Financial Performance Highlights

Q4 FY2025-26 Results:

  • AUM: ₹1,541.17 crore (83.8% YoY growth from ₹838.44 crore in Q4 FY2024-25)
  • Disbursements: ₹699.91 crore (163.7% YoY growth from ₹265.39 crore in Q4 FY2024-25)
  • Profit Before Tax: ₹14.83 crore (207.7% YoY growth from ₹4.82 crore in Q4 FY2024-25)

Full Year FY2025-26 Results:

  • Total Disbursements: ₹1,767.59 crore
  • Profit Before Tax: ₹37.98 crore
  • Profit After Tax: ₹28.21 crore
  • ROA (weighted average): 2.31%
  • Credit Cost: Approximately 1% of total AUM

Product Portfolio Breakdown (as of March 2026)

Mediclaim Insurance Premium Financing:

  • AUM: ₹607.88 crore (39% of total AUM)
  • Policies financed: 200,000-300,000 in FY2025-26
  • Return on Assets: 8-9%
  • IRR yield: 18-24%
  • Average ticket size: ₹55,000
  • Tenure: 2-36 months
  • Portfolio quality: Near-zero NPA
  • CRISIL rating: A+ (SO) for securitization pool
  • Integration: With more than 10 insurance companies

Government Salary-Backed Lending (Salary Saathi):

  • AUM: ₹26.40 crore (2% of total AUM)
  • Integrated with Rajasthan and Assam state governments (18 lakh employees)
  • Ticket size: ~₹4 lakh
  • Tenure: Up to 60 months
  • Yield: 12-20%
  • Ongoing discussions with Maharashtra, Chhattisgarh, Meghalaya, and Goa

EV and Solar Financing:

  • AUM: ~₹459 crore (30% of total AUM)
  • B2C book: ₹166.04 crore
  • B2B book: ₹293 crore

Other Loans: 29% of total AUM

Quarterly Performance Trends

AUM Growth:

  • Q1 FY2025-26: ₹944 crore
  • Q2 FY2025-26: ₹1,028 crore
  • Q3 FY2025-26: ₹1,156 crore
  • Q4 FY2025-26: ₹1,541.17 crore

Disbursement Growth:

  • Q1 FY2025-26: ₹322 crore
  • Q2 FY2025-26: ₹360 crore
  • Q3 FY2025-26: ₹387 crore
  • Q4 FY2025-26: ₹700 crore (highest quarterly disbursement)

Operational Efficiency Metrics

Employee Headcount Reduction:

  • Q1 FY2025-26: 499 employees
  • Q2 FY2025-26: 454 employees
  • Q3 FY2025-26: 426 employees
  • Q4 FY2025-26: 420 employees
  • FY2026-27 target: ~300 employees
  • Disbursement per employee: ₹4.21 crore

Borrowing Profile and Cost

Borrowing Cost Reduction:

  • Q1 FY2025-26: 13.80%
  • Q2 FY2025-26: 12.79%
  • Q3 FY2025-26: 12.97%
  • Q4 FY2025-26: 12.17% (163 bps reduction during year)
  • FY2026-27 target: Below 10%

Borrowing Composition (Total: ₹1,397.60 crore from 40+ lenders):

  • DFIs: 36.68% (Symbiotics, BlueOrchard, DWM, FinFund, Incofin, Shell Foundation)
  • NCDs: 20.19%
  • NBFC & Financial Institutions: 18.12%
  • PSU Banks: 14.60% (Bank of Baroda, Canara Bank)
  • Private Banks: 10.41%

Rating Journey

  • FY2022-23: BBB
  • FY2023-24: BBB
  • FY2024-25: BBB+
  • FY2025-26: A- (Stable) by Acuite Ratings
  • FY2026-27: Expecting further upgrades

Asset Quality Metrics

Gross NPA:

  • Q4 FY2024-25: 2.50%
  • Q3 FY2025-26: 2.24%
  • Q4 FY2025-26: 1.94%
  • FY2026-27 target: Below 1.5%

Net NPA:

  • Q4 FY2024-25: 2.13%
  • Q3 FY2025-26: 1.91%
  • Q4 FY2025-26: 1.65%

Stage 2 Assets:

  • Q4 FY2024-25: 12.60%
  • Q3 FY2025-26: 11.91%
  • Q4 FY2025-26: 5.90%

Other Metrics:

  • Provision coverage: 35.95%
  • Collection efficiency: Consistently above 96.5%

Balance Sheet Position

  • Net Worth: Increased from ₹270.25 crore (FY2024-25) to ₹574.65 crore (FY2025-26)
  • Total Assets: Grew from ₹1,021.38 crore to ₹2,027.51 crore
  • Total Borrowings: Increased from ₹703.67 crore to ₹1,397.60 crore
  • Debt to Equity: 2.43 times
  • CRAR: 32.37% (well above RBI regulatory minimum of 15%)
  • Equity raised in FY2025-26: Approximately ₹300 crore

Future Guidance and Targets

FY2026-27 Targets:

  • AUM: ₹2,500 crore
  • PAT: ₹80-90 crore (3x increase from FY2025-26)
  • Mediclaim Financing AUM: ₹1,000 crore (50-60% of total AUM)
  • Borrowing cost: Below 10%
  • Gross NPA: Below 1.5%

Long-term Vision (3-4 years):

  • PAT: ₹500 crore+
  • Focus on profitability rather than AUM growth
  • Strategy: PTC and DA transactions to improve bottom line without equity dilution

Market Context

  • Mediclaim financing market: ₹3 lakh crore industry, growing at 15% CAGR
  • Expected to reach ₹5 lakh crore in coming years
  • Company targeting ₹1,500 crore disbursements in Mediclaim segment alone in FY2026-27