JEFFERIES ON AB CAPITAL ; BUY | TP ₹475

• Well positioned amid rising rates; among Jefferies’ top NBFC picks. • Rising rates should support NIM expansion, with ~70% floating-rate assets versus ~56% floating-rate liabilities. • AUM expected to grow at ~26% CAGR over FY26–28, led by healthy unsecured growth and steady secured lending. • Fee income risk from proposed tighter insurance commission norms is lower than peers. • Benign unsecured credit environment and limited rural exposure should keep asset quality stable.

P H CAPITAL LIMITED

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