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Motilal Oswal Report
Poonawalla Fincorp Ltd. reported healthy assets under management growth during the quarter, even as the earnings missed expectations due to higher operating expenses, partially offset by a sequential reduction in credit costs. The company remains focused on growth in FY26, with an emphasis on improving profitability metrics from FY27 onwards.
We remain watchful of the situation and the on-ground execution of the company's stated strategy.
Reiterate Buy with a target price of Rs 440 (premised on 3.2x Mar'27E book value per share).
Key downside risks:
inability to execute its articulated strategy despite a new management team and investments in technology, distribution, and collections; and
aggressive competitive landscape leading to pressure on spreads and margins and/or deterioration in asset quality.
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