Guided 20%, Delivered 18%—Management's Accounting Change Thesis
Aadhar missed AUM and profit growth targets by 100–200 basis points in Q1, yet management reiterated full-year guidance. The call reveals a deliberate accounting shift that explains the miss—and whether it's credible will define the next two quarters.
18% YoY
vs 20% FY27 guidance · ₹31,364 Cr
19% YoY
vs 20% FY27 guidance · ₹282.4 Cr
1.31%
−3 bps YoY, Stage 2 down 40 bps
5.8%
Held flat despite 15 bps RPLR cut
Aadhar opened Q1 FY27 with a headline miss: AUM growth of 18% vs. the 20% it guided for the full year, and PAT growth of 19% against a 20% target. Neither miss is large—100–200 basis points on growth numbers—but it is a miss. What makes the quarter less than it appears is what happened on the call: management reiterated the 20% AUM and PAT guidance rather than cut it. The market's price action—up 1.5% on day 1, holding into a 1.95% gain by day 5—suggests investors bought the story. The question is whether that belief is warranted.
The Accounting Shift and the Q1 Mystery
The call explanation: a shift in disbursement recognition methodology from cheque handover (FY25 practice) to cheque clearance (new RBI-aligned approach). This timing change pushed certain Q1 disbursements into Q2, creating a mechanical gap between headline numbers and the underlying cash activity. On the handover basis (prior recognition point), disbursements hit ₹2,359 Cr (+19% YoY). On the new clearance basis, they hit ₹2,036 Cr—a ₹323 Cr gap, or roughly 5% of the AUM growth shortfall. The remainder of the miss management attributes to business timing and expects to recover in Q2–Q4 with >20% incremental disbursement growth.
What Held Up—And What Didn't
The bull thesis for Aadhar rests on three pillars: pristine asset quality, defended margins, and cost discipline. All three held in Q1, even as growth disappointed.
Asset quality. Gross NPA tightened to 1.31% from 1.34% a year ago (−3 basis points). Stage 2 provisions fell 40 basis points YoY to 3.3%. Collection efficiency stands at 99%, and the bounce rate—early indicator of borrower stress—remains stable. Management's track record on this is clear: after Q1 seasonal peaks of 1.34%, the year finishes at 1.08–1.1%. If macro doesn't deteriorate, this should hold.
Spreads and yield. Despite a 15 basis point cut in RPLR in February 2026, spreads held flat at 5.8%. The prior guidance corridor was 8–10 basis points of annual contraction; management has delivered no contraction. The mechanism: a deliberate branch expansion into emerging markets (450 of 628 branches) with yields of 14–14.8%, offsetting lower urban yields of 11.5–12%. This is not a surprise tactic—it's a stated strategy—but execution so far has been credible.
Cost control. Cost-to-income fell to 36.3%, or 33% excluding a ₹14–15 Cr ESOP charge (first quarter of a new stock plan). Management has been dropping this ratio 30–40 basis points annually; over the last two years, it has fallen 150 basis points. With AI initiatives underway, further compression is plausible.
AUM grew 18% YoY; we reiterate 20% FY27 guidance.
₹31,364 Cr AUM (+18% YoY vs ₹26,563 Cr prior year). Guidance target missed by 200 bps in Q1.
Overstated—miss is real, not timing
Spreads held at 5.8% despite 15 bps RPLR cut.
Portfolio yield 13.5%, cost of funds 7.7% = 5.8% spread. Prior guidance allowed 8–10 bps annual contraction.
Supported—better than guidance
Asset quality improving YoY: GNPA 1.31%, Stage 2 3.3%.
GNPA down 3 bps vs 1.34% prior year; Stage 2 down 40 bps vs 3.7% prior year. Collection 99%.
Supported
Disbursement on handover basis +19% YoY; accounting change explains Q1 miss.
Handover: ₹2,359 Cr (+19%). Clearance: ₹2,036 Cr. Timing gap ₹323 Cr.
Supported—but only explains ~5% of the AUM miss
What Changed on This Call
Three substantive shifts: First, the accounting method—moved from cheque handover to clearance, an RBI-aligned governance tightening that most peers have already adopted. This creates a Q1–Q2 bridge issue. Second, balance transfer retention improved 20 basis points YoY to 5%, the lowest in 8–10 quarters, reflecting a multi-year effort: a central retention team of 20 analysts, data-driven segmentation, and yield delegation by age and bounce rate. Third, management held spreads flat despite rate cuts and deepening competition—a credibility point for the urban-emerging strategy, though sustainability depends on execution.
