LIC Housing Finance Ltd (BSE: 500253, NSE: LICHSGFIN) — Business Report / Investor Feed

Business & Distribution Evaluation: LIC Housing Finance Limited (BSE: 500253)

1. Business Identity

LIC Housing Finance Limited (LIC HFL) is India's largest standalone housing finance company by loan book, providing long-term finance to individuals for purchase, construction, repair, or renovation of residential properties, as well as project finance to developers, loan against property (LAP), lease rental discounting (LRD), and corporate loans — operating pan-India with a representative office in Dubai [2][13][98]. Classified under Financial & Insurance Services (NIC Code 65922); incorporated on 19th June 1989 under the Companies Act, 1956 [38][17]. CIN: L65922MH1989PLC052257 [52][98]. Promoted by Life Insurance Corporation of India (LIC), which holds a 45.24% stake [35][57][66]. Registered office: Bombay Life Building, 2nd Floor, 45/47, Veer Nariman Road, Fort, Mumbai 400001; Corporate office: 131 Maker Tower "F" Premises, 13th Floor, Cuffe Parade, Mumbai 400005 [17][98]. Housing finance constitutes 100% of turnover [17][79]. Regulated by NHB (registered under Section 29A of NHB Act, 1987); regulatory oversight transferred to RBI from August 2019 [38][71]. Highest credit ratings: CRISIL AAA/Stable (for the 18th consecutive year) and CARE AAA/Stable on NCDs, Tier II bonds, bank loans, and fixed deposits; CRISIL A1+ and ICRA A1+ on commercial paper — AAA rated since 2001-02 [38][51][81]. The company has served ~35.07 lakh customers since inception [as at March 2023] [95], with ~30.74 lakh customers as at FY25 [65].

2. Revenue Architecture

Revenue Model

LIC HFL operates on an interest-spread model — earning interest income on its loan portfolio, funded by borrowings (NCDs, bank loans, deposits, NHB refinance, commercial paper) at a lower cost. Interest income accounts for over 98% of total revenue from operations [6][12].

Revenue from Operations (₹ in Crore)

Sources: [75] (FY21/FY22), [90] (FY23), [74] (FY24), [68][56] (FY25/H1 FY26)

Note on FY25 "Other Operating Income": The sharp increase to ₹274.78 Cr [FY25] from ₹54.95 Cr [FY24] is primarily driven by recoveries against written-off loans of ₹229.99 Cr [FY25] vs ₹40.30 Cr [FY24] [50].

Revenue from operations grew at a 3-year CAGR of ~11% (FY22–FY25); Income CAGR reported at 9% [66][82]. FY25 growth decelerated to 3% YoY [31][96]. FY23 revenue grew 14% YoY from ₹19,919 Cr to ₹22,657 Cr, driven by floating-rate repricing as PLR was raised by 2.10% through December 2022 [95].

Interest Income Breakdown [FY25]

Source: [67]

Segment Revenue (Consolidated, ₹ in Crore)

Sources: [84] (FY22/FY23), [73] (FY24), [85] (FY25/Q1-Q2 FY26), [93] (consolidated H1 FY26)

Loans constitute 99.6% of consolidated segment revenue [FY25]. Other segments (financial services marketing, care homes, asset management, trusteeship) remain immaterial [42][85].

Net Interest Income & Margin

Sources: [27] (FY22/FY23), [74] (FY24), [96] (FY25), [100] (Q1 FY26), [69] (Q2 FY26), [88] (H1 FY25)

NIM expanded sharply from 2.28% [FY22] to a peak of 3.08% [FY24] as asset-side repricing outpaced liability costs, but has since contracted to 2.73% [FY25] and further to 2.62% [Q2 FY26] under competitive pressure and rising funding costs [31][69]. Management guidance: expects to maintain NIM between 2.5% to 2.7% going forward [41][76].

NIM peaked at 3.08% [FY24] during an asymmetric repricing cycle where floating-rate assets repriced faster than liabilities. The subsequent 46 bps compression to 2.62% [Q2 FY26] reflects structural reversion — PSU banks offering home loans at 7.35% create a pricing ceiling that LIC HFL, with a 7.73% cost of funds, cannot sustainably undercut.

