1. Opening Hook
Shriram Finance just walked into Q3 FY26 with a freshly upgraded credit rating, a Japanese banker in tow, and a balance sheet flex that would make most NBFCs uncomfortable.
AAA ratings? Check. ₹2.9 trillion AUM? Check. MUFG lining up with ₹39,600+ crore cheque? Also check.
And yet—profits decided to play now you see me, now you don’t, thanks to last year’s one-time housing finance sale messing up YoY optics. Management spent half the call explaining why things are actually better than they look, and the other half casually dropping numbers big enough to induce vertigo.
If you think this is just another “steady NBFC quarter,” keep reading. The real story is hiding behind exceptional items, rating upgrades, and a very aggressive balance sheet appetite. Things get spicy later. 😏
2. At a Glance
- AUM up 14.6% YoY – ₹2.91 lakh crore says size still matters.
- NII up 16.2% YoY – Old-school lending, still printing cash.
- PAT down 29% YoY (reported) – Last year’s exceptional gains ruined the comparison party.
- PAT up 21% (core) – Strip the noise, business is humming.
- GNPA at 4.54% – Credit quality behaving, not throwing tantrums.
- Net NPA at 2.38% – Collections team clearly earning bonuses.
- Ratings upgraded across agencies – From AA+ to AAA, management peacocking deservedly.
3. Management’s Key Commentary
“Our core business continues to deliver consistent growth.”
(Translation: Please ignore last year’s housing-sale jackpot 😏)
“AUM crossed ₹2.9 trillion with
