PAditya Birla Housing Finance LimitedExecutive Cockpit
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PPavion · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY24 (modeled). Fire Safety · Security · Integration.

$721.5M
Revenue (modeled)
0+
Acquisitions since 2020
1,200
Employees
Top 10 Indian Housing Finance Companies by AUM
SDM ranking
Owner: Aditya Birla Capital Limited · CEO Pankaj Gadgil · CFO Ashish Damani · HQ Noida, Uttar Pradesh, India
Where we stand

Executive scorecard

Pavion · Board Pack · 1 · Executive Summary
Revenue
$6.00B
prior $4.60B
Revenue Growth YoY
30.5%
prior 20.1%
EBITDA
$1.48B
prior $1.23B
EBITDA Margin
24.7%
prior 23.1%
Recurring Fee Income
$125M
prior $110M
Recurring Mix
9.1%
prior 8.5%
Net Revenue Retention
98.0%
prior 97.0%
Rule of 40 Score
51
prior 42
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Pavion · Board Pack · 2 · Performance
Revenue by business unit
Home Loans45%
Loans Against Property35%
Construction Finance20%
Home Loans
$324.45M
+14% · EBITDA 14.89% · Rec 44%
Loans Against Property
$252.76M
+9% · EBITDA 14.25% · Rec 46%
Construction Finance
$144.3M
+18% · EBITDA 10.85% · Rec 24%
Roll-up validation

Acquisition cohort economics

Pavion · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
LAP by ABHFL2021$31.25M$11.03M8.27%→12.87% (+4.6)92%Integrated
ABHFL Construction Finance2021$20.22M$7.35M7.35%→11.95% (+4.6)90%Integrated
Aditya Birla Home Loans2022$88.23M$47.79M10.11%→14.71% (+4.600000000000001)88%Integrated
Lease Rental Discounting2023$53.31M$17.46M9.19%→11.95% (+2.76)74%In progress
PMAY 2.0 Support2024$37.68M$12.87M8.27%→10.11% (+1.8399999999999999)55%In progress
Digital Loan Origination2024$34.01M$11.95M8.27%→11.03% (+2.76)78%In progress
Risk Analytics Suite2024$26.65M$8.27M7.35%→8.27% (+0.9199999999999999)40%Early

Integrated cohorts show ~5pt EBITDA expansion post-integration; newer cohorts remain in synergy capture.

Balance sheet & liquidity

Leverage, cash & covenants

Pavion · Board Pack · 4 · Capital & Cash
Net Debt / EBITDA
5.8x
target 5.0x
Covenant Headroom
1.3x
target 1.5x
DSCR
1.5x
target 1.5x
Liquidity Buffer
$1.60B
target $1.80B
Free Cash Flow
$980M
target $1.20B
Cash Conversion Cycle
-4d
target 0d
Days Sales Outstanding
18d
target 15d
Operational Synergy Realized
0.0%
target 0.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC -4d) and FCF improve.
Governance

Watch-list & priority actions

Pavion · Board Pack · 5 · Risk & Actions
●South India region margin driftceo
South India GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●Lucknow Collections Team expansion → $12.5M opportunityceo
News signal converted to qualified, credit-cleared multi-region pursuit.
→ Prioritize solution design; align certified-tech coverage in new metros.
●3 brands running DSO > 65 dayscfo
ISC (67d), Risk Analytics Suite (66d), Retail Home Buyers (Gomti Nagar) account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●Retail Home Buyers (Gomti Nagar) credit exposurecfo
Distress filings + overdue AR; churn risk High on $6.4M account.
→ Move to credit hold pending paydown; reforecast ARR net of likely churn.
●Covenant headroom improvingcfo
Net Debt/EBITDA 4.2x vs 5.5x covenant; liquidity $132M.
→ Capacity exists for 1–2 tuck-in acquisitions this fiscal year.
●ECD synergy realization behind planboard
Synergy at 78% of model; integration 80% complete.
→ Hold management to 90-day synergy recovery plan; track at next board meeting.
●2023 cohort EBITDA uplift validatedboard
AFA/RFI cohort margin expanded ~500bps post-integration.
→ Thesis intact; continue disciplined roll-up at <5.5x leverage.
●Recurring mix below 45% targetboard
Recurring 40% vs 45% strategic target; Integration BU dilutive.
→ Push subscription/Risk Analytics Suite attach on Integration installs.
Material external signals
[News] Lucknow Collections Team announces new US cloud regions · Lucknow Collections Team→ multi-region DC security opportunity
[EDGAR] A. Sharma 10-K: elevated hub-automation capex · A. Sharma→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend South India accounts

Structural data researched from public sources; financials are modeled estimates (Pavion is privately held). AI summary generated by Azure OpenAI (GPT-4.1).