Aditya Birla Capital Limited (ABCAPITAL)
₹379.40 -0.75% last close, 16 Oct
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)Aditya Birla Capital Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Aditya Birla's net interest income was ₹2,586 Cr (+26.8% year on year, -75.0% on the previous quarter), and net profit ₹1,175 Cr (+38.1% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹2,586 | +26.8% | -75.0% |
| Operating profit | ₹1,925 | +28.4% | — |
| Net profit | ₹1,175 | +38.1% | +0.8% |
| EPS (₹) | 4.46 | +39.4% | +3.5% |
ABCAPITAL delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.26% of the ABCAPITAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.44%. That is close to its usual level. In ABCAPITAL futures, open interest fell 0.79% while the futures price fell 0.71%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 53.2% · 61.6% · 45.0% · 46.7% · 51.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Aditya Birla Capital Limited has allotted 40,000 secured, rated, listed, taxable, redeemable Non-Convertible Debentures (NCDs) of face value Rs 1,00,000 each, raising Rs 400 crore on a private placement basis. The issuance was against a base size of Rs 300 crore with a greenshoe option of up to Rs 700 crore. The instruments have a maturity date of September 15, 2028 (701 days tenor for this further issuance) with fixed coupon payments of Rs 7,295.90 per debenture scheduled annually. Compared to the company's net worth of Rs 28,702 crore and market cap of Rs 1,02,508 crore, this Rs 400 crore borrowing represents a routine balance-sheet financing activity.
- Allotment of 40,000 secured NCDs at face value of Rs 1,00,000 each aggregating to Rs 400 crore
- Base issue size was Rs 300 crore with a greenshoe option up to Rs 700 crore
- Debentures mature on September 15, 2028 with cash inflows priced at Rs 98,926.9630 per debenture on October 15, 2026
- Scheduled annual coupon payout of Rs 7,295.90 per debenture payable on September 15, 2027 and September 15, 2028
Aditya Birla Capital Limited's Stakeholders Relationship Committee approved the allotment of 95,836 equity shares of face value ₹10 each on October 9, 2026. The allotment was executed upon exercise of stock options and performance units under the company's 2017 and 2022 employee schemes. Consequent to this, the paid-up share capital increased from ₹27,37,86,48,360 to ₹27,37,96,06,720. The dilution from this issuance is negligible at approximately 0.0035% of the total share count.
- Approved allotment of 95,836 equity shares of face value ₹10 each
- 1,300 equity shares allotted under ABCL Scheme 2017
- 94,536 equity shares allotted under ABCL Scheme 2022
- Total paid-up share capital increased from ₹27,37,86,48,360 to ₹27,37,96,06,720
ICRA Limited has reaffirmed its highest credit ratings for Aditya Birla Capital Limited across its core borrowing instruments, including [ICRA] AAA (Stable) for Non-Convertible Debentures and [ICRA] A1+ for Commercial Papers. Total rated debt facilities increased from ₹2,08,268.10 crore to ₹2,22,043.40 crore, supported by an enhancement in rated bank lines to ₹1,05,000 crore (from ₹90,000 crore). Additionally, a new ₹2,000 crore Perpetual Debt Programme was assigned an [ICRA] AA+ (Stable) rating, while ₹3,224.70 crore of matured/redeemed debt was withdrawn. The reaffirmation underscores the company's strong capital profile and low borrowing costs.
- Total rated borrowing facilities expanded to ₹2,22,043.40 crore from ₹2,08,268.10 crore.
- Bank lines enhanced to ₹1,05,000.00 crore (from ₹90,000.00 crore) with reaffirmed [ICRA] AAA (Stable) / [ICRA] A1+ ratings.
- Core NCD programme of ₹67,211.15 crore and Retail NCDs of ₹15,000.00 crore reaffirmed at [ICRA] AAA (Stable).
- Assigned [ICRA] AA+ (Stable) rating to an incremental ₹2,000.00 crore Perpetual Debt Programme.
- Redeemed/repaid NCDs worth ₹2,938.70 crore and subordinated debt of ₹286.00 crore were reaffirmed and withdrawn.
India Ratings and Research has affirmed Aditya Birla Capital Limited's Long-Term Issuer Rating at 'IND AAA' with a Stable Outlook. The agency also assigned 'IND AAA/Stable' to fresh bank loan facilities of Rs 150,000 million (Rs 15,000 Cr) and 'IND A1+' to additional commercial papers of Rs 50,000 million (Rs 5,000 Cr). Existing ratings across major borrowings were affirmed, including Rs 900,000 million in bank loan facilities and Rs 309,066 million in NCDs. The affirmation underscores the company's strong credit profile and access to institutional liquidity.
