{"id":182566,"date":"2026-05-08T11:08:20","date_gmt":"2026-05-08T15:08:20","guid":{"rendered":"https:\/\/alphastreet.com\/india\/northern-arc-capital-ltd-northarc-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T11:21:28","modified_gmt":"2026-05-08T15:21:28","slug":"northern-arc-capital-ltd-northarc-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/northern-arc-capital-ltd-northarc-q4-2026-earnings-call-transcript\/","title":{"rendered":"Northern ARC Capital Ltd (NORTHARC) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Northern ARC Capital Ltd (NSE: NORTHARC) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ashish Mehrotra<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Atul Tibrewal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Pardhasaradhi Rallabandi<\/strong> \u2014 Group Risk Officer & Governance Head<\/em><\/p>\n

Analysts:<\/h2>\n

Abhijit Tibrewal<\/strong> \u2014 Analyst<\/em><\/p>\n

Digant Haria<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Chintan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

Pawan Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen. Good day and welcome to the Northern ARC Capital Q4FY26 earnings conference call hosted by Motila Loswal Financial Services Ltd. As a reminder, all participant clients 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 this conference please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Abhijit Tibrawal from Motila Loswal Financial Services. Thank you. And over to you sir.<\/p>\n

Abhijit Tibrewal<\/strong> \u2014 Analyst<\/em><\/p>\n

Yes, thank you Darwin. Good evening everyone. I am Abhijit Tripwal from Motila Losal and it is our pleasure to welcome you all to this earnings call. Thank you very much for joining us for the Northern Arc Capital call To discuss debt Q4 FY26 earnings. To discuss the company’s earnings I am pleased to welcome Mr. Ashish Mehrotra, Managing Director and Chief Executive Officer. Mr. Atul Tibrewal, Chief Financial Officer. Mr. Parada Sarthi Ralavandi Group Risk Officer and governance head and Mr. Chetan Parmath, head Investor Relations.<\/p>\n

On behalf of Mutina Oswal we thank the senior management and the investor relations team of Northern Arc Capital for giving us this opportunity to host them today. I now invite Mr. Mehotra for his opening remarks post which we will open the floor for a Q and A. With that over to you sir.<\/p>\n

Ashish Mehrotra<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you Abhijit. Thank you for the kind introduction. Good evening everyone and I’m really delighted to welcome all of you to the evening. I know it’s little late in the evening to discuss Northern aspirations performance for the quarter ending 31st March 2026. I’m also joined by my colleague as Abhijit said earlier by Asulka Viwal, our CFO Parva Sarthi, Rala Bandy, our group Risk and Governance Head, Jigash Theta Strategy Head and Chetan Parma Head of Investor Relationship. I think prayer to start the call saying over the last 15 years North Danaq will successfully navigated the multiple macroeconomic challenges including Covid geopolitical disruption, MFI over leveraging cycles, Evolving Regulatory Landscape despite these headwinds, Northern Arc has demonstrated strong resilience, delivering consistent growth both in terms of business and profitability.<\/p>\n

Our assets under management has grown over the last five years at a CAGR of about 26 taking us to the milestone of 16,594 as on 31st of March led by multifold growth in our direct to business segment whose contribution increased from 19% going back to FY21 to about 59% in FY26. This shift has been given us almost 380 basis points of expansion in our net interest margin from 5.6% to 9% 9.4% in FY26. Importantly the growth has remained disciplined quality led with NPA consistently maintained below 1%.<\/p>\n

This discipline risk calibrated AUM growth has translated into strong earnings performance with profit after tax on a five year average grown at about CAGR of 43% to about 406 crores on a full year basis in FY26 underscoring the resilience, scalability and profitability of our stated business model. Coming to 2026 this year was dynamic marked by tailwinds and headwinds with regulatory development was supportive and macroeconomic challenges and gradually improving trade environment ensure that we traded with caution.<\/p>\n

Amidst of this backdrop, I’m very pleased to announce that we continue to build on the momentum which northern our capital reporting highest of a quarterly profit of 133 crores, taking our overall profit to about 406 crores respectively. Our Aeon has grown by about 22% on a year on year basis and about 10% on quarter over the previous quarter to reach 16,500 outpacing the industry reflecting the sustained momentum and growth driven by direct to customer business which is now about 59% of our total assets under management.<\/p>\n

Our direct to customer business grew by about 39% on a year on year basis reaching past 9,800 crores. In line with our strategy to grow this business, we have three lines of businesses in direct to consumer. One is the consumer finance business which continued the sustained growth driven by the demand in the consumption. The AUM has grown to now about 5000 crores plus. During the quarter we added few more partners further strengthening our distribution capabilities. 70% of our customers are repeat customers which demonstrate powerful proof of underwriting quality and customer stickiness on our platform.<\/p>\n

