Poonawalla Fincorp Limited Q3 FY26 Concall Decoded: 78% AUM growth, 100% QoQ PAT jump, and an NBFC speed-running its reinvention
1. Opening Hook
Remember when Poonawalla Fincorp was still trying to convince investors it had moved on from its legacy book? Yeah—this quarter didn’t bother convincing anyone. It just posted numbers. AUM up 78% YoY, PAT doubling QoQ, GNPA inching lower, and six “new” products suddenly contributing one-fifth of disbursements.
This wasn’t a cleanup quarter. This was a scaling quarter. Branches are multiplying, AI slides are multiplying even faster, and management sounds oddly relaxed for a lender growing at 40%+ with unsecured products in the mix.
The tone has changed—from “trust us” to “track us.” Read on. The balance sheet glow-up is getting real.
2. At a Glance
AUM ₹55,017 cr – Up 78% YoY, because why grow slowly?
PAT ₹150 cr – Up 102% QoQ; operating leverage finally showed up.
ROA 1.20% – Still early innings, but no longer embarrassing.
GNPA 1.51% – Down 8 bps QoQ; new book behaving well.
Opex/AUM 4.4% – Falling even while building branches like Starbucks.
3. Management’s Key Commentary
“New products contributed 20% of total disbursements in Q3.” (Translation: Incubation phase is officially over.) 😏
“AUM grew 41.5% YoY with healthy momentum across all products.” (Translation: Growth isn’t coming from one risky pocket.)