How the Street is Reading This
The post-result price action has been resilient. The stock gained 1.5% on day 1 and held into day 5 with a 1.95% gain, suggesting the market believed management's explanation. However, the stock is down 11.51% from its all-time high of ₹563, trading at ₹498.2. It's below its 20-day moving average of ₹502.1 and 50-day average of ₹505.04, though above the 200-day average of ₹486.67. This positioning—a pullback from recent highs but not a structural breakdown—reflects a market pricing in competitive and macro risks without panic. The RSI of 47.6 is neutral.
Ownership flows are mixed. Foreign institutional investors (FII) trimmed 34 basis points to 5.79%, while domestic institutions (DII) added 78 basis points to 9.93%. Promoters hold 64.66%. This is a classic pattern when quality companies face execution headwinds: international money steps back to reassess, domestic money sees value. Not a panic, but not a ringing endorsement.
Pristine asset quality (GNPA 1.31%, −3 bps YoY; 99% collection) in a high-growth portfolio
Spreads held at 5.8% despite 15 bps rate cuts and new competitive entrants
Cost-to-income 36.3% (33% ex-ESOP), dropping 30–40 bps annually over 2+ years
Management reiterated 20% AUM/PAT guidance despite Q1 miss—suggests confidence
Missed AUM guidance by 200 bps (18% vs 20%) and PAT by 100 bps (19% vs 20%)
Accounting change explanation unquantified; Q2 catch-up is assertion, not proven
Only 2 branches opened in Q1 vs. 45–50 annual guidance; execution tracking behind
QoQ PAT down 9.2% (seasonal, but a headwind)
Competitive yield pressure from new entrants in affordable segment; long-term margin sustainability questioned
West Asia geopolitical crisis and monsoon risk—non-home loans deliberately restricted
Sustained competitive yield pressure from new affordable-housing entrants
HighAadhar's spread floor is 5.5%; if new entrants commoditize urban segment, the emerging-market yields (14–14.8%) that offset urban compression (11.5–12%) may not be defensible. Margin walk-down is structural.
Execution on Q2–Q4 disbursement catch-up and growth acceleration
HighFull-year guidance rests on Q2–Q4 delivering >20% incremental disbursement growth to offset Q1's miss. If July/August run-rates disappoint, the 20% AUM and PAT targets are at risk. No buffer.
West Asia geopolitical crisis and monsoon impact on non-home and rural segments
MediumNon-home loans are 27% of AUM and growing at only 22% YoY (deliberately restricted). Rural/semi-urban borrowers are 40%+ of base. Monsoon underperformance could force further growth restriction.
Branch expansion execution—only 2 opened in Q1 vs. 45–50 annual target
MediumNew branches take 9–15 months to reach productivity; if pace doesn't accelerate sharply in Q2–Q3, cost-per-branch economics worsen and full-year cost-control guidance is at risk.
Interest rate volatility and cost-of-funds pass-through lag
MediumIf rates rise H2 (market expects this), the 75% repriced asset base provides cushion, but lag between borrowing rate changes and customer repricing could compress spreads further.
Stage 2 credit cost seasonality—if macro deteriorates, Stage 2 may not normalize as historically expected
LowQ1 credit cost 40 bps (seasonal); management expects year-end of 23–24 bps. If monsoon or macro shock hits, bounce rates could rise and this assumption breaks.
1 · Q2 disbursement growth and accounting catch-up
Management said 'close to 25% or upward of 23%, 24%' in Q2. If July/August run-rates hold (said ~₹900 Cr per month), this is plausible. If not, the full-year 20% AUM guidance cracks.
2 · Incremental yield and spread trajectory
Track the mix of disbursements between emerging (14–14.8% yield) and urban (11.5–12%). If mix shifts too far toward urban or incremental yields compress below 13%, the 5.5%+ spread floor is in jeopardy.
3 · Branch expansion acceleration
Management needs to open 40+ branches in the next two quarters to hit 45–50 annual target. Only 2 in Q1 is a red flag; Q2–Q3 pace will show whether this is discipline or a slowdown.
