Business Performance Highlights

Consolidated Performance (INR Crore):

  • Assets Under Management: ₹3,209 crore (51% YoY growth, 10% QoQ growth)
  • Gross Total Income: ₹235 crore (48% YoY growth, 16% QoQ growth)
  • Pre-Provisioning Operating Profit: ₹95 crore (70% YoY growth, 23% QoQ growth)
  • Profit After Tax: ₹51 crore (544% YoY growth, 14% QoQ growth)
  • H1 FY27 PAT: ₹97 crore (compared to full-year FY26 PAT of ₹57 crore)
  • Shareholders' Equity: ₹1,033 crore as of September 30, 2026

Operational Metrics:

  • Consolidated disbursements for Q2 FY27: ₹818 crore (72% YoY growth from ₹475 crore in Q2 FY26)
  • H1 FY27 consolidated disbursements: ₹1,505 crore (74% growth over H1 FY26)
  • Growth led by continued traction in Individual Lending while maintaining high rejection rates and underwriting standards

Borrowing & Liquidity Profile

  • Total borrowings: ₹2,659 crore (including off balance sheet direct assignment liability)
  • Borrowing composition: 31.3% banks, 16.3% NBFCs & FIs, 32.0% NCDs, 19.6% direct assignments & off-balance-sheet liabilities
  • ALM position remains positive with diversified funding sources
  • Liquidity position: ₹334 crore in cash/bank balance, liquid investments, and undrawn CC limits
  • Undrawn sanctions: ₹145 crore from existing lenders

Collection Efficiency

  • Overall collection efficiency for the quarter: 96.5%
  • Segment-wise collection efficiency for September 2026:
  • Microfinance segment: 96.2%
  • MSME segment: 96.5%
  • Two-wheeler segment: 96.4%

Asset Quality

  • GNPA: 2.73%
  • NNPA: 0.92%
  • Cumulative Provisions: ₹80 crore (covering 2.5% of consolidated AUM, 2.94% on book)

Standalone Business Performance (Two-Wheeler, MSME, LAP)

Financial Metrics (INR Crore):

  • AUM: ₹784 crore (26% YoY growth, 3% QoQ growth)
  • Gross Total Income: ₹68 crore (30% YoY growth, 3% QoQ growth)
  • PPoP: ₹27 crore (34% YoY growth, 14% QoQ growth)
  • PAT: ₹17 crore (95% YoY growth, 19% QoQ growth)

Segment-wise AUM Breakdown:

  • MSME: ₹583 crore
  • Two-Wheeler: ₹94 crore
  • LAP: ₹104 crore
  • Solar Loans: ₹3 crore

Disbursements & Asset Quality:

  • Total disbursements: ₹164 crore in Q2FY27
  • MSME GNPA: 3.34%; NNPA: 0.49%
  • Two-Wheeler GNPA: 3.24%; NNPA: 1.49%
  • LAP GNPA: 1.50%; NNPA: 1.15%
  • Capital adequacy ratio: 36.26% as on September 30, 2026

Microfinance Segment (Namra)

Financial Metrics (INR Crore):

  • AUM: ₹2,424 crore (61% YoY growth, 12% QoQ growth)
  • Gross Total Income: ₹168 crore (56% YoY growth, 22% QoQ growth)
  • PPoP: ₹67 crore (88% YoY growth, 30% QoQ growth)
  • PAT: ₹34 crore (compared to loss of ₹1 crore in Q2FY26)

Operational Details:

  • Disbursements during Q2 FY27: ₹654 crore
  • Net Total Income: ₹113 crore
  • Total ECL Provisions: ₹52 crore (decreased 10% YoY)
  • Write-off (net of recovery): ₹12 crore during the quarter
  • Active MFI Customers: ~5.05 lakh
  • GNPA: 2.59%; NNPA: 1.01%
  • Capital adequacy ratio: 37.19% as on September 30, 2026
  • 51% of microfinance portfolio covered under CGFMU scheme

Management Commentary

Mr. Aalok Patel, Vice Chairman & Managing Director, highlighted:

  • Four consecutive quarters of improved operating environment
  • Changes in underwriting and collection practices over past two years
  • X-Bucket collection efficiency: 99.4%
  • Annualized return on average AUM: 6.71% (vs 1.49% in Q2 FY26)
  • RoE: 20.47% (vs 3.69% in Q2 FY26)
  • Cost-to-income ratio: 42.59%
  • Acuité revised credit rating outlook from Stable to Positive

Risk Factors Disclosed

  • Below-normal monsoon and El Niño conditions affecting Maharashtra and Karnataka
  • Drought declarations in these states, which account for 7.60% of consolidated AUM
  • Marginal deterioration in repayment behavior in Maharashtra observed
  • CGFMU scheme renewal pending approval (original ten-year period ended March 31, 2026)
  • Loans originated from April 1, 2026, currently not covered by CGFMU