HDB Financial Services Ltd

- Disbursement growth showed a positive sign with a 15% Q-o-Q increase, indicating pickup in sales volumes. - Medium-term target for book growth remains in the 18%-20% range, aligned with nominal GDP plus 6-7%. - Growth is expected to accelerate from the current levels as market conditions improve. - The company expects to push hard on business loan growth in the coming quarters after stabilizing credit quality. - Commercial Vehicle (CV) finance growth is stable with a focus on balancing new and used vehicle financing over the next 3-4 years. - Entry-level vehicle sales have gained due to GST cuts, driving affordability rather than de-premiumisation, supporting volume growth. - Overall, management is confident in strong growth prospects for the next 3-5 years, potentially extending to 10-15 years.

- The company expects growth in earning metrics from FY26 onwards, driven by incremental investments in technology and focus on customer lifecycle management (Page 16). - Disbursement growth showed signs of pickup with a record high in Q3, indicating positive momentum for future book growth (Page 6 & 14). - Growth target remains nominal GDP plus 6 to 7%, aiming for 18-20% book growth medium term (Page 7). - Margin expansion beyond FY26 is anticipated by optimizing liability mix, improving operating efficiency, and balancing product mix (Page 17). - The management is simultaneously balancing near-term margin protection with long-term investments that structurally expand the profit ceiling (Page 17). - Credit cost reduction is a key focus area to improve RoA, with efforts ongoing to bring it down from current levels (Page 14). - Overall, sustainable growth with profitability is emphasized via continuous investment, cost consciousness, and prudent risk management (Page 16 and 14).

The provided transcript from the Q3 FY26 earnings call does not contain any specific information about the company's current or expected order book or pending orders. The discussion primarily focuses on: - Financial performance, credit costs, and asset quality. - Disbursement growth across vehicle financing and business loans. - Market conditions in CV (Commercial Vehicle) and MSME segments. - Borrowing costs and margins. - Technological investments and strategic positioning. No direct mention or quantitative data related to order book or pending orders was made on page 16 or surrounding pages of the transcript.

- No specific mention of any immediate or planned new fundraising through debt or equity in the Q3 FY26 earnings call. - The company continuously reviews its borrowing book to optimize costs and sustain current borrowing costs. - Borrowing mix is well diversified, with positive cumulative mismatch across all buckets up to five years. - Total capital adequacy stood strong at 21.81% as of December 31, 2025, indicating no immediate capital raising needs. - Focus remains on balancing near-term margin protection with longer-term investments in technology rather than raising new capital.

- The company considers investing in technology as a necessity and a lifeline for future growth. - Continuous investment in technology will be made, regardless of economic conditions, including during COVID. - There is a strong culture of cost-consciousness, and every investment is evaluated based on Internal Rate of Return (IRR). - The company is committed to carving out resources to invest whatever it takes for business growth. - No specific mention of other current or future capex or strategic investments beyond technology was noted in the call.