{"id":181888,"date":"2026-04-27T00:44:53","date_gmt":"2026-04-27T04:44:53","guid":{"rendered":"https:\/\/alphastreet.com\/india\/sbfc-finance-ltd-sbfc-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-27T01:55:14","modified_gmt":"2026-04-27T05:55:14","slug":"sbfc-finance-ltd-sbfc-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/sbfc-finance-ltd-sbfc-q4-2026-earnings-call-transcript\/","title":{"rendered":"SBFC Finance Ltd (SBFC) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

SBFC Finance Ltd (NSE: SBFC) Q4 2026 Earnings Call dated Apr. 27, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Renish Bhuva<\/strong> \u2014 Analyst<\/em><\/p>\n

Aseem Dhru<\/strong> \u2014 Executive Vice Chairman<\/em><\/p>\n

Mahesh Dayani<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Narayan Barasia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Rajiv Thakker<\/strong> \u2014 Chief Risk Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Sucrit Patil<\/strong> \u2014 Analyst<\/em><\/p>\n

Raghav Garg<\/strong> \u2014 Analyst<\/em><\/p>\n

Nischint Chawathe<\/strong> \u2014 Analyst<\/em><\/p>\n

Prithviraj Patil<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to SBFC Limited Q4FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your testimony. Please note that this conference is being recorded. I now hand the conference over to Mr. Ganesh Bhua from ICICI Securities.<\/p>\n

Thank you. And over to you, Mr. Bhuva.<\/p>\n

Renish Bhuva<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Hi, good morning everyone and welcome to HBFC Q4.26 Earnings Call. On behalf of ICICI Securities, I would like to thank FBFC management team for giving us the opportunity to host this call. Today we have with us the entire software engineering team of HBSVC represented by Mr. Asim Guru, Executive Vice Chairman, Mr. Manish Dayani, Managing Director and CEO, Mr. Narayan Barisia, CFO Mr. Sankeshwal, Chief Security Officer and Mr. Radi, Success, Chief Risk Officer. I will now hand over the call to Mr. For his opening remarks and then we’ll open the floor for Q and A. Over to you sir.<\/p>\n

Aseem Dhru<\/strong> \u2014 Executive Vice Chairman<\/em><\/p>\n

Thank you. Thank you Dinesh and good morning everyone. This is our 12 earning calls since listing. These days, with the amount of drama happening in the world around us, it feels like living a decade in a year. So actually it does feel like we have been doing this for three decades. Predicting the future at best is a fool’s game. Over the years I’ve enjoyed reading expert predictions at the end of the year and where the wise make fools of themselves. Being aware of my own stupidity, that’s one area I’ve dutifully stayed away from.<\/p>\n

Instead, I have gained from Charlie Munger’s lattice work of mental models where one has to create an ability to analyze situations by drawing from diverse interconnected disciplines to make better decisions. If memory serves me right, it was Carl Richards who said Risk is what is left over after you think you have thought of everything. To me, this means that it is impossible to see all the risks that will come our way. Therefore, at sbfc, in our mental model, our philosophy is acceptance of the fact that we do not know where the devil called risk will arrive from.<\/p>\n

But we do know that in whatever form he arrives, we have to meet him already prepared. Certainty is a luxury reality does not offer. The segment we serve. The small business owner in small towns of India is constrained by Capital not totally disciplined and vulnerable to external shocks as varied as unavailability of gas cylinders for a small restaurant to a medical emergency in the family. Towards this an attempt has been made to build an anti fragile business model. As we look at the clouds gathering on the horizon casting the long shadows on the sunshine opportunities in our segment we see that some of the risks that are India’s Achilles heel have all materialized.<\/p>\n

Growing fiscal deficit plus widening trade deficit sources of the current oil shock that has constrained supply and materially changes our import bills, forex reserves and right now widening our fiscal deficit. And when it is passed on to the pump it will become inflationary. Crude plays out from plastic to fertilizers and gas plays out from food to tiles. Lackluster FDI and negative FIA flows are ensuring the capital account flows cannot make up for the lack of current account flows. In the current situation the Gulf remittances are at risk and with what’s happening with AI, Indian IT flows are at risk too.<\/p>\n

The weather gods may be sending an extra harsh summer as we can already see right now followed by an El Nino which even today our country performance is driven by performance of the Southwest. IMF used to publish a forecast for the world. Poor chaps realize that one needs to be an astrologer for that. Just being an economist or a statistician doesn’t seem to be enough these days. They abandon it and now publish reference scenarios with range from Edwards to Sevilla. Since fools have a tendency to rush in where whites fear to tread.<\/p>\n

