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SBFC Finance Q3FY26
27 Jan 2026, 11:01AM

  • NII, in line with estimates, grew by 29.9% y-o-y and 4.3% q-o-q. NIM stayed at 9.98% (of AUM).
  • Opex/AUM saw improvement due to lower employee costs, reducing by 65 bps y-o-y and 44 bps q-o-q to 3.79%, driving profitability. Employee cost merely rose by 5.4% y-o-y and drop by 5.5% q-o-q.
  • PPOP, beat estimates by 3.0%, growing by 39.5% y-o-y and 7.8% q-o-q to Rs. 190.5 crore. 
  • PAT, beat the estimates, came in at Rs. 118.0 crore, a strong growth of 34.0% y-o-y and 8.4% q-o-q driven by strong NII growth and improvement in operational efficiency along with stable asset quality. RoA improved by 18 bps y-o-y and 11 bps q-o-q to 4.67%.
  • AUM At Rs. 10,478 crore, strongly grew by 28.6% y-o-y and 5.4% q-o-q. Disbursements remained flat on yearly basis to Rs. 699 crore but saw a  decline of 14.2% q-o-q due to higher BT-Out and focus on building quality portfolio.
  • Asset quality improved, with GNPA came in at 2.71% down by 6 bps y-o-y. NNPA came in at 1.48%, down by 15 bps y-o-y and 3 bps q-o-q. Credit Costs came in at 1.25% (of AUM) up by 31 bps, however it was flat sequentially.
  •  We maintain a positive view on stock. 

Results Table

Particulars (Rs. crore)

Q3FY26

Q3FY25

y-o-y

Q2FY26

q-o-q

Interest Income

397.3

307.3

29.3%

379.5

4.7%

Interest Expenses

135.9

106.1

28.1%

129.0

5.4%

NII

261.4

201.2

29.9%

250.6

4.3%

Other Income

28.5

25.9

9.9%

31.5

-9.4%

Total Income

289.9

227.1

27.6%

282.0

2.8%

Opex

99.3

90.6

9.7%

105.2

-5.6%

PPOP

190.5

136.6

39.5%

176.8

7.8%

P&C

32.7

19.1

70.9%

31.0

5.6%

PBT

157.9

117.5

34.4%

145.9

8.2%

Tax

39.8

29.4

35.5%

36.7

8.4%

PAT

118.0

88.1

34.0%

109.1

8.2%

AUM

10,478

8,148

28.6%

9,938

5.4%

Disbursements

699

699

0.0%

815

-14.2%

 

Actual Vs Estimates

Particulars (Rs. Crore)

Q3FY26E

Q3FY26A

Variance (%)

NII

261.2

261.4

0.1

PPOP

185.1

190.5

3.0

PAT

112.9

118.0

4.6

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