Aadhar is a steady-execution franchise in a structurally sound but increasingly competitive market. Q1 was a miss—100–200 basis points on both AUM and PAT guidance—but not a disaster. The accounting shift explanation is credible; management's track record on asset quality, cost control, and spreads is strong. However, credibility is contingent on execution in Q2–Q4. The market's post-result hold (+1.95% by day 5) reflects cautious optimism; the 11.51% drawdown from ATH reflects justified concern on competitive intensity and macro. The key number to watch is incremental yield on new disbursements—if that holds above 13% and the emerging-market strategy delivers the promised 14–14.8% yields, the 5.5%+ spread floor is defensible. For holders, the rating is Hold—watch Q2 execution closely. For new investors, wait for confirmation of the accounting catch-up thesis before adding.
Missed 20% guidance; 18% AUM growth explained by accounting change, asset quality holds
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 6/10
Grade B
Missed AUM (18% vs 20%) and PAT (19% vs 20%) guidance; misses explained by accounting change carryforward. Asset quality tracking well. Cost control strong.
Optimistic
next 1–2 quarters
Optimistic
multi-year
Q1 missed both AUM (18% vs 20%) and PAT (19% vs 20%) guidance, but the 200-100 bps shortfalls are explained by an accounting recognition change (cheque clearance vs handover) that management expects Q2-Q4 to recover. Asset quality is pristine (GNPA 1.31%, down 3 bps YoY; Stage 2 down 40 bps), spreads held at 5.8% despite 15 bps rate cuts, and cost control is disciplined. Key risk: sustained yield pressure from new entrants in affordable segment and execution risk on 45-50 branch openings after only 2 in Q1.
₹992.9 Cr
Revenue · +17.1% YoY₹282.4 Cr
Reported PAT · +19% YoYExpanding
Margins · vs guidance: MixedDid the claims hold up?
AUM grew 18% YoY, reiterate 20% FY27 guidance
OVERSTATEDAUM ₹31,364 Cr (18% YoY vs FY26 ₹26,563 Cr). Prior guidance 20% AUM target for FY27.
PAT grew 19% YoY, confident on 20% FY27 profit growth
METPAT ₹282.4 Cr (19% YoY vs ₹237 Cr in Q1 FY26). Misses 20% by 100 bps, close.
Spreads held at 5.8% despite 15 bps RPLR cut in Feb 2026
METPortfolio yield 13.5%, cost of funds 7.7% = 5.8% spread. Prior guidance allowed 8-10 bps annual contraction.
Asset quality improving YoY with GNPA 1.31%, Stage 2 3.3%
METGNPA 1.31% vs 1.34% prior year (3 bps improvement), Stage 2 3.3% vs 3.7% (40 bps improvement). Collector efficiency 99%.
Disbursement on handover basis 19% YoY growth; clearance basis reflects governance shift
METHandover: ₹2,359 Cr (19% YoY). Clearance: ₹2,036 Cr (reported). Accounting change moved recognition 5-7 days later; Q2 expected catch-up.
Only 2 branches opened in Q1 but on track for 45-50 per year
MET628 total branches as of June. Q1 opening 2, Q4 opening 5. Management says Q1 deliberate restraint, will open 45-50 in Q2-Q4.
Earnings quality
What changed since the last call
Accounting method: cheque handover → clearance basis
NewRecognition now at cheque clearance (5-7 day lag) vs handover. ₹2,036 Cr Q1 clearance vs ₹2,359 Cr handover. Industry-standard move for RBI compliance. Q2+ unaffected.
Spreads held at 5.8% despite 15 bps rate cut
UpgradePrior guidance: 8-10 bps annual spread contraction. Actual: held flat despite Feb 2026 RPLR cut. Urban-emerging strategy and emerging-branch mix paying off.
AUM growth 18% YoY vs 20% FY27 guidance target
DowngradeMissed guidance by 200 bps in Q1. Q1 particulars: AUM ₹31,364 Cr (prior ₹26,563 Cr). Management attributes to business timing, expects catch-up Q2-Q4.
BT out rate improved 20 bps YoY to 5%
UpgradeLowest in 8-10 quarters. Central retention team (20 members), data analytics segmentation, delegation on yields by MOB/bounce rate. Multi-year effort.
The Q&A
Analysts pressed hard on yield sustainability (Renish/ICICI, Sonal/AMS), capital efficiency (Karan/CAVI), and competition impact. Management held firm on urban-emerging strategy, reiterated 5.5%+ spread floor, defended capital adequacy vs ROE drag. No analyst panic; tone was probing, not hostile.