As a company we remain focused on gathering risk adjusted yield of approximately 15% and above in this business which is reflected in a consistent performance over the last three years at about 6. Additionally, much needed regulatory clarity on availing FLDG benefit while computing ECL provisions on digital lending is expected to provide stability in business profitability. Some of you may recollect that last year March we had to take extraordinary provision with the clarity coming on 4th of February.<\/p>\n

This now puts the business on a very very strong footing. The household consumption in India nearly doubled from to 2.4 trillion during 2014-2024, growing at a faster pace than the major economies such as China, United States, States and so on. This growth has been driven by the rising middle class demographic advantages, increasing digital and financial inclusion and rapid evolution of e commerce and retail ecosystem. Our sense is that the household consumption is further expected to reach about 3.4 trillion by 2030, creating significant credit opportunities across the consumer consumption ecosystem.<\/p>\n

The second line of business and direct to customers is lending to msme. Our MSME business continues to be a growth engine for Northern Arc with portfolio growing at about 43% on year on year basis. Currently ending 31st March 26th at 3691. The growth is being driven by expansion of physical footprint including additional 70 new branches during FY26 and improved productivity across existing branches. The portfolio quantity continued to strengthen with x bucket collection efficiency improving from 97.8% in September 25 to 98.8% in December 25, further to 99.4% in March 26.<\/p>\n

Improving collection coupled with 100% registered mortgage structure for our loan against property ensure we continue to build a very strong land loan against property business for the small businesses targeting the smaller businesses. While credit supply to MSME sector has increased meaningfully, the segment still faces an addressable credit gap of nearly 24% estimated to be about 30 lakh crores. Given this large untapped opportunity, our continued investment in distribution, talent, infrastructure, technology will position us well to deliver disciplined risk calibrated growth in MSME segment over the coming quarters and as the third line of business is rural finance, we recorded highest ever quarterly disbursement of about 305 crores in Q4 reflecting strong 17% quarter on quarter growth.<\/p>\n

As you will recollect, we had slowed down this dispersal over the last few quarters. As a consequence of that, our assets under management grew by about 8% to about 1000 crores. During this quarter we expanded our footprint with addition of 64 branches taking a rural network to about 342 branches. Again here we’ve seen a significant improvement in collection efficiency. Our expected collection efficiency continued to show a consistent improvement increasing from 98.7% in September 25th to 99.4% in December 25th and further improved to 99.6% in March 25th.<\/p>\n

Some of you will recollect that states like Karnataka where collection efficiencies was impacted by ordinance issued in February 25 has also improved from 94.5% to about 99.5%. The credit costs have consistently improved quarter on quarter to reach 1.3% in Q4.20 with full year credit costs declining from 6.7 to 4.9 in FY26. The GNCA remained negligible at about 4 basis points as of March 26. Additionally, I must reiterate that 84% of our MIP5 book is covered under CGFMU providing strong risk protection.<\/p>\n

The continued investment in branch expansion and sustained improvement in collection efficiency with higher CGSMEO coverage provide us with confidence to scale this business in a calibrated and prudent manner as we go forward. And further, it’s important for me to highlight and reiterate 100% of our rural loans are underwritten using our proprietary scorecard called New Score and that gives us a lot more edge in ensuring that we have right selection metrics of customers. Moving on to our credit solution business, we continue to benefit from strong loyal expanding base of about 365 originating partners whom we work with.<\/p>\n

More importantly, the quality of above network remained robust and fair to highlight that 90% of our partners are rated BBB and above reflecting their credit strength and underwriting discipline. More importantly, our partner remains have healthy balance sheet with approximately 95% having capital adequacy of more than 20% providing resilient, supportive and sustainable growth across the credit ecosystem. In India, a fee based business is a key differentiator for Northern Ark that complements our lending operations within the credit solution platform.<\/p>\n

A placement volume for FY26 was about 11,800 crores with placement fee growing to about 22% year on year to about 31 crores. Further, a credit fund assets under management is about 3,000 crores which garnered the fee of about 38 crores in FY26. This performance underscored our strategic focus in building a comprehensive credit solution ecosystem leveraging capital light and stream. Along with the balance sheet lending model, the company continued to place strong emphasis on credit risk management and leverage AI and machine learning driven underwriting model which complemented by a continuous field monitoring.<\/p>\n

