Indian earnings calls, October 23, 2026: Shriram Finance lowers growth outlook to 15%–17%

Shriram Finance expects slower growth and a temporary rise in credit costs

On its call for the second quarter of fiscal year 2027 (FY2027), Shriram Finance gave this outlook:

• An executive said the lender lowered its FY2027 growth outlook from an initial 18% to 15%–17%.
• An executive said credit-cost guidance remains 2% of the loan book. It allows a temporary increase of up to 30 basis points in select areas and products if rainfall is deficient.
• The company expects loan-book credit cost to remain at 2.3% for the next one or two quarters.
• An executive said net interest margin (NIM), the gap between what a lender earns on loans and pays for its funds, is likely to stay at its current level for another one or two quarters. It is then expected to move toward around 9% in the medium term and around 8.5% in the long term.
• The company expects its micro, small and medium enterprises (MSME) book to grow faster than other segments.

Dr. Reddy's expects a semaglutide relaunch and lower capital spending

Dr. Reddy's Laboratories also reported for the second quarter of FY2027.

• The chief executive said the company expects to relaunch semaglutide directly and through partners in November 2026, subject to successful validation.
• The chief executive said the tentative semaglutide pen run-rate estimate remains 12 to 15 million pens over the 12 months from April, contingent on market success, approvals and competition.
• The chief financial officer said the company expects gross margin to remain in the 50% to 55% range in coming quarters.
• The chief executive said the company considers an EBITDA (earnings before interest, taxes, depreciation and amortisation) level above 20% sustainable and is aiming for 25%.
• The chief financial officer said the company expects FY2027 capital expenditure (CapEx) of around INR 1,600–1,700 crore, down from earlier guidance of around INR 1,800 crore.

HDFC Life expects strong protection growth, and two companies cited a higher growth forecast

• The chief financial officer of HDFC Life said the individual protection category is expected to show 50% to 70% growth in the second half of FY2027 as the base effect kicks in.
• HDFC Life said it expects its solvency position to remain comfortably above the 150% regulatory minimum through FY2027 year-end.
• HDFC Life and Shriram Finance both said the Reserve Bank of India (RBI) raised its FY2027 growth forecast to 7.1%. HDFC Life said the earlier figure was 6.7%.