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Aditya Birla Capital Ltd.
NSE: ABCAPITALFinancial ServicesFinancial Conglomerates
- Last close
- ₹347.25
- Day change
- −₹9.95 (−2.79%)vs
- Market cap
- ₹1.04 lakh crIndian rupees
- Research updated
- 1 report
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About Aditya Birla Capital
Aditya Birla Capital Ltd. is a comprehensive financial services company based in India, offering a wide array of products that cater to diverse financial needs. As a subsidiary of the multinational conglomerate Aditya Birla Group, it plays a critical role in the financial services sector, providing services that include life insurance, asset management, lending, and general insurance, among others. Key facets of its business model involve financial advisory services and a strong emphasis on retail and corporate lending. The company impacts several industries, including banking, investment, and insurance sectors, by enabling economic growth through financial inclusivity and innovation. It holds a significant position in the Indian market, driven by a vision of helping individuals and businesses achieve their financial goals through comprehensive and customer-centric solutions. As a vital contributor to the conglomerate's financial aspirations, Aditya Birla Capital Ltd. is committed to fostering financial literacy and sustainable economic development across the nation.
- Sector
- Financial Services
- Industry
- Financial Conglomerates
- Listing
- NSE: ABCAPITAL
- Next results
- Chief executive
- Ms. Vishakha Vivek Mulye B.Com, CA
- Employees
- 66,500
- Headquarters
- Mumbai, India
- ISIN
- INE674K01013
- Website
- adityabirlacapital.com
Public research · Report of
Business model & financial foundation
Aditya Birla Capital (NSE: ABCAPITAL), Diversified financials: NBFC lending, housing finance, life and health insurance, asset management: revenue of ₹45,509 crore in FY26 (+12.1% on FY25) and net profit of ₹3,764 crore.
- Revenue, FY26 (₹ crore)
- 45,509
- consolidated
- Revenue growth, FY26
- +12.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 3,764
- to owners
- Return on equity, FY26
- 10.9%
- on average equity
- Market capitalisation (₹ crore)
- 1,10,440
- at the close of 12 Oct 2026
Company profile
Aditya Birla Capital is the Aditya Birla Group's financial services platform. Its own balance sheet carries the NBFC lending book (INR 1.67 lakh cr AUM at Jun-2026, ~57% SME business loans, ~72% secured), and it owns 85.5% of a fast-growing housing finance company, 51% of Aditya Birla Sun Life Insurance, 44.9% of the listed AMC and 45.9% of a standalone health insurer. Lending earns roughly three quarters of consolidated profit.
| Item | Value |
|---|---|
| Legal name | Aditya Birla Capital Limited (formerly Aditya Birla Financial Services Limited) |
| Exchange and ticker | NSE: ABCAPITAL; BSE: 540691 |
| ISIN | INE674K01013 |
| CIN | L67120GJ2007PLC058890 |
| Sector | Financial Services |
| Industry | Diversified financials: NBFC lending, housing finance, life and health insurance, asset management |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M M Nissim & Co LLP and KKC & Associates LLP (joint statutory auditors) (since 2024) |
| Market capitalisation | ₹1,10,440 crore (12 Oct 2026) |
| Shares outstanding | 261.31 crore shares (FY26) |
| Price | ₹380.7 (close, 12 Oct 2026) |
| 52-week range | ₹287.7 - ₹430.7 (to 12 Oct 2026) |
| Website | https://www.adityabirlacapital.com |
Corporate structure and shareholding
Parent: Grasim Industries Limited (53.1% after the Jun-2026 preferential issue; promoter group 68.8%).