Yield, Cost & Spread Trend

Sources: [74] (FY23/FY24), [25][39] (9M FY23/FY24), [43] (FY24/FY25), [53] (9M FY25)

Spreads have compressed significantly from 2.38% [FY23] to 1.95% [9M FY25], a 43 bps decline reflecting intense competitive pressure, particularly from PSU banks offering rates as low as 7.35% [47][53]. In Q2 FY26, the company cut its PLR by 25 bps across the board, while incremental cost of borrowing declined by 24 bps QoQ and ~90 bps YoY [92].

Funding Profile [FY25]

Source: [81]

During FY25, the company issued NCDs amounting to ₹44,655.40 Cr on a private placement basis [81]. NHB refinance grew 39% YoY reflecting drawdown under affordable housing schemes [81]. Total deposits (public + corporate) declined to ₹8,243 Cr [FY25] from ₹9,899 Cr [FY24], with corporate deposits dropping sharply as a funding source [81].

Interest Expense Breakdown (₹ in Crore)

Sources: [61] (standalone), [50] (consolidated)

NCDs account for ~59% of total interest expense, followed by bank borrowings at ~37% [FY25].

Pricing Mechanism

LIC HFL maintains market-relevant interest rates through periodic benchmarking. 99% of the outstanding individual loan portfolio is on a pure floating rate basis [FY25/Q1 FY26], providing full pass-through capability [7][100]. PLR is reviewed on a quarterly basis [20]. The lowest lending rate was 7.5% [Q2 FY26] — at par with most larger PSU banks, though some PSU banks were offering 7.35% [47][24]. In Q2 FY26, PLR was cut by 25 bps in line with RBI rate cuts, and incremental borrowing costs fell ~90 bps YoY [92].

Undisbursed loan sanctions pipeline: ₹16,345.79 Cr [FY25] vs ₹28,169.46 Cr [FY24] — a 42% decline suggesting a reduced pipeline for near-term disbursement conversion [42].

Profitability Trend (Standalone, ₹ in Crore)

Sources: [75] (FY21/FY22), [52] (FY23), [74] (FY24), [68] (FY25), [100] (Q1 FY26)

Sources: [58] (FY23), [70] (FY24), [41] (cost-to-income), [87] (Q3 FY25), [100] (Q1 FY26), [95] (admin ratio)

PAT CAGR over 5 years: 19% [4][82]. FY25 PAT up 14% YoY [29][96]. Impairment charges collapsed from ₹1,644 Cr [FY24] to ₹286 Cr [FY25] — the primary driver of profit growth despite NIM compression [68].

FY25 PAT growth of 14% was almost entirely driven by the collapse in impairment charges (₹1,644 Cr → ₹286 Cr), masking underlying NIM compression. As asset quality normalises and write-back tailwinds fade, sustaining profit growth will depend on reversing the sub-sector loan book growth of 7%.

3. Product & Service Portfolio

Core Loan Products

Sources: [31][43] (disbursements), [80] (portfolio mix %), [96] (FY25 disbursement detail)

Loan Book Mix Evolution

Sources: [95] (FY23), [80] (FY25)

Principal Business Compliance [FY23]

Source: [101]

Detailed Loan Portfolio by Borrower Category [FY25]

Source: [48]

Lending to other HFCs surged 73% YoY to ₹4,993 Cr, becoming a meaningful wholesale channel. All corporate/CRE segments are declining while individual and HFC lending grow [48].

Disbursement Trend (₹ in Crore)

Sources: [97] (FY22/FY23), [74] (FY24), [43] (FY25), [34] (Q1 FY26), [69] (Q2 FY26)

Q2 FY26 disbursements of ₹16,313 Cr were sequentially up 24% from Q1 FY26 on the retail front [69][72]. Project loan disbursements have been muted in H1 FY26 — only ₹156 Cr in Q1 + ₹378 Cr in Q2, against ₹1,397 Cr in H1 FY25 [72]. Management stated a ₹900 Cr deficit in construction finance for the year, a conscious call as "banks are very aggressive, giving construction finance loans almost at home loan rates" [92]. However, the construction finance channel contributed ₹4,000 Cr in FY25 with a ₹5,000 Cr target for FY26, expected to materialise in Q3/Q4 [92].

Project finance yields: Increased by ~200 bps to approximately 12% in Q2 FY26 from 10.35% in Q2 FY25, reflecting selective, margin-focused approach [92].

