Please find enclosed the transcript of Q4 FY2026 Earnings Call held on April 27, 2026
CANFINHOME · price
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Can Fin Homes reported Q4 FY2026 disbursements of INR3,245 crores (all-time high), bringing full-year disbursements to INR10,531 crores, marginally above INR10,500 crore guidance. AUM grew 10.44% vs. targeted 11-12% due to higher-than-expected loan rundown of ~INR6,600 crores. The company converted 85% of its loan book from annual to quarterly reset, passing on 50 bps to customers; portfolio yield now at 9.8% with spread maintained at 2.8%. GNPA improved to 0.85% from 0.87% with credit costs at 10 bps for the year. For FY2027, management targets INR13,000 crores disbursements (15% growth) and 14% AUM growth, assuming INR7,000 crores rundown. Profit for FY26 at INR1,027 crores (excluding INR46 crore DTA provision and INR13.5 crore tax refund), representing 20% YoY growth. IT expenses will increase by INR40 crores to INR60 crores total in FY27. Karnataka showed 7% disbursement growth and is expected to grow 15% in FY27.
The earnings call demonstrates strong operational execution with improving asset quality and successful quarterly reset migration. However, elevated IT costs (INR40 crore incremental) and conservative opex guidance will limit near-term profitability upside. The stock's spread sustainability is confirmed, but a rate upcycle poses a risk to the 15% of customers still on annual reset.