Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue INR937 Cr +21% y-y; H1 revenue INR1,850 Cr +20% y-y; operating PAT INR319 Cr +26% y-y - Client assets INR5.5 lakh Cr +25% y-y; Wealth assets INR3.7 lakh Cr; MPIS and ARR assets growing 27% - Lending book INR6,000 Cr +60% y-y; loan book growth supports revenue and margin expansion - Asset Services revenue +50% y-y; client assets INR1.6 lakh Cr; yield expected 2.6%-2.8% for next 2 years - Capital Markets: IPO pipeline strong with 38 IPOs in Q2; 40 mandates in pipeline with INR85-90 Cr revenue potential - Cost growth: employee cost +19% due to 7% headcount increase; ESAR charge INR6 Cr in Q2; opex growth +9% - Board decided no H1 FY27 dividend to manage debt-equity at 2.5x target; current gearing 2.9x - Asset Management launching new funds: commercial real estate INR5,000 Cr fund, private credit INR1,500-2,500 Cr fund - Market share: 6-7% in PMS, 8-9% in AIF; 25% of new registrations captured - Attrition in Private Wealth normal; RM additions steady; AI and technology improving RM productivity and client engagement