Key Portfolio Risk Metrics (Individual Loans)

Sources: [23][26] (FY22/FY23), [87] (9M FY25), [100] (FY25/Q1 FY26)

Data concern: The installment-to-income ratio jumped from 31% [FY24] to 43% [FY25] and remained elevated at 42% [Q1 FY26] [100]. However, the 9M FY25 figure was 31% [87], suggesting a sharp change in methodology or borrower mix late in FY25. This warrants monitoring as it may indicate rising borrower leverage.

Key Differentiators

• Brand & parentage: Promoted by LIC of India; highest credit ratings from CRISIL (18th consecutive year), CARE & ICRA — AAA since 2001-02 [38][81]. Voted 'Brand of the Decade 2019' by BARC Asia [35].
• Flexible assessment models for informal/self-employed segments based on cash flow and business stability rather than formal income documents [10].
• Pricing competitiveness: Interest rates at par with PSU banks (7.5%), though some PSU banks offer 7.35% [47].
• Affordable housing focus: 70% of total disbursement [FY23] came from the affordable housing segment [97]. During FY25, a formal Affordable Housing Finance segment was introduced to tap underpenetrated low-income housing markets in Tier 2/3 cities [80].
• New product launches [FY25]: Griha Sugam (affordable/self-employed under PMAY 2.0), Griha Bhoomi Equity, Griha Rakshak, and 4 additional non-core segment products [54][16][88].
• Niche segment targeting: Customised products for HNIs, millennials, and Gen Z segments planned [76].
• 35+ years operating history with cumulative sanctions of ₹5,74,305 Cr and disbursements of ₹5,52,270 Cr since inception [95].

Customer Demographics [FY25]

Source: [36]

Source: [36]

Average ticket size: ₹29.66 lakh [FY25] [36]. Average LTV: 56.18% [36]. Average borrower age: 40.83 years [36].

Subsidiaries & Adjacent Businesses [FY25]

Sources: [32][83][91]

LICHFL Financial Services distributes LIC life insurance, United India/Tata AIG/HDFC ERGO general insurance, multiple mutual fund houses, and NPS products [91].

4. Value Chain Position

Position in the value chain: LIC HFL is a housing finance lender — a financial intermediary that borrows from capital markets (NCDs, bank term loans, public deposits, NHB refinance, commercial paper) and lends to end-consumers and developers for housing/real estate purposes [5][98].

Direction of integration: Limited forward integration through subsidiary LICHFL Financial Services Ltd, which distributes LIC HFL's own products alongside third-party insurance, mutual funds, and pension products through 45 offices [19][91]. Marginal diversification through Care Homes subsidiary for senior citizen housing. Selective project finance for last-mile funding to well-capitalised developers with strong pre-sales and cash flow visibility [86]. No backward integration into real estate development.

Key Inputs:

• Funding: Outstanding borrowings include NCDs ₹1,48,782 Cr, bank term loans ₹86,595 Cr, NHB refinance ₹12,331 Cr, CP ₹12,850 Cr, public deposits ₹4,899 Cr, and corporate deposits ₹3,344 Cr [FY25] [81]. Finance costs were ₹19,532 Cr [FY25] vs ₹18,391 Cr [FY24], up 6% [61]. Weighted average cost of funds: 7.73% [FY25] [43]. FY25 NCD issuances totalled ₹44,655 Cr [81]. NHB refinance of ₹5,500 Cr availed under affordable housing schemes [81].
• Technology: API-based integrations for e-KYC, Digi Locker, bank statement analysis, digital property search reports; "Project RED" for enterprise-wide process automation in partnership with LeadSquared [9][86]. 50% of total IT spends on digitisation [18]. BCG engaged for transformational changes [99]. SAP integration underway [62].
• Human capital: Employee costs ₹755.38 Cr [FY25] vs ₹649.63 Cr [FY24], up 16% [61]. Administrative expenses as a % of housing loans: 0.36% [FY23] [95].

Key Outputs: Housing loans (individual and project), non-housing secured loans (LAP, LRD, corporate loans).

Value Addition: Credit assessment (including flexible cash-flow-based models for informal-sector borrowers), underwriting with in-house high-value proposal review by Risk Management team, loan servicing, collections, and recovery (including SARFAESI/NCLT proceedings for chronic cases) [30][77]. New "Receivable Management" vertical established to oversee collections in the 0–60 days DPD bracket, with aggressive follow-up via tele-calling, SMS, emails immediately on delinquency [77].