- Long-Term Issuer Rating affirmed at 'IND AAA' with a Stable Outlook by India Ratings
- Assigned 'IND AAA/Stable' rating to fresh bank loan facilities of Rs 150,000 million (Rs 15,000 Cr)
- Assigned 'IND A1+' rating to additional commercial papers worth Rs 50,000 million (Rs 5,000 Cr)
- Affirmed 'IND AAA/Stable' on existing Rs 900,000 million bank facilities and Rs 309,066 million NCDs
- Affirmed 'IND AA+/Stable' on perpetual debt instruments of Rs 7,000 million
Aditya Birla Capital Limited has allotted 50,000 secured, rated, listed, redeemable Non-Convertible Debentures (NCDs) having a face value of ₹1,00,000 each, raising ₹500 crore on a private placement basis. The issue carries an initial coupon of ₹8,100 per debenture (effective 8.1% coupon) with redemption scheduled for September 7, 2029 (tenor of 1,075 days for this further issuance). The ₹500 crore allotment is modest relative to ABCAPITAL's scale, representing ~1.7% of its net worth (₹28,702 crore) and ~1.0% of TTM revenue (₹48,464 crore). The debentures are secured by a first pari passu charge on receivables and current assets.
- Allotment of 50,000 secured, listed NCDs aggregating to ₹500 crore on September 28, 2026
- Face value of ₹1,00,000 per debenture with redemption set at par on September 7, 2029
- Coupon structure indicates annual coupon payout of ₹8,100 per NCD (8.10%) payable in September 2027 and September 2028, and ₹8,056 in September 2029
- Secured via first pari passu charge over receivables, securities, and current assets
Aditya Birla Capital Limited has allotted 19,200 Unsecured, Rated, Listed Subordinated Non-Convertible Debentures (NCDs) aggregating to Rs 192 crore on a private placement basis on September 23, 2026. The issue carried a base size of Rs 150 crore with a greenshoe option up to Rs 350 crore. The debentures bear an annual coupon rate of 8.0668% and mature on April 30, 2036 (tenor of 3,507 days for this further issuance). Relative to the company's net worth of Rs 28,702 crore and market cap of Rs 1,07,014 crore, this issuance represents routine, small-scale balance sheet funding.
- Allotted 19,200 Subordinated NCDs aggregating to Rs 192 crore
- Coupon fixed at 8.0668% p.a. with annual coupon payments starting April 30, 2027
- Final redemption scheduled for April 30, 2036, at Rs 1,00,000 face value per debenture
- Base issue was Rs 150 crore with a greenshoe option up to Rs 350 crore
Aditya Birla Capital Limited's Stakeholders Relationship Committee approved the allotment of 60,827 equity shares of face value ₹10 each on September 18, 2026. The allotment includes 3,800 shares under the ABCL Scheme 2017 and 57,027 shares under the ABCL Scheme 2022. Consequently, the company's paid-up equity share capital increases marginally from ₹27,37,66,60,770 to ₹27,37,72,69,040. The dilution impact is negligible at less than 0.003% of the existing share capital.
- Approved allotment of 60,827 equity shares of face value ₹10 each on September 18, 2026
- Allotment comprises 3,800 shares under Scheme 2017 and 57,027 shares under Scheme 2022
- Paid-up share capital increases from ₹27,37,66,60,770 to ₹27,37,72,69,040
- Total number of issued equity shares expands from 2,73,76,66,077 to 2,73,77,26,904
Aditya Birla Capital Limited has informed the exchanges regarding its scheduled participation in an institutional investor conference. The company's management is set to attend the J.P. Morgan India Conference on September 22, 2026. The meeting will be held physically in Mumbai, subject to schedule changes due to exigencies.
- Institutional meeting scheduled for September 22, 2026
- Participating event: J.P. Morgan India Conference
- Mode and location: Physical meeting in Mumbai
- Notice issued under SEBI LODR Regulation 30 read with Regulation 46(2)(o)
Aditya Birla Capital informed the exchanges that it participated in institutional investor meetings on 16 September 2026 at the Jefferies India Forum in Gurugram. Key participating funds included BlackRock, Schroders, Millennium Management, Tata Mutual Fund, and M&G Investment, among others. The company confirmed that only existing public presentations were discussed and no unpublished price-sensitive information was shared.
