Altman Z″
Needs current assets and current liabilities.
This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Both revenue and profit grew over the last year (16.3% and 18.2%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹48,186 cr, trailing profit ₹4,119 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses, borrowings.
Accruals are 13.2% of assets.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
cumulative operating cash flow ÷ cumulative net profit
₹-151,760 cr ÷ ₹22,169 cr, over 12 years
-6.85×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹3,864 − ₹-36,544) cr ÷ average assets
13.2%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
8.5% × 0.14 × 9.73
11.2%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹16,893 cr ÷ ₹11,622 cr
1.45×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 3 of 6 flags testable).
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Financial Services). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter rose from 68.58% to 68.81% across these quarters.
FII rose from 5.15% to 7.94% across these quarters.
MF trimmed from 7.68% to 6.41% across these quarters.
Other trimmed from 18.59% to 16.84% across these quarters.
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| QAAUM (₹ cr) | 441,787 | 427,675 | 425,171 |
| SIP flows (₹ cr) | 1,094 | — | 1,100 |
| Market share | 5.69% | — | — |
| Active clients (lakh) | 11.41 | — | — |
| Equity QAAUM (₹ crore) | 209,230 | 198,722 | 192,401 |
| Total Lending AUM (₹ crore) | 233,930 | — | 177,855 |
| NBFC AUM (₹ crore) | 176,557 | 167,456 | 139,585 |
| Housing Finance AUM (₹ crore) | 57,373 | 51,833 | 38,270 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 19,260 | 22,232 | 30,163 | 33,958 | 40,632 | 45,513 |
| Other income | 282 | 351 | 311 | 390 | 508 | 502 |
| Depreciation | 114 | 122 | 145 | 188 | 246 | 307 |
| Finance cost | 3,916 | 3,480 | 4,722 | 7,617 | 9,694 | 11,622 |
| Profit before tax | 1,546 | 2,287 | 5,635 | 4,566 | 4,843 | 5,271 |
| Net profit (owners) | 1,106 | 1,660 | 4,824 | 3,439 | 3,382 | 3,864 |
| EPS (₹) | 4.66 | 7.06 | 19.83 | 12.83 | 12.97 | 14.75 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,607 | 8,800 | 10,780 | 8,673 | 10,322 | 9,381 | 12,214 | 9,503 | 10,595 | 11,952 | 13,459 | 12,180 |
| Other Income | 70 | 60 | 183 | 150 | 124 | 85 | 219 | 139 | 92 | 72 | 89 | 153 |
| Expenses | 4,798 | 5,764 | 7,182 | 5,458 | 6,604 | 5,876 | 8,419 | 5,652 | 6,594 | 7,645 | 8,924 | 7,221 |
| Depreciation | 46 | 50 | 52 | 54 | 60 | 64 | 68 | 71 | 77 | 76 | 82 | 82 |
| Finance cost | 1,827 | 1,997 | 2,122 | 2,244 | 2,369 | 2,496 | 2,585 | 2,736 | 2,804 | 2,981 | 3,101 | 3,390 |
| Profit before tax | 1,006 | 1,050 | 1,606 | 1,067 | 1,413 | 1,030 | 1,361 | 1,182 | 1,212 | 1,322 | 1,441 | 1,641 |
| Net Profit | 725 | 760 | 1,288 | 779 | 1,021 | 724 | 886 | 854 | 882 | 966 | 1,047 | 1,224 |
| EPS | 2.71 | 2.83 | 4.79 | 2.92 | 3.84 | 2.72 | 3.32 | 3.21 | 3.27 | 3.61 | 3.86 | 4.30 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 2,415 | 2,416 | 2,418 | 2,600 | 2,607 | 2,620 |
| Reserves | 11,327 | 13,076 | 17,893 | 24,217 | 27,782 | 31,804 |
| Net block | 1,259 | 1,305 | 1,279 | 1,652 | 1,929 | 1,998 |
| CWIP | 45 | 45 | 44 | 94 | 122 | 114 |
| Investments | 57,703 | 67,355 | 80,383 | 99,539 | 112,953 | 125,116 |
| Total Assets | 124,485 | 140,815 | 180,353 | 231,623 | 278,643 | 334,966 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 64 | -5,070 | -24,029 | -24,100 | -27,935 | -36,544 |
| Cash from investing | 2,429 | -1,446 | -2,675 | -4,590 | 933 | -3,544 |
| Cash from financing | -2,581 | 5,836 | 26,385 | 28,514 | 29,778 | 38,161 |
| Free cash flow | -84 | -5,247 | -24,268 | -24,499 | -28,382 | -36,905 |
| Net change in cash | -88 | -679 | -318 | -176 | 2,776 | -1,927 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
The same read, applied to the companies this one competes with.
