Key Financial Performance (Q2 FY27 vs Comparatives)

Income Metrics:

  • Net interest & fee income: ₹39.64 crore (up 28% QoQ from ₹31.02 crore; up 16% YoY from ₹34.05 crore)
  • Total income: ₹61.02 crore (up 17% QoQ from ₹52.12 crore; up 11% YoY from ₹55.06 crore)

Profitability Metrics:

  • Pre-Provision Operating Profit (PPOP): ₹9.97 crore (up 79% YoY from ₹5.58 crore; up 4.1x QoQ from ₹2.44 crore)
  • Operating Expenses: ₹29.67 crore (up 4% QoQ from ₹28.58 crore; up 4% YoY from ₹28.47 crore)
  • Impairment on Financial Instruments: ₹8.96 crore (Q1 FY27: ₹2.19 crore; Q2 FY26: ₹5.27 crore)
  • Profit Before Tax: ₹1.01 crore (up 4.0x QoQ from ₹0.25 crore; up 3.3x YoY from ₹0.31 crore)
  • Profit After Tax: ₹0.90 crore (up 4.3x QoQ from ₹0.21 crore; up 3.2x YoY from ₹0.28 crore)

H1 FY27 Performance:

  • H1 FY27 PAT: ₹1.11 crore (more than doubled from H1 FY26: ₹0.52 crore)
  • Credit cost for H1 FY27: 2.64% of average AUM (lower than 3.32% in FY26)

Business Momentum and Operational Highlights

Disbursements:

  • Quarterly disbursements: ₹87 crore (up 14% QoQ)
  • Monthly disbursements: Doubled from ₹25 crore in August 2026 to ₹32 crore in September 2026 and over ₹50 crore in October 2026 (provisional)

Assets Under Management (AUM):

  • AUM as of September 30, 2026: ₹802 crore
  • Total assets as of September 30, 2026: ₹1,057 crore (crossed ₹1,000 crore during Q2 FY27)

Growth Engines:

1. MSME Finance: Secured business loans (₹3–30 lakh) and unsecured loans (₹1–3 lakh) to best existing customers

2. Livestock Finance: Dairy financing through partnerships starting with Akshayakalpa in Q2, supported by FLDG cover

3. Rooftop Solar Finance: ₹17 crore solar portfolio through OEM and EPC partnerships, target to reach 10% of AUM

4. Digital Lending: SmartBiz platform launched with Bachatt, supported by FLDG for nano and micro enterprises

Branch Network:

  • 148 branches across 12 states
  • Average branch vintage: 40 months

Asset Quality and Portfolio Metrics

PAR Ratios:

  • 90+ PAR: 2.56% (improved from 6.25% at March 31, 2026)
  • 30+ PAR: 6.64% (improved from 8.40% at March 31, 2026)
  • On-book Gross NPA: 0.01% (declined from 3.59%)

Borrower Profile:

  • ~67% of AUM from customers with bureau scores of 650+
  • 19% of AUM from customers with bureau scores of 750+ (up from 3% in FY24)
  • 73% secured AUM (including guarantee-backed exposure)
  • Collection efficiency: 92.5%

Technology:

  • Moneyboxx ONE loan origination system live since May 2026
  • AI-supported underwriting and MBCollect mobile collections app

Funding and Capital Structure

Borrowings:

  • ₹110 crore raised through Non-Convertible Debentures (NCDs) in Q2 FY27
  • NCDs now account for 46% of borrowings (up from 40% at March 2026)

Capital Adequacy:

  • CRAR: 26.35%
  • Supported by 36 lenders, including 12 banks
  • Credit ratings: CRISIL BBB/Stable and IND BBB/Stable
  • Equity raised since inception: over ₹300 crore

Regulatory Status:

  • Now classified as a Middle Layer NBFC

Management Commentary

Deepak Aggarwal, Co-founder, Co-CEO & CFO, stated that Q2 FY27 represents an inflection point with improved portfolio quality, strengthened underwriting, and business momentum. The company is focused on sustaining disbursement growth, improving yields, controlling credit costs, and achieving operating leverage.

Outlook and Priorities

  • Sustain disbursement growth through branch productivity and partnership scaling
  • Improve yields through unsecured lending and partnership products
  • Control credit costs with stronger customer profile
  • Target operating expenses below 10% of AUM within two years
  • Lower cost of funds through NCDs and capital market access
  • Maintain impact focus: 46% of AUM to women, 20% to new-to-credit borrowers

Additional Information

  • Cumulative disbursements: over ₹2,410 crore to more than 2.36 lakh borrowers
  • Impact initiatives: 7.5 lakh free cattle diagnoses, 1.34 lakh free veterinary consultations
  • October 2026 disbursement figures are provisional and unaudited