which are there. So, over there, just want to understand how does this impact the NIM or the core NII which is there, because that will be forming part of your NTI, right, the non-interest income.

Bajaj Housing Finance Limited CC-Jun25.pdf · 2025-07-23

Yes. Hi. Thank you for the opportunity. So, I have couple of questions. One is on the margin. I think it is more of a clarificatory, I would say, question. You mentioned 5 to 10 bps kind of margin compression or NIM compression that is incremental, right , from versus 10 to 15 you had mentioned earlier?

Okay. Secondly, Atul, you mentioned and the reasons that were mentioned is because of the lower DA income which we have. And secondly, of course, the cash levels which are there. So, over there, just want to understand how does this impact the NIM or the core NII which is there, because that will be forming part of your NTI, right, the non-interest income.

PNB Housing Finance Limited

PNB Housing Finance Limited CC-Apr26.pdf · 2026-04-21

Yes, hi. Congratulations on a good set of numbers and thank you for this opportunity. Ajai, I had two questions. One is can you give say more details of your growth guidance at a segment level. Specifically, how you are thinking about say the Affordable and the Emerging segment and also the disbursement growth kind of outlook over there? And the second question is if you can give some more color on the corporate disbursements that we did of INR 335 crores this quarter. Like what is, is this just one single account or multiple ones? Yields, which kind of geography is the builder in or the project is in? Thank you.

Right. And can you just also mention the yields at which this loan was given, the corporate loan?

PNB Housing Finance Limited CC-Jun25.pdf · 2025-08-04

Yes, hi. Thanks for the opportunity. Nilesh, if you can help us understand A, timelines of what you are looking at for say the new MD, CEO. And also, secondly, is the Board kind of onboard with the continued strategy that we had until now of say growing the share of Affordable in your Prime, what is the thought process? And secondly, the question is with regard to, you mentioned about the senior management exits recently. I am presuming they were also for better career opportunities. Is it not possible for us to say seek retention of any of them, so that now that there is a vacancy at the post of MD, CEO, I am sure they would also be quite keen for that, right? Why not pursue that?

Got it. My second question was --

PNB Housing Finance Limited CC-Mar25.pdf · 2025-04-28

Hi. Thank you, sir. So, total three questions. One is you mentioned on the possibility of a rating upgrade towards the end of the year. Can you tell us like what gives you that confidence? Have you interacted with the credit rating agencies? I'm asking this in the context that of course there is also the October 4th circular of RBI. If it comes through then maybe potentially PNB may have to reduce the stake to 20% odd levels. Of course there is probably could be a glide path. Again, not sure whether even that circular is coming or not. But given that uncertainty, what gives us that confidence and more so the rating agencies. That's one.

Okay sir, so second question is with regards to I would say the management kind of continuity beyond when the PE presence kind of goes away. More so from the perspective, again from a longer-term perspective, how does governance and all those things kind of play out in that scenario?

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Feb26.pdf · 2026-01-28

Sir, just first, one clarification. You mentioned that now that we have had an ECL refresh and there's some management overlays also now with us. Do we kind of see a scenario where, say, to a very large degree and extent we are done with the first half, se cond half seasonality in terms of the P&L credit costs. Just one follow -up over here, and then I have one more.

Sure. And HFC piece with the reverse merger, I understand that this is under consideration. But the points that need to be considered are not just see the risk weight, which is kind of realignment but also, I understand there's consideration to be had with respect to access to SARFAESI you're getting, say, the ability to have and operate at effective lower tax rate. A couple of other benefits are also there access to NHB funding. So how do you anticipate doing this kind of the exercise?

Mahindra & Mahindra Financial Services Limited CC-Jun25.pdf · 2025-07-22

Hi. Thanks for the opportunity. Raul, two fundamental questions. You mentioned about that we have now much more products in our arsenal kind of, say, drive the diversification piece. So, where do you see this now happening? Of course, in the past, we had set certain targets. But for various reasons, we could not accomplish that. So, where do you see this, number one? Number two is, how does this, say, then flow into your profitability? And I think Nischint did ask you about, say, the guidance about when do we see mid-teen kind of an ROE? Just if you can help us walk through the ROE tree from a medium-term perspective? And lastly, just some bit of clarificatory question. You mentioned that 50% of the SME is LAP. Can you mention like what are the yields and the ticket sizes over here?

Just Raul, before you get on to the second question. My question was more about how do we see this mix on the non-Wheels business progressing? We are currently still in between 5% to 10%, depending on some pieces of the other businesses that we classify, some of them were legacy businesses. But just more from a directional perspective, say, two years out, can this be more like 15% or 20%?

CREDITACCESS GRAMEEN LIMITED

CREDITACCESS GRAMEEN LIMITED CC-Mar25.pdf · 2025-05-16

Hi, sir. Thank you. So , two questions. One is I look at slide #13, and I look at the state -wise PAR. So when I look at Tamil Nadu, over there, see that for PAR 0, it has declined by around 80 basis points, quarter-on-quarter. Whereas PAR 90 has actually gone up by 130 basis points. And if I say let's do a n analysis of the flow through rates, it seems that the flow through rate seems to be much higher in Tamil Nadu compared to even something like Bihar. Is there anything to read over here or what is it?

Okay, sir. Sir, my second question is, when we talk of, near to normalized PAR accretion, so even ex of Karnataka, if you look at, say, in the month of April, it is still more than double of what it was last year. So is it something that we should be calling or talking of say close to normalization, because this is going to be a longer journey, right?

Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited CC-Mar25.pdf · 2025-04-28

Hi, thank you for the opportunity. Sir, just a follow-up on the previous question. You mentioned that you will be rolling out a separate branch for gold loan. Can you just explain the rationale behind that? Because until now, the other businesses that we have been scaling up, we have tried to utilize the existing network and also some of our peers have been using, say, the existing branches to do the gold loan business. Just the thought process there?

Okay. And sir, just as a corollary to that, the opex guidance that Arul gave, it kind of breaks in all this branch expansion that you will be doing and also some bit of pickup in the disbursement that will happen in the overall business b ecause we are saying that in vehicle finance that the disbursement will pick up, so will our incentives. So just wanted to get a sense on that?