Yield sustainability vs competition — Renish, ICICI
AnsweredUrban-emerging strategy: emerging at 14-14.8% yield vs urban 11.5-12%. 450 of 628 branches in emerging locations. No single state >15% contribution. Delhi contribution up (low-yield) yet spreads held, confirming strategy working.
Cheque realization impact — Kunal Shah, Citigroup
AnsweredMinimal 2-3 day impact on interest recognition. Not material. Portfolio yield (13.5%) flat confirms no major headwind.
Sequential employee cost spike — Kunal Shah, Citigroup
AnsweredQ4 has contests/competition expense (Q4-specific). Q1 has annual increments (~10-12%). Q1 FY27 includes fresh ESOP charge of ₹14-15 Cr (first quarter of new ESOP). Excluding ESOP, employee cost growth ~14-15% YoY, roughly in line with 11% increments.
Stage 2 credit cost seasonality — Kunal Shah, Citigroup
AnsweredYes, seasonal. Historically Q1 credit cost 40-45 bps, ends year at 23-24 bps. Last year: 1.34% Q1 NPA, ended 1.08-1.1%. Confident holding 1.1% by FY27 end. Bounce rate stable; collection efficiency 99%.
Liquidity and cost of funds trajectory — Shreya, Nomura
AnsweredLiquidity 11.8% of borrowings; target 7-8% (quarter-end build). Cost of funds 7.7% vs 8% prior year. 75% assets repriced; won't see rate impact for 1-2 quarters minimum. Interest rates not hiking yet as of July. Risk managed via RPLR model.
Demand in urban/Tier 1-2 cities — Shreya, Nomura
AnsweredNo demand issues. Urban actually growing faster than expected last 2 quarters. Emerging needs to accelerate to balance mix. No specific slowdown observed.
Disbursement recognition methodology — Nidhesh, Investec
AnsweredFY25: moved from disbursement to cheque handover recognition. FY27: moved from handover to cheque clearance/realization (5-7 day gap eliminated). Now interest recognized only at cheque realization. Forward-looking governance improvement. Most peers already moved.
OpEx to AUM trajectory — Nidhesh, Investec
AnsweredExpect 6-7 bps OpEx/AUM reduction per year. Cost-to-income dropping 30-40 bps annually. Over last 2 years, dropped 150 bps cost-to-income. Excluding ESOP (₹15 Cr/quarter), CIR would be 33-34%. AI projects will compound benefits further.
Data points: 1+ DPD, BT out — Nidhesh, Investec
Answered1+ DPD: 7%. BT out: 5% (20 bps improvement vs Q1 FY26 at 5.2%).
Cost of funds ex-NHB — Sonal Gandhi, Asian Markets Securities
AnsweredOverall NHB blended 6.9%; includes AHF ₹140 Cr at 4.3%. Remaining ₹500-600 Cr NHB at higher rate. Excluding NHB entirely, CoF 7.4-7.5%.
Incremental yield trend — Sonal Gandhi, Asian Markets Securities
AnsweredIncremental yields flat, no reason they should drop. Emerging mix (14-14.8% yield) being calibrated vs urban (11.5-12%). If 50-50 urban-emerging reached in medium term, incremental yields controlled and spreads maintained ≥5.5%.
Non-home loan disbursement growth — Sonal Gandhi, Asian Markets Securities
AnsweredConscious reduction in last 2 quarters due to West Asia crisis (non-homes riskier than homes). Deliberate decision. Will normalize back to historical 70-30 (home-nonhome) split from current 76-24 once crisis stabilizes. Expect Q2-Q3 improvement.
State-specific AUM per branch — Sonal Gandhi, Asian Markets Securities
PartialDon't have detailed state-level data readily. But don't see an issue; if there was a major one, it would have flagged. Some states have internal restrictions (export-oriented markets); those may show slight declines at branch level but not material.
FY27 guidance confirmation — Sonal Gandhi, Asian Markets Securities
AnsweredYes. Reiterate FY27 guidance: 20% AUM, 20% PAT, 17-18% disbursement growth. Next 3 quarters: incremental disbursement >20%. Q2 will catch up on Q1 accounting impact.
Branch expansion pace — Akhil, Hornbill Capital
AnsweredQ4 we avoid openings (disruption). Q1 we restricted to 2 (could have done 5-7). Couple proposals moved to July. Completely on track for 45-50 per year. Q2-Q3 will see acceleration.
