Financials
Q2 was strong: solid AUM growth (+24% YoY), stable ROA/ROE, better opex.
• FY26 AUM growth cut to 22–23% (vs 24–25%) due to MSME tightening and lower BHFL growth.
• Gold, new car, LAP & other businesses offset the slowdown.
Segments
• Gold loans scaling fast: ₹12k cr → ₹16k cr FY26 exit; target ₹27–30k cr by FY27.
• MSME under stress but “manageable”; restructuring largely done.
• Captive 2W/3W rundown continues — key driver of better credit costs from H2.
• Rural B2C upgraded to green; MFI small and stable.
Asset Quality
• Credit cost Q2: 2.05%; FY26 at upper end 1.85–1.95%.
• FY27 expected to see much lower credit cost.
• GNPA/NNPA at 1.24%/0.60%; increase mainly from captive 2W + MSME.
Margins & Funding
• Cost of funds down to 7.52%; NIM flat (benefit passed to customers).
• Opex-to-NTI improved to 32.6%.
FinAI
• Rapid progress:
• 85% service via bots,
• ₹2,000 cr originations from AI voice bots,
• 42% B2B checks via AI (target 85–90%).
• Expected to cut costs and boost productivity over 12–18 months.
Subsidiaries
• BHFL: AUM +24%, ROA 2.3%, very strong asset quality.
• BFSL: AUM +40%, PAT +27%.
Consumption
• Festive loans +27% YoY; momentum remains strong.
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