The call ran from 3:30 PM to 4:26 PM IST (56 min).

Key takeaways

Q2 disbursement of about ₹1,205 Cr met the ~₹1,200 Cr guidance, and gross NPA fell to 2.4%. Management guided spreads lower as cost of funds rises and borrowers get rate concessions.

Highlights
Revenue growth	AUM up ~9% YoY to ₹16,425 Cr; disbursement ₹1,205 Cr.
Margins	NIM ~5.4%; spread guided down to 3.2-3.25% from 3.47%.
Demand visibility	Q3/Q4 disbursement guided ₹1,300-1,700 Cr; no South stress seen.
Management confidence	Confident; optimistic on disbursements, hedged on spread and payout.

Growth

AUM ₹16,425 Cr, up about 9% YoY; disbursement ₹1,205 Cr vs ₹1,069 Cr prior year. NIM about 5.4%; spread 3.47% guided down to 3.2-3.25%.

Outlook

FY27 net profit guided ₹480-490 Cr; FY27 disbursement ₹3,000-3,050 Cr. Q3 ₹1,300-1,350 Cr; Q4 ₹1,650-1,700 Cr. Provisions ₹5-6 Cr per quarter.

Risks

Spread compression from cost-of-fund rises (+10-15 bps) and BT-out rate concessions. Opex elevated by incentives and gratuity true-up.

Last quarter's promises, checked

Delivered

Spread ≤10bp cut guided → 3.44%→3.47% (= BEAT)

Partly delivered

Q2 disb ₹1,200-1,250 Cr → ₹1,205 Cr (= PARTIAL)
GNPA ₹427 Cr→₹405 Cr → 2.4% ratio, absolute n/a (= PARTIAL)
GNPA <2% by Mar-27 → 2.4% at Q2 (= PARTIAL)

Missed

FY27 disb ₹5,000 Cr → ₹3,000-3,050 Cr (= MISS)
AUM growth 13-14% → ~9% YoY (= MISS)
CoF flat at 8.3% → +10-15bp (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 6:01 PM IST. Open it on ALFA Filings ›