Repayment rate calculation — Akhil, Hornbill Capital
AnsweredNo; you need to add ₹350 Cr to AUM growth as well. When both adjusted, overall repayment rate is 16.5%, not 21%. Routine, no prepayment spike.
Cheque realization: first-mover or industry standard — Akhil, Hornbill Capital
AnsweredMost companies have already moved or are in process of moving to cheque realization. It's true spirit of RBI circular. We took longer due to systemic changes required. Industry practice, not pioneering.
Capital structure and returns to shareholders — Karan Gupta, CAVI Capital
AnsweredNo current plan. Need capital for growth (IPO raised ₹1,000 Cr for 3-4 year runway). Risk weight of balance sheet 45%; holds 6-7% capital for operational risk per ICAAP. Similar levels to peer affordable lenders. No appetite to reduce below current.
ROE trajectory 2-3 years forward — Karan Gupta, CAVI Capital
AnsweredSpreads 5.5% over 2-3 years (floor). ROA 4.3-4.4% steady state. Targeting ~17% ROE in couple of years with this mix.
BT retention initiatives — Parth, DAM Capital
AnsweredCombination of factors: customer service teams at critical branches + central retention team (20 members) + data analytics segmentation (red-amber-green) + delegation on yields by MOB/bounce rate. Multi-year initiative started ~2 years ago. Took concerted effort.
Guidance
FY27 AUM growth 20% (maintained)
MediumQ1 at 18% (2% below). Management expects Q2-Q4 catch-up from accounting change carryforward. No cut to guidance despite Q1 miss.
Next 3 quarters disbursement >20% growth
MediumQ1 impacted by cheque recognition shift. July already at ~₹900 Cr, pace suggests >20% recovery in Q2-Q3.
Maintain spreads ≥5.5% (reaffirmed)
HighCurrently 5.8%. Urban-emerging strategy with 450 branches in emerging locations yielding 14-14.8% vs urban 12% provides cushion.
Cost-to-income drop 30-40 bps yearly (guided forward)
MediumOver last 2 years dropped 150 bps. AI initiatives (6-layer architecture, 5 proprietary platforms) expected to compound benefits.
Branch expansion 45-50 per year (maintained)
MediumOnly 2 opened Q1 (deliberate). Q2-Q3 will see acceleration. New branches reach productivity in 9-15 months.
Risks the call surfaced
Competitive yield pressure
HighNew entrants targeting affordable housing; pricing aggression could force Aadhar into lower-yield segments or margin compression. Currently held at 5.5%+ via emerging strategy, but sustainability of 50-50 urban-emerging mix not guaranteed.
Geopolitical and macro headwinds
MediumWest Asia crisis impacting NRI loans, fuel-dependent trade, travel segments. Monsoon impact on rural/semi-urban cash flows. Acknowledged as broader industry risk; Aadhar exposure said minimal but not fully hedged.
Execution on growth targets
MediumQ1 AUM 18% vs 20% guidance; PAT 19% vs 20%. Disbursement impact from accounting change carryforward unquantified (said Q2-Q4 will catch up). Branch expansion only 2 in Q1 vs 45-50 annual target; needs sharp acceleration. If execution falters, guidance at risk.
Interest rate risk
MediumCost of funds stable Q1 (7.7%) but market expects rate hikes H2. Though 75% of assets repriced via RPLR model, lag risk exists if rates rise sharply. Floating borrowing/asset base (78%/73%) provides cushion but not full protection.
Stage 2 credit cost seasonality
LowStage 2 at 3.3% (Q1 seasonal high, 40 bps provision cost). If macro environment deteriorates or monsoon underperforms, Stage 2/NPA could not normalize as historically expected. Bounce rate stable so far.
Management
Score 7/10. Clear and data-driven. Rishi Anand candid on strategy mechanics (urban-emerging, branch discipline, AI initiatives). Rajesh Viswanathan transparent on financials, cost structure, seasonal patterns. Limited hedging; answers directly but qualify assumptions. One partial deflection on state-level data. Mixed. Met: asset quality (GNPA down 3 bps, Stage 2 down 40 bps), BT rate (5%, improved 20 bps), spreads (held 5.8%), cost control (CIR 36.3%). Missed: AUM (18% vs 20%), PAT (19% vs 20%), branch openings (2 vs 45-50). Explanations credible (accounting change, deliberate Q1 restraint) but execution tracking below guidance.
