Executive Summary - Consolidated Performance

  • Consolidated AUM grew by 23.31% YoY and 5.71% QoQ to ₹17,043 crore
  • Consolidated Net Interest Income (NII) grew by 31.31% YoY and 4.20% QoQ to ₹339 crore
  • Consolidated Profit After Tax (PAT) grew by 25.91% YoY and 4.51% QoQ to ₹115 crore
  • Subsidiary MRHMFL AUM crossed ₹1,000 crore, growing by 25.53% YoY and 5.68% QoQ to ₹1,031 crore

Standalone Financial Performance - Q2 FY27

Asset Under Management (AUM)

  • AUM: ₹16,011 crore, representing 23.17% YoY growth and 5.71% QoQ growth
  • Yield: 16.08% (22 bps improvement YoY from 15.86%)

Profitability Metrics

  • Net Interest Income (NII): ₹322 crore, representing 30.35% YoY growth and 4.60% QoQ growth
  • Profit After Tax (PAT): ₹110 crore, representing 22.69% YoY growth and 5.21% QoQ growth
  • Return on Average Net Worth: 15.33% (improved from 14.28% YoY and 15.10% QoQ)
  • Return on Average AUM: 2.90% (improved from 2.85% YoY, slightly down from 2.91% QoQ)

Operational Efficiency

  • Operating Expense to NII: 34.59% (improved from 36.30% YoY and 34.80% QoQ)
  • Cost of Borrowing: 9.19% (improved by 43 bps YoY from 9.62% and 6 bps QoQ from 9.25%)
  • Operating Expense Ratio: 2.86% (5 bps increase from 2.81% YoY)

Capitalization

  • Tier-I CRAR: 20.82%
  • Tier-II CRAR: 1.30%
  • Total CRAR: 22.12%
  • 17% of AUM assigned to Banks/FIs

Asset Quality - Standalone (September 30, 2026)

Portfolio Composition

  • Stage 1 Assets: ₹127,071.20 million with provisions of ₹586.47 million
  • Stage 2 Assets: ₹1,943.44 million with provisions of ₹342.26 million
  • Stage 3 Assets: ₹3,579.30 million with provisions of ₹1,487.98 million
  • Total On-Book Assets: ₹132,593.94 million
  • Assigned Portfolio: ₹27,519.91 million
  • Total AUM: ₹160,113.85 million

Quality Ratios

  • Gross Stage 1 & 2 Assets as % of On-Book Assets: 97.30%
  • Stage 1 & 2 Assets Provisioning: 0.72%
  • Gross Stage 3 Assets as % of On-Book Assets: 2.70%
  • Stage 3 Assets Provisioning: 41.57%
  • Net Stage 3 Assets as % of On-Book Assets: 1.58%
  • Gross Stage 3 as % of AUM: 2.63%
  • Net Stage 3 as % of AUM: 1.70%
  • Management & macroeconomic overlay: ₹176.00 million (not netted off with gross assets)
  • Total provisions including overlay: ₹2,592.72 million

Historical Financial Performance - Standalone

Profit & Loss Statement (₹ million)

| Particulars | FY2024 | FY2025 | FY2026 | H1FY27 |

| Total Revenue | 12,293 | 15,205 | 19,003 | 10,906 |

| Finance costs | 6,142 | 7,224 | 8,587 | 4,607 |

| Operating expense | 1,942 | 2,615 | 3,723 | 2,185 |

| Provisions and loan losses | 896 | 1,261 | 1,763 | 1,238 |

| Profit Before Tax | 3,314 | 4,104 | 4,888 | 2,876 |

| Profit After Tax | 2,478 | 3,059 | 3,637 | 2,147 |

Balance Sheet (₹ million)

| Particulars | Mar-24 | Mar-25 | Mar-26 | Sep-26 |

| Total Assets | 91,092 | 116,645 | 131,014 | 148,434 |

| Financial liabilities | 73,293 | 90,614 | 101,224 | 116,226 |

| Debt securities | 9,437 | 17,720 | 22,283 | 30,501 |

| Borrowings (excl. Debt Securities) | 61,375 | 69,504 | 75,341 | 81,222 |

| Total Equity | 17,690 | 25,858 | 29,526 | 31,931 |

| Equity share capital | 1,640 | 1,815 | 1,815 | 1,815 |

Capital & Liability Management

Funding Sources (September 30, 2026)