Aditya Birla Capital Ltd. reported revenue of ₹14,003 cr for July to September 2026, +32.2% on the year and +15.0% on the quarter. That is faster than this quarter has grown in recent years (+19.2% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹51,594 cr, +23.7% on the four before.
Operating profit (EBITDA) was ₹5,320 cr, a margin of 38.0%, +23 bps on the year and −272 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.9% to 40.7%, averaging 21.3%. Operating costs grew +31.7%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹1,353 cr, +40.9% on the year and +10.6% on the quarter, with earnings per share of ₹4.71. Profit before other income, one-offs and tax grew 40.3%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹4,590 cr, +34.0% on the four before.
Of the 8 companies in AMCs and capital market intermediaries that have reported Q2 FY27 so far, Aditya Birla Capital Ltd. ranks 5th on revenue growth; the sector median is +34.1%. Its margin moved +23 bps on the year against a sector median of +402 bps.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter.
On earnings per share of ₹16.64 over the last four quarters, the stock at ₹401.65 trades at 24.1 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
An earlier period was restated. What was wrong with the first version?
Source: Filing
Could not run on this quarter: Exceptional items that recur, Inventory against sales, Related-party transactions, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹490 cr | ₹843 cr | ▼ 41.9% |
| Cash | ₹4,192 cr | ₹2,403 cr | ▲ 74.4% |
| Bank balances | ₹2,225 cr | ₹2,327 cr | ▼ 4.4% |
| Long-term borrowings | ₹1.06 lakh cr | ₹99,250 cr | ▲ 6.5% |
| Short-term borrowings | ₹81,026 cr | ₹70,133 cr | ▲ 15.5% |
| Trade payables | ₹1,451 cr | ₹1,842 cr | ▼ 21.2% |
| Net block | ₹387 cr | ₹371 cr | ▲ 4.3% |
| Capital work in progress | ₹6.7 cr | ₹11.5 cr | ▼ 42.0% |
| Equity | ₹42,688 cr | ₹34,421 cr | ▲ 24.0% |
| Total assets | ₹3.72 lakh cr | ₹3.35 lakh cr | ▲ 10.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹21,546 cr | −₹14,982 cr |
| Capital expenditure | −₹208 cr | −₹165 cr |
| Investing cash flow | −₹1,321 cr | −₹1,425 cr |
| Financing cash flow | ₹24,656 cr | ₹16,554 cr |
Operating cash flow was -8.36× profit. Receivables at 3 days of sales (−3 days against the last year end).
Other matter 1: “”The Statement includes financial results of 2 (two) subsidiaries included in the Statement, whose financial results reflects total assets (before consolidation adjustments) of Rs. 1,28,463.37 Crores as at September 30, 2026, total revenues (before consolidation adjustments) of Rs. 7,401.31 Crores… Read in full
The Statement includes financial results of 2 (two) subsidiaries included in the Statement, whose financial results reflects total assets (before consolidation adjustments) of Rs. 1,28,463.37 Crores as at September 30, 2026, total revenues (before consolidation adjustments) of Rs. 7,401.31 Crores and Rs. 13,278.17 Crores, total net profit/(loss) after tax (before consolidation adjustments) of Rs. 0.58 Crores and Rs. (31.57) Crores, total comprehensive income (before consolidation adjustments) of Rs. 153.61 Crores and Rs. 52.14 Crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively and cash outflows (net) (before consolidation adjustments) of Rs 705.95 Crores for the period from April 01, 2026 to September 30, 2026 as considered in the Statement, whose financial results have been reviewed by one of the joint auditors of the Parent.