| Entity | Holding | Business |
|---|---|---|
| Aditya Birla Housing Finance Limited | 85.505% | Housing finance company; Advent International invested INR 2,750 cr in Apr 2026 for 14.5% |
| Aditya Birla Sun Life Insurance Company Limited | 51% | Life insurance, 51:49 JV with Sun Life Financial; consolidated subsidiary |
| Aditya Birla Sun Life AMC Limited | 44.89% | Listed asset manager (NSE: ABSLAMC), JV with Sun Life; equity-accounted associate |
| Aditya Birla Health Insurance Co. Limited | 45.89% | Standalone health insurer, JV with Momentum Metropolitan, ADIA holds 9.99%; equity-accounted |
The NBFC lending business sits inside the listed entity since the 1 Apr 2025 amalgamation of Aditya Birla Finance; smaller businesses (broking, ARC, payments/ABCD digital platform, wellness) are reported as 'others'.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 68.70% | 68.60% | 68.50% | 68.81% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.10% | 5.20% | 7.00% | 7.94% |
| Domestic institutions | 13.50% | 15.40% | 14.50% | 14.12% |
| of which mutual funds | 6.52% | 7.68% | 6.57% | 6.41% |
| Retail | 11.70% | 10.90% | 10.00% | 9.12% |
| Other | 4.95% | 5.28% | 5.28% | 4.95% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ABCL combines a direct NBFC business (erstwhile wholly-owned ABFL merged effective1Apr2025), housing finance, life insurance and equity-accounted AMC/health businesses. The listed entity is now a lender rather than only a holding company. NBFC SME/retail growth and spread after operating and credit costs explain most earnings; insurer premiums and AMC AUM do not equal consolidated revenue. Health and AMC are equity-accounted for statutory purposes, unlike segment revenue at100%. Current stakes: HFC85.505%, life51%, AMC44.89%, health45.89%.
| Segment | pbt, FY26 (₹ crore) | Share | pat, FY26 (₹ crore) | Share | revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| NBFC / Lending excl. HFC (Aditya Birla Finance) | 4,034 | 65.3% | 3,001 | 62.6% | 16,977 | 67.3% |
| Housing Finance (ABHFL) | 839.0 | 13.6% | 647.0 | 13.5% | ||
| Life Insurance (ABSLI, incl. pension co.) | 288.0 | 4.7% | 171.0 | 3.6% | ||
| Asset Management (ABSLAMC) | 1,268 | 20.5% | 975.0 | 20.3% | 1,845 | 7.3% |
| Health Insurance (ABHI) | 47.0 | 0.8% | 6,413 | 25.4% | ||
| Others (broking, ARC, standalone, ABCD, eliminations) | -298.0 | -4.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Finance (BAJFINANCE) | |
| Bajaj Finserv (BAJAJFINSV) | Closest structural peer: lending plus life and general insurance holding company |
| Cholamandalam Investment and Finance (CHOLAFIN) | Diversified NBFC with SME and home-equity lending, 20%+ AUM growth |
| L&T Finance (LTF) | Group-backed diversified NBFC with similar ROE (~11%) and retail mix shift |
| Shriram Finance (SHRIRAMFIN) | |
| Poonawalla Fincorp (POONAWALLA) | Group-backed NBFC rebuilding unsecured/SME book |
| Mahindra & Mahindra Financial Services (M&MFIN) | |
| Piramal Finance | Diversified NBFC with housing and MSME lending in transition |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (consolidated statutory) | 25,618 | 28,578 | 33,941 | 40,590 | 45,509 |
| Other operating costs (vendor classification) * | 1,570 | 2,304 | 2,777 | 2,762 | 3,263 |
| EBIT * | 5,777 | 10,368 | 12,214 | 14,555 | 16,915 |
