India · Delayed Price · Currency is INR Cholamandalam Investment and Finance Company Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY 2026 saw 25% YoY disbursement growth and 21% AUM growth, with strong performance across all segments. Asset quality improved, credit costs declined, and management remains confident in 20%-23% AUM growth for FY 2027, supported by robust capital and liquidity positions.
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Q3 FY26 saw 16% YoY disbursement growth and 20% AUM growth, with strong performance across vehicle finance, LAP, home loans, and SBPL. Asset quality is stabilizing, NIMs improved, and capital adequacy remains robust. Outlook for Q4 and FY27 is positive, with further improvements expected.
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Q2 FY26 delivered 21% AUM growth and 20% PBT growth year-over-year, with NIM rising to 7.9%. Asset quality improved sequentially, and management expects stronger disbursement and further credit cost moderation in H2, maintaining 20%+ AUM growth guidance.
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Q1 FY 2026 saw robust AUM growth of 23% year-over-year despite muted disbursements and higher credit costs, with strong liquidity and improved margins. Asset quality was impacted by early monsoon and macro slowdown, but guidance for full-year asset growth and credit costs remains intact.
Fiscal Year 2025
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AUM grew 30% year-over-year, with strong disbursement growth in vehicle finance, LAP, and home loans. Credit costs are expected to improve, and new businesses like gold loans are being launched. Guidance remains for 20-25% AUM growth and stable asset quality.
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Q3 FY25 saw 15% disbursement growth and 34% AUM growth year-over-year, with net income up 37%. Asset quality remains under pressure in some segments, but management expects credit costs and growth to improve next year, supported by strong liquidity and capital adequacy.
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AUM grew 33% year-on-year, with Q2 disbursements up 13% and net income up 37%. Asset quality saw a slight sequential increase in Stage 3 and GNPA, but credit cost guidance is maintained at 1.3% for the year. Diversification and expansion continue across business lines.
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Q1 FY25 saw 22% YoY disbursement growth and 38% AUM growth, with net income up 43%. Credit costs and write-offs rose but are expected to normalize, while capital and liquidity remain strong. Growth guidance of 25%-30% AUM and 20%-25% disbursement is maintained.