Performance Highlights

Assets Under Management (AUM): ₹8,001 crore as of June 30, 2026, representing 61% YoY growth and 13% QoQ growth.

Profit After Tax (PAT): ₹95 crore in Q1 FY27, showing 59% YoY growth and 16% QoQ growth.

Asset Quality: Gross NPA stood at 2.25% with a 139 bps YoY improvement and 13 bps sequential increase. Net NPA was not explicitly quantified.

Return Ratios: RoAAUM of 5.0% and RoAE of 21.2% in Q1 FY27.

Business Overview

Business Model: Full-stack digital lending platform operating through two verticals:

  • Personal Loans (PL): ₹7,384 crore AUM (92.3% of total), digital-first unsecured lending with ticket sizes up to ₹5 lakhs and tenure up to 5 years
  • Loan Against Property (LAP): ₹617 crore AUM (7.7% of total), secured lending with hybrid tech+physical underwriting

Customer Base: 12.25 million customers served across 17,000+ pin codes

Geographic Distribution: 78% of customers from top 100 cities

Employment Profile: 47% salaried customers

Lending Partners: 45+ partners for on-book lending

Financial Performance Breakdown

Quarterly P&L (₹ crore)

| Particulars | Q1FY27 | Q4FY26 | QoQ% | Q1FY26 | YoY% |

| Total Income | 677 | 625 | 8.2% | 466 | 45.3% |

| Finance Cost | 82 | 77 | 7.0% | 59 | 38.2% |

| Net Total Income | 595 | 548 | 8.4% | 407 | 46.3% |

| Operating Expenses | 339 | 324 | 4.5% | 227 | 49.6% |

| Pre-Provision Operating Profit | 256 | 224 | 14.0% | 180 | 42.2% |

| Impairment Cost | 128 | 114 | 12.2% | 100 | 27.9% |

| Profit Before Tax | 128 | 110 | 15.8% | 80 | 60.1% |

| Tax | 33 | 28 | 16.3% | 20 | 63.0% |

| Profit After Tax | 95 | 82 | 15.7% | 60 | 59.2% |

Earnings Per Share: Basic EPS of ₹6.4 and Diluted EPS of ₹5.9 for Q1 FY27 (not annualized)

Asset Quality Details

Stage-wise AUM Mix (June 2026):

  • Stage 1 Assets: 94.6%
  • Stage 2 Assets: 3.1%
  • Stage 3 Assets: 2.2%

ECL Coverage Ratios:

  • Stage 1 ECL: 3.4%
  • Stage 2 ECL: 80.4%
  • Stage 3 ECL: 84.1%
  • Management Overlay: ₹136 crore
  • Provision Coverage & MO for Stage 2 & Stage 3: 150%

Capital Structure and Liability Profile

On-Book AUM: ₹3,716 crore

Off-Book AUM: ₹4,284 crore (asset light model with 8+ partners)

On-Book Debt: ₹2,043 crore

Debt-to-Equity (On-book): 0.91x (improved from 1.8x in previous period)

Average Cost of Borrowings: 14.45%

Debt Profile: Diversified across banks (38%), capital markets (30%), financial institutions (19%), and others (13%)

IPO and Listing Details

Listing Date: May 8, 2026 on NSE and BSE

IPO Structure: ₹850 crore fresh issue + 4.4 million shares OFS

Price Band: ₹162-₹171

Subscription: 9.9x overall, 25.9x QIB portion

Listing Price: ₹191 (11.7% premium to issue price)

Technology and Risk Management

AI/ML Capabilities: Proprietary underwriting using 7,200+ variables and AI/GenAI stack across credit lifecycle

Fraud Detection: AUC performance improved from 66% (2023) to 74% (2026)

Collections: 99.2% digital collection share, 100% NACH and UPI mandate availability

Guidance and Outlook

  • Expect reduction in cost of borrowings and operating expenses as % of average AUM with scaling
  • Benefits of cost reduction to be passed to customers for better selection and reduced impairment
  • Continue scaling secured LAP mix (currently 7.7% of AUM, up from 2.5% in Jun-25)
  • Tracking towards FY27 guidance

Corporate Governance

Board Composition: Chairman, Director & CEO (Ranvir Singh), Director & CFO (Krishnan Vishwanathan), Nominee Director (Piyush Kharbanda), and three Independent Directors

Shareholding Pattern (June 30, 2026): Promoters & Promoter Group (59.76%), Foreign Institutions (9.84%), Domestic Institutions (9.35%), Public (20.87%)

Credit Rating: A-/Stable (pertains to subsidiary NBFC Si Creva Capital Services Private Limited)