Record profit, margins beat guidance; gold slowdown offset by MSME ramp

Delivered OPM 36.8%, which implies ₹611.2 Cr — exact match

Delivered ₹411.5 Cr, +35.0% YoY — rounding difference

Delivered NIM 4.29% — exact; guidance was 3.9-4.0%, so beat by 29-39 bps

Delivered 2.14% — exact match, beat guidance low end by 14 bps

Delivered 15.93% — exact; prior guidance was 14-15%, hit upper end

Deliberate trade-off; term deposits grew 20.73% to fund growth; management expects CASA recovery in Q2

Delivered 39.10% but management explicitly said this is unusual with one-off benefits; now revises to defend 46-47%

From 16% to 18% YoY; Q1 delivered 19.71%. Management confident in term deposit momentum; CASA recovery expected Q2

From 20% to 21-22% YoY; Q1 delivered 27.01%. Gold expected to slow H2, offset by MSME (20%+ YoY, focus ramp) and retail (vehicle +25.7%, home loan sanctions up)

From 3.9-4.0% to >4% full year; Q1 delivered 4.29%. Management now confident can sustain on back of term deposit repricing and selective gold loan yield tightening

From 1.9-2.0% to >2% full year; Q1 delivered 2.14%. Profit growth outpacing asset growth; management expects continuation

Maintained at 15% (vs prior 14-15%); Q1 delivered 15.93%. At upper bound; management expects to sustain

Q1 39.10% flagged as unusual with one-offs. Management now says can reduce by 2% from defended 46-47%, i.e., target ~44-45%. Implies Q1 had ~100+ Cr structural benefit

From commodity price tailwind to 'tonnage game'; management expects customer acquisition and brand to drive growth as $/oz stabilizes ~$4,000. Portfolio still 47% of advances; internal cap at 50%

Growth accelerated to 20%+ YoY; management has made structural HR, tech, LOS investments; expects this to fill gap as gold slows

CASA 17-18%, deposit +18% (raised from 16%), advances 21-22% (from 20%), total business 20% (from 18%), NIM >4%, ROA >2%, ROE 15%, GNPA <1%.

Specific guidance deferred; confident will be well ahead of 20%+. Structural investments (LOS, HR, CMCs) yielding results; still studying extent of response.

No stress observed in book or customer cash flows. GECL portfolio uptick monitored but no stress. No impact so far.

Gold loan portfolio contributed ₹100-150 Cr SMA spike. Corrective mechanisms in place; numbers coming down. Under control.

MSME: widening customer base, diversifying, requiring finer pricing. ROA still acceptable. Agri: conscious effort to improve gold loan pricing in anticipation of term deposit rate hardening. Net result: NIM 4.29%.

Too early to react. Bank not involved; case between ED and investors. ED claim dismissed; can still appeal. Studying order; engaged top legal firm for advice. Clarity will emerge this quarter.

Migration between retail and agri gold loans. But vehicle loans up 25.7%; home loan downtrend arrested; jewel loan for consumption strong. Expect retail to contribute meaningfully in FY27.

Only 2 accounts; one-off slippage. Will be tackled Q2. MSME portfolio remains robust; credit quality pristine. Gross NPA June 26 vs June 25 actually improved (₹160 Cr vs ₹202 Cr).

3 products: home loan (8-10% growth target, sanctions up this quarter), vehicle loan (continuing 25%+ growth), LAP loan. Retail segment will grow alongside MSME.

Tonnage game: acquire new customers, not just price leverage. Branches equipped, sub-10-minute disbursement capability. Focusing on customer base expansion; will continue to grow but not at prior rates.

₹280 Cr: 21% infra, 20% new software + 35% enhancements, 10% cybersecurity, 35% other. Cybersecurity 10% not limiting; will ramp up as needed.

Total requirement ₹324 Cr on June 30, 2026 balance sheet. Already set aside ₹250 Cr (COVID contingency) + ₹26 Cr (stress NFB) = ₹276 Cr. RBI allows spread over 4-5 years. No further provision planned FY27 unless trigger. Confident can fully provide FY28. Likely in Q1 FY28 itself.

Informal internal cap at 50%. At 46.97% now; may move up slightly but won't change significantly. MSME, retail growing; non-gold portfolios to grow in tandem. Structural, HR, tech investments made to ensure non-jewel growth.

6-month or 1-year bullet payment; not EMI. LTV tracked as disbursed plus interest accrual. New loan LTV cap at 75% (consumption) or 85% principal+interest on due date. 18 different products; mostly 75% range.

Conservative bank prefers secured lending. Unsecured book only 10 bps. Will use CGTMSE in hybrid model (CGTMSE + collateral) to ensure borrower skin in the game. Not actively pursuing guarantee-only lending.

Never expected to break 40% mark; Q1 unusual with one-offs. Will defend 46-47%. Structural HR, IT initiatives bearing fruit (NII up). Revising guidance downward from prior target; can reduce by 2%.

Will meet again after Q2; take question again then. Gold per-gram growth may plateau but tonnage will grow. MSME (10%+ yield) also ramping. Both together, don't see reduction in profit growth.

Q1 delivered 19.71%; term deposit strategy (20.73% growth) driving resource base. Management confident of sustained momentum

Q1 delivered 27.01%. Gold expected to moderate H2 (commodity prices stabilizing ~$4,000/oz) but offset by MSME (20%+ YoY), vehicle loans (+25.7%), home loans (8-10% growth target)

Q1 delivered 23% (7% above industry). Management confident can sustain elevated levels; says have reached 'an orbit' of growth

Q1 delivered 4.29%. Driven by deposit repricing (term deposit 20%+ growth at higher rates), selective gold yield tightening. Management confident to sustain >4%

Q1 delivered 2.14%. Profit growth outpacing asset growth. Management expects continuation

Q1 delivered 15.93%. At upper boundary; management expects to sustain

Q1 delivered 39.10% but flagged as unusual with one-offs. Management revised from <50% guidance to defend 46-47% (i.e., ~44-45% achievable). Structural HR, tech initiatives bearing fruit

21% infrastructure, 20% new software + 35% enhancements, 10% cybersecurity, 35% other. Cybersecurity not limiting; will ramp as needed

On track. 6 opened Q1; plan 60 full year. Expected to support CASA recovery and MSME/retail growth

47% of advances in gold loans; growth driven by price rises now that prices stabilize ~$4,000/oz, growth will slow. Tonnage strategy (customer acquisition) unproven at scale yet. LTV cap 75-85% provides cushion; portfolio can absorb 20% price drop per mgmt

CASA down 2.95% QoQ (₹500 Cr loss) due to deliberate shift to term deposits to mobilize ₹2,697 Cr. Term deposits higher cost; if growth slows or rates harden further, margin pressure. CASA recovery in Q2 key to thesis

Q1 cost-to-income 39.10%, well below 50% guidance and lower than defended 46-47%. Management explicitly flagged as unusual with one-offs. Adding 325 employees Q1 and 60 branches FY27 will pressure ratios unless revenue growth accelerates. Likely revert to 44-45% target

SMA 0/1/2 rose QoQ; gold loan portfolio contributed ₹100-150 Cr. Slippage also elevated in MSME (₹37 Cr, 2 accounts). Management says corrective mechanisms in place and numbers coming down. Early warning but being actively managed

SCN1 (NRI shareholding): Penalty reduced to ₹3.4 Cr (from ₹17 Cr) on appeal; ED claim for share confiscation dismissed. Bank to receive ₹13.6 Cr. SCN2 (bonus shares, ₹1,037 Cr show cause): Adjudication still pending. Outcome uncertain; management engaged top legal firm