Paisalo Q2 FY27: Consolidated PAT +27% YoY to ₹65.6 Cr, Growth Cools Off Q1's Pace

Paisalo Digital's consolidated (primary) PAT came in at ₹65.64 Cr for Q2 FY27, up 27.3% YoY from ₹51.54 Cr and up 7.1% QoQ from ₹61.31 Cr, on consolidated revenue of ₹277.31 Cr (+23.8% YoY, +6.5% QoQ). Standalone tracked closely — PAT ₹65.05 Cr, +28.0% YoY — so there is no material standalone/consolidated divergence this quarter. Against our pre-result preview, which pegged on-plan expectations at ~₹285 Cr revenue and ~₹70 Cr PAT with Street (JM Financial, Kotak Securities) rating the stock Neutral on valuation, the actual print landed light: revenue ~2.7% below plan and PAT ~6.2% below plan, making this a modest miss versus the bar the market had set rather than a beat. On management's own guidance — the reaffirmed 3-year target to roughly double AUM, income and net profit (~26% CAGR) — the 27.3% YoY consolidated PAT growth is essentially in line with, and marginally ahead of, that trajectory, so the headline growth guidance stands met. The one guided metric that did slip is NIM: management had maintained NIM at 6.6% as of the last concall, but this filing's H1 FY27 consolidated NIM comes in at 6.46% (6.43% standalone) per the regulatory ratio disclosures — a modest compression versus the guided level even as bottom-line margins improved, with consolidated net profit margin expanding to 23.67% of total income from 23.01% a year ago and 23.56% last quarter. The NPM expansion came alongside continued improvement in asset quality: consolidated GNPA fell to 0.65% and NNPA to 0.45%, both better than the 0.70%/0.49% levels flagged as a watch item pre-result, suggesting credit costs are not the drag on NIM — funding cost or book mix more likely is. On the balance sheet, consolidated loans grew to ₹7,114.40 Cr as of September 30, 2026 from ₹5,929.51 Cr at FY26-end, a ~20% half-year expansion, funded in part by the quarter's NCD and commercial-paper issuances (~₹295 Cr raised across nine NCD/CP series per Note 5) and the conversion of 2,500 FCCBs into 46.27 lakh equity shares at a ₹44.74 premium (Note 6). No management press release was available in the context to cross-check qualitative framing of the quarter. Taken together, the quarter confirms the growth trajectory management guided to, but at a pace that is sequentially cooler than Q1 and a touch light of what the Street had priced in going into the print — consistent with the maturation-risk debate flagged pre-result rather than a resolution of it.