I cannot help but say that rising inflation through fuel, an imported one because of a weakening currency is a certainty. Rising interest rates on sheer demand supply situation in the economy is a certainty. In a softening demand environment due to income growth not keeping pace, I can bet that every company commentary you will read this year will be about squeezing costs. Now remember that a corporate cost is an MSME’s revenue. We do an annual refresh of our PDIGD model for calculation of ECL and towards that there are some inter adjustments that the model threw up.<\/p>\n

In our earlier stages of operations we had to rely on market benchmarks as our data had not matured. Now that we have seen cycles play out, it came across that we are over providing for stages one and three and under providing for stages two. So that adjustment has been done as per our data. However, this has had no impact on the overall provisions. In fact it’s just gone up about 2 basis points to 1.84% which is 2.1 times the IRAC norms that the banks use. We sit on a three legged stool and our principal job is to manage three costs, cost of funds, cost of operations and cost of credit.<\/p>\n

Lending is a commodity business and we are all price takers not price setters. The most foundational truth of any commodity business from steel cement, power to finance the lowest cost Producer wins end FY26 vs end point of FY25 our cost of funds have moved down by 48 basis points, cost of operations have moved down by 46 basis points and cost of credit moved up by 30 basis points. We have completed 3 years since listing and if you remember we used to guide a 50 basis point OPEX reduction every year and cumulatively against 150 basis points promised we delivered 161 basis point reduction.<\/p>\n

We had guided that gold will be 20% of our book give or take. Despite the substantial increase last year we are at 21% on our guided range. Coordination continued to be around our guided range of 20%. Our spreads in ROA have been consistently higher than guided and last year despite increase in leverage, our ROAs have expanded. Last year we grew up our branches by 46 instead of the guidance of 25 with most of them coming up in the last quarter. So costs are taken, benefits to accrue on a lighter note.<\/p>\n

The good thing about being inefficient is you can demonstrate continuous improvement. Navigating our little boat in this tumultuous ocean, we have largely managed to deliver slightly better than our guidance and we look at the coming year with the same worldview. It’s going to be noisy. Our eyes are locked into the opportunities we see as we build our next ladder of growth in our segment. And at SBIC we aren’t afraid of storms. We were born in one. In 2017 the company began on a particularly stormy day.<\/p>\n

Night actually, with rain lashing the windows due to high winds. As always, we remain cautiously optimistic. We know that the lending we do is growing our AUM and the storms we navigate is growing us as professionals so we can’t complain either way. With a CRR of 33% we are extremely well capitalized and with a leverage of just 1.9 debt equity, we have a long Runway available. As has been the norm, we Indians have moved from irrational exuberance to drawing up irrational fear scenarios. In our mind we are aware and prepared for the clouds.<\/p>\n

But we are equally clear that our promise of making loans easy for small businesses in small towns of India is a journey that’s just begun. We have barely penetrated 30% Of the districts in the states we are present in and even where we are present, we have barely scratched the surface of the opportunity. My joy comes in going to office every day, in getting to spend time with the finest professionals in the business and in our trade and intensity, consistency and qualitative execution is the holy grail. I now hand over the call to Mahesh for his guidance for the quarters ahead and then request Narendra to take us through the performance numbers for the year that has gone by.<\/p>\n

Mahesh Dayani<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you. Thank you. While there may be some uncertainty in the short term, our long term outlook and conviction remains strong. Our approach to investing in distribution is guided by our ability to effectively scale and deepen our presence in existing markets. The total addressable market, estimated at approximately 4 lakh crores, continues to expand within acceptable credit risk parameters. At the current pace of growth, the segment presents an opportunity to potentially double the book over the next three to three and a half years.<\/p>\n

Importantly, we are currently present in only one fourth of the districts within operating states which provides us with a significant Runway for expansion. That said, our focus remains firmly on executing this growth profitably. In line with this, we added 46 branches in FY26, taking our total network to 251 branches. We expect to stabilize at 275 branches during the year, allowing us to consolidate and evaluate the performance of these investments before scaling further. Our overall guidance remains unchanged at 5% to 7% on a quarterly basis.<\/p>\n

Towards this last quarter we grew above 7.5% for the quarter and 29% on a full year basis. In terms of our composition of growth, we were close to 2021% in terms of gold and the balance coming from me. Given the firm outlook on gold prices and addition in branches, this share of gold may gradually move closer to 25%. Importantly, our loan to value ratios remain conservatively below 60%, in fact closer to 56, 57% providing a strong margin of safety. We are fully compliant with the new regulatory circular effective April 1st and our average ticket sizes continue to remain below 2 and a half lakhs.<\/p>\n

Coordination disbursements account for 16% of total disbursals and 18% to 19% of AUM for last quarter and we are expected to remain at similar levels all through FY27. Overall, the portfolio mix between MSME and Gold is expected to remain stable between 75 and 25. In terms of our pricing, the spreads for the last quarters have been at 9%. We are expected to hold the spreads at the current level more than 90% of the book is variable and even if in the last call we had penciled in that we could see an increase in interest rates.<\/p>\n