  • Diversified funding mix across instruments and lender types
  • Cash & bank balances: ~₹9,605 million
  • Sufficient liquidity and sanctions to cover opex and debt liabilities for at least next 12 months
  • Positive across all cumulative ALM buckets

Product Portfolio Breakdown (AUM in ₹ million)

| Product Category | Sep-26 | QoQ Growth |

| Micro-Enterprise Loans (MEL) | 66,845 | 8.64% |

| SME Loans | 57,232 | 4.35% |

| Two-Wheeler Loans | 10,619 | 2.20% |

| Commercial Vehicle Loans | 10,836 | -1.12% |

| Salaried Personal Loans | 14,582 | 6.10% |

| Total AUM | 160,114 | 5.71% |

Distribution Network

  • 209 direct branches
  • 227 NBFC partners
  • Pan-India network presence

Subsidiary Performance - MRHMFL

Financial Highlights

  • AUM: ₹1,031 crore (25.53% YoY growth, 5.68% QoQ growth)
  • Net Worth: ₹1,856 million (30.65% growth from Sep-25)
  • Capital Adequacy Ratio: 34.11% (Tier I: 32.10%, Tier II: 2.01%)
  • Regulatory requirement: 15%

Asset Quality

  • Gross Stage 3 Assets: 1.19% of on-book assets
  • Stage 3 Assets Provisioning: 33.87%
  • Net Stage 3 Assets: 0.79% of on-book assets
  • Management & macroeconomic overlay: ₹36.91 million

Business Operations

  • 103 branches across Gujarat, Maharashtra, Rajasthan, Madhya Pradesh
  • 72 intermediaries (DSAs and Referral)
  • NHB refinance: 3.50% of total borrowing mix
  • 95% of housing loan portfolio qualifies as priority sector lending for banks
  • 65% of on-book portfolio qualifies as priority sector lending for banks

Technology Initiatives

  • Integration of technology across all operational verticals
  • Collaboration with 50+ APIs for authentic data sourcing
  • Digital onboarding with OTP-based authentication
  • Paperless documentation (e-sign/e-stamp APIs)
  • 100% cashless disbursement and collection
  • Significant TAT reduction in SME & Housing products

Growth Strategy & Outlook

  • Target AUM growth of 20-25% over medium to long-term
  • Vision of ₹1,00,000 crore AUM by 2036
  • Housing, SME and Wheels portfolio as key growth drivers
  • Focus on efficient and diversified distribution through branches and NBFC partnerships
  • Continued digitalization with AI and BRE integration for better data analysis
  • Workforce of 4,300+ employees with 450+ having 5+ years tenure

Leadership & Governance

  • Mr. Kamlesh Chimanlal Gandhi: Chairman and Managing Director
  • Mrs. Darshana Saumil Pandya: Executive Director & CEO
  • Mr. Dhvanil K. Gandhi: Executive Director
  • Independent Board with industry experts
  • Corporate Advisory Committee including Dr. Rajiv Kumar (former Vice Chairman of Niti Aayog)

Shareholding Profile

  • Marquee FII and DII shareholders
  • High promoter shareholding across lending businesses in India

Accounting Policy Note

  • During Q4 FY23, RBI directed change in accounting policy for income recognition on direct assignment transactions
  • Gain on assignment transaction now booked upfront in P&L as per Ind AS 109 instead of amortizing over residual tenure
  • Implemented retrospectively from April 1, 2021

Disclaimer Notes

  • Presentation contains forward-looking statements subject to risks and uncertainties
  • Financial results may be updated due to new standards, regulatory guidelines, or RBI circulars
  • One-time impact of ₹42.4 million provisions in Q3FY26 pursuant to new Labour Codes