Disclosure Context

Financial Performance Highlights (Standalone)

Q4 FY26 Performance (₹ in crores)

  • Revenue from operations: ₹346.6
  • Interest expenses: ₹131.9
  • Net Interest Income (NII): ₹214.7 (up 2.6% Q-o-Q and 19.8% Y-o-Y)
  • Total Income: ₹214.9
  • Total operating expenses: ₹121.5
  • Pre-provision operating profit (PPOP): ₹93.3 (up 9.6% Q-o-Q and 51.0% Y-o-Y)
  • Credit costs: ₹517.3
  • Profit/(loss) before exceptional items and tax: (₹424.0)
  • Profit after tax: (₹424.0)

The significant loss in Q4 was primarily due to an additional provision of ₹326.13 crore made against the legacy portfolio of Security Receipts (SRs) to de-risk the balance sheet.

Full Year FY26 Performance (₹ in crores)

  • Revenue from operations: ₹1,392.9
  • Interest expenses: ₹621.2
  • Net Interest Income (NII): ₹771.7 (up 16.4% Y-o-Y)
  • Total Income: ₹772.4
  • Total operating expenses: ₹506.0
  • Pre-provision operating profit (PPOP): ₹266.5 (up 40.2% Y-o-Y)
  • Credit costs: ₹1,143.2
  • Profit/(loss) before exceptional items and tax: (₹876.7)
  • Exceptional gain (net): ₹1,176.0
  • Profit before tax: ₹299.2
  • Tax: ₹169.0
  • Profit after tax: ₹130.2

The full-year profit was supported by a large exceptional gain which offset the high credit costs.

Security Receipts (SRs) Provision Details

The company made an additional provision of ₹326.13 crore against its legacy SR portfolio.

  • The net SR exposure is ₹589 crore.
  • ~76% (₹447 crore) relates to two large corporate accounts where construction is progressing with strong cash realization visibility. This segment has a Provision Coverage Ratio (PCR) of 38%.
  • ~13% (₹77 crore) pertains to an SME portfolio managed by an ARC, which has seen strong performance with full redemption of senior SRs and commencement of junior SR redemptions from Q4 FY26. This segment has a PCR of 54%.
  • The company maintains strong visibility on recoveries, with the current net carrying value of approximately ₹588.63 crore expected to be realized in due course.

Business and Operational Metrics

  • AUM Mix by Region: North (44%), South (24%), West (20%), East (12%)
  • Distribution Network: 454 branches across 24 states & Union Territories.
  • Customer Profile: Transport Entrepreneurs (43%), Self-employed (37%), Truck Operators (8%), Agricultural Equipment Users (7%), Salaried (2%), Others (4%)
  • Disbursement Yield: ~17%+
  • Net Interest Margin (NIM): ~8%

Borrowings and Liquidity

  • Diversified Borrowing Profile: Includes Term Loans, NCDs, Commercial Paper, and Bank Facilities.
  • Weighted Average Cost of Borrowings: 10.2% in Q4FY26.
  • Incremental Cost of Borrowings: 9.0% for the quarter.
  • Credit Ratings: CARE Edge & CRISIL - Long term: AA- (Stable), Short term: A1(+).
  • Liquidity: Strong liquidity profile backed by Debt Mutual Funds, FDs, Undrawn Term Loans, and Working Capital Lines. Positive cumulative mismatch across all ALM buckets.
  • Liquidity Coverage Ratio (LCR): Maintained at 1.61x-1.78x of the RBI mandate.

Capital Structure

  • Capital Adequacy Ratio (CAR): 36%+
  • Debt/Equity (D/E): 1.5x
  • Equity Share Capital (as of Mar'26): ₹161.5 crores

Management and Governance

The presentation included profiles of key management personnel, including:

  • Randhir Singh (Designation not explicitly stated, presumed leadership role)
  • Nitin Ramesh Gyanchandani (Chief Risk Officer)
  • Jayesh Jain (Chief Financial Officer)
  • Amandeep Singh Sandhu (Chief Operating Officer - VF)
  • Amit Kumar Khan (Chief Operating Officer - MLAP)
  • And other heads of departments including Credit, Treasury, Technology, Operations, Collections, and Data Analytics.

The Board of Directors was also listed, including Chairperson Naina Krishna Murthy and other Independent and Non-Independent Directors.

Shareholding Pattern (As on March 2026)

  • Promoters: BCP V Multiple Holdings Pte Ltd (Brookfield) - 55.98%, IndoStar Capital (Everstone) - 14.40%
  • Domestic Institutional Investors (DII): 2.17% (including ICICI Prudential Life Insurance Co. Ltd. - 1.10%)
  • Foreign Institutional Investors (FII): 2.59%
  • Public Individual Investors: 24.86%
  • Other Corporate Bodies: Florintree Tecserv LLP - 6.73%, Madhuri Madhusudan Kela - 2.09%

Consolidated Results

The consolidated financial results include discontinued operations related to the housing finance business (IHFPL), which was classified as held for sale. The consolidated Profit After Tax for FY26 was ₹140.5 crores.