Loan Security Profile [FY25]:

Source: [33]

Capital Adequacy:

Sources: [70] (FY23/FY24), [7] (FY25), [100] (Mar 2025 per Q1 FY26 presentation)

Note: There is a discrepancy in March 2025 CAR data — [7] reports 21.49% while [100] reports 23.20% with Tier I at 17.02%. The difference may reflect standalone vs consolidated or different computation methodologies.

5. Distribution Architecture

Channel Structure

LIC HFL operates a direct-to-customer lending model heavily dependent on a network of marketing intermediaries (MIs). Management disclosed that ~87% of business comes through agents, who are freelancers and not tied exclusively to LIC HFL [72]:

• Agent channel (~87% of business): A force of 9,000+ active Marketing Intermediaries including Home Loan Agents (HLAs), Direct Selling Agents (DSAs), Direct Marketing Executives (DMEs), Customer Relationship Associates (CRAs), along with Advocates, Valuers, and Direct Recovery Agents (DRAs) [11][63]. Network expanded through recruitment of MIs, connectors, and developer connectors [86].
• Subsidiary channel (~10% of business, targeting 15%→25%): LICHFL Financial Services Ltd operates 45 offices across India [19][72]. Management is pushing FSL to contribute 15% of total business in current year and 25% next year, requiring increased recruitment and marketing force [72].
• Lead channel (~3% and growing, cost-neutral): A new direct business channel sourcing leads through online and offline sources, funnelled to operating officers for conversion. Generated ₹800 Cr in FY25 and ₹750 Cr in H1 FY26 alone, targeting ₹2,000 Cr for full FY26. This is a cost-neutral channel with no agent commission payable [72].
• Digital channels: HomY app for digital onboarding; WhatsApp self-service; online prepayment; Re-KYC portal; LeadSquared integration for lead management [16][9][86].
• Doorstep service: "Home Delivery of Home Loans" (HDHL) philosophy — doorstep services to customers [16][55].
• New channels under exploration: Co-lending and direct assignment — policies being framed for Board approval [37].

"All our business is totally what we directly source either from agents or through direct business" [37].

Network Scale — Office Infrastructure

Sources: [22][89] (FY21), [102] (FY23 w/ FSL offices), [78] (FY24), [82] (Q1 FY26), [45] (Bhubaneswar RO)

New regional office: LIC HFL opened its East Coast Region office in Bhubaneswar, Odisha on 2nd June 2025, bringing total regional offices to 10 [45].

During FY25, the company implemented the Cluster-driven Hub-and-Spoke Model, restructuring from 314 centres to 450 centres [11][77]. The 44 cluster offices function as Business Processing Centres where credit decisions on sanctions and disbursements are taken [77][64].

Historical Network Productivity

Sources: [78] (2008–2024), [82] (2025)

Loan portfolio per employee has grown 5.4x from ₹22.3 Cr (2008) to ₹121.1 Cr (2025) [62]. Net profit per employee: ₹2.14 Cr [FY25] [62].

Geographic Coverage

Coverage spans 23 states + 4 UTs with presence in ~450 centres [FY25] [36][44]. Strategic focus on expanding reach in Tier 2 and 3 cities and semi-urban India; housing demand from non-Tier 1 cities contributes ~60% of India's housing credit demand [71]. Tier 2/3 cities witnessed "tremendous growth" post-Covid [97]. No material operations outside India confirmed across all reporting periods [73][85][93].

Digital Distribution

Sources: [99] (FY22/FY23 HOMY sourced), [30] (FY24/FY25 origination), [18][86] (collections)

Data discrepancy on HOMY metrics: FY23 Annual Report states business sourced through HOMY at 31% and 35% of disbursements [99], while later investor presentations show origination share at 2.81% [FY24] and 5.75% [FY25] [30]. These likely reflect different metrics — earlier figures may count any application that touched HOMY (onboarding/processing), while later figures measure end-to-end digital origination. Management target: digital onboarding exceeding 50% [76][99].

Channel Economics

Sources: [75] (FY22), [52] (FY23), [61][50] (FY24/FY25), [21] (subsidiary)

Total commission expenses are declining (₹182.59 Cr → ₹138.06 Cr over FY23–FY25), even as subsidiary commissions rose, reflecting improving direct sourcing efficiency and digital channel shift [12][21]. The lead channel is cost-neutral (no commission payable), making it a key driver of commission reduction [72]. LeadSquared digital leads carry a reduced MI commission of 0.25% [19].