But largely since the book is variable, we are expected to hold the spreads at the current level Cost. While we will continue to invest in distribution, our OPEX is expected to decline by 20 to 25 basis points through the year as newer branches mature and scale up and we anticipate further operating leverage and efficiency gains. If we were to look at Last year while our aum grew at 28 to 29%, our efficiencies came in from finance, cost and OPEX which ensured that our PPOP grew by almost 37%. We used a strong pre provisioning operating profit to further strengthen our stage two which mentioned and our stage two moved up from almost 6% to 16%.<\/p>\n

We will continue to be cautiously optimistic and while we have our credit cost at 1.38, we are expected to remain range bound all through the year with Some marginal benefits of 5 basis points here or there. So if I were to summarize on a humorous note, nothing changed in terms of our guidance which we’ve been given, which we’ve been giving over the past 12 quarters. Whether it is in terms of growth or in terms of profitably growing from year on. Now I’ll request Narayan to take us through the quarterly numbers.<\/p>\n

Narayan Barasia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Mahesh. Good morning everyone. In terms of business, our aum for the March 26 is 11,270 crore with a growth of 29% on a YYY basis and 8% on a QQ basis which is the book is almost 100% secured either by property or by gold. Our MSME aum is at 8,873 crore which is 79% of AUM as Mahesh was talking about. With a growth of 22% on a YUI basis and 4% on a QQ basis. Our MSME disbursement for the quarter stands at 785 crores. The loan against Gold AUM is now 2,374 crore which is 21% of AUM as Mahesh mentioned with a growth of 63% on a YoY basis and 22% on a QoQ basis.<\/p>\n

We added 21 branch during this quarter bringing the total branch count to 251 as of March 2026. In terms of ease and margin, our ease for the quarter is at 17.61%. Our cost of borrowing for the quarter is at 8.52%. The cost of borrowing has seen a sharp reduction of 83 basis points on a YOY basis given the favorable repo environment in the country. Consequently, our spreads for the quarter is at 9.09% with a growth of 56 basis points on a YoY basis and a 5 basis point on a QOQ basis. In terms of cost, our OPEX for the quarter is 3.93% which is a 69 basis point reduction on a YY basis and almost same as on a QQ basis.<\/p>\n

In terms of asset quality, our GNP is at 2.61% which has seen a reduction of 10 basis points on a QoQ basis and almost 13 basis points on a YOY basis. Our PCR stands at 41.64%. Our credit cost for the quarter is 1.38%. In terms of business and return ratios, our capital adequacy is sufficient at 32.8%. As Waseem was mentioning. With a tangible Net worth of 3465 crore as of March 26, our Return on Average AUM is 4.57% with a Return on Average Tangible Equity of 14.48% for the quarter. Our PAD for the quarter is 123 crores, growing by 30% on a YY basis and 4% on a Q2 basis.<\/p>\n

Our PAT for the full year is 451 crore which has grown by 31% on a Biobial basis. With this, we open the floor for question and answer.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR on one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes on the line of Sukriti Party with Eyesight Fintrade Private Limited. Please go ahead.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

Good morning to the team. I have two questions. My first question to Mr. Dayani Is what are your key priorities for the company in the coming quarters? Specifically, how do you plan to expand lending reach, strengthen customer acquisition in tier 2 and tier 3 markets and leverage digital platforms to improve efficiency and customer experience? That’s the first Question. I’ll ask my second question after.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

This. Thank you. Thanks. So I think what I articulated in my opening remark was that in the first phase of SBSC’s growth, we had charted out key select states where we would like to be present. We are operating at at 15 of those states. And in the first phase, the proof of the model had to play out. And the proof was largely in terms of acquisition and whatever investments that we made, whether they were delivering the required results. I think after almost probably five to six years, because we are spread across the country, it was important that we had a more uniform outcome across all the states.<\/p>\n

And we weren’t very, very region specific. Now, having experienced that in the first seven to eight years of our journey, where now we have good amount of visibility on product profitability and our distribution profitability and the respected outcomes that come in from the respective states, our second phase starts where we will now deepen our presence in each of these operating states. I guess we’ve made enough mistakes and I think probably we’ve got a little wiser in the second phase that we won’t probably be repeating them.<\/p>\n

So you will see us now growing a lot more in geographies and taking significant market share in some of these states. Towards this, what you’ve seen is that this year we’ve added significant number of branches, probably the highest that we’ve done ever. And that comes in only from the confidence in terms of outcomes that have come in from each of these markets. We have in terms of our acquisition, almost 3\/4 of our customers borrow for the first time, in fact borrow against their property for the first time and hence incrementally.<\/p>\n

