New Delhi, April 27 -- Shriram Finance's March quarter (Q4FY26) results are steady, but it is treading with caution amid macro-economic concerns, such as elevated crude prices and expectations of a dull monsoon this year, which could hurt rural demand.

Shriram reported in-line net interest income (NII), but operating expenses came in lower than expected, leading pre-provisioning operating profit (PPoP) to beat consensus by 5%, said a report by Nuvama Research.

NII increased by 21% year-on-year to Rs.6,751 crore. Assets under management (AUM) rose by 15% year-on-year to Rs.3 trillion, aided by an uptick in commercial vehicles (CVs), passenger vehicles (PVs), farm equipment and gold.

Shriram still has a heavy dependence on CVs, which con...