SG Finserve Limited

SG Finserve Limited submitted its earnings presentation and press release for the quarter and half year ended September 30, 2026, in compliance with Regulation 30 of the Listing Regulations.

Financial Performance Highlights

Consolidated Results (₹ Crore):

Q2 FY27 Performance:

  • Interest Income: ₹152.9 (up 19% QoQ, 112% YoY)
  • Fee/Other Income: ₹8.0 (up 10% QoQ, 233% YoY)
  • Total Income: ₹160.93 (up 18% QoQ, 115% YoY)
  • Interest Expenses: ₹68.2 (up 26% QoQ, 125% YoY)
  • Net Interest Income: ₹92.72 (up 13% QoQ, 109% YoY)
  • Operating Expenses: ₹11.1 (up 16% QoQ, 85% YoY)
  • Impairment Provision: ₹2.5 (compared to ₹(0.1) in Q2 FY26)
  • Profit Before Tax: ₹79.10 (up 10% QoQ, 106% YoY)
  • Income Tax: ₹20.6 (up 15% QoQ, 105% YoY)
  • Profit After Tax: ₹58.53 (up 9% QoQ, 106% YoY)

H1 FY27 Performance:

  • Interest Income: ₹281.8 (up 106% YoY)
  • Fee/Other Income: ₹15.3 (up 178% YoY)
  • Total Income: ₹297.06 (up 109% YoY)
  • Interest Expenses: ₹122.3 (up 122% YoY)
  • Net Interest Income: ₹174.78 (up 101% YoY)
  • Operating Expenses: ₹20.7 (up 50% YoY)
  • Impairment Provision: ₹3.4
  • Profit Before Tax: ₹150.70 (up 108% YoY)
  • Income Tax: ₹38.5 (up 99% YoY)
  • Profit After Tax: ₹112.20 (up 112% YoY)

Standalone PAT: ₹58.80 Crore (Q2 FY27), ₹112.48 Crore (H1 FY27)

Operational Metrics

  • Loan Book: ₹5,694 Cr as of September 30, 2026 (up 25% QoQ, 98% YoY)
  • Average Loan Book: ₹4,324 Cr for H1 FY27 (up 92% YoY)
  • Gross Disbursements: ₹16,000 Cr+
  • Debt/TNW: 2.7x
  • Capital Adequacy: ~27%
  • Asset/Equity: ~3.7x
  • Zero NPA track record maintained
  • Cost/Income Ratio: <15%
  • RoA: 4.9% (H1 FY27)
  • Annualized RoE: 14.7% (H1 FY27)
  • Total Equity: ₹1,598 Crore
  • Team size crossed 100 employees
  • Per employee annualized profitability: ₹2 Cr+

Business Development

  • Over 80% of loan book growth contributed by new customers
  • Acquired 14 new Anchor corporates
  • Acquired ~275 new borrowers (excluding Digital Lending product)
  • Contribution of loan book beyond Group's ecosystem increased to ~75%
  • Supply Chain Finance continues to contribute 2/3rd of overall loan book
  • Factoring/TReDS products scaled
  • Loan Against Property (LAP) product launched (started with Delhi-NCR)
  • Digital Lending product launched (under LSP partnership)

Credit Rating & Corporate Structure

  • Rated CRISIL AA-/Stable/A1+
  • Part of APL Apollo Group (APL Apollo Tubes Limited is India's largest structured steel manufacturer)
  • Among ~1% NBFCs in India offering Supply Chain Finance, Factoring or TReDS

Guidance

  • AUM: 25-30% CAGR
  • PAT: 30-35% CAGR
  • RoA: 4.5%+
  • RoE: 15%+
  • Cost/Income: <15%
  • NPAs: NIL

Management Commentary

The management stated that the company achieved an all-time high loan book and maintained disciplined credit underwriting with nil NPAs. The business strategy focuses on "deepening and widening" - strengthening relationships with existing customers, acquiring new customers, expanding product offerings, forging strategic partnerships, and exploring adjacent financial services.

Leadership Team

Board Members:

  • Deepak Goyal (Chairperson Director)
  • Smt. Asha Anil Aggarwal (Ex-Chief Principal Commissioner Income Tax Dept.)
  • Shri Hsu Kamath (Ex-CMD Vijaya Bank & ED Canara Bank)
  • Shri Rakesh Sharma (Ex-CGM State Bank of India)

Management Team:

  • Vinay Gupta (Chief Executive Officer)
  • Lalit Gupta (Chief Business Officer)
  • Abhishek Mahajan (Chief Risk Officer)
  • Sanjay Rajput (Chief Finance Officer)
  • Renu Rai (Chief People Officer)
  • Ankit Sharma (Company Secretary)

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