1. Opening Hook
Just when NBFC investors were getting bored of “jam tomorrow” stories, Poonawalla Fincorp decided to show up with actual numbers.
AUM sprinting like it stole something, ROA finally waking up past 1%, and management confidently saying, “Relax, this is just the beginning.”
While most finance concalls are either defensive or delusional, this one tried something bold—explaining math. Credit costs, portfolio mix, seasoning, and why instant loans are not the villain Twitter thinks they are.
Also, AI. Lots of AI. Enough AI to make even Silicon Valley jealous.
But behind the buzzwords, something interesting is brewing: operating leverage is real, provisioning noise is fading, and profits are no longer a rounding error.
Read on. The spicy bits are hiding behind polite corporate language—and they get funnier the deeper you go.
2. At a Glance
- AUM up 77.6% YoY – Balance sheet on Red Bull, still claiming discipline.
- Disbursements up 84% YoY – New products pulling their weight, not freeloading.
- NIM at 8.62% – Yield party continues, despite secured mix behaving well.
- GNPA down to 1.51% – Asset quality quietly improving while nobody noticed.
- ROA at 1.2% – Finally crossed 1%, management doing victory laps internally.
- PAT up 702% YoY – Base effect, yes, but profits did show up to work.
3. Management’s Key Commentary
“Growth is a means to compound
intrinsic value, not an objective in itself.”
(Translation: We’re done with reckless AUM flexing 😏)
“Instant loans have higher credit costs by design.”
(Stop blaming one product for the whole portfolio 😏)
“6-MOB delinquency is the real indicator of underwriting quality.”
(Look at data, not headlines 😏)
“Operating leverage is structurally embedded now.”
(Costs won’t scale like AUM anymore 😏)
“Gold, education, PL prime, and LAP will be 50–60% of portfolio.”
(Lower risk, lower drama, better ROA 😏)
“AI will autonomously resolve 80% of customer interactions.”
(Humans are now for empathy, not FAQs 😏)
4. Numbers Decoded
Metric | Q3FY26 | What It Really Means
---------------------------|-----------------|----------------------
AUM | ₹55,017 Cr | Growth engine fully switched on
ROA | 1.2% | Profitability phase finally begins
NIM (incl fees) | 8.62% | Pricing power still intact
GNPA | 1.51% | Credit cycle behaving, not biting
Credit Cost | 2.62% | Mix issue,