1. Unsecured MSME book run down from ₹104 cr to ₹60 cr, move entirely to secured On track - At the Q4 FY26 call, management guided running the unsecured MSME book down from ₹104 cr to ₹60 cr and moving the entire MSME unsecured book to secured. MSME Unsecured stood at ₹63.5 cr in June 2026, down from ₹104 cr, and the unsecured lending share fell from 26% to 18%.
2. Branch AUM caps - ₹12 cr per branch (MSME secured), ₹15 cr for larger cities Delivered - At the Q1 FY27 call, management stated branch AUM caps of ₹12 cr per branch for MSME secured and ₹15 cr for larger cities like Ludhiana. Average AUM per branch was ₹10-12 cr in Q4 FY26, with Varanasi at ₹10 cr and Gopiganj at ₹3 cr, within the caps.
3. Portfolio diversification - less than 20% per state per board policy Partial - At the Q1 FY27 call, management stated the board policy keeps portfolio diversification at less than 20% per state. As of March 2026, Chandigarh stood at 22% and Delhi at 20%, with Punjab at 19%, UP at 16% and Haryana at 15%.
4. Stay in North India, no South for 2-3 years Delivered - At the Q4 FY26 call, management said geographic expansion would stay in the North India belt of Punjab, Haryana, Uttarakhand and UP, with MP's eastern belt identified for the future, and "we are not going to the South so soon - maybe down the line two-three years". As of Q1 FY27 the company was present in five northern states with no South India expansion disclosed.
5. No ALM mismatches Delivered - The Q4 FY26 PPT and Q1 FY27 PPT stated no ALM mismatches as a risk guardrail. The ALM statement as on March 31, 2026 showed no negative cumulative mismatches up to the 5-year bucket.
6. Investment in digitalization, new app, and operating efficiencies Delivered - The Q4 FY26 PPT and Q1 FY27 PPT stated investment in digitalization, the new Cash My Salary app and the RegPay digital wallet to improve operating efficiencies and deepen customer penetration. The Cash My Salary app launched in Q1 FY27 with a digital lending portfolio of ₹23.4 cr, and RegPay is in planning with PPI NOC received.
7. Diversify lender base - increase Bank/FI share, reduce Bank OD dependency Delivered - The Q4 FY26 PPT stated diversification of the lender base by increasing Bank/FI share and reducing Bank OD dependency. Bank OD fell from 24.3% of debt in March 2026 to 15.5% by June 2026, with NCDs at 43.7% and Term Loans at 13.1%.
8. Consumer Durable & Merchant Financing - new product lines Pending - The Q4 FY26 PPT stated introduction of Consumer Durable & Merchant Financing as new product lines. No disclosure of a Consumer Durable or Merchant Financing product launch has appeared in our record.
9. Expansion to new geographies by FY27 On track - The Q4 FY26 PPT and Q1 FY27 PPT planned expansion to new geographies by FY27 from a base of 4 states in North India. As of Q1 FY27 the company was present in five states - Punjab, Haryana, parts of Uttarakhand, Eastern UP and the Chandigarh tri-city - with no FY27-end read yet.
10. Collection efficiency - above 96% current-month consistently Partial - The Q4 FY26 PPT targeted collection efficiency above 96% current-month consistently. The Q4 FY26 call cited 95%-96% for the zero month and 97%-98% for zero+ month, and the Q1 FY27 call cited 95-96% on day/month 0-1 for digital lending.
11. Maintain CRAR > 50% and D/E < 3x as hard guardrails Partial - The Q4 FY26 PPT stated CRAR > 50% and D/E < 3x as hard guardrails. Q1 FY27 CRAR was 49.77%, below the 50% guardrail, down from 57.56% in FY26, while D/E was 1.18x, within the 3x cap.
12. ₹25 cr CCD raise - proceeds to digital lending and secured MSME book Delivered - The company raised Rs. 25 crores through a fresh issue of CCDs in April-May 2026, with proceeds to be utilised towards expanding the digital lending and secured MSME book. The ₹25 Cr CCD issue was completed in April-May 2026 to fuel growth in the Digital Lending & Secured Loan book.
