• The document is a regulatory filing containing the transcript of a conference call held on July 16, 2026, to discuss the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2026 (Q1 FY27).
  • The call was an earnings conference call held post-results announcement, with the stated purpose of discussing quarterly results and providing a business update.
  • Management participants included:
  • Mr. Anand Piramal – Chairman
  • Mr. Jairam Sridharan – Managing Director and Chief Executive Officer
  • Mr. Rupen Jhaveri – Group President
  • Mr. Yesh Nadkarni – Chief Executive Officer, Wholesale Lending
  • Mr. Vikash Singhla – Chief Financial Officer
  • Mr. Ravi Singh – Head, Investor Relations, Strategy and Sustainability
  • The transcript of the conference call was made available on the company's website at a specific URL provided in the disclosure.
  • The company indicated that the discussion included forward-looking statements subject to risks and uncertainties, but no specific statement was made regarding the sharing of unpublished price sensitive information (UPSI).

Financial Highlights Discussed (as per transcript)

Performance Metrics:

  • Consolidated Net Profit: Rs. 461 crore in Q1 FY27, up 67% YoY (vs. Rs. 276 crore in Q1 FY26)
  • Pro forma PBT for Growth business: Rs. 470 crore in Q1 FY27 (vs. Rs. 294 crore in Q1 FY26)
  • Total AUM: Rs. 1,06,940 crore, up 25% YoY
  • Growth AUM (retail + wholesale, excluding legacy): Up 32% YoY; constitutes 98% of total AUM
  • Net Interest Margin (NIM): 6.5% (up 47 bps YoY, flat QoQ); Growth business NIM at 6.8%
  • Return on AUM (Growth business): 1.9% in Q1 FY27 (vs. 1.5% in Q1 FY26)
  • Total Income: Rs. 1,693 crore, up 37% YoY
  • Pre-provisioning Operating Profit: Rs. 804 crore, up 89% YoY
  • Cost to Income Ratio: 53% in Q1 FY27 (vs. 66% in Q1 FY26 and 72% in Q1 FY25)
  • Capital Adequacy: 18.85% as of June 2026
  • Net Worth: Rs. 28,906 crore

Asset Quality:

  • Retail 90+ delinquencies: 0.7% (stable in range of 0.6-0.8% for over 4 years)
  • Wholesale Stage 2 & 3 assets: Below 0.2%
  • Growth business credit cost: 1.6% (broadly stable)
  • Overall credit cost: 1.8% (includes additional provisioning in legacy book)
  • GNPA: 2.4%; NNPA: 1.6%

Business Segment Breakdown:

  • Retail AUM: Rs. 91,249 crore (up 32% YoY)
  • Mortgage (HL + LAP): Rs. 61,199 crore (up 30% YoY; 57% of company AUM)
  • Unsecured (PL, UBL, Digital, Micro): Rs. 21,412 crore (up 45% YoY; 20% of company AUM)
  • Wholesale AUM: Rs. 13,238 crore (up 27% YoY)
  • Real Estate vs. CMML mix: 70-30
  • Average ticket size: Rs. 56 crore; Average yield: 14.2%
  • Q1 Disbursements: Rs. 2,604 crore across 73 transactions
  • Q1 Repayments: Rs. 1,932 crore (74% of disbursements); 61% of FY27 contractual repayments already received
  • Legacy AUM: Rs. 2,452 crore (just 2% of total AUM; decreased by Rs. 355 crore in Q1)

Operational Metrics:

  • Customer base: 6 million (up 24% YoY)
  • Cross-sell in unsecured disbursements: 28%
  • Branch network: 780 branches (net addition of 79 in Q1)
  • Gold loans: 67 branches (aiming for 200 by March 2027)
  • Rural micro lending: 178 branches (vs. 136 previous quarter)
  • Urban full-service: 535 branches (8 closed in Q1)

Strategic Updates & Guidance:

  • The board approved a fund-raise of up to Rs. 4,000 crores (enabling resolution passed; to be raised at an appropriate time post shareholder approval).
  • Received ratings of BBB/Stable from Japanese credit agencies R&I and JCR (one notch below sovereign).
  • Confident in meeting FY27 guidance on AUM growth, profit growth, and return on AUM.
  • Target leverage (AUM to equity): Progressing towards goal of 4.5x to 5x (currently at 3.7x vs. 3.2x in Q1 FY26).

AI Initiatives:

  • AI token usage: 320 billion tokens in Q1 (vs. 178 billion in Q4 FY26 and 63 billion in Q1 FY26).
  • Launched AI-powered investor assistant named "Pia" on the investor relations website, trained on quarterly results, data packs, and prior earnings call transcripts.
  • Highlighted AI progress in credit underwriting (Credit.ai), noting a 50% increase in credit staff productivity over two years.

Risk Observations:

  • Noted early signs of stress in the IT sector salaried customer segment (particularly in Southern India), more visible in secured products currently.
  • Stated that the West Asia conflict has had no visible impact on the portfolio so far.
  • Digital loans/embedded finance business volumes are cyclical and dependent on fintech activity; currently at historically good risk levels.

Additional Notes

  • The document was an enclosure to a letter dated July 22, 2026, submitted to BSE and NSE pursuant to Regulation 30(6) of the SEBI (LODR) Regulations, 2015.
  • The attached transcript was from the conference call held on July 16, 2026.
  • No financial data was disclosed in the announcement letter itself; all figures were part of the enclosed transcript.