Aditya Birla Capital Ltd
Aditya Birla Capital Limited (ABCL) is India’s leading diversi ed nancial services conglomerate with a strong presence across lending, asset management, life insurance, and health insurance segments. The company reported exceptional Q3 FY26 results with consolidated net pro t surging 41% YoY to ₹983 crore and revenue growing 30% YoY to ₹14,181 crore[1]. With total AUM crossing ₹5.98 lakh crore (up 19% YoY) and lending portfolio reaching ₹1.90 lakh crore (up 30% YoY), ABCL is well-positioned to capitalize on India’s robust nancial sector growth.
Key Business Segments
- Lending (NBFC/HFC): ₹1.90 lakh Cr book (30% YoY); retail/SME/corporate/home loans.
- Investments: AMC, PMS, pension; part of ₹5.98 lakh Cr AUM.
- Insurance: Life (ABSLI), health; FYP ₹3,076 Cr (9M).
- Digital/Others: ABCD platform (76L+ users), broking, ARC.
Shareholding Pattern (Dec-25)
Financial Summary
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
| Sales – | 30,163 | 33,958 | 40,632 |
| Sales Growth | 35.68% | 12.58% | 19.65% |
| Expenses + | 19,972 | 21,978 | 26,357 |
| Operating Profit | 10,191 | 11,981 | 14,275 |
| OPM % | 34% | 35% | 35% |
| Tax % | 14% | 25% | 30% |
| Net Profit + | 4,824 | 3,439 | 3,410 |
| EPS in Rs | 19.83 | 12.83 | 12.78 |
| Dividend Payout | 0% | 0% | 0% |
Final Outlook
Aditya Birla Capital Limited stands at an in ection point with multiple growth drivers converging simultaneously. The company’s Q3 FY26 results demonstrate strong execution across all business verticals, with 41% YoY pro t growth signi cantly ahead of expectations. The lending portfolio expansion of 30% YoY to ₹1.90 lakh crore, combined with AUM growth of 19% YoY to ₹5.98 lakh crore, highlights ABCL’s market leadership position
The Union Budget 2026’s infrastructure push (₹12.2 lakh crore capex), MSME support schemes, and capital market reforms create a highly favorable operating environment for ABCL’s diversi ed business model[2]. The NBFC sector’s projected 15-17% AUM growth in FY26 and 21% CAGR over FY26-28 provides strong industry tailwinds
ABCL’s competitive advantages include:
- Diversi ed revenue streams across lending, AMC, and insurance
- Largest non-bank AMC with ₹4.25 lakh crore AUM
- Digital platform (ABCD) enabling cross-selling synergies
- Strong brand equity from Aditya Birla Group legacy
- Improving asset quality and margin expansion trends
At the current market price of ₹347, the stock trades at 25.2x P/E and 2.7x P/B, o ering attractive entry point considering the 30-41% growth rates across key metrics. We assign a BUY rating with a 12-month target price of ₹425, implying 22.5% upside potential.
For long-term investors seeking exposure to India’s nancial services growth story with diversi ed business model and strong parentage, ABCL presents a compelling investment opportunity.
