1. At a Glance – Blink and You’ll Miss the Leverage
₹90,412 crore market cap.
Stock price ₹345.
One-year return: ~100% (yes, your SIP cousin won’t shut up about it).
P/E: 25.5x
P/B: 2.81x
ROE: 11.5%
Debt: ₹1,56,546 crore (not a typo).
Q3 FY26 numbers dropped like a Bollywood trailer with fireworks:
- Revenue: ₹11,952 Cr (+27.4% YoY)
- PAT: ₹966 Cr (+40.3% YoY)
- Operating Margin: ~36%
- TTM Revenue: ₹44,264 Cr
- TTM Profit: ₹3,585 Cr
This is not a “single-engine NBFC”.
This is a financial services octopus — insurance, lending, AMC, housing finance, health insurance, broking, ARC, digital platforms — sab kuch milega, EMI pe bhi.
But remember:
When a company does everything, you must check whether it does everything well or just everything loudly.
Ready? Let’s dissect this beast.
2. Introduction – The Birla Family’s Finance Mall
Aditya Birla Capital (ABCL) is basically DMart for money.
You walk in for:
- A life insurance policy
You walk out with: - A personal loan
- A health cover
- A SIP
- A credit card
- Digital gold
- And an app notification reminding you to “invest responsibly”
ABCL is the financial holding arm of the Aditya Birla Group, housing multiple listed and unlisted financial businesses under one umbrella. The idea is simple:
“If you are born, earn, fall sick, buy a house, retire, or die — we’ll monetise at least one stage.”
Sounds brilliant.
But conglomerates always come with one big question:
Does scale improve returns, or just increase Excel sheets?
Let’s break it down business by business.
3. Business Model – WTF Do They Even Do?
Think of ABCL as six businesses wearing one stock ticker:
- Life Insurance
- NBFC Lending
- Health Insurance
- Housing Finance
- Asset Management
- Everything Else (the “miscellaneous drawer”)
Each business has:
- Different risk profile
- Different capital needs
- Different regulatory headaches
And all of them sit on one consolidated balance sheet.
Convenient? Yes.
Simple? Absolutely not.
4. Financials Overview – Numbers Without Makeup
EPS Annualisation Rule Applied
Q3 EPS values available for:
- Jun 2025
- Sep 2025
- Dec 2025
Average EPS (Q1–Q3 FY26)
= (3.20 + 3.27 + 3.61) / 3
= 3.36
Annualised EPS = 3.36 × 4 = ₹13.44
That matches reported TTM EPS of ₹13.40. No jugaad here.
Quarterly Performance Table (₹ Cr)
| Metric | Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 11,952 | 9,381 | 10,595 | 27.4% | 12.8% |
| EBITDA | 4,307 | 3,505 | 4,001 | 22.9% | 7.6% |
| PAT | 966 | 724 | 882 | 40.3% | 9.5% |
| EPS (₹) | 3.61 | 2.72 | 3.27 | 32.7% | 10.4% |
Commentary:
- Revenue growth is strong and broad-based
- Margins holding steady despite rate pressure
- PAT growth faster than revenue (operating leverage doing its job)
So far, so good. But where is this growth actually coming from?
5. Segment Breakdown – Who’s Pulling Weight, Who’s Gym Membership Only
1️⃣ Life Insurance – The Old Cash Cow
- Contribution: 44% (9M FY25)
- AUM: ₹97,286 Cr (+18.6% YoY)
- Solvency Ratio: 194%
Product mix:
- Traditional: 62%
- ULIP: 35%
- Protection: 3%