525+ training/awareness programmes conducted [FY25] with approximately 95% of MIs covered [54]. Entire payout structure to marketing intermediaries has been automated [9].

Distribution Moat

• One of India's widest HFC networks with 385+ own offices + 45 subsidiary offices across 450+ centres in 27 states/UTs, built over 36+ years [7][102][45].
• 9,000–10,000+ active agency force — though notably freelancers, not tied agents, creating both reach advantage and loyalty risk [16][72].
• LIC parentage and highest credit ratings (18 consecutive years) enable lower borrowing costs and brand trust [38][81].
• ~30.74 lakh customer base providing a foundation for cross-selling and referrals [65]. Customer experience survey showed 65.06% would recommend LIC HFL to family/friends [94].
• Agent dependence risk: The 87% reliance on freelance agents who also serve competitors represents a structural vulnerability, explicitly acknowledged by management [72].

The 87% dependence on freelance agents is LIC HFL's most critical distribution vulnerability — these intermediaries serve competitors simultaneously and follow commission economics rather than brand loyalty. The emerging cost-neutral lead channel (₹800 Cr in FY25, targeting ₹2,000 Cr in FY26) represents the most promising path to structural channel diversification.

Growth Challenges & Strategic Response

Management has acknowledged that 7–8% portfolio growth is "not acceptable at all" and represents stagnation [37][20]. Key strategic responses:

1. Channel diversification: Reducing agent dependence from 87% by growing FSL subsidiary (10%→25% target) and the cost-neutral lead channel (₹800 Cr→₹2,000 Cr target) [72].
2. External consulting: BCG engaged for transformational changes [99]; Board directed a comprehensive organisational review with a 3–6 month external consultant exercise [20].
3. Growth targets: "SCALE" motto targeting 10–12% AUM growth and 15% disbursement growth; NIM to be maintained at 2.5–2.7% [59][76].
4. Product/segment expansion: Affordable Housing Finance segment formally launched; mid-premium/luxury housing via builder relationships; customised products for HNIs, millennials, Gen Z [80][76].
5. New distribution channels: Co-lending and direct assignment policies under formulation [37][60].

6. Customer Profile

Customer Segments

The company is "well-engrained in the middle-income end-user segment", operating in "exactly the same segment as banks" — which creates intense competitive overlap [47][18]. Management is strategically pivoting toward the self-employed/informal income segment, affordable housing, and mid-premium/luxury housing to differentiate [47][80].

Customer Concentration

Sources: [15] (FY22/FY23), [14] (FY24/FY25), [93] (confirmed through Q2 FY26)

Customer concentration is very low — a hallmark of retail-focused lending. No single customer exceeds 10% of revenue, confirmed across all reporting periods through September 2025 [93].

Customer Scale

Sources: [95] (FY23 cumulative), [65] (FY24/FY25 live), [81] (depositors)

Relationship Depth

• Contract type: Long-term amortising home loans (typically 15–30 year tenure).
• Switching cost: Moderate — borrowers can refinance, but prepayment (lump sum) was 9.4% of opening book [FY25] and 9.8% [Q1 FY26] [7][100], suggesting reasonable retention.
• Collection efficiency: 99% [September 2021 and March 2023] [89][1]. Digital and auto-debit payments form over 75% of monthly collections [18][86].
• Customer satisfaction: Survey showed 65.06% would recommend LIC HFL to family/friends (10,823 respondents) [94].
• Customer service: Toll-free number received 21,678 calls between Oct 2024–Mar 2025; dedicated customer care executives established [19].
• PMAY-CLSS: Since inception, subsidy passed to 1,76,971 beneficiaries totalling ₹3,943.85 Cr [as at March 2023] [28]. PMAY-U 2.0 CLSS applicable for loans sanctioned from September 2024 [49].
• Acquisition model: Multi-channel — MI agents (87%), FSL subsidiary (~10%), lead channel (~3%), doorstep "HDHL" model, builder tie-ups, digital connectors (HOMY, LeadSquared), developer connectors, camp offices in unserved areas [16][72][86].

