Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Gross AUM reached Rs. 11,997 Cr, +26% y-y; disbursement Rs. 1,126 Cr, +21% y-y in Q2FY27 - H1 PAT grew 20% y-y; normalized PAT growth 28% excluding lower direct assignment impact - ROE above 17% for 6 consecutive quarters; net worth Rs. 3,401 Cr - Collection efficiency improved to 98%; Stage 3 stable at 1.5%, 30+ at 5.2% - FY27 guidance: Gross AUM growth 25-30%, credit cost 40-50 bps, spreads >6%, 40-45 branch additions - 53% portfolio variable/semi-variable rate; cost of funds stable at 8.2%, NIM above 9% - Digital sourcing disbursement increased from 4% to 7% y-y; tech and AI investments ongoing - Credit cost H1 at ~60 bps due to seasonality and write-offs; expected to stay within 50 bps full year - Co-lending not prioritized due to regulatory and GST impacts - Regulatory compliance on home loan/LAP mix maintained via direct assignment - Competition stable with niche players; no prime housing player threat in Tier 3/4 markets - Asset quality focus on micro-level underwriting; stress higher in <Rs. 8 lakh loans - Opex to AUM stable; expected improvement in H2FY27 from digital investments - Rating upgrade expected after 3-year vintage milestone in coming quarters