Aditya Birla Capital Limited announced its audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2026, at its Board of Directors meeting held on May 04, 2026. The results were subsequently published in newspaper advertisements in Business Standard (All Editions) and Sandesh (Rajkot edition) on May 05, 2026, pursuant to Regulations 33 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company reported strong across-the-board growth, with consolidated net profit rising to 11.3B Rupees in Q4 compared to 8.6B Rupees in the same period last year. On a full-year basis, consolidated profit after tax grew 21% year-on-year to ₹3,797 crore in FY26. The total lending portfolio crossed the ₹2 lakh crore milestone, growing 32% year-on-year and 9% sequentially to ₹2,07,368 crore as on March 31, 2026.

Consolidated Financial Performance

The company delivered consistent revenue and profitability growth across both the quarter and the full year. Q4 consolidated revenue came in at 136B Rupees compared to 122B Rupees in the year-ago period. The following table summarises the key consolidated financial metrics:

Business Segment Highlights

NBFC Business

The NBFC segment demonstrated robust growth across disbursements, assets under management, and profitability during the quarter and the full year.

• Disbursements grew by 28% year-on-year and 16% sequentially to ₹24,947 crore in Q4 FY26
• AUM grew by 27% year-on-year and 8% sequentially to ₹1,59,916 crore
• Profit before tax grew by 26% year-on-year to ₹1,106 crore in Q4 FY26 and 20% year-on-year to ₹4,023 crore in FY26
• Return on assets was 2.31% in Q4 FY26 and 2.25% in FY26
• Gross stage 2 and 3 ratio improved by 136 bps year-on-year and 38 bps sequentially to 2.42%

Housing Finance

The housing finance business recorded accelerated growth in disbursements and AUM, with profitability more than doubling on a year-on-year basis in Q4 FY26.

• Disbursements grew by 37% year-on-year and 29% sequentially to ₹7,977 crore in Q4 FY26
• AUM grew by 53% year-on-year and 12% sequentially to ₹47,452 crore
• Profit before tax grew by more than two times year-on-year to ₹255 crore in Q4 FY26 and 98% year-on-year to ₹832 crore in FY26
• Return on assets was 2.07% in Q4 FY26 and 1.88% in FY26
• Gross stage 2 and 3 ratio improved by 63 bps year-on-year and 19 bps sequentially to 0.76%
• The company concluded an equity fund raise of ₹2,750 crore in Aditya Birla Housing Finance from Advent International in April 2026

AMC Business

The asset management business reported steady growth in assets under management and operating profitability.

Life Insurance and Health Insurance

Both insurance businesses posted strong premium growth during FY26. The life insurance segment saw individual first year premium grow by 15% year-on-year to ₹4,725 crore, while group new business premium increased by 31% year-on-year to ₹7,314 crore. Renewal premium grew by 17% year-on-year to ₹12,190 crore. Net value of new business (VNB) margin increased by 260 bps year-on-year to 20.6% in FY26, with absolute net VNB growing by 29% year-on-year to ₹1,055 crore.

The health insurance business recorded gross written premium growth of 39% year-on-year to ₹6,855 crore in FY26. Standalone health insurer market share increased by 110 bps year-on-year to 13.7% in FY26, and the combined ratio improved to 103% in FY26 from 105% in FY25.

Digital Platforms and Physical Expansion

The company's D2C platform, ABCD, offers more than 26 products and services including payments, loans, insurance, and investments, and recorded approximately 1.1 crore customer acquisitions as of March 31, 2026. The B2B platform for the MSME ecosystem, Udyog Plus, scaled up significantly with 24 lakh registrations and reached an AUM of ₹5,814 crore as of March 31, 2026. The company maintained a pan-India presence of 1,740 branches across all businesses as of March 31, 2026, with expansion targeted at tier 3 and tier 4 towns and new customer segments.

Board Approvals: Borrowing Limit and NCD Issuance

The Board of Directors approved raising the overall borrowing limit to Rs. 2,00,000 crore from the existing Rs. 1,65,000 crore, subject to shareholder approval. Within this limit, the Board approved the issuance of non-convertible debentures (NCDs) across various categories, with the following sub-limits:

The company also confirmed nil deviation or variation in the utilisation of issue proceeds of listed non-convertible debt securities for the quarter ended March 31, 2026, in compliance with Regulations 52(7) and 52(7A) of the SEBI Listing Regulations.

Regulatory Disclosures

In compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Aditya Birla Capital has made both the audio recording and the transcript of the conference call held on May 04, 2026, on the audited financial results for the quarter and year ended March 31, 2026, available on the company's website at https://www.adityabirlacapital.com/investor-relations/quarterly-results . The transcript availability was formally intimated to BSE Limited and the National Stock Exchange of India Ltd on May 08, 2026, by Company Secretary and Compliance Officer Santosh Haldankar. Additionally, pursuant to Regulations 33 and 47, the audited financial results were published in newspaper advertisements in Business Standard (All Editions) and Sandesh (Rajkot edition) on May 05, 2026. The results are also available on the company's website at https://www.adityabirlacapital.com/ .

Aditya Birla Capital has attracted positive coverage from three prominent global brokerages — Macquarie, Morgan Stanley, and Jefferies — each maintaining bullish ratings backed by strong operational performance across its NBFC and life insurance segments. The ratings reflect confidence in the company's asset quality trajectory, growth visibility, and improving profitability metrics.

Brokerage Ratings and Target Prices

The following table summarizes the ratings and target prices assigned by the three brokerages:

Macquarie: Steady PAT and Asset Quality Drive Outperform Rating

Macquarie has assigned an Outperform rating on Aditya Birla Capital with a target price of ₹415. The brokerage noted that steady profit after tax (PAT) was supported by strong asset quality improvement, healthy AUM growth, and benign credit costs, which collectively offset higher operating expenditure. On the life insurance front, Macquarie highlighted that Aditya Birla Sun Life (ABSL) is witnessing Value of New Business (VNB) margin expansion, driven by a higher protection mix.

Morgan Stanley: NBFC Execution and Life Insurance Upside

Morgan Stanley maintained its Overweight rating with a target price of ₹408, pointing to strong execution in the NBFC segment. The brokerage cited better asset quality and loan growth as key drivers of a profit before tax (PBT) beat, despite softer net interest margins (NIM). In the life insurance segment, Morgan Stanley identified upside potential in VNB and margins, though it noted that embedded value (EV) missed expectations due to transient variances.

Jefferies: Strong Q4 Growth and Long-Term Profitability Outlook

Jefferies issued a Buy rating with the highest target price among the three brokerages at ₹425. The firm highlighted strong Q4 PAT growth of +29% YoY, alongside improving asset quality. Key observations from Jefferies include:

• NBFC segment: Growth visibility supported by a 26% AUM CAGR outlook, despite a PAT miss attributed to net interest income (NII) and operating expenditure pressure
• Life insurance: VNB strength of +14% with steady margins
• Earnings outlook: 23% EPS CAGR projected, with ROE expansion expected to approximately 16% by FY28

Convergence of Positive Sentiment

The alignment of bullish ratings from Macquarie, Morgan Stanley, and Jefferies underscores broad-based confidence in Aditya Birla Capital's operational and financial trajectory. While each brokerage highlights distinct drivers — ranging from asset quality and credit costs to VNB margins and long-term earnings growth — the consensus points to a constructive outlook across both the NBFC and life insurance businesses.