Veritas Finance Limited

Bear case

• High credit risk borrowers default at increased rates.

  The company has significant exposure to high credit risk borrowers, with 24.72% of Loans (AUM) attributed to this segment.

• Concentration in five states leads to adverse impacts from regional economic downturns.

  83.02% of branches and 91.82% of loan disbursements are concentrated in five states, making the company vulnerable to local economic conditions.