I understand they have a lot of direct exposure to builders in their real estate book - as in direct lending exposure. Since sales are not happening builders were using NBFCs to manage cash flow, with the entire liquidity crunch NBFCs are themselves not having liquidity so this is stopped (at least temporarily) so this may be a credit quality issue in a quarter or two. I would be careful on this stock.
FYI I have sold this end of last year so haven’t tracked results/ concalls since, info may be dated, but I doubt they have changed composition of book in a significant way in last 3 quarters. If they have apologies. Agree management is good and in all probability there is collateral though it is not liquid in nature.