- Participated in investor meetings on 16th September 2026 at Gurugram
- Engaged with 10 institutional funds including BlackRock, Schroders, and Millennium Management
- Meeting conducted under the Jefferies India Forum
- No unpublished price sensitive information (UPSI) was shared
Aditya Birla Capital Limited's Stakeholders Relationship Committee has approved the allotment of 117,695 equity shares of face value ₹10 each on September 11, 2026. This comprises 9,600 shares under ABCL Scheme 2017 and 108,095 shares under ABCL Scheme 2022 following the exercise of stock options, RSUs, and PSUs. Consequently, the company's paid-up equity share capital increased marginally from ₹27,37,54,83,820 to ₹27,37,66,60,770. The newly allotted shares will rank pari passu with existing shares.
- Total of 117,695 equity shares allotted upon exercise of options/units
- 9,600 shares allotted under ABCL Scheme 2017
- 108,095 shares allotted under ABCL Scheme 2022
- Paid-up share capital increases from ₹27,37,54,83,820 to ₹27,37,66,60,770
Aditya Birla Capital Limited has informed the exchanges regarding its scheduled participation in an institutional investor conference. The company will attend the Jefferies India Forum in Gurugram on September 16, 2026. The meeting will be conducted in a physical format, subject to potential changes due to exigencies. Such interactions are routine investor relations disclosures under SEBI LODR regulations and carry no direct financial impact.
- Institutional investor meeting scheduled for September 16, 2026
- Participating in the Jefferies India Forum
- Meeting format is physical and will take place in Gurugram
- Intimation filed under Regulation 30 read with Regulation 46(2)(o) of SEBI LODR
Aditya Birla Capital Limited (ABCL) has allotted secured, rated, listed, redeemable Non-Convertible Debentures (NCDs) aggregating to Rs 2,335 crore on a private placement basis on September 9, 2026. The allotment spans four tranches: Rs 1,110 crore at an 8.10% coupon maturing September 2029, Rs 325 crore at a 7.98% coupon maturing August 2031, and two zero-coupon tranches of Rs 450 crore each maturing in May 2029 and June 2031. Total funds raised represent approximately 8.1% of the company's consolidated net worth of Rs 28,702 crore. The proceeds will support ongoing lending operations and balance sheet liquidity in the ordinary course of business.
- Allotted four tranches of NCDs aggregating to Rs 2,335 crore on September 9, 2026
- Tranche 1 raised Rs 1,110 crore at an 8.10% annual coupon maturing on September 7, 2029
- Tranche 2 raised Rs 325 crore at a 7.98% annual coupon maturing on August 13, 2031
- Tranches 3 and 4 raised Rs 450 crore each via Zero Coupon Bonds maturing in May 2029 and June 2031
- Total issuance represents ~8.1% of the company's net worth (Rs 28,702 crore)
Aditya Birla Capital Limited has approved the allotment of 36,265 equity shares of face value ₹10 each upon exercise of options/units under its employee stock schemes. The allotment comprises 1,700 shares under ABCL Scheme 2017 and 34,565 shares under ABCL Scheme 2022. Following this, the company's paid-up share capital increased marginally from ₹27,37,51,21,170 (2,73,75,12,117 shares) to ₹27,37,54,83,820 (2,73,75,48,382 shares). The equity dilution resulting from this allotment is negligible at approximately 0.000013%.
- Allotment of 36,265 equity shares of face value ₹10 each pursuant to ESOP/RSU/PSU exercises
- 1,700 shares allotted under ABCL Scheme 2017 and 34,565 shares under ABCL Scheme 2022
- Paid-up equity capital expanded to ₹27,37,54,83,820 divided into 2,73,75,48,382 equity shares
- Allotment approved by the Stakeholders Relationship Committee on 04 September 2026
Aditya Birla Capital Limited has allotted 30,000 secured, rated, listed, zero-coupon Non-Convertible Debentures (NCDs) aggregating to Rs 300 Crore on a private placement basis on September 2, 2026. The NCDs have a face value of Rs 1,00,000 each and a tenor of 1,757 days, maturing on June 25, 2031. The fundraise represents approximately 1.05% of the company's net worth of Rs 28,702 Crore, making it a routine debt issuance for ongoing lending operations.