Over the years we have built a robust data ecosystem comprising of 550 million data points enabling development of 300 plus underwriting model across our businesses. Our risk framework is further strengthened by dedicated team of 100 plus professionals in addition to centralized technology led monitoring, risk undertakes on ground visit of nearly 25% of districts where we and our partner operate each year providing valuable insights to local market dynamics and emerging to put it in context, our portfolio is spread at about 680 districts and that is that means over 220 odd districts.<\/p>\n

We cover in detail covering multiple partners and our own branch networks. It gives us a far more granular touch and feel of what’s happening in the market. Company also follows a conservative provisioning policy, 100% provisions on consumer or all unsecured loans on 90 plus days past due. While this approach may lead to relatively higher near term credit costs compared to peers, it materially reduces the carry forward delinquent pool and lowers further provisioning requirements. These initiatives are resulted in resilient and well diversified loan book with net NPA consistently being maintained below 1% over the years.<\/p>\n

During the quarter, RBI issued the Guidelines on Treatment of Default Loss Guarantee in computation of ECL permitting NBSP to factor in the cash collateral as fldg, thereby aligning the regulatory approach with NDS requirement as a prudent measure. Company created a management overlay for potential unforeseen events given the current macroeconomic environment and what we are looking witnessing in the West Asia. Operationally, the collection efficiencies continue to improve across the key retail portfolio with MSME labinance our collection efficiency reaching 99.4 and 99.6% respectively.<\/p>\n

On export following robust collection performance, stage two assets have shown consistent improvement declining from 2.6% in September to about 1% in December 25 and further to 1.5% in March 26. This reduction reflects moderation in early bucket stress and continued improvement in overall asset quality. Consequently, credit cost for quarter four has improved from 2.2 about 2.2% while fully accredited cost stood at about 2.8%. In line with the guidance we have issued earlier as a company, we further strengthen our collection capability through implementation of strong collection systems.<\/p>\n

Platform enhances collection tracking, improves field force productivity and enables sharp adult delinquency monitoring and support data driven recovery strategies. We believe this will further improve collection efficiency, strengthen portfolio quality and support scalable growth across the retail lending segment. Overall performance for 26 was resilient despite the challenges being challenges. Beginning of the year arising out of the Karnataka Microfinance Ordinance, we have entered the new fiscal year on a strong footing with dispersal momentum sustaining at the level seen in the recent months and remain confident of delivering a robust growth trajectory for FY27.<\/p>\n

Looking ahead, we remain watchful of evolving risk including geopolitical tension in West Asia, potential impact on weather and monsoon. We believe the company is well positioned to sustain its growth momentum through a calibrated risk management and disciplined execution while continuing to protect the profitability and the portfolio quality. With that, I’m going to request my colleague Atul to our CFO to walk you through our financial results in detail. Thank you,<\/p>\n

Atul Tibrewal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Ashish and good evening everyone. I appreciate you joining us for the Northern Arcs Q4FY26 earnings call. Let me start with two important milestones that we have crossed during the year. First, our assets under management stood at 16,594 crores reflecting our growth of 22% year on year and 10% Q on Q. Secondly, we have crossed PAT of rupees 400 crores in FY20 states. So within the AUM mix the direct to customer business contributed 59% with MSME finance at 22%, consumer finance at about 30% and MFI at 6%.<\/p>\n

The net interest income for Q4FY26 the net interest income grew by 21% to 387 crores. For FY26 NII grew by 20% yoy to 1376 crores and NIMs improved by 25 basis points year on year to 9.4%. The cost of fund for FY26 decreased by 48 basis points year on year to 8.5%. Cough for Q4FY26 was at 8.5%. The incremental cost of fund for quarter four was at around 8.6%. The net revenue including the fee income for FY26 grew 19% yoy to 1484 crores and for Q4FY26 grew by 18% yoy to 414 crore. Our opex ratio for FY26 and Q4FY26 was flat at 3.6 and 3.7% respectively.<\/p>\n

We have added 66 branches and merged two branches during the quarter pre provisioning. Operating profit for FY26 grew by 21% yoy to 956 crores for quarter four FY26 it grew by 17% yoy to 269 crores. GNPA and NNPA improved quarter on quarter to 12% and 0.6% respectively. Credit costs improved from 3.2% in FY25 to 2.8% in FY26 which is in line with the guidance given in the previous calls. Credit costs for Q4FY26 improved from 3.5% in Q3FY26 to 2.2% in Q4FY26. Profit after tax for FY26 increased by 33% yoy to to 406 crores.<\/p>\n

