Key Financial Performance Highlights

Quarterly Comparison (Consolidated)

| Particulars | Q1 FY27 | Q4 FY26 | QoQ Change | Q1 FY26 | YoY Change |

| Disbursement (₹ Cr) | 1,371 | 1,539 | (11)% | 280 | +389% |

| AUM (₹ Cr) | 4,887 | 4,420 | +11% | 4,958 | (1)% |

| Income (₹ Cr) | 303 | 277 | +9% | 304 | (0.03)% |

| Net Interest Income (₹ Cr) | 135 | 97 | +39% | 113 | +19% |

| Impairment (₹ Cr) | (1) | (18) | +17 Cr improvement | 422 | (423) Cr improvement |

| PPOP (₹ Cr) | 40 | 39 | +0.8 Cr | (40) | +79 Cr |

| PBT (₹ Cr) | 18 | 8 | +10 Cr | (481) | +498 Cr |

| PAT (₹ Cr) | 12 | 5 | +7 Cr | (360) | +372 Cr |

| GNPA | 3.64% | 3.78% | (15) bps | 5.49% | (185) bps |

| NNPA | 0.68% | 0.73% | (5) bps | 1.15% | (47) bps |

Standalone Asset Quality

| Parameter | Q1 FY27 | Q4 FY26 | Change | Q1 FY26 | Change |

| GNPA | 2.91% | 3.33% | (41) bps | 4.88% | (197) bps |

| NNPA | 0.56% | 0.64% | (9) bps | 0.96% | (40) bps |

Operational Highlights

Portfolio Growth & Composition

  • AUM reached ₹4,887 Cr as of June 30, 2026, showing 11% quarter-on-quarter growth
  • Disbursements of ₹1,371 Cr in Q1 FY27, primarily driven by new member additions
  • 91% of microfinance AUM originated under new credit rules, reporting 99.4% Net Collection Efficiency for Q1 FY27
  • Portfolio yield improved to 24.6% in Q1 FY27 from 22.8% in Q4 FY26 (+182 bps)

Asset Quality & Collections

  • X-bucket Collection Efficiency maintained above 99.5% (99.6% standalone in Jun-26)
  • PAR 30+ improved to 4.4% from 13.4% in June 2025
  • ~80% of MFI branches above 99.5% X-bucket Collection Efficiency (93% branches above 99%)
  • Net collection efficiency improved to 95.9% for Q1 FY27 vs. 94.7% for Q4 FY26
  • Lender overlap with +>3 lenders reduced to 3.7% from 18.2% (based on credit bureau data)

Recovery Efforts

  • ₹51 Cr recovered in Q1 FY27
  • Cumulative recovery of ₹326 Cr achieved over 18 months
  • 1,000+ dedicated recovery associates as of June 2026

Key Ratios

| Ratio | Q1 FY27 | Q4 FY26 | Change | Q1 FY26 | Change |

| Yield (%) | 24.6 | 22.8 | +182 bps | 19.3 | +530 bps |

| Cost of borrowing (%) | 12.8 | 13.2 | (40) bps | 12.3 | +48 bps |

| NIM (%) | 12.5 | 9.9 | +253 bps | 8.2 | +426 bps |

| Opex-to-AUM (%) | 13.3 | 15.6 | (229) bps | 14.0 | (66) bps |

| Cost-to-income (%) | 79.5 | 80.5 | (93) bps | 123.3 | (4,377) bps |

| ROA (on-book POS, %) | 1.1 | 0.5 | +56 bps | (26.1) | +2,721 bps |

| ROA (Total Assets, %) | 0.7 | 0.3 | +40 bps | (19.0) | +1,971 bps |

| ROE (%) | 2.2 | 1.0 | +120 bps | (58.3) | +6,054 bps |

Balance Sheet Position (Consolidated)

Assets (₹ Cr)

| Item | Jun 30, 2026 | Mar 31, 2026 | Change |

| Cash and bank balances | 942 | 1,275 | (333) Cr |

| Loan Portfolio | 4,418 | 3,860 | +558 Cr |

| Investments | 334 | 114 | +220 Cr |

| Other financial assets | 80 | 97 | (17) Cr |

| Total Financial Assets | 5,774 | 5,346 | +428 Cr |

| Current tax assets (net) | 51 | 119 | (68) Cr |

| Deferred tax assets (net) | 698 | 703 | (5) Cr |

| Property, Plant and Equipment | 16 | 18 | (2) Cr |

| Total Assets | 6,596 | 6,246 | +350 Cr |

Liabilities & Equity (₹ Cr)

| Item | Jun 30, 2026 | Mar 31, 2026 | Change |

| Debt Securities | 2,608 | 2,175 | +433 Cr |

| Borrowings (Other than Debt Securities) | 1,684 | 1,767 | (83) Cr |

| Other Financial liabilities | 108 | 116 | (8) Cr |

| Total Financial Liabilities | 4,399 | 4,059 | +340 Cr |

| Equity Share Capital | 80 | 80 | No change |

| Other Equity | 2,060 | 2,049 | +11 Cr |

| Total Equity | 2,140 | 2,130 | +10 Cr |

Funding & Liquidity

  • Liquidity position of ₹1,316 Cr as of June 30, 2026
  • Incremental funding of ₹1,597 Cr secured in Q1 FY27
  • Capital Adequacy Ratio (CRAR) of ~33.8% as of June 2026
  • Marginal cost of borrowing reduced to 11.3% in Q1 FY27 from 12.0% in Q4 FY26 and 13.2% in Q3FY26
  • Diversified borrowing mix with 47% outstanding loans from banks
  • Right to call up ₹200 Cr out of the ₹400 Cr partly-paid rights issue till March 2027

Credit Rating Update

  • ICRA Ratings changed outlook to BBB+/Stable from BBB+/Negative for Bank Facilities/MLD's
  • Other ratings: CRISIL (BBB+/Stable), CARE (BBB+/Stable, A2 for CP's), India Ratings (BBB+/Negative)

Geographic Distribution

  • AUM concentration of top 5 states at 59%
  • Top states by AUM percentage: Madhya Pradesh (15%), Bihar (14%), Odisha (12%), Andhra Pradesh (10%), West Bengal (9%)
  • Well-diversified district-level concentration with top 5 districts representing 1.3% of AUM, top 10 at 2.4%, and top 20 at 4.6%

Other Updates

  • Active customer base of approximately 11 lakh
  • Operating expenses reduced to ₹155 Cr in Q1FY27 from ₹209 Cr in Q1FY26
  • Consolidated PCR (Provision Coverage Ratio) at ~81%
  • Company is focusing on graduating from micro-LAP to affordable LAP

Impairment Breakdown (Q1FY27)

| Component | Amount (₹ Cr) |

| On technical write-offs | 15 |

| On GNPA | 13 |

| On stage 1, 2 & others | (5) |

| Recovery of loans written-off | (24) |

| Total | (1.3) |