Also we will be expanding the market and a lot of unorganized form of finance is going to move to an organized form of finance. So that’s one, that’s the physical reach. We are largely a direct model. We will continue to be a direct model in all the states that we operate in in terms of digitally ensuring that we reach out to the customer. So whether it is origination, whether it is moving the files digitally, or whether it is collection or whether it is customer service, all of it moves digitally.<\/p>\n

What doesn’t move digitally is ensuring that the personal discussion with the customer or originating the customer. These are two legs which unfortunately we can’t digitize, that we would like to have in touch and feel of the customers that we meet. Other than that every other piece of the process can be digitized, which in some form you will see efficiency come in in terms of cost. So I think that’s largely the key theme for us over the next two to three years that how do we keep on increasing.<\/p>\n

But you will not see an increase in cost, despite our increase in reach to the customer and the geography in where we are present.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

Thank you. My second question to Mr. Narayan is how do you approach risks such as rising funding costs, regulatory compliances and credit defaults while ensuring profitability remains steady and growth remains constant for the company. Thank you.<\/p>\n

Narayan Barasia<\/strong><\/p>\n

So fortunately for us, the repo has been reducing other than the last few months when the global tensions have emerged. RBA has been reducing repo which has been in our favor that we have also been able to reduce our cost of borrowing. The second point on the cost of borrowing is that as the organization matures, does better and better in performance matrices, et cetera, rating upgrade happens, etc.<\/p>\n

The cost of borrowing should keep on reducing irrespective of what the market does. What we are seeing today is there is slight volatility in the G said rate. Obviously there is a kind of liquidity crisis as of now in the market. But this is very, very temporary and we don’t see any risk on the cost of borrowing as we go along into the year. The other question was on your credit quality, isn’t it? So you like to take this Rajesh.<\/p>\n

Rajiv Thakker<\/strong><\/p>\n

See on the credit risk which you were talking about, some of the things which now we are addressing, of course, as Mahesh was telling that you cannot digitize the personal decision because you have to have the ground at the ground touch and feel. But what now we have done is that because there is dependence on the credit managers across the branches, we have digitized the way they do personal decision. So there is an app which we have, which we are using wherein the customer PDs are done through this app and it is a multilingual app wherein there is a nudge to the credit manager so that there is standardization across the board.<\/p>\n

When the personal decisions are done, these personal decisions are rated. These personal decisions. Then later the quality of the personal decision help us to gauge wherever we need trainings for the credit managers because all these are rated. Apart from this we have strengthened a lot of fraud risk aspects so that because these are all distributed branches, so there are a lot of filters wherein we have tightened the fraud risk filters. So these are the additional things which we have done on the risk.<\/p>\n

Apart from this there is also. See earlier we had planned their policy but now what we have also done is that of late, since last six to seven months we have started rating the branches based on the performances. So all the branches are rated on the performance and based on the risk categorization of the branches there are actions defined. So this is one of the additional things which is also helping us from the risk management.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

Thank you and best wishes.<\/p>\n

Rajiv Thakker<\/strong><\/p>\n

Thank You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Raghav with Amit Capital. Please go ahead.<\/p>\n

Raghav Garg<\/strong><\/p>\n

Hi, thanks for the opportunity. Am I audible? Okay, so see, I have a few questions. One, your salary levels have not increased since last 9, 10 quarters. When I look at employee opex, by the average employee count, that number has not really increased for a long period of time. And then even your other opex per branch has not increased. Can you help me understand how has this been possible and till what time such negligible growth in per unit cost can continue? That is my first question.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

So you know, in terms probably if you would have looked at our OPEX a couple of years back, I guess the question would have got reversed. So what happened was that significant amount of investment had poured in at an initial level because that was the large investment that we did at the state and at regional offices and above across all supervisors. Thereby, as we keep growing, the incremental cost is not a significant incremental cost that we have. So incremental cost is fairly to the front end team where the unit cost is fairly low.<\/p>\n

So you will not see a big spike coming through. Although there is going to be an employee cost which will move up on an absolute basis. But at the unit economics level, obviously the increase is not going to be large. That was what we also said is that as we get deeper into market. So just look at it. If you are probably in a Metro and you go down to tier one, tier two and tier three, your marginal cost is only expected to go down rather than going up. So I think that explains that why we are trying to call out saying that despite delivering an OPEX optimization over the last three years, we are still calling out that we will reduce our OPEX by 20 to 25 basis largely on the same principle.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

Understood. My second question is, see, I see that your disbursement volumes are not really growing. They are in fact down Y and yet you’re building up the manpower. What I wanted to understand is your thought process behind this that you know, despite the disbursement coming down in volume terms, you’re investing in employees. So just want to understand that better. How should I read this?<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Yeah, so yeah, so through the year some bit of addition of branches that happened was largely on account of gold in some of these branches. These were not largely ME branches, but they were largely driven on gold on account of gold. But you know, as I said in my opening remarks, there is never a perfect time where you can actually sit down and decide how Your distribution is going to unfold over the next three years. So in terms of the absolute judgment that we get from lending in some of the markets, we see that we are doing well in some of the pockets.<\/p>\n

