Guidance met; opex rising as growth accelerates

Q1 delivered 25.7% YoY AUM growth to ₹16,938 Cr

Incremental spread 5.3%, book spread 5.30%, above guided range but targeting long-term convergence

Q1 credit cost 40 bps, at upper end but within range

Disbursement +31% YoY, +3.6% QoQ; home loans driving, LAP secondary

1+ DPD 4.7%, 30+ DPD 3.2%, Gross Stage 3 1.8%, all flat QoQ

Q1 delivered 25.7% YoY (₹16,938 Cr), beating 25% guide by 70 bps. Maintains FY27 trajectory.

Guidance 2.6–2.7%, Q1 at 2.8%; up 70 bps QoQ. Mgmt cites hiring, increments; expects range-bound full-year but near-term pressure evident.

Book 5.30%, incremental 5.3% vs 5–5.25% long-term guided. Mgmt reaffirms convergence over time; fully floating rate means rate-pass-through.

Q1 BT out 4.5%, lowest in many quarters, vs 5–6% control range. Mgmt uncertain on sustainability; says 5% is baseline expectation.

Process/policy changes caused Q1 hiccups. ₹46 Cr disb this Q. Expects stabilization; no revised growth target yet.

Yes, home loan origination higher, LAP secondary. Ticket sizes up in home loans only; LAP stable. LAP not a focus area.

Not entirely. Employee per branch ratio rose 1 per branch per quarter. 4 new branches = ~200 staff; remainder scaling existing operations.

No one-off. Cost of borrowing down, but floating rate book. Will pass through to customers. Committed to 5–5.25% spreads. Book will converge.

Unlikely due to West Asia crisis uncertainty. No cut expected.

Internal processes controlling BT out – branch manager engagement, top-up pitching, waterfall protocols. Whether 4.5% sustains unclear; target 5% range. Processes ongoing 5–6 quarters.

Should expect 5–10 bps YoY reduction. Full year guidance 2.6–2.7%.

Q1 process/policy changes caused hiccups. Partner banks aligning. Should stabilize going forward.

Roughly 50–50. 50% from unit growth, 50% from ticket size. Productivity improving marginally.

Customers face same challenges (can't access larger lenders). Willing to pay premium. Longer-term marginal compression offset by opex improvement.

Bounce rates marginally improved. Q1 usually tough; this year stable/improved. Data-driven collections, AI interventions, automation easing RM load.

Fully floating rate book. Pass through cost moves. Committed to 5–5.25% spreads on rate movement.

New-to-credit declining market-wide (more credit access). Philosophy: improve customer profile without sacrificing spreads/yields. Maintain 5–5.25%.

Both factors in KRA. Fairly stable, ~₹3.5 Cr per employee, ~₹5–5.5 Cr per sales employee annually.

Threshold has moved up. ₹25–50 Lakh range lacks bank access due to documentation gaps, employment mix issues. Same as ₹15 Lakh segment 10 years ago. Won't face immediate BT out.

At origination time.

Broadly same range. LAP ~13–14% of portfolio, not materially different.

Except NHB 7-year fixed scheme, rest all floating.

Apartment segment traction in Bombay, Pune, larger cities Gujarat/Maharashtra. LTV higher at origination.

Structural – based on customer segment, underwriting, collection process. Can't reduce dramatically without changing segment/underwriting. Margin would compress.

Tariff-related stress addressed. Post-war, no stress buildup seen. No war impact on collections. Tirupur improving.

Q1 key barometer. Generally uptick in Q1, few quarters to bring back to March. Q1 excellent, should keep stable across quarters.

If things go well, yes. Won't commit unless 2–3 quarters sustained. Currently hoping 5%.

Several quarters back, ~5–6 quarters ago.

Originations ~10–15% growth. Login to sanction ~40% secular trend. 50% of 31% growth from volume, 50% from value.

TN: tariff stress, team issues now resolved, should see growth momentum. MP: successful team building contributed. Year-on-year fluctuation.

One district has ~100-200 accounts. Sometimes closer to another branch, service from there. No origination, servicing continues.

KRAs include both volume and value. Expectation is productivity rises. Mix dependent (new vs old RMs). Gradual process.

Deployment improves turnaround, cost, delinquencies. Track opex, delinquencies, NPS. Disbursal per branch, AUM per employee/branch. Too early to attribute AI gains quantitatively.

Yes, NPS is quantifiable metric. Overall experience more anecdotal (branch/customer visits).

Customer experience not very quantifiable. More anecdotal on turnaround, experience vs market. Nothing quantified.

Hard to predict. Assume 16–17% in calcs. This Q exceptional on BT out. Otherwise normal.

No behavioral change.

UP largest potential (long-term 1–3 years). Rajasthan already well-penetrated. Southern states TN, Andhra, Telangana for growth.

Q1 delivered 25.7% YoY. Branch network, disbursement momentum, market demand support target. Affordable housing opportunity compelling.

Q1 book 5.30%, incremental 5.3%, running above. Mgmt says market-driven, NHB drawdown timing; floating rate pass-through. Convergence expected over time.

Up from 5.9% prior Q. Fully floating rate book allows pass-through. No FY27 NIM target stated.

Q1: 4 branches added. Pacing implies ~16/year annualized if continued, well below guidance. Expansion states: UP (medium-term 1–3 years), southern (TN, AP, Telangana).

Cost to income 32.7% (+70 bps QoQ). Opex to AUM 2.8% vs guided 2.6–2.7%. Increments, hiring for growth, admin expenses offset. Mgmt expects full-year "broadly range-bound" but near-term pressure evident.

Book spread 5.30% vs long-term 5–5.25% target. Incremental spread 5.3%. Running 5–10 bps above guidance. Mgmt attributes to cost of borrowing dynamics and pending NHB drawdown. Fully floating rate book mitigates, but competitive intensity or rate environment shift could compress margins.

Gross Stage 3 1.8%, 1+ DPD 4.7%, 30+ DPD 3.2% flat. Credit cost 40 bps at upper end of 30–40 bps guidance. Portfolio composition shifting to higher ticket sizes (₹25+ Lakh now 18% vs 14% year ago). Geopolitical risk (West Asia), tariff tail risk. Mgmt constrained on improving DPD ratios without changing customer segment.

Q1 co-lending disbursements ₹46 Cr vs ₹617 Cr book. Process/policy changes caused Q1 hiccups. Important for capital-efficient AUM growth and customer reach. Ramp uncertain if partner bank integration delays persist.

CFO Nutan Patwari stepping down Aug 31, 2026 (announced on call). Successor appointment pending. 8-year tenure, integral to financial architecture, governance, capital strategy. Near-term execution and investor relations continuity risk.