1 · Q2 FY27
Disbursement catch-up post accounting change; >20% expected growth
2 · Q2-Q3 FY27
Branch expansion acceleration (45-50 openings) after Q1 restraint (2 opened)
3 · H2 FY27
Non-home loan disbursement normalization to 70-30 split (from current 76-24) if West Asia stabilizes
Key risk: sustained yield pressure from new entrants in affordable segment and execution risk on 45-50 branch openings after only 2 in Q1.
Aadhar Housing Q1 PAT +19% YoY to ₹282 Cr, tracking its 20% profit-growth goal
PAT +19% YoY · revenue +17.06% · margins expanding
₹992.89 Cr
+17.06% YoY
₹282.36 Cr
+19% YoY
28.32%
+0.4pp YoY
₹6.47
Aadhar Housing Finance opened FY27 with consolidated PAT of ₹282.4 Cr, up 19.0% from ₹237.3 Cr a year ago, on revenue from operations of ₹992.9 Cr (+17.1% YoY). Standalone is effectively identical (PAT ₹282.3 Cr) — the lone subsidiary contributes ₹0.05 Cr, so there is no basis divergence to reconcile. With no exceptional item in the quarter, the ~19% print is clean and underlying, and lands right on management's reiterated FY27 target of 20% AUM and 20% profit growth. Net profit margin held at 28.3%, a shade above last year's 27.9%.
Q1 FY-2027 vs prior quarters
The sequential optics look soft — PAT fell 9.2% from Q4's ₹310.9 Cr and margin dropped from 31.3% — but Q4 is seasonally the strongest quarter for a housing financier and the gap is explained on two lines: impairment on financial instruments jumped to ₹31.7 Cr from just ₹10.2 Cr in Q4 (and ₹26.7 Cr a year ago), and other income normalised to ₹4.3 Cr from ₹8.0 Cr. Finance costs rose to ₹376.4 Cr (+13.4% YoY) as borrowing costs climbed, consistent with management's own flag on the last call that spreads may see an 8-10 bps annual contraction. Topline growth of 17% was carried by interest income (₹886.6 Cr, +16.7% YoY).
The stock went into the print at ₹499.8, down 6.7% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.
Management reiterated its guidance, targeting 20% AUM growth and 20% profit growth, driven by a 17-18% increase in disbursements for the upcoming year. They plan to continue improving productivity and executing calibrated branch expansion while maintaining pristine asset quality and protecting spreads, which may see a
— This quarter: met
Asset quality remains the anchor of the story: GNPA 1.32%, NNPA 0.87%, provision coverage 34.1%, capital adequacy a very high 43.4% and LCR of 245% — though GNPA at 1.32% still sits above the ~1.08% the company has guided toward for FY27, a gap worth tracking. No specific Street consensus for the quarter was available (results and the earnings call fell on the same day, July 31), so the read is against guidance rather than a poll. Alongside the result the board's quarter also saw ₹250 Cr of NCDs raised in June (issue proceeds fully utilised, nil deviation) and a further ₹350 Cr NCD allotment in July, keeping the funding pipeline active as the company pursues its 17-18% disbursement-growth plan. Net: a steady, guidance-consistent quarter — profit growth in line with the 20% ambition, pristine book, with rising credit costs and funding costs the two lines to watch into Q2.
W1
Impairment spiked to ₹31.7 Cr from ₹10.2 Cr in Q4 and GNPA at 1.32% is above the ~1.08% FY27 guidance — watch credit costs next quarter
W2
Finance costs at ₹376.4 Cr (+13.4% YoY) with spreads guided to contract 8-10 bps annually — watch NIM/margin trajectory
W3
PAT +19% YoY vs the 20% profit-growth target — watch disbursements (guided 17-18%) to sustain the 20% AUM/profit ambition
Source in ₹ lakhs, converted to ₹ Cr. No exceptional item this quarter (the ₹15.92 Cr Labour-Codes exceptional sits only in FY26 full-year column, not in any comparison quarter, so raw = adjusted YoY). Consolidated adds subsidiary Aadhar Sales & Services (rev ₹13.83 Cr, PAT ₹0.05 Cr); standalone vs consolidated diverge <0.1% — same story. EPS not annualised.