We have a reasonable market share, we have an early mover advantage and we will continue to deepen our presence. Markets where we are not very confident of, some pockets in south, some pockets in east and some pockets in where we are not very confident of. We have not shunned away those branches, but we paused the momentum in some of these markets. As things tend to get better, can we accelerate? The answer is yes. Can we move back to a number of roughly on an average of 300 crores a month, the answer is yes.<\/p>\n

So I guess what we want to be really clear is that we have a distribution in place, whether it is respect to branches or whether it is in respect to people, that as and when things get better on an external basis where we feel that we have the ability to accelerate, we will go ahead and accelerate. So I think the view is more long term rather than very, very short term as to what’s going to happen next quarter or so.<\/p>\n

Raghav Garg<\/strong><\/p>\n

Can you also give me the total number of collection staff? I think last quarter you had given this was 550 as of third quarter. What is that number as of March, The count number is largely the same.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

I mean some four or five here or there, but largely the same.<\/p>\n

Raghav Garg<\/strong><\/p>\n

Sure. I have one more question. Can I. Yes,<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Please, go ahead. Okay.<\/p>\n

Raghav Garg<\/strong><\/p>\n

So see, I think just now you mentioned that you would largely remain on a barracks sourcing model. If I heard that correctly, I’m sure you thought it out in terms of your strategy. But what we’ve seen with some of these other affordable housing finance companies and even the small scale nbsp is that depending largely on indirect has scalability challenges when your size grows larger. And eventually what we’ve also seen is that some of these affordable housing finance companies start to increase their dependence on external sourcing models such as DFAs and connectors.<\/p>\n

So when you say that you’re going to remain largely direct, do you also kind of bake in the possibility that at some point in time you will have to start outsourcing, you know, sales or you know, start depending on DFAs or connectors or what is your thought process? Because I believe that that just at a larger scale it just ends up being. It ends up adding to your efficiency, sourcing efficiency. But happy to have your thoughts on this.<\/p>\n

Mahesh Dayani<\/strong><\/p>\n

There’s no right or wrong answer whether we go Indirect or direct. So what has happened is that over a period of time when we grew and grew our distribution across the country, we realized that there is a lot of opportunity. And like we said that it’s only 30% of the districts we have gone in and a lot of these infos within those districts that we have gone in, we have not covered the entire 30, 40 kilometers. So from a distribution perspective, the idea is to have a right quality of credit and get in the growth that you can actually absorb to that effect.<\/p>\n

We have actually not felt the need to go out to the DSA or a collector in chase of growth because that is available as far as our distribution is concerned. So from our point of view at this point in time we don’t see the need to go in. We see that to achieve a run rate of say a 20% disbursement growth for next year, we would not really need really to go out. What we need is a good credit environment to continue to penetrate, continue to do. And over a long period of time, if eventually we realize that there is a need of a connector or there is a need of diversifying the distribution in different manner, we will do it.<\/p>\n

But for at least for the next two years, we don’t seem to have that need to go and chase growth through other channels.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

So you know, if you, if I would probably answer it slightly differently. Just look at it. What’s the ask? The ask is that if we have to grow, if we have to double our book over the next three to four years, the ask is anything that you would grow at say 20 to 24 odd percent, that translates to a dispersal say of 300 crores a month for the full year on an average. Now given the distribution number of people that we have and the ticket sizes plus the coordination benefit that we have along with icici, I think there’s enough and more to be done in the distribution pinpoints that we’ve created.<\/p>\n

We don’t feel the need to actually divert and focus our attention because that’s a very different model. The costs are very different, the productivity asks are very different, the attrition levels are different. So you have to pencil in a lot more. So it comes and distorts your core profitability that you’ve built or the core unit economics that you. In the current stage of the cycle, where we are or where SBFC is, I think we will continue to do what we’ve been doing so far as and when there is any change, we will definitely call out.<\/p>\n

But so far we will continue executing what we’ve been doing.<\/p>\n

Raghav Garg<\/strong><\/p>\n

So when you guide for say a 26% growth for the next two, three years. So what I’m given to understand is that that probably assumes that you’re building in some level of improved productivity for your employees. Right? Because when I see it here, your number of files per employee has come down. But you think that with a better environment in next one, two years that should, that productivity level should Improve, hence the need for not going out and signing up DSAs and connectors also.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Yeah, absolutely. So if you look at and what we had called out in a couple of quarters or last quarter is that we felt that the leverage at the family household level in certain pockets, certain states have gone up. So the decision to go slow was clearly our. So the sales manager on the ground is not to be blamed for it. So this was a conscious decision that we took some of the states that we decided to move out, a couple of them in east and one in North. The decision was largely ours. So clearly, I think the pace and the momentum, what we would like to drive, obviously the productivity count at a, at a sales manager level is just an outcome of it.<\/p>\n