For quarter four it increased by 2251% yoy and 32% quarter on quarter to 133 crores. ROA for FY26 grew by 34 basis points yoy to 2.8%, ROA for Q4 increased by 66 basis points Q1Q to 3.3%. ROE for the FY26 increased by 110 basis points to 11.1% and ROE for quarter four increased by 326 basis points to 14%. On the liabilities front in line with our debt strategy and AUM growth plan, we continue to diversify our funding base with a clear focus on long term sources. Liquidity remains comfortable with positive cumulative mismatch across all time buckets as on March 31st we held a surplus of close to 1250 crores with a good mix of cash in bank balance and undrawn sanctions from various banks and institutions.<\/p>\n

Total warrants at the end of the quarter stood at 12,258 crores with around 60% linked to variable interest rate positioning us well to benefit from the ongoing decline in interest rates. Our funding mix remains well diversified with 25% source from offshore and DFI partners and the balance from domestic banks and institutions. Our incremental cost of fund in quarter four was 8.6% down from 9.3% same period last year. Tangible net worth stood at 3,896 crores which grew by 13% yoyo so we have strengthened the balance sheet materially.<\/p>\n

Our debt equity ratio improved from 3.9x in March 24 to 3.1x as of March 26. Capital adequacy remains quite strong at 22.6%, well above the regulatory requirement, giving us ample headroom to grow the balance sheet over the next two to three years. Thank you so much. And we now open for Q and A.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove your sets from the question queue, you may press star and two participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question is from the line of Digantharya with Green Edge Wealth. Please go ahead.<\/p>\n

Digant Haria<\/strong><\/p>\n

Hi. Thank you for the opportunity and Ashish and team, congratulations. Last quarter we hit a century. We are now comfortably, comfortably above that number. So you know like I’ll start with one question. Like, you know it seems like we had, you know like our flight has taken off but you know, now with the macro situation which is evolving, what kind of guidance would we like to give for FY27?<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Thank you for loan<\/p>\n

Digant Haria<\/strong><\/p>\n

Growth and ROAS, you know the two.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Yeah, yeah, yeah, no, thank you very much. I think as we look at it, given the disciplined execution and focus on risk and what we are investing in building capabilities both in terms of collection, risk management, AI and other stuff, our sense is that we should be able to grow business at about three times the GDP. So look at anywhere between 22 to 25% and that’s our commitment to the street on a forward looking basis. Unless we see something matters, we obviously recalibrated some segment sectors to ensure we stay prudent on where we think the risk could be higher and I think from where we ended on a full year basis my objective is to get to three plus return on assets and like we said over the next eight to ten quarters get to mid teens and late teens ROE and we are pretty disciplined, focused on what we want to do and how we want to achieve.<\/p>\n

The good thing is that the funding block across the three lines is set. Obviously given the great solution now is a very, very comprehensive play with ability to participate from balance sheets, new sets of funds being launched, building a bonds platform, a placement business. Very unique capability unlike anyone else with securitization. You know, interesting to highlight. We almost did 10,000 crore of securitization last year. So all of that creates very strong competitive for what we do. Discipline, execution and build out.<\/p>\n

On a digital side I think shows that the growth in that sector and ability to ensure that we generate the risk adjusted return of upward of 15%. As to my mind requires very sharp focus. Our tech capabilities risk capabilities demands what we do. Building out of the msme which is a very important sector, but being more cautious with it given there is a larger number of players wanting to participate. More importantly also in some of the segments sectors you could see higher bit of stress in a shorter period of time and so ensure your risk underwriting principles there are aligned and rural.<\/p>\n

We were way back in 24 we started bringing this down to where we had and we actually brought it down from 15, 1800 to down to about 550 and we’re now building it back and we’ve seen the performance there. Gives us a confidence to build it. We ensure irrespective of what kind of the loan goes through our fully proprietary scorecards which gives us a lot more confidence apart from cgfmu, end of the day when you originate a loan, you originate it to ensure that you get right set of risk adjusted returns.<\/p>\n

So I think if we continue to stay on course on our strategy on building comprehensive solution and direct to customer business, building on the competitive modes on the fee franchise, that our path is pretty clearly laid down to where we are today, where we want to get to next fiscal, the following fiscal and thereafter. I think this is in line with what we’ve said strategically and in the past. How do we get to mid to late teens And I think that path is set out for us.<\/p>\n

Digant Haria<\/strong><\/p>\n

Okay, thanks. Thanks Akish. That was quite detailed. I think you touched upon two points in your comments which I just wanted to checks that see this msme, especially the merchant lending part within the MSME and this whole consumer direct to consumer finance that has probably grown at 50% this year. So just wanted to check like you know, like you know, is there any like, you know, risk building up or you know, because you know that’s the segment where I think our average ticket size is hardly 20, 30,000 rupees.<\/p>\n