Asset Quality Trend (Standalone)

Sources: [1] (FY22/FY23 GNPA), [19] (FY24/FY25 net NPA), [82] (Q1 FY26 Stage 3/ECL/PCR)

Significant improvement: Stage 3 EAD halved from 4.64% [FY22] to 2.47% [FY25], though it ticked up slightly to 2.62% [Q1 FY26] [82].

NBFC / HFC Sector-Specific Metrics

Sources: [40][31][43][7][87][100][69]

Market Context

• India's individual housing loan market: ₹32.28 lakh Cr [March 2024], growing at 14.2% YoY [8][49].
• Housing finance market valued at ₹33 trillion, expected to grow at 15–16% CAGR to ₹71–81 trillion between FY25 and FY30 [63].
• HFCs' market share: steady at 18–19% of total housing credit; HFC portfolios grew 13.2% YoY to ₹9.6 lakh Cr [March 2024] [8].
• Housing demand projected to touch 93 million units by 2036 [29].
• LIC HFL portfolio growth of 7.3% [FY25] and 6% [Q2 FY26 YoY] trails the HFC sector growth rate of 13.2%, indicating continued market share erosion [8][69].

LIC HFL's 6–7% portfolio growth against sector growth of 13–15% represents ongoing market share erosion in a structurally expanding market. The competitive overlap — ~85% salaried book in "exactly the same segment as banks" — creates a permanent pricing disadvantage given banks' lower cost of funds, making differentiation into self-employed, affordable, and mid-premium segments an existential priority rather than a growth option.

Competitive Distribution Comparison

Key advantages:

• LIC parentage (brand trust), 18 consecutive years of AAA ratings, and 36+ years of operating history create a durable competitive position [3][81][95].
• Largest standalone HFC distribution network, particularly valuable in Tier 2-3 cities [16][88].
• Near-zero customer concentration risk — top 20 borrowers are just 2.53% of exposure [14].
• Sharply improving asset quality — GNPA declining from 4.64% [FY22] to 2.47% [FY25] [46].
• Emerging cost-neutral lead channel with potential to reduce agent dependence and commission costs [72].

Key disadvantages:

• Persistent NIM compression: From 3.08% [FY24] to 2.62% [Q2 FY26], a 46 bps decline in 6 quarters, with spreads at just 1.95% [9M FY25] amid intensifying PSU bank competition [47][53][69].
• Below-sector growth: Portfolio growth of 6–7% vs sector growth of 13–15%, with management acknowledging this is "not acceptable at all" [37][8].
• Heavy agent dependence (87%) on freelance, non-exclusive agents who also serve competitors — FSL subsidiary at only 10% and digital origination at 5.75% [72][30].
• Structural competitive overlap: ~85% salaried book is "exactly the segment in which the banks are operating," creating a permanent pricing disadvantage given banks' lower cost of funds [47].
• Declining undisbursed pipeline: ₹16,346 Cr [FY25] vs ₹28,169 Cr [FY24], a 42% drop [42].
• Muted project finance: H1 FY26 project disbursements of ₹534 Cr vs ₹1,397 Cr in H1 FY25, as banks offer construction finance at home loan rates [72][92].
• Elevated installment-to-income ratio: Jumped from 31% [FY24] to 43% [FY25] and 42% [Q1 FY26], suggesting rising borrower leverage risk [100].

Key Data Gaps

1. Channel-wise disbursement mix — Management disclosed the approximate split (87% agents / 10% FSL / ~3% lead channel) only verbally in Q2 FY26 earnings call [72]; no formal channel-wise breakdown in financial filings.
2. Geographic revenue/disbursement split — No state-wise or region-wise breakdown provided; only aggregate coverage cited.
3. Peer comparison data — Competitor-specific distribution metrics for PNB Housing, Can Fin Homes, Bajaj Housing Finance are not available in the filings reviewed.
4. Loan product-wise NII contribution — Disclosed only at portfolio balance level, not at net interest income level by product.
5. Co-lending / direct assignment progress — Policies under formulation as of last available filing; no volumes reported [37].
6. HOMY metric definitions — Significant discrepancy between "business sourced" (31–35% per FY23 annual report [99]) and "business origination" (2.81–5.75% per investor presentations [30]) suggests different measurement methodologies, but the difference is not formally explained.
7. Capital adequacy discrepancy — March 2025 CAR reported as 21.49% [7] in one source and 23.20% [100] in another; the basis of difference is not clarified.