Other matter 2: “”We did not review the financial results of 6 (six) subsidiaries and 2 (two) step-down subsidiaries included in the Statement, whose financial results reflects total assets (before consolidation adjustments) of Rs. 59,075.81 Crores as at September 30, 2026, total revenues… Read in full
We did not review the financial results of 6 (six) subsidiaries and 2 (two) step-down subsidiaries included in the Statement, whose financial results reflects total assets (before consolidation adjustments) of Rs. 59,075.81 Crores as at September 30, 2026, total revenues (before consolidation adjustments) of Rs. 1,567.86 Crores and Rs. 2,986.01 Crores, total net profit after tax (before consolidation adjustments) of Rs. 277.06 Crores and Rs. 528.86 Crores, total comprehensive income (before consolidation adjustments) of Rs. 275.45 Crores and Rs. 528.34 Crores for the quarter ended September 30, 2026, and for the period from April 01, 2026 to September 30, 2026 respectively and cash outflows (net) (before consolidation adjustments) of Rs. 237.85 Crores for the period from April 01, 2026 to September 30, 2026 as considered in the Statement.
Filing p. 2
“No deviation or variation in utilization of proceeds raised through issuance of equity shares by way of Preferential Issue.”
Grant of 1,82,502 Stock Options, 54,631 PSUs, and 2,44,676 Stock Options to eligible employees approved on October 30, 2026. (p. 1)
Tax: Consolidated tax expense of ₹481.62 crore on PBT of ₹1,834.97 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| QAAUM (₹ cr) | 441,787 | 427,675 | 425,171 |
| SIP flows (₹ cr) | 1,094 | — | 1,100 |
| Market share | 5.69% | — | — |
| Active clients (lakh) | 11.41 | — | — |
| Equity QAAUM (₹ crore) | 209,230 | 198,722 | 192,401 |
| Total Lending AUM (₹ crore) | 233,930 | — | 177,855 |
| NBFC AUM (₹ crore) | 176,557 | 167,456 | 139,585 |
| Housing Finance AUM (₹ crore) | 57,373 | 51,833 | 38,270 |
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Individual FYP CAGR | 20%+ | 3 years | unchanged or first given |
| VNB Margin | >20% | 3 years | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Lending (Excluding Housing Finance) | ₹5,157 cr | ▲ 23.0% | ₹1,352 cr | ▲ 41.4% |
| Housing Finance | ₹1,400 cr | ▲ 43.1% | ₹335 cr | ▲ 72.9% |
| Life Insurance | ₹7,358 cr | ▲ 37.0% | ₹85.3 cr | ▲ 27.4% |
| Asset Management | ₹523 cr | ▲ 3.4% | ₹296 cr | ▼ 6.2% |
| Health Insurance | ₹2,055 cr | ▲ 34.7% | ₹25.3 cr | ▼ 75.5% |
| Stock and Securities Broking | ₹138 cr | ▲ 29.3% | ₹15.4 cr | ▲ 8.6% |
| Other Financial Services | ₹79.2 cr | ▲ 110.1% | −₹63.5 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹8,800 cr | ₹10,780 cr | ₹8,673 cr | ₹10,322 cr | ₹9,381 cr | ₹12,214 cr | ₹9,503 cr | ₹10,595 cr | ₹11,952 cr | ₹13,459 cr | ₹12,180 cr | ₹14,003 cr |
| YoY | — | — | +23% | +36% | +7% | +13% | +10% | +3% | +27% | +10% | +28% | +32% |
| EBITDA margin | 11.8% | 13.7% | 11.2% | 13.1% | 10.8% | 9.9% | 11.7% | 37.8% | 11.1% | 10.7% | 40.7% | 38.0% |
| Other income, % of PBT | 6% | 11% | 14% | 9% | 8% | 16% | 12% | 1% | 5% | 6% | 0% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 20% | 27% | 28% | 30% | 35% | 28% | 26% | 27% | 27% | 25% | 26% |
| Net profit | ₹760 cr | ₹1,288 cr | ₹779 cr | ₹1,021 cr | ₹724 cr | ₹886 cr | ₹854 cr | ₹961 cr | ₹966 cr | ₹1,047 cr | ₹1,224 cr | ₹1,353 cr |
| YoY | — | — | +17% | +41% | −5% | −31% | +10% | −6% | +33% | +18% | +43% | +41% |
| Core profit YoY | — | — | +9% | +38% | −5% | −20% | +14% | −1% | +32% | +18% | +57% | +40% |
| EPS | ₹2.83 | ₹4.79 | ₹2.92 | ₹3.84 | ₹2.72 | ₹3.32 | ₹3.21 | ₹3.57 | ₹3.61 | ₹3.86 | ₹4.46 | ₹4.71 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.