So if you can just give some color on you know, 50% and you know, what are the risk measures and what opportunities do you see?<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Okay, so we underwrite on the consumer finance side which is essentially linked to the consumption loans, about 25,000 to 26,000 loans it is. Each loan is underwritten through our scorecard and we are very sharply focused on the risk adjusting. We then have multiple cohorts to ensure that we balance that risk across customer segments. Core card distribution of the quality of meat flow coming in. What gives us a confidence in what we’ve done and how we built it is two parts how a stock of book is performing.<\/p>\n

More importantly what is the quality of the customers coming to you every day through the door. That’s your future and what you have in the book is what you have in the book. And I think if you look at it that business on the risk adjusted basis making 50 is a great business and we continue to invest in it and build this business Rank MSME we actually recalibrated given we saw two things. One is the overlap of little bit between the MFI and other sectors. So our average ticket size is about 12 to 15 lakhs.<\/p>\n

We don’t operate in 0 to 5 or less than 7 lakhs loans because we want certain size and quality of customers to come in. We’re happy to operate at 18, 17.5, 18 kind of field. We’re not chasing 24% deal that was business and given you know while you estimate the income which I specifically wrote but we registered the mortgage so it’s not an imperfect or estimated income with an imperfect collateral. It is an estimated income with a perfect collateral. And that gives us a confidence that quality of book over a period of time will create a strong annuity franchise for Northern Ark.<\/p>\n

I think that’s where it is. We could have grown faster and also we were starting from a small base so it’s unfair to compare us to other players. All this business collectively is bought 9800 crores so when you start from a smaller base your growth numbers look higher but in reality is the market is huge and we have to ensure we stay focused both in terms of our risk principles and how do we connect engage with our customers. I think those are two big pieces.<\/p>\n

Digant Haria<\/strong><\/p>\n

Perfect, Perfect. Thanks. Thanks Ashish. Just one suggestion to you and the team that you know in the in our MSME we can probably separate out that merchant lending part because you know that’s a digital piece rest everything is you know a physical world business. So you know if we can do that that would be really good.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Good feedback obviously look at it but that’s also an important piece where we calibrated a lot correct between the nature of merchants can be very different but a good feedback noted. We’ll try and see how do we restack as we get into the new fiscal year. Thanks.<\/p>\n

Digant Haria<\/strong><\/p>\n

Perfect. Perfect. Wish you all the best. And you know last just one question for Atul is that you know is there any one off in the results like you know is that if we write back or something or this is like pure organic, you know, provision.<\/p>\n

Atul Tibrewal<\/strong><\/p>\n

Pure organic, you know, except for the DLG that we spoke about. But apart from that there is nothing pure organic we continue to<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Provide.<\/p>\n

Atul Tibrewal<\/strong><\/p>\n

So there is no one off as far as the credit cost and others are concerned.<\/p>\n

Digant Haria<\/strong><\/p>\n

Perfect. Perfect. Congratulations<\/p>\n

Atul Tibrewal<\/strong><\/p>\n

To the team. Thank you so much. Thank you.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Our next question is from the line of Raghav with Ambit Capital. Please go ahead.<\/p>\n

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

Hey. Hi, good evening and thanks for the opportunity. I just have a few questions. One, I understand that in the intermediate retail lending piece, through that piece you have developed expertise in real estate finance and affordable housing finance. Over a period of time, do you plan to launch any of these products, say maybe next one, two years or maybe over the medium term. If not these, then do you have plans to launch any other new product in addition to NFI and consumer finance that you’re doing already which will help you on your retail lending growth?<\/p>\n

That’s my first question.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

No, thanks. It’s a relevant question. Obviously two things will happen. Consumer finance will try and build more capabilities to create a convenient finance financing solution whereby customers is a financing solution. We working with partners can provide that financing solution directly. The second we, you know in the current network of branch we can obviously do affordable housing. We want to ensure that the current loan against property will reach certain size and scale and then we can open that product.<\/p>\n

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

My learning<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Over the years is the time you open the on the affordable housing segment, then the focus on the business loans comes down and we want to stay sharply focused. Right now that product is anyway approved by us and by a board at some point in time, a fortune point in time. We will launch it as our network matures over a period of time.<\/p>\n

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

Understood. The other question is that your EPL coverage overall or even if I look at on a stage wise basis has been coming down. How should one read that? Why is that happening?<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Sorry, why did I get Parda talk about it?<\/p>\n

Pardhasaradhi Rallabandi<\/strong><\/p>\n

Yeah, as you would have heard, the Reserve bank of RBI has amended the guidelines to provide the benefit of DSG that is available on our portfolio in the financials. We did get some benefit from that because of which the expected losses which are covered by the fleg, which in the end anyway would not have been a credit loss to us is something that we didn’t have to. The ECL required for that portfolio has come down as the mix of that in stage two, stage two assets is pretty high. So basically these are 31 to 90 day, no sort of DPD loans which were actually backed by the FLDA that is available for that portfolio.<\/p>\n

