Credit fortress built, but growth slowing from 27% to 20-25%

PAT ₹122.6 Cr confirms profitability; no issue with claim

AUM grew 27% YoY; confirms robust portfolio expansion

Reported 3.06% (ex-overlay 1.97%); within guidance

Delivered revenue ₹762.1 Cr; discrepancy of ₹28 Cr suggests different metric or results outperformed opening remarks

Now guided 20-25%, Q1 already at 27%; guidance downgraded 500 bps at midpoint

Credit quality metrics confirm strong improvement; no stress

Prior call (Q4 FY26): 25-30% consolidated AUM growth for FY27. Current: 20-25%. Midpoint cut ~500 bps. Q1 at 27% suggests deceleration Q2-Q4 expected

Revised monsoon outlook warrants caution on rural cash flows next 2-3 months. Not mentioned in prior guidance; new risk disclosure

Management now explicitly building ₹36 Cr buffer vs prior quarter (₹20 Cr). Aim: cycle-proof ROA 3.5-4% reported. Trade-off: reported returns managed down

Non-MFI AUM 19% of consolidated (was 14% YoY). Satin Finserv +134% YoY, Satin Housing +31%. Green finance ₹624 Cr. Still in investment phase but scaling

No fixed quantum; based on operational ecosystem. Could skip buffers if conditions remain benign. Provision ₹250 Cr vs RBI requirement ₹152 Cr gap is deliberate, will maintain.

DA maintained 20-22% of consolidated AUM quarterly range. Q4 always heavy. Q2-Q3 similar to Q1 levels. Stable state ₹90-100 Cr per quarter implied.

Slippages halved INR90 Cr → INR49 Cr; GNPA down 90 bps; buffer increased INR20 → INR36 Cr. Portfolio improving; provisioning strengthening. Credit cost rises due to buffer, not stress.

Assam flood: ₹149.83 Cr portfolio affected (~5% of Assam), ₹96.95 Cr insured. Rest of Assam 100% on target. No stress outside affected districts.

Already started contributing; in scale-building phase at ₹1,200 Cr AUM each. Will show quarter-on-quarter benefits now. Operating leverage will be substantial as they grow to 30% mix.

Stable state 20-25% is what we're targeting for '28 also; not a guidance. Could achieve 40% but must do it with portfolio quality discipline. Growth with calibrated credit quality is the approach.

Not entered CGFMU scheme; becomes relevant only if GNPA crosses 3.5-4%. Our GNPA is 2.18%; no immediate need for guarantee scheme.

₹1,573 Cr ECB outstanding, 100% fully hedged. MTM on derivatives booked in income, FX in finance cost. Net impact Q1 negative ₹3 Cr; negligible. No FX risk.

Downgraded from prior 25-30% guidance. Q1 at 27%, implying deceleration H2. Review at half-year based on monsoon

Currently 14.36%; last 8 quarters: range 13.16% to 15.85%. Lowest ever 13.5% post-crisis. Stable around 14.5% expected

Q1 at 3.06% (ex-overlay 1.97%); within range. Will continue to aim to outperform towards 2.5-3% stable-state

Cumulative 2,041 branches; 9 months to branch profitability (1,000 customers threshold). Disciplined expansion; no major capex commitment stated

Revised monsoon outlook flagged by management for next 2-3 months. Rural cash flows at risk; potential collections stress in Q2 FY27

West Asia geopolitical situation mentioned but stated to have no discernible impact on business to date

Assam experiencing severe floods; 3 districts (Jorhat, Sivasagar, Charaideo) impacted. ~44,000 borrowers, ₹149.83 Cr portfolio affected

Revenue growth 7.6% YoY while AUM grew 27% YoY; suggests yield/mix compression. NBFC MFI share risen to 43.7% (from 38.9%); intensifying competition

Satin Finserv, Satin Housing, Satin Technologies in growth/investment phase; dragging consolidated ROA to 3.3% vs standalone 3.55%