Profit After Tax (PAT): ₹375 crore in Q2FY27, representing 21.8% quarter-on-quarter growth
Return on Assets (ROA): 2.18%, showing 20 basis points improvement over previous quarter
Net Interest Income including fees and other income: ₹1,589 crore, up 12.3% QoQ and 75.6% YoY
Pre-provisioning operating profit: ₹877 crore, up 11.8% QoQ
Margin Performance
Net Interest Margin (NIM) plus fees: 9.26%, expanded by 16 bps QoQ and 86 bps YoY
Portfolio yield: 14.08%, increased by approximately 45 bps over Q1FY27
Disbursement yield: Expanded by approximately 20 bps over Q1FY27
Cost of borrowing: 7.76% versus 7.72% in previous quarter
Asset Quality Indicators
Gross NPA: 1.20% in Q2FY27 versus 1.37% in Q1FY27 (17 bps improvement)
Net NPA: 0.61% in Q2FY27 versus 0.70% in Q1FY27 (9 bps improvement)
Credit cost: 2.19% in Q2FY27 versus 2.40% in Q1FY27 (21 bps improvement)
Provisioning coverage ratio: 49.14%
Stage 1 composition: 97.86% versus 97.60% in Q1FY27
Stage 2 composition: 0.94% versus 1.03% in Q1FY27
Stage 3 composition: 1.20% versus 1.37% in Q1FY27
Early Vintage Performance
6 MOB 30+ for most recent cohort: 0.35% (32 bps lower than previous quarter's 0.67%)
Computed excluding gold loans to demonstrate true credit calibration
Stage 1 slippage ratio improved by 16% quarter-on-quarter
Stage 3 slippage ratio improved by 16% quarter-on-quarter
Operational Efficiency
Opex-to-AUM: 4.15% for the quarter
Reflects pre-investments in collection capacity, AI investments, and gold loan branch rollouts
Within guided range of 10-25 bps movement
Product Performance and Distribution
New Products Contribution
New products contributed 28% of disbursements in Q2FY27 versus 26% in Q1FY27 and 24% previously
Prime Personal Loans (Digital)
Contributes 42% of PL disbursements versus 38% previous quarter
Average monthly disbursement: ₹577 crore, grown by 8% quarter-on-quarter
Gold Loans
Quarterly disbursements: ₹1,066 crore versus ₹875 crore previous quarter
Network expanded to 550 branches from 460 at end of Q1FY27
90 new gold loan branches launched this quarter
On track to add approximately 200 new branches in FY27
Commercial Vehicles
Average monthly disbursement: ₹127 crore
Scaled up to 1,250 channel partners from 1,100 previous quarter
Geographical footprint: 90+ locations across 13 states
Education Loans
Average monthly disbursements: ₹218 crore
Consultant network expanded to 700 partners
35% of sanctions processed fully digitally through instant sanction platform
Consumer Durables
Quarterly disbursement: ₹606 crore versus ₹433 crore previous quarter
Dealer network: 20,000 dealers across 360 locations
Beginning to see expansion through cross-sell of other loans
Capital and Liquidity Position
Debt equity ratio: 4.3x
Capital adequacy ratio: 18.68% (Tier 1 capital: 17.15%)
Liquidity coverage ratio: 194% against regulatory requirement of 100%
Surplus liquidity: ₹6,526 crore as of September 30, 2026
Positive cumulative mismatch across all buckets
Share of borrowings from long-term sources: 88.92% versus 88.52% in Q1FY27
Strategic Initiatives
AI and Digital Transformation
Total AI projects: 143 (84 implemented, 59 underway)
42 new AI use cases identified this quarter
34 projects delivered in Q2FY27
Deployed conversational agents (chatbots, video bots, voice bots) across digital lending funnels
Voice bot dialer implemented for natural conversations at scale
MyBot platform evolved from knowledge assistant to agentic platform
AI marketing factory: 14 specialized creative agents generating content
2,200+ assets produced to date
140+ videos produced
1.5-2x higher click-through rates
60% lower cost than traditional agency models
Outreach to 15+ lakh customer leads monthly
Cross-Sell Engine
Multi-product cross-sell engine established and operational
Cross-sell penetration deepening across existing customers
Expected to serve as continuous multiplier for unit economics and operating leverage
Collection Strategy
Two-pronged approach: advanced predictive analytics + specialized human capital
Dedicated expert manpower teams segmented by product category, stage bucket, and delinquency cycle
AI-assisted decision-making for efficient resolution channel routing
Management Commentary Outlook
Company at inflection point establishing self-sustaining earnings engine
Structural improvements across four key dimensions: disciplined AUM expansion, NIM and fee optimization, credit quality refinement, collection infrastructure
Confidence in structural rather than transient asset quality gains
Expect continued ROA improvement from all three vectors: lending spread, operating leverage, and credit cost
Committed to sensible investments in growth initiatives including AI, branches, and new businesses