However, the benefit of that was not available earlier. Post the RBI guideline which came in February 26th we could take benefit of that because of which optically the PCL coverage has come down for the Stage two. However, this benefit was always available to us and the credit losses in any way would not have come to<\/p>\n

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

But this coverage is 12%. You’re seeing the reduction from 24% from the December quarters because of the RBI guidelines. But say even when I look at or compare this with what you had in 24 or 25 may not be 25 because that’s when the guidelines came. But if I Compare it to 24 then it’s lower. Right? And even on states coverage has been coming down ideally. I don’t think that that would the RBI guidelines would impact stage three. Please correct me if I’m wrong, but yeah, that is where I wanted to understand as to why the ETL3 coverage has been coming down and why is stage 2 lower than even FY24 levels?<\/p>\n

Pardhasaradhi Rallabandi<\/strong><\/p>\n

Again, stage 2 is lower because of the mix change. Stage 2 in 2324 was not really coming from the the proportion of the portfolio is covered by FDEG because of which the requirements for ECL was higher at that period of time. For a period of time more than 50 almost 50% of the portfolio that is now in stage that is 31 to 90 DPD is covered by FLDG because of which the ECL requirement has now come down. The RBA guidelines coming to Stage three again, the earlier what we had as phase three assets were unsecured.<\/p>\n

Now the mix has changed and now whatever we are carrying as state three assets are mainly coming from MSME secured where obviously you get the benefit of the collateral that is available because of which the ESM coverage requirement for that is much lower.<\/p>\n

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

And just to confirm, I think Ashish mentioned mid to high teens Roe 7 to 8 quarters. Right. So you could be looking at a 15 to 18% range in next two years. Is that. Is that the fair assumption?<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

About 8 to 8 to 10 quarters? Yes, that’s the target.<\/p>\n

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

Okay. Yeah. In about two two and a half years you should be looking at about 15 to 18%. 15<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

To 17.<\/p>\n

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

Okay, sure. That will all come up. Thanks a lot for answering. Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen, in order that the management is able to address questions from all participants in the queue, we request you to please restrict yourselves to two questions only. You may rejoin the queue if you have any further questions. Our next question is from the line of Chintan Shah from ICICI Securities. Please go ahead.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Yeah, thank you for the opportunity and congratulations on very strong set of numbers.<\/p>\n

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

Sorry to interrupt Chintan but your line is.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Yeah, sorry. Yeah congratulations on the quarter, on the very strong set of numbers and thank you for the opportunity. So firstly on the credit cost also it has declined quite meaningfully in this quarter and we ended the year around 2.8 percentage. So what kind of number are we targeting for FY27 and just for clarification, this credit cost of 2.8% is now the nether cost after adjusting for the FLDG provision. Yeah, that’s the first question.<\/p>\n

Pardhasaradhi Rallabandi<\/strong><\/p>\n

Yeah, number one. Yeah the overall EF trade cost of 2.8% is after taking after adjusting for the FLDG benefit and going forward also we would expect the trade cost to be in the range of 2.7 to 2.8%. That that is what is the planned projection<\/p>\n

Chintan Shah<\/strong><\/p>\n

And on the borrowing fees. So now I’ve seen quite a some decline in this year. It is now at 8.7 versus 9.3 last year but probably now with the rate cut pause, do we expect this to bottom out in further moderation expected in the coming quarters as well.<\/p>\n

Atul Tibrewal<\/strong><\/p>\n

So Chintan, you know in our past calls we have been, you know mentioning that we have been doing a lot of variable interest rate borrowing but I think for the last one quarter, you know we have seen the interest rate bottoming out and that’s the reason we have been adding more and more fixed rate. So in fact our share of the fixed rate has now gone up from around 30% to around 40% of our overall borrowing. So we are doing more NCDs, we are doing more ECB transactions in the last four quarters. Market has been tough.<\/p>\n

You know we have seen liquidity tighten. We have seen the G SEC rates going up by close to 50 basis points. We have also seen the hedge cost going up significantly over the last couple of months. But I think in spite of that many we have been able to maintain our cost of borrowings quite effectively. We have borrowed close to around 8,000 crores during the year. Our borrowing is now almost at 12,900 crores. But we are definitely seeing the interest rate bottoming out and<\/p>\n

