Business Performance Highlights

  • Monthly disbursements more than doubled to over ₹50 Cr in October 2026 from ₹25 Cr in August 2026
  • Q-o-Q growth in Q2 disbursements of 14% - ₹87 Cr in Q2 vs ₹76 Cr in Q1
  • Total assets reached ₹1,057 Cr as of September 2026, achieving Middle Layer NBFC status
  • ₹110 Cr NCDs raised in Q2 FY27, with NCDs now constituting 46% of borrowings

Financial Performance

Q2 FY27 Results:

  • Net Interest Income & Fee Income: ₹39.6 Cr, up 16% YoY (vs ₹34.1 Cr in Q2 FY26)
  • Pre-provision operating profit: ₹10.0 Cr, up 79% YoY (vs ₹5.6 Cr in Q2 FY26)
  • Profit After Tax: ₹0.90 Cr, up 229% YoY (vs ₹0.28 Cr in Q2 FY26)

H1 FY27 Results:

  • Net Interest Income & Fee Income: ₹70.66 Cr (vs ₹72.57 Cr in H1 FY26)
  • Pre-provision operating profit: ₹12.41 Cr (vs ₹14.35 Cr in H1 FY26)
  • Profit After Tax: ₹1.11 Cr, up 117% YoY (vs ₹0.52 Cr in H1 FY26)

Asset Quality & Key Ratios (H1 FY27)

  • 90+ PAR: 2.56% of AUM (down from 6.25% at March 2026)
  • 30+ PAR: 6.64% of AUM
  • On-book Gross NPA: 0.01%
  • On-book Net NPA: 0.00%
  • Provision Coverage (Stage 3): 50.00%
  • Credit Cost: 2.64% of Avg AUM
  • Collection Efficiency: 92.5%
  • CRAR: 26.35%
  • Debt/Equity: 2.44
  • Average Lending IRR: 24.8%
  • Average Borrowing IRR: 12.7%
  • Net Interest Margin: 11.9%
  • Opex (% of Avg AUM): 14.3%

Operational Highlights

Branch Network:

  • 148 branches across 12 states with average vintage of 40 months
  • Total AUM of ₹801.5 Cr with AUM per branch of ₹5.4 Cr
  • Branch vintage analysis shows mature branches (36+ months) contribute ₹428.7 Cr AUM

Strategic Partnerships:

  • Dairy partnership with Akshayakalpa started in Q2 with FLDG cover
  • Solar finance: ₹17 Cr AUM in H1 with target of 10% of AUM
  • Digital lending: SmartBiz launched in partnership with Bachatt

Customer Profile:

  • ~67% AUM from 650+ bureau-score customers (up from 3% in FY24)
  • 73% secured AUM complemented by unsecured loans to existing customers

Growth Engines

1. MSME loans: ₹3-30 lakh secured business loans and ₹1-3 lakh unsecured business loans

2. Livestock finance: Recurring cash flows with dairy partnerships

3. Rooftop solar finance: ₹17 Cr AUM in H1 with OEM and EPC partnerships

4. Digital small-ticket lending: Low-cost acquisition for nano and micro enterprises

Technology Infrastructure

  • In-house LOS (Moneyboxx One) for efficiency
  • ML and AI-supported underwriting (Cattle AI)
  • Digital processes and mobile collections app (MBCollect)

Funding & Capital Structure

  • Cumulative equity funding: ₹302.26 Cr received historically
  • Cumulative debt funding: ₹1,900+ Cr
  • Diversified debt funding mix with support from 36 lenders
  • Healthy capital adequacy ratio of 26.35% provides growth headroom

Management Team

Experienced leadership team including:

  • Mayur Modi, Co-Founder, Co-CEO and COO (20+ years experience)
  • Deepak Aggarwal, Co-Founder, Co-CEO and CFO (20+ years experience)
  • Viral Sheth, Finance Controller
  • Raj Bans Lal, National Credit Head
  • Sandipan Thakur, Head – Collections
  • Abhijeet Kamble, Chief Technology Officer
  • Lalit Sharma, Company Secretary & Compliance Officer

Historical Financial Trends

AUM Growth:

  • Mar'22: ₹121 Cr | Mar'23: ₹344 Cr | Mar'24: ₹730 Cr | Mar'25: ₹927 Cr | Mar'26: ₹893 Cr

Branch Expansion:

  • Mar'22: 30 branches | Mar'23: 61 branches | Mar'24: 100 branches | Mar'25: 163 branches | Mar'26: 156 branches

Balance Sheet Position (Sep'26)

Assets: ₹1,056.93 Cr

  • Financial Assets: ₹993.27 Cr
  • Cash and cash equivalents: ₹111.42 Cr
  • Loans: ₹638.74 Cr
  • Investments: ₹85.04 Cr

Liabilities: ₹756.62 Cr

  • Debt Securities: ₹331.24 Cr
  • Other Borrowings: ₹393.31 Cr
  • Equity: ₹297.51 Cr

Forward Outlook

  • Target to achieve sub-10% opex within next two years
  • Borrowing IRR expected to decline and converge to single digit in medium term
  • AUM expansion expected to start from Q3 FY27