We feel the environment is better. We feel the leverage levels at household level are beginning to improve, beginning to change. You will see a collateral benefit of it.<\/p>\n

Raghav Garg<\/strong><\/p>\n

Understood. Thanks a lot for all those answers.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes on the line of Nishin Chavate with Kotak. Please go ahead.<\/p>\n

Nischint Chawathe<\/strong><\/p>\n

Thanks for taking my question. If I look at the book growth this year, clearly gold has done heavy lifting. How should we think about next year? I know you gave your growth targets, you mentioned the mix of 75, 25, but is this kind of considerably flat gold prices if not a sharp decline? I mean, I’m sure if there is a sharp rise, then it’s much easier to achieve this. So how should one think about the sensitivity of gold to the growth guidance and growth mix that you have shared?<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Yeah. So Nishin, you’ve hit the nail on the head. So clearly gold prices, most of the gold growth which has happened not only for us, but I think across the industry is largely price driven. I don’t think the volume, volume or the tonnage is going up. So most of the growth that’s even come for us is largely on account of price. Are the prices expected to go down? View is very unlikely, but it’s expected to be range bound or at best stay where it is. So largely the growth is going to come in from the volume of branches that we’ve added and hence that growth growth is what is what penciled in for gold this year and that’s what I had mentioned in my opening remarks in that if the percentage what we’ve penciled in is largely assuming that all the branch additions that we’ve done in gold through the year will give you a full year benefit in FY20,<\/p>\n

Nischint Chawathe<\/strong><\/p>\n

Sure got it. And just on the credit cost side you’re clearly starting to show improvement in the early delinquency numbers and you still kind of guided for credit cost remaining 5 basis points kind of range bound. So is it something that probably the older vintages need to be cleared out and do you think the worst or is it just a postulate guidance given the way the macro is?<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Yeah. So Nishinda, if you look at the overall macro and the commentary and I think Asim beautifully articulated that you don’t know which way the fuel prices are going to go, what happens if it goes up, what happens if there’s a deficient rainfall, you have a harsh summer. So it’s very difficult to pencil in what that impact is going to be. So just to be on the side of caution, what we’ve said is that we will continue to probably maintain the credit cost in case whatever we’ve penciled out the exigencies don’t play out the way we think then probably we’ll surprise it.<\/p>\n

But I mean the way we see it as of now we would like to maintain the same credit cost moving forward.<\/p>\n

Rajiv Thakker<\/strong><\/p>\n

Just to add what Manish told see though very early but based on our Apple numbers we don’t see any stress emanating from whatever sectors which are showing some stress because of the LPG and fertilizers. So there’s nothing which is showing our color over there on a negative trajectory. In fact our bounces are marginally dipped but it’s too early as I told<\/p>\n

Nischint Chawathe<\/strong><\/p>\n

You and based on the current plans, assuming that growth kind of rolls out the way we are looking at, you’re sufficient on capital till where<\/p>\n

Aseem Dhru<\/strong><\/p>\n

We are at 33% CRAR. If you just extrapolate on 11,000 crore we can easily move two full year to around 18 to 19,000 crore. 20% of it also comes from coordination. So to that extent your capital adequacy will be around 24% to 26% at that point in time which is when you would want to go out and see the market. So at the moment I think around two years from now is at a minimum that we can use up the capital and accrual of profits.<\/p>\n

Nischint Chawathe<\/strong><\/p>\n

Got it. Got it. Thank you very much. And all of this.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Prithviraj Patil Investec. Please go ahead. Mr. Patil, please go ahead.<\/p>\n

Prithviraj Patil<\/strong><\/p>\n

Hi. Thanks for the opportunity. So I just wanted to know like what is the thought process behind laying down the branch infrastructure and is there any open Spoke model or what’s the model in which we grow the branches? So is there any tier one branch, tier two branch? Like how do we look at the branch infrastructure that we have?<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Yeah, so I think our decision to invest in branches or more number of branches depends largely on one, on how the state has been, you know, delivering. So if you probably look at our investor slides, you will see almost 60% of our branches which are more than three years with an average AUM of 66 crores and above, which demonstrates that there has been some aging in that particular geography. There has been a credit outcome, there has been a profitability matrix that we are comfortable with. And when we are comfortable with that distribution and those outcomes, that’s when we start implementing more branches and start going deeper in those.<\/p>\n

