Key Financial Figures

FY26 Performance:

  • Total AUM: ₹7,066 crore (73% YoY growth, 19% QoQ growth)
  • Total Income: ₹2,209 crore (63% YoY growth)
  • Pre-provisioning Operating Profit: ₹836 crore (54% YoY growth)
  • PAT: ₹281 crore (75% YoY growth, 7% QoQ growth)
  • Return on Average Assets: 5%
  • Return on Average Equity: 24%

Q4 FY26 Performance:

  • PAT grew 52% YoY and 7% QoQ

Asset Quality Metrics (as of March 31, 2026):

  • Gross NPA: 2.12% (improved from 2.89% YoY, 77 bps improvement)
  • Net NPA: 0.29%
  • Collection Efficiency: 97.01% (DPD-30 basis), improved to 97.15% in Q4
  • Bounce Rate: 13.1% (stable across year)
  • Stage-2: 2.4% (reduced from 3.5%)
  • Stage-3: 2.1% (reduced from 2.9%)
  • Stage-3 ECL Coverage: 86.2%
  • Stage-2 ECL Coverage: 75.6% (improved from 59.2% in March 2025)
  • Total PCR: 86%
  • Management Overlay: ₹136 crore

Customer Metrics:

  • Registered Users: Over 60 million
  • Unique Customers Served: 11.76 million
  • Active Customers: 3.5 million
  • Average Customer CIBIL Score: 746
  • Average Customer Age: 32 years
  • Salaried Customers: Nearly 50% of portfolio
  • Top 100 Cities Contribution: 81% of borrowers

Loan Purpose Breakdown:

  • Business Purposes: 45%
  • Consumption: 30%
  • Emergency: 15%
  • Other: 10%

Secured Business (LAP):

  • LAP AUM: ₹518 crore (7.3% of total AUM)
  • Branches: 98 across 8 states
  • Existing Customer Conversion: 40% of LAP customers from existing Kissht base
  • LTV: 48% (conservative stance)

Funding Structure:

  • On-book AUM: ₹3,556 crore (50%)
  • Off-book AUM: ₹3,510 crore (50%)
  • Lending Partners: 45+
  • Cost of Borrowing: 11.5% to 14.25%
  • FLDG Coverage: 5% for off-book AUM (almost 100% coverage)
  • Capital Adequacy: 25.3%
  • Net Worth: ₹1,343 crore (2.4x increase over 3 years)

Technology & AI Metrics:

  • Underwriting Variables: Over 7,000
  • Model AUC: 74% (improved from 66% in 2023)
  • Risk Separation: 2.5x better than traditional bureau-only approaches
  • Field Agents: 7,000+
  • Tele-callers: 1,000+
  • Collections Coverage: 17,000+ pin codes, 95% in-house
  • AI Voice Agent Efficiency: 70% of human recovery efficiency
  • AI-assisted Code Writing: 80% of internal code
  • LAP Document Processing FTR Improvement: 30%
  • LAP Credit Queries Reduction: 50%

IPO Proceeds Deployment:

  • ₹850 crore IPO proceeds
  • 75% towards on-book capital
  • 25% towards technology and AI infrastructure
  • ₹630 crore already infused into Si Creva Capital (NBFC subsidiary)

Dates of Action

  • Earnings Conference Call: May 29, 2026
  • Listing Date: May 8, 2026
  • Regulatory Filing Date: June 4, 2026
  • Crisil Rating Upgrade: February 2026 (A-)
  • India Ratings Upgrade: November 2025 (A-)

Parties Involved

  • Management Participants: Ranvir Singh (Chairman, Director & CEO), Krishnan Vishwanathan (Director & CFO), Chirag Jain (Head of Strategy & IR), Neha Shivran (Chief Data & Analytics Officer)
  • Rating Agencies: Crisil, India Ratings
  • Subsidiary: Si Creva Capital (100% NBFC subsidiary)
  • New Subsidiary: Mutual fund and wealth products distribution entity

Strategic Updates & Guidance

FY27 Guidance:

  • AUM Growth: North of 40%
  • Gross NPA: Below 2.25%
  • Impairment Cost Reduction: 10%-15% YoY
  • Return on Average AUM: 4.5%-5%
  • Return on Average Equity: 19%-21%

Growth Strategy:

  • Focus on higher-quality borrower segments
  • Deliberate yield compression strategy
  • Secured business scale-up
  • Branch expansion: 80+ new LAP branches in FY27
  • Geographic focus: Karnataka, AP, Telangana, Tamil Nadu, UP, Maharashtra

Product Expansion Plans:

  • Future consideration: Gold loan, business loan, education loan
  • Non-lending offerings: Insurance and mutual fund distribution

Technology Focus:

  • AI deployment across underwriting, fraud detection, collections, servicing
  • Transformer-based models, multi-agent fraud intelligence
  • GenAI-augmented feature store

Funding & Rating Outlook

  • Rating Upgrade Expectation: Potential upgrade in FY27 (active discussions)
  • Cost of Borrowing Improvement: 200 bps improvement since February 2026 rating upgrade
  • Additional Potential Reduction: 100-150 bps with further upgrade
  • Target Spread: 14-16% long-term
  • Sustainable Leverage Ratio: 2.5-3x debt-to-equity for on-book lending

Operational Metrics

  • Disbursement Q4 FY26: ₹3,954 crore
  • Disbursement Q3 FY26: ₹3,113 crore
  • Customer Acquisition: Less than 50% from digital marketing, 30% organic
  • FOIR Improvement: New customers at 30% FOIR (down from 34% previous year)
  • First EMI T90: Improved from 1.5% to 0.7% in FY26