Weak Q1, recovery unproven, NPA concentrated

Delivered 117 Cr vs. 1000–1200 Cr target; 90% miss attributed to project delays and leadership recalibration

NIM confirmed; but low ROA/RONW suggests high fixed costs relative to asset base

Confirmed; however sanctions ≠ disbursal; execution depends on borrower construction milestones

True, but 98.4% of Stage III (₹187 Cr of ₹190 Cr) concentrated in ONE legacy account pending NCLT

Track record poor (revenue -27%, PAT -70%); recovery unproven; depends on Q2-Q4 disbursement realization

New MD Rajiv Malhotra took charge; prior MD departed. Cited reason for Q1 measured origination. Renewed focus on infrastructure financing, pause on FI/SME book.

Prior: ₹1,000–1,200 Cr quarterly run-rate. Now: ₹5,000 Cr AUM by FY27-end (implies ~1000–1200 Cr average). Q1 miss (₹117 Cr) signals lower near-term confidence vs. prior aspiration.

Prior calls flagged high borrowing cost. This call reaffirms; management chasing existing lenders, pursuing new facilities by end Q2. No structural solution yet.

Prior implied ongoing broad NPA deterioration. This clarifies: ₹187 Cr (98.4%) of ₹190 Cr Stage III in ONE legacy account, NCLT-pending. Isolated.

Past was not encouraging; management equipped to build value; stay invested, deliver next few quarters.

Management committed to infrastructure investment & value creation; ask for patience 2–3 quarters; India story good for 10–20 years; dividend timing unclear.

No problem raising funds directionally. Cost is strategy priority; reducing progressively. New sanctions expected by end Q2 from multiple lenders.

NCLT application pending admission; resolution process to commence once admitted, expected Q1 FY27.

Infrastructure financing phased; project delays in oil/gas (construction behind schedule); leadership recalibration also caused measured approach; Q2 >₹1,200 Cr sanctions already sanctioned.

Expect AUM to reach ₹5,000 crores by end of FY27. Yes, will increase.

₹187 Cr in NCLT account (of ₹190 Cr total Stage III). Divestment: defer to parent PTC's call.

Based on >₹1,200 Cr Q2 sanctions and stated 'good pipeline.' Assumes 4–5 quarters of consistent sanction-to-disbursal conversion. No specific FY27 revenue/PAT target given.

Q1 delivered 4.46% (above range). Management confident on NIM sustainability via infrastructure lending focus and cost management.

₹187 Cr of ₹190 Cr Gross Stage III (98.4%) in ONE legacy account pending NCLT admission. If NCLT rejects or valuation low, significant loss potential.

Q2 >₹1,200 Cr sanctioned but not yet disbursed. Conversion depends on borrower construction milestones; oil/gas projects delayed due to commodity/geopolitical factors.

Prior management flagged cost of funds as headwind. New facilities not yet sanctioned (expected by end Q2). If cost remains high, margin pressure persists despite 4.46% NIM.

Q1 delivered ₹117 Cr vs. ₹1,000–1,200 Cr target (90% miss). Revenue -27% YoY, PAT -70% YoY. New MD (Rajiv Malhotra) on maiden call; credibility unproven. Asks for 'next 2–3 quarters' without specific milestones.

Loan assets ₹2,946 Cr; low Q1 disbursal (₹117 Cr) vs. likely repayments imply book contraction. AUM target ₹5,000 Cr by year-end requires 70% growth in 9 months.