| Finance cost * | 3,490 | 4,733 | 7,632 | 9,712 | 11,644 |
| Profit before tax (consolidated, continuing) | 2,287 | 5,635 | 4,515 | 4,843 | 5,271 |
| Tax expense | 626.7 | 811.2 | 1,127 | 1,461 | 1,407 |
| Profit after tax before minority (total operations) | 1,660 | 4,824 | 3,439 | 3,410 | 3,864 |
| Diluted EPS (₹) * | 7.05 | 19.77 | 12.95 | 12.67 | 14.24 |
| Share of profit of associates and JVs | 303.9 | 416.8 | 451.5 | ||
| Exceptional items (P&L impact; negative = charge) | n.r. | 0.00 | -53.9 | ||
| Minority interest (deducted) | 103.9 | 77.6 | 99.3 | ||
| Net profit attributable to owners (reported) | 3,335 | 3,332 | 3,764 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 17,091 | 21,820 | 28,638 | 32,347 | 36,767 |
| Borrowings * | 58,414 | 84,726 | 1,10,128 | 1,39,798 | 1,79,227 |
| Cash and cash equivalents * | 2,049 | 1,731 | 1,554 | 4,331 | 2,403 |
| Trade receivables * | 658.5 | 411.1 | 698.1 | 688.3 | 843.3 |
| Trade payables * | 2,370 | 2,679 | 2,570 | 2,851 | 3,764 |
| Net property, plant and equipment * | 42.7 | 46.1 | 73.4 | 130.4 | 164.6 |
| Capital work in progress * | 11.8 | 8.62 | 46.2 | 32.8 | 24.3 |
| Total assets * | 2,32,102 | 2,79,061 | 3,35,393 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -1,563 | -14,963 | -16,419 | -27,935 | -36,544 |
| Free cash flow (vendor definition) * | -5,249 | -24,274 | -24,503 | -28,392 | -36,938 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -177.1 | -239.8 | -398.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 241.59 | 241.68 | 255.54 | 260.42 | 261.31 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue (consolidated P&L, investor presentation) | 10,119 | 9,370 | 12,214 | 9,503 | 10,595 | 11,952 | 13,459 | 12,180 |
| Other operating costs (vendor classification) * | 297.4 | 303.0 | 347.0 | 301.4 | 338.5 | 454.5 | 412.0 | |
| EBIT * | 3,781 | 3,531 | 3,946 | 3,923 | 4,309 | 4,660 | 5,036 | |
| Finance cost * | 2,373 | 2,501 | 2,585 | 2,741 | 2,987 | 3,101 | 3,395 | |
| Profit before tax (consolidated, continuing) | 1,205 | 1,019 | 1,361 | 1,178 | 1,212 | 1,322 | 1,559 | 1,641 |
| Provision for taxation | 356.0 | 304.0 | 475.0 | 328.0 | 329.0 | 356.0 | 395.0 | 417.0 |
| Profit after tax before minority (statutory, total operations) | 1,021 | 724.0 | 886.0 | 851.0 | 882.0 | 966.0 | 1,165 | 1,224 |
| Diluted EPS (₹) * | 3.80 | 2.69 | 3.29 | 3.19 | 3.57 | 4.26 | 4.41 | |
| Share of profit of associates and JVs | 79.0 | 62.0 | 194.0 | 107.0 | 77.0 | 90.0 | 177.0 | 146.0 |
| Exceptional items (P&L impact; negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -68.0 | 14.0 | 0.00 |
| Minority interest (deducted) | 20.0 | 16.0 | 21.0 | 16.0 | 27.0 | 21.0 | 36.0 | 49.0 |
| Net profit after minority interest (reported PAT to owners) | 1,001 | 708.0 | 865.0 | 835.0 | 855.0 | 945.0 | 1,129 | 1,175 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 0.2% | 11.6% | 18.8% | 19.6% | 12.1% |
| Net margin | 9.8% | 8.2% | 8.3% | ||
| Return on equity | 13.2% | 10.9% | 10.9% | ||
| Return on assets | 1.4% | 1.3% | 1.2% | ||
| EPS, diluted (₹) | 7.05 | 19.77 | 12.95 | 12.67 | 14.24 |
| Book value per share (₹) | 70.74 | 90.29 | 112.1 | 124.2 | 140.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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