- Allotted 30,000 secured, redeemable NCDs on private placement basis
- Total issue size raised stands at Rs 300 Crore
- Face value of Rs 1,00,000 per debenture with zero-coupon structure
- Tenor of 1,757 days maturing on June 25, 2031 with an outflow of Rs 1,47,111.57 per debenture
- Debentures secured by first pari passu charge on receivables, securities, and current assets
Aditya Birla Capital Limited has approved the allotment of 141,848 equity shares of face value ₹10 each upon exercise of options/units under its 2017 and 2022 ESOP schemes on August 28, 2026. This includes 600 shares under Scheme 2017 and 141,248 shares under Scheme 2022. Post-allotment, the company's paid-up equity share capital increases marginally from ₹2,737.37 crore to ₹2,737.51 crore (2,73,75,12,117 total shares). The equity dilution resulting from this allotment is negligible at approximately 0.005%.
- Allotment of 141,848 equity shares of face value ₹10 each on August 28, 2026
- Allotment comprises 600 shares under Scheme 2017 and 141,248 shares under Scheme 2022
- Paid-up share capital increases from ₹27,37,37,02,690 to ₹27,37,51,21,170
- Total outstanding shares increase to 2,73,75,12,117 equity shares
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 4% Y-o-Y to Rs. 12,481 Cr in Q2 FY26. NBFC disbursements rose 39% Q-o-Q to Rs. 21,990 Cr, with the portfolio reaching Rs. 1.4 trillion (up 22% Y-o-Y). Housing Finance (HFC) disbursements grew 44% Y-o-Y to Rs. 5,786 Cr. Health Insurance gross premium grew 41% Y-o-Y to Rs. 3,070 Cr in H1 FY26.
Geographic Revenue Split
Not explicitly disclosed as a percentage split, but the company operates a pan-India network with 444 Life Insurance branches and 175 Housing Finance branches as of Q2 FY26 to drive regional penetration.
Profitability Margins
Consolidated PAT grew 3% Y-o-Y to Rs. 855 Cr in Q2 FY26. HFC ROA improved by 22 basis points to 1.82%, and ROE reached 13.95%. NBFC NIM (including fees) stood at 6.06%, up 9 bps Q-o-Q. Health Insurance combined ratio improved to 108% from 113% Y-o-Y.
EBITDA Margin
Not applicable for financial services; however, HFC PBT grew 87% Y-o-Y to Rs. 194 Cr. Operating leverage is improving, with HFC opex-to-assets reducing by 62 bps Y-o-Y to 2.39% and NBFC opex-to-AUM declining 9 bps Y-o-Y to 1.89% in H1 FY26.
Capital Expenditure
Strategic investments in distribution, data, and digital technology were made over the last 2 years. Recent capital raises include Rs. 3,000 Cr in June 2023, with additional inflows of Rs. 588 Cr and Rs. 216 Cr from stake sales in AMC and Insurance Brokerage businesses in FY24-25.
Credit Rating & Borrowing
Maintains a 'AAA' credit rating. Consolidated cost of borrowing improved by 17 bps Q-o-Q to 7.52% in Q2 FY26. Funding mix for HFC shifted significantly with NCDs increasing from 33% to 50% Y-o-Y.
Operational Drivers
Raw Materials
As a financial services provider, the primary 'raw material' is the Cost of Funds, which stands at 7.52%. Capital is sourced via NCDs (50% of HFC mix), Bank Term Loans (44% of standalone mix), and Commercial Paper (8%).
Import Sources
Not applicable for financial services; capital is sourced from domestic and international financial markets including banks, mutual funds, and ECBs.
Key Suppliers
Key lenders and investors include various banks, mutual funds, HNIs, and provident funds. Grasim Industries (parent) provides capital support, including Rs. 1,250 Cr in the last raise.
Capacity Expansion
Current distribution capacity includes 444 Life Insurance branches and 175 HFC branches. The company added 17 branches in H1 FY26 and is expanding its digital 'capacity' through the ABCD App and Udyog Plus platform.
Raw Material Costs
Cost of borrowing is 7.52%. Interest expenses are the primary cost, with NIMs maintained at 6.06% in the NBFC segment to ensure a healthy spread over the cost of capital.
Manufacturing Efficiency
Measured by operating leverage; HFC opex-to-assets improved by 62 bps Y-o-Y. Productivity gains are expected as the ratio of disbursements to opening book reduces over time.