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

A<\/p>\n

Atul Tibrewal<\/strong><\/p>\n

Couple of quarters. I think now we should see the RBI also increasing rates. We have also not seen seeing too much of transmission happened from the banking sector post the reduction of the repo rates by the rbi. So I think overall this has been a good year for us. As far as the treasury management is concerned we have brought down the cost of fund incrementally from 9.3% last year to 8.7%. And on the overall book, our cost of fund has come down by 50 basis points.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Yeah, so, but from FY27 perspective, do we expect the moderation in the margin given the rise in the cost of funds, or will that be set up by the benefit of. We will definitely<\/p>\n

Atul Tibrewal<\/strong><\/p>\n

Not see a reduction in the cost of fund, but we will be able to hold on to the numbers that we have demonstrated this year. So maybe we will not see any further, you know, reduction, But I think 8.5 to 8.6% is something we’ll be able to hold.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

As the mix continues to improve from 59 to targeted 65%, you will see some bit of expansion in names. More importantly, as we see the MFI and other markets stabilizing and preselecting our investment, that’s what we’re seeing in our portfolio. I also see it gives us a lot more tailwinds in our placement business and other fee lines. And so I will be fairly bullish as we look at these things unfolding, assuming that the current West Asia prices get resolved over this quarter and so on. Because the underlying portfolio on mfi, which used to be large part of our credit solution business, also will give us a much needed tailwind.<\/p>\n

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

This is very helpful. Thank you. And all the best for the future.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

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

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

Thank you. Our next question is from the line of Pawan Kumar from Edelweiss. Please go ahead,<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Everyone. Thank you so much for the opportunity and really great set of results. Hope I’m audible. Yeah, thank<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

You.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Yeah. So across the parameters that you have given guidance on meeting 60% D2C on, you know, the 3% ROE, across the parameters, you’ve done like a tremendous job. Congrats on that. A couple of questions on the credit cost front. Right. So last year when the RBA regulation has come in, we had to make an additional provision of 80 crores on the FLDG. But this year the reversal is only 25 crores or 29 crores. And so why is the number so much lower this year compared to whatever write back that we could get last year?<\/p>\n

That’s one part. Second part is no, if I adjust for that and the additional provision that you have made the actual credit because this quarter is only 50 crores, is that understanding correct?<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

You want to vlog the math. But before you go, I think the way we look at it, you know, in the Last March to 30th when this notice happened on between regards to DLG using that benefit, our position was that as an abundant caution we’re creating this reserve. We knew at some point in time with regards to the regulation the interpretation will get clarified over a period of time which happens. If you adjust for that I think we will hold to 2.7 to 2.8. And Partha, you might want to walk through. You might want to walk through the sil math so that there is a clarity around<\/p>\n

Pardhasaradhi Rallabandi<\/strong><\/p>\n

Just a few clarifications. Number one is the 29 crores number that you are seeing is only for the Q4, not the full year number. Second is the 80 crores was the requirement at that point of time. And the amount of provision that we took in Q4 of 25 was 68 crores. Adjusted for all this, the actual the credit cost without the overlay and adjusted for all this would have been closer to around 120 crores which would have been much closer to the 3% 2.2.9 to 3% which we would have otherwise got.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

So this quarter number would have been 120 crores approximately.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

But I think you need to adjust for what what you took as one time because there and now this clarity exists. So that’s why we think straightforward looking we should be able to hold 2.7, 2.8.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Yeah.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Yeah, got it. And in one of the questions earlier you have mentioned that most of the credit cost in MSME is coming from the secured lab. And earlier in the presentation,<\/p>\n

Pardhasaradhi Rallabandi<\/strong><\/p>\n

Not really what I mentioned is that the stage three asset because we have a. Our accounting policy is to write off the unsecured retail loans at. Yeah,<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Correct.<\/p>\n

Pardhasaradhi Rallabandi<\/strong><\/p>\n

At 90 dpd. The asset buildup in stage three happens to be the MSME secured because of which the ACL requirement for that is<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Understood earlier on a quarterly basis used to give credit cost by segment this year. I mean this quarter in the presentation I see for the full year but I don’t know if I’m not seeing it but I can’t either. Quarterly. Okay. It’d be great if you can give it on the quarterly basis as well. That would be. Yeah. And one last thing on the MSME lab, I know you mentioned that you are not seeing any impact from the war or the conflict related issues but are you how are you seeing going forward like in terms of the credit quality piece and in terms of disbursements ramp up?<\/p>\n

Yeah, that’s it from my end.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Let’s call the entire MSME universe and between gas, petrol Chemicals, pesticide farm. Correct. All of that is less than 2% of amputee. Obviously like I said in my early comment that we also calibrated it from Feb onwards from the advent of this event across whether it was financing the merchants, whether it is secured lending, whether it is. So I think that gives us a confidence saying why we remain calibrated in terms of the way we go about building assets. They are very sharply focused on the quality of book.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Thank you, all the best. I will come back in a queue.<\/p>\n