The philosophy is very simple that we would like to, if it’s a new state, we would like to go slow for at least 18 to 24 months. We would like to see how the profitability spans out because the credit costs tend to give you some sort of color after 18 to 24 months. So clearly post credit costs, how is that state behaving or how are those cluster of branches behaving? And that’s how the branch strategy gets played out. What we tend to do is that we tend to originate anything within 30 odd kilometers.<\/p>\n

We have a cluster approach where you have a hub, you have a senior supervisor managing a cluster of five or six odd branches in that particular state. And we keep expanding based on the profitability outcomes in each and every geography and state. Add to it. What we also top it up is our bureau scores. The bureau scores get refreshed every quarter and that is done at a pin code level. So that’s a good alert that comes in. And we try and triangulate the bureau scores with our own portfolio performance to determine whether we should expand in those geographies or continue to be at the same pace or reduce the momentum in some of these markets.<\/p>\n

Prithviraj Patil<\/strong><\/p>\n

So just a follow up question on the profitability side. So we have already reached a 15% ROE. So over the next three years, like is it, is it reasonable to assume that we’ll reach 18% ROE and are we looking at adding any other products, other than MSNU Gold over the next couple of years.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

See, it will be very optimistic for us to go and say out that we’ll reach 18% ROE. What we’ve done over the years is just to ensure that the metrics that are important continue to deliver and ROE then becomes an outcome. So just to lay out numbers, we are at around 3.17 of leverage and 4.57 of ROA. If you multiply that, you are closer to 14.5% of ROE going forward you are at 11,000 crore a year. Let’s say you go at 25% and because this is entirely funded through borrowing, if your roe compresses say a 25 basis point and your leverage goes up by 30 to 40 basis points just on funding the growth, you will effectively get a full year ROE of more than 15% which is currently at 14.18.<\/p>\n

If you go further, you can just extrapolate it to another 40 basis point of leverage and the ROE compresses further. So ROE is an outcome. What we continue to maintain is that the growth has to be in the range that we lay out. The cost matrices has to be consistent and we control the controllable. So if OPEX is there, we as management want to come control those numbers. And for the last three years we have done that. We want to continue doing it for another two to three years. Cost of borrowing again is a function of negotiation and also the function of what happens in the market.<\/p>\n

So that’s something that the good news we don’t pencil in. So that continues to remain flat in our guidance. And of course cost of credit right now is unpredictable and therefore we so all those matrices, if things are stable, should give out an outcome that is favorable from where we are.<\/p>\n

Prithviraj Patil<\/strong><\/p>\n

Sure that’s it. From my side. Thank you,<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Thank you,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants that you must have star and one to ask a question. Next question comes from the line of Meer Nalutra with incredible equities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir for the opportunity to ask a question. I have two qualitative questions and two data heaping. One is there’s a slight increase in the AUM share from the western regions from 15% to 23% within the quarter. So can you please show some light on that<\/p>\n

Aseem Dhru<\/strong><\/p>\n

So in so all through the year. So what optically happened is that south, the dispersals in south and the resultant AUM in south grew a little softer last year, which was more than made up in some of the key markets in west and that’s the reason you see that mix changing the south markets are beginning to turn for the better but still yet to reach to their peak levels. So the mix largely is going to remain the same at least for the next two quarters.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Because last quarter to this quarter, I mean it’s a little bit of a sharp movement from 15% between 3% on a daily basis On the AUM and on destined reason for you give the map breakup. Right. AUM region wise<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Unlikely, but let’s probably clarify to you offline on this one. But AUM unlikely but let’s clarify this<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Answer. You mentioned that in the newer geographies that we are moving into we plan to increase market sharing of similar manner that we have demonstrated in the past. So can you give some more color on how do we plan to go about in that besides the acquisition of the new customer?<\/p>\n

Aseem Dhru<\/strong><\/p>\n

No, without acquisition of new customers. Yeah. So obviously you know when you are getting into the smaller towns in your Tier 2 Tier 3, by design you would have customers who are new to credit or new to borrowing against their assets for the first time. So nothing really changes. It’s just that probably the geography and the PIN codes that we aren’t present that gets taken. And as you get deeper by design, your share in the overall mix or the share in the overall market is is bound to improve and is bound to get better. Have I understood your question or was it something else that you were seeking?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I was just trying to understand how is it that we get market share. How do we get. Yeah. How do you. Oh, okay,<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Okay, okay. So the way it works is that you know you have a bureau data that’s available to you and that defines that. What is the lending? Say for example we are in a ticket size between 5 and 30 lakhs. So they box the entire market opportunity or the lending which has happened in that category across states and that’s done at a PIN code level. So when I enter a state or I’m at a particular state, let’s assume that the total lending in that state is 100. And If I lend 5, so then I say that the total share, my share in that particular state is 5%. As I keep getting deeper and the overall denominator keeps improving, I get to see how my market share is improving over a period of time or probably I’m losing out on the market share, whatever. But the benchmark is that you get a bureau score on the market sizing and the tan for the segment that you are operating in and then you measure your performance visible market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, and on the data point, what are the cold loan branches that we have? Purely golden branches.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

