Strong growth, margin expansion intact; platform concentration a watch

Delivered revenue 1,120.2 Cr (call reports 1,146 Cr total income; minor variance, likely other income)

Delivered PAT 200.7 Cr (net profit 17.5% margin); implies pre-tax closer to 23% stated

Stated on call; no contradictory data from delivered result

Specific metrics disclosed; no contradictory data

Consistent with loan book implied by PAT and profitability metrics

IPO raised ₹750 Cr equity; ₹250 Cr deployed into NBFC by October. Capital base strengthening; first time guidance provided to market.

Stated declining from 14% to 12.5–12.8% on incremental borrowing; prior year ~14.5–14.8%. Direct benefit from rating upgrade and scale.

Pre-tax margin expanded from 21% (prior quarter) to 23% (current). Combination of partnership business higher margins, better cost of capital, tech-driven efficiencies.

Stage 1 GNPA 94.6% (stable YoY), collection efficiency 98.64% (September), expecting momentum to continue; risk management strong, no material stress visible

Top-line growth ~40% YoY, PAT >₹800 Cr (100%+ growth normalized); cost of borrowing down to 12.5–12.8%; ROE 31% normalized (excluding IPO capital benefit)

~65% repeat customer; ~75% direct sourcing, 25% partnerships; largest partner 13–14%, top few ~30%; diversification ongoing (2–3 new partners yearly)

Interest income lower due to declining cost of capital; credit cost 4.9% (down from 5.3% YoY); opex improving via tech/AI efficiency, 65–70% of collections now AI-assisted

Supermoney, CRED, Phonepe (largest in partnerships); one-time bonus non-recurring; board decision to support IPO performance

Target credit cost ~5% (under management); opex 35% of income (improving); ROE sustainable ~27–30% (normalized, ex-IPO dilution); ticket size gradual up as quality improves

Based on continued momentum, partner expansion, direct platform growth. Implies ~₹1,500+ Cr full-year revenue if growth continues.

Supported by margin expansion drivers: lower cost of capital, growing partnership business (higher margin), tech-driven opex efficiencies

Currently 4.9%; target is to maintain discipline, expected to stay under 5% via asset quality management

Direct deployment into own NBFC to reduce reliance on partnerships, improve ROE and access to capital

~25% of new customer acquisition through 17 lending partners; largest single partner 13–14%, top few ~30%. Dependency on partner willingness to distribute.

Unsecured personal loan portfolio (~15% of market in FY26, growing 26–27% annually). Stage 1 GNPA 94.6% stable, but collection efficiency depends on stable macro.

RBI increasing oversight of fintech lending platforms, data sourcing, customer verification, and underwriting standards. Platform model (via NBFC partners) subject to tightening guidelines.

Cost of borrowing declining from 14% to 12.5–12.8% on incremental basis (first-half FY27 ~12.7–12.8%). Depends on continued rating upgrades and scale.

Interest income +4% YoY while AUM growing faster; explained by lower cost of capital reducing platform yields. Mix shift to better-quality customers also compressing rates.