Logistics & Distribution
Distribution is driven by the 'ABG Ecosystem,' which accounted for 15.9% of retail disbursements in HFC and ~13% overall, reducing customer acquisition costs.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be driven by a 25% CAGR in the HFC portfolio and 20%+ CAGR in Life Insurance Individual FYP. Strategy involves leveraging the 'ABCD' omni-channel app, expanding the MSME-focused 'Udyog Plus' platform, and increasing the share of high-margin retail/SME loans while utilizing the 310 million+ customer base of the Aditya Birla Group ecosystem.
Products & Services
Personal loans, consumer loans, unsecured business loans, MSME loans, affordable housing finance, prime housing finance, construction finance, life insurance policies, health insurance plans, and mutual fund units.
Brand Portfolio
Aditya Birla Capital, ABCD (App), Udyog Plus, Aditya Birla Sun Life, Akshaya Par (Life Insurance), Super Term Plan.
New Products/Services
Launched 'Akshaya Par' (contributing 15% of H1 business) and 'Super Term Plan' in Life Insurance. 'ABCD' app and 'Udyog Plus' are the primary new digital service platforms.
Market Expansion
Expanding into 'emerging locations' with new branches (17 added in H1 FY26) and increasing banca tie-ups (12 total, including Equitas Small Finance Bank).
Market Share & Ranking
Third-largest private HFC in terms of incremental growth. One of the largest AMCs in India with Rs. 4.25 trillion AUM. No. 1 in market share accretion among SAHI players in H1 FY26.
Strategic Alliances
12 Banca tie-ups including BOM, IDFC Bank, Axis Bank, and Equitas Small Finance Bank. Joint ventures exist with Sun Life for AMC and Insurance businesses.
External Factors
Industry Trends
The industry is shifting toward 'Digital-First' lending and 'Ecosystem-based' sourcing. ABCAPITAL is positioning itself as a 'full-stack' player to capture the 19% industry growth in health insurance and the robust demand for affordable housing.
Competitive Landscape
Competes with major private banks and specialized NBFCs/HFCs. Competitive advantage is maintained through a diversified product suite (Lending, AMC, Insurance) under one umbrella.
Competitive Moat
The primary moat is the 'Aditya Birla Group' brand and ecosystem, providing a low-cost sourcing channel (13-16% of disbursements). This is sustainable due to the massive existing customer base across other group businesses (Grasim, UltraTech, etc.).
Macro Economic Sensitivity
Highly sensitive to RBI interest rate cycles and credit growth in the MSME/Retail sectors. GDP growth directly correlates with the 22% Y-o-Y growth seen in the NBFC portfolio.
Consumer Behavior
Shift toward digital onboarding via apps like ABCD and a preference for 'Health-First' insurance models which ABCAPITAL is targeting to improve unit economics.
Geopolitical Risks
Limited direct impact as operations are primarily domestic (India), but global liquidity affects the cost of ECB borrowings.
Regulatory & Governance
Industry Regulations
Impacted by new accounting regulations (1/n) for insurance, which resulted in a reported H1 FY26 net loss of Rs. 102 Cr in the health segment. Compliance with RBI/NHB capital adequacy is maintained with a Tier I ratio of 15.6%.
Environmental Compliance
Not a primary risk for financial services, though ESG frameworks are integrated into corporate overview reports.
Taxation Policy Impact
Effective tax rate is standard corporate rate; HFC PBT of Rs. 194 Cr resulted in healthy post-tax returns (1.82% ROA).
Legal Contingencies
Not explicitly detailed with INR values; however, the company manages credit risk through ECL policies and write-offs for unsecured loans overdue by 180+ days.
Risk Analysis
Key Uncertainties
Asset quality in unsecured segments is a key monitorable; Stage 3 assets in unsecured business were high at 5.4% before a strategic sale reduced them to 1.9%. Potential impact of 1.2%-1.3% credit costs on profitability.
Geographic Concentration Risk
Concentrated in India, with growth focused on 'emerging locations' to diversify away from tier-1 cities.
Third Party Dependencies
Significant dependency on digital sourcing partners and banca partners (12 tie-ups) for lead generation and disbursements.
Technology Obsolescence Risk
Mitigated by heavy investment in the 'ABCD' app and data science frameworks to ensure best-in-class digital customer onboarding and TAT reduction.
Credit & Counterparty Risk
73% of the NBFC book is secured, providing a safety net. PCR (Provision Coverage Ratio) stands at 44.2% for the NBFC and 57.6% for the HFC to cover potential defaults.