That’s close to 220 odd branches out of 251<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That would be purely gold loans. And lastly, what is the management only that we have for provisions or the. There’s a regulatory requirement<\/p>\n

Aseem Dhru<\/strong><\/p>\n

So we don’t have any additional overlay. It’s just the refresh of the model happens in March and that refresh is reflecting on stage wise provisioning. There’s no additional overlay there.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Mihir Shah with Meritage Capital.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please. Come on.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I just had a question on the ARC sell down. I know that this is, you know, like a business unusual activity, but can you just provide some color on how you use ARC sell down? What type of loans are you typically selling down versus choosing to, you know, try and collect yourself? And really how should we sort of read this number? Because I think the GMP number can look different depending on. So this would be helpful to get your thoughts on how you think about this<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Over a period. When the portfolio matures, you do various measures on the way it needs to be collected. Over the last three years we’ve seen the overleveraging to the customer, the maturity of the portfolio and, and all of it plays out. And therefore at times you feel that there is a cleanup of the portfolio required where you don’t really see collection beefing up in certain assets. So those asset classes, when we lay it out to ARCs at a certain commercial and then see if those recoveries can better happen under the surface route that they can use.<\/p>\n

So that’s the idea the client enough happens for assets that you generally are facing problems to collect easily or that the time value of money is so much that you don’t want to invest so much yourself. So that’s the idea on selling down to arcs and if the benefit comes from that side that accrues and gives you a boost in the P and A<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And.<\/p>\n

Operator<\/strong><\/p>\n

Sorry for interrupting. Shah, your voice is breaking. Can you come in the race and talk?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is this any better?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please, go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, I was just saying that I know that you know, you think in terms of credit costs, but if you were to talk about slippage rates, is there a range that you would be comfortable with either on a gross or a net basis that you, that you could talk about?<\/p>\n

Aseem Dhru<\/strong><\/p>\n

We like we said earlier in the call that we focus on that OnePlus numbers and those OnePlus gets derived from what flows from stage 0 to 1 and 1 to 2. And those resolution percentages are something that we hold on very tight internally. And those are the numbers that we continue to track. And those numbers over a period will give you a result that cost of credit, which is the eventuality. So all those ratios, we track it in the form of one plus being in the range of, say, 7 to 9%, the credit cost being in the range right now at, say, 1.2 to 1.4%.<\/p>\n

Those are the numbers internally we benchmark. Those are the numbers that we give out to the team to give us the performance.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Manav Shah with Spiral. Well, please go ahead, Mr. Shah. Please go ahead with the question. Mr. Shah, please unmute yourself and go ahead with the question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So actually my question was regarding the rating. So can we expect a credit rating upgrade that can come up in coming quarters?<\/p>\n

Aseem Dhru<\/strong><\/p>\n

I cannot. I mean, we cannot comment on what is not in our hands. I mean, that that is a function of what the rating agencies evaluate. So it would not be fair on us to comment on that. Would we hope for it? Yes. But can we comment on it? No.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, that’s the last question for today. We have reached the end of question and answer session. I now hand the conference over to the management for closing comments.<\/p>\n

Aseem Dhru<\/strong><\/p>\n

Thank you for taking out the time early in the morning. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of SBFC Limited. That concludes this conference. Thank you for joining us. You may now disconnect the screen.<\/p>\n","protected":false},"excerpt":{"rendered":"

SBFC Finance Ltd (NSE: SBFC) Q4 2026 Earnings Call dated Apr. 27, 2026 Corporate Participants: Renish Bhuva \u2014 Analyst Aseem Dhru \u2014 Executive Vice Chairman Mahesh Dayani \u2014 Managing Director and Chief Executive Officer Narayan Barasia \u2014 Chief Financial Officer Rajiv Thakker \u2014 Chief Risk Officer Analysts: Sucrit Patil \u2014 Analyst Raghav Garg \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,14613,10089],"class_list":["post-181888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-financials","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":177622,"url":"https:\/\/alphastreet.com\/india\/sbfc-finance-reports-34-increase-in-q3-net-profit-to-%e2%82%b9118-crore\/","url_meta":{"origin":181888,"position":0},"title":"SBFC Finance Reports 34% Increase in Q3 Net Profit to \u20b9118 Crore","author":"Staff Correspondent","date":"January 26, 2026","format":false,"excerpt":"SBFC Finance Ltd (NSE: SBFC) reported a 34% year-on-year (YoY) rise in profit after tax for the third quarter ended December 31, 2025, reaching \u20b9118 crore. 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