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

Thank you. Our next question is from the line of Kaushik Agarwal from Hycom. Please go ahead.<\/p>\n

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

Hi sir, thank you for the opportunity. Hope I’m audible.<\/p>\n

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

So you’re audible. You may proceed.<\/p>\n

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

Yeah, yeah. So I have two questions. So firstly on slide number 16 referring to the consumer finance business where the net yield number you have mentioned are broadly sticky at around 15 odd percent. In the last slide I was seeing that this number was roughly the targeted range which you indicated was marginally higher. So just wanted to know has there been any reduction on the EU side over here? Second piece on the consumer finance business only what I wanted to understand is from the partners which you have mentioned, there are roughly 28 partners.<\/p>\n

So anything if you can mention around the color, if there is any concentrated exposure towards any particular partner like I wanted to understand whether the book is reasonably diversified or not. And if you can mention something on the asset quality piece as well. And then the second question is on the borrowing side. So on the borrowing mix I can see that from December to March quarter you have your borrowing mix from the banking channel has gone down. This seems to be slightly counterintuitive because broadly the market yield has moved up and even on the banking data when we see that lending towards NBFCs have actually gone up.<\/p>\n

So what’s the strategy in terms of raising money from the borrowing side and on the cost of fund side if you can broadly give some color on these two questions.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Sure. We’ve always said that the risk adjusted yield on the consumer side book will hover between 15 to 16%. If you refer to some of the previous conversation and my original comment, we continue to calibrate where we in a customer selection, the way we select and underwrite each customer which comes in through the door. But consciously over the last, if I look at it over the last 24 months, few things we’ve consciously avoided and actually brought it down to almost zero. One is the short term we want to ensure it a little bit of sticky for 15, 18 months kind of a book rather than short term book which we thought, well gives us higher yield but also comes with a higher cost.<\/p>\n

The second we’ve also put a cap on the end apr given our reputation for nature of business we do so obviously we let go of some segments which we thought may not be long term accretive in line with the Northern Arc values and principles. I think on the liability side I’m going to ask Atul to talk but it’s a very interesting answer you should get from him.<\/p>\n

Atul Tibrewal<\/strong><\/p>\n

So you know, to Chintan’s question, I actually answered that we have been increasing our share of fixed rate instruments because we believe that the interest rate rate has bottomed out. So in the last few months we have been doing more of capital market issuances and also a lot of offshore borrowing which both of them have a fixed rate, you know, interest rate. So our share has gone up as far as the fixed rate is concerned. And the bank borrowings have also come down. So the bank borrowings used to be close to 52% of my total borrowing in March 25.<\/p>\n

This has contributed consciously come down to around 45% as we speak in March 26. So I think we should be quite okay with a lower bank borrowing and lower dependency on bank borrowing and rather we would like to diversify more on the offshore which has been going up for us as well as on the capital market. We have also been able to do lot of transactions under the securitization route, especially the PDF transactions and I think diversification will be key going forward as well.<\/p>\n

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

Just one last question on the consumer business side. What would be your risk adjusted return or the ROA on this piece of business? I believe that this would be substantially higher than the overall business ROA.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Yes it is. I said the risk adjusted deal is 15. The return on assets will be obviously much higher. If you look at it close to what, 4%.<\/p>\n

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

Sorry sir, what number you mentioned? Close to<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

4%.<\/p>\n

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

Thank you. Thank you so much. That’s it for myself.<\/p>\n

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

Thank you<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

Ladies<\/p>\n

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

And gentlemen. We will take that as a last question for today. I would now like to hand the conference over to the management for closing comments. Over to you sir.<\/p>\n

Ashish Mehrotra<\/strong><\/p>\n

So I just want to thank everyone for participating and joining us today evening. I know it’s late on Friday evening hence we wanted to respect the time. Thank you all and we’re happy Chetan and I and Atul William Pada will be happy to engage. If you have any other question to answer, Chetan will connect and she’ll be able to answer all your questions. Thank you all. Have a great weekend and a great year ahead.<\/p>\n

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

Thank you. On behalf of Motila loswal, Financial Services and Northern Arc. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Northern ARC Capital Ltd (NSE: NORTHARC) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Ashish Mehrotra \u2014 Managing Director and Chief Executive Officer Atul Tibrewal \u2014 Chief Financial Officer Pardhasaradhi Rallabandi \u2014 Group […]<\/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":[10169,9175,9104,9092,14492,10089],"class_list":["post-182566","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-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":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182566,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":182566,"position":1},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. 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