Managed AUM (as of September 30, 2026): ₹23,900 crore
Q2 FY27 Total Income: ₹1,146 crore (up 8% quarter-over-quarter)
Q2 FY27 Profit After Tax: ₹201 crore (up 16% quarter-over-quarter)
Pre-tax Margin: 23% of total income (up from 21% in previous quarter)
Return on Equity (ROE): 27.8% (Errata: Actual number to be read as positive 27.9%)
H1 FY27 PAT: ₹375 crore
Operational Highlights
Registered Users: Over 14 crore (140 million), mostly in tier 2 and tier 3 cities
Repeat Customer Contribution: 65% of AUM from repeat customers
Platform Business Model: 75% of loan capital comes from lending partners (Lending Service Provider model), 25% from own NBFC
Collection Efficiency: 98.64% for September 2026, similar trend in October 2026
Asset Quality: Stage 1 assets at 94.6% for quarter ended September 2026
Customer Acquisition Cost: 1.6% of disbursals for Q2 FY27 (down from 1.9%-2% year before)
Average Interest Rate Charged: 24%-25% to customers on platform
Average Processing Fee: 3%-4%
Strategic Updates and Management Commentary
Business Foundation: Built on four pillars - customer-first approach, data and technology-driven, digital-first, capital-light model
Technology: AI-driven models for credit assessment and collections; 65%-70% of collection calls done through AI voice bots
Sourcing Channels: 65% of business from repeat customers; of new customers, 75% sourced directly (half organic, half paid marketing), 25% through embedded partnerships with consumer internet players
Lending Partners: 17 live partnerships on platform; no single partner contributes more than 13%-14%; highest partner at 10%-11%
Partnership Examples: Airtel, Supermoney, PhonePe, CRED mentioned as large consumer internet partners
Capital Structure and Funding
IPO Proceeds: ₹750 crore raised; listing date was October 1, 2026
NBFC Capitalization: ₹250 crore downstream investment into NBFC completed in October 2026
Cost of Capital:
Previous year average borrowing cost: 14.5%-14.8%
Current incremental borrowing cost: 12.7%-12.8% (2% reduction)
Rating Status: Currently at A- category with positive outlook; discussions ongoing with rating agencies for further upgrade post-IPO
Guidance and Outlook
FY27 PAT Guidance: Expected to exceed ₹800 crore (more than 100% growth from normalized FY26 profit)
Revenue Growth Outlook: Approximately 40% for full year FY27
Margin Outlook: Expect continued margin expansion from current 23.5%
Credit Cost Target: Maintain below 5% (currently at 4.9%)
Opex Efficiency: Opex as percentage of total income improved to 35% in H1 FY27 from 39% year-on-year; target to continue improving
Normalized ROE: Approximately 30% once IPO capital fully deployed
Additional Details
One-time Bonus: ₹160 crore bonus paid to Puneet Agarwal as one-time payment for past performance, disclosed in RHP
Geographic Focus: Primarily serves tier 2 and tier 3 cities in India
Market Opportunity: India's personal loan market expected to reach ₹33-36 lakh crore by FY31; digital personal loans growing at 26%-27% annually