13. NCD issuance - ₹110 cr via two Secured, Rated and Listed NCDs Delivered - The company announced two Secured, Rated and Listed NCD issuances via private placement aggregating up to Rs. 110 crore - a Rs. 60 crore issue at 13.50% p.a. with 15-month tenure and a Rs. 50 crore issue at 13% p.a. with 36-month tenure. As of Q1 FY27 the company had raised ₹110 cr via NCDs and term loans in FY27 to date, including ₹50 cr through Listed NCDs and ₹40 cr through subsequent issuance.
14. NCD issuance - ₹50-75 cr private placement during Q2 FY27 Pending - At the Q1 FY27 call, the Board approved issuance of ₹50-75 cr of private placement of NCDs during Q2 FY27 to fund expansion of secured MSME lending and the digital (Cash My Salary) book. The Board additionally approved issuance of up to ₹25 cr of privately placed Listed NCDs, with no Q2 FY27 issuance read yet.
15. Credit rating upgrade - ACUITE A- by FY27 Partial - The Q4 FY26 PPT targeted a credit rating upgrade to ACUITE A- by FY27 from the then Infomerics BBB-/Positive. Infomerics upgraded the ratings to IVR BBB/Stable on 17-21 July 2026 and reaffirmed them on 6-7 August 2026; no ACUITE A- rating has been disclosed.
16. Preferential allotment - complete ₹96 cr by FY27 Delivered - The Q4 FY26 PPT targeted completion of a ₹96 Cr preferential allotment by FY27. The company completed a \~₹96 crore preferential issue in 2025-26, with the FY25 annual report also noting completion of a ₹96 crore preferential issue in FY 2024-25.
17. Serve 1,00,000+ MSME & underserved borrowers by FY30 On track - The Q4 FY26 PPT and Q1 FY27 PPT targeted serving 1,00,000+ MSME & underserved borrowers by FY30, with expansion of micro-credit to working women across North India. The company served 16,000+ borrowers as of Q1 FY27, with no FY30 read yet.
18. Net worth - ₹500+ cr by FY30 On track - The Q4 FY26 PPT and Q1 FY27 PPT targeted net worth of ₹500+ Cr by FY30 through organic growth and strategic raises. Net worth stood at ₹181 cr as of 30 June 2026, up from ₹106 cr in March 2026, with no FY30 read yet.
19. Paid-up capital - ₹250-300 cr by FY30 On track - At the Q1 FY27 call, the CFO said paid-up capital should be more than ₹250-300 cr by FY30 when AUM reaches ₹3,000 cr, versus the RBI-mandated \~₹165 cr Tier 1 threshold. Paid-up capital was ₹93 cr in Q1 FY27 and net owned funds already ₹200 cr plus, with no FY30 read yet.
20. Small finance bank - by FY30 Pending - At the Q1 FY27 call, the CFO stated the aspiration to take the company to a small finance bank by FY30, which would allow taking deposits, worded as a "dream" rather than a firm commitment. No progress toward SFB conversion has been disclosed.
21. ROI on borrowers - reduce from 21-23% to 15-17% Pending - At the Q1 FY27 call, management aimed to bring ROI on borrowers down from 21-23% towards 15-17% as an aspiration as cost of funds reduces, with an MSME NIM target of \~3-3.5% quarterly / 10-12% annualized. MSME secured deployment yield was 21-22% in Q1 FY27 and digital lending at 30% flat ROI, with no read yet on movement toward 15-17%.
22. Digital lending process - fully digital/conversational-AI driven by end FY27 On track - At the Q1 FY27 call, management said that by end of FY27 the digital lending disbursement process will be fully digital/conversational-AI driven - "by end of this year we will conclude this into a total digital". AI is already deployed for EMI reminders and a second-stage AI for the disbursement/OTP/DigiLocker process was being added as of Q1 FY27, with no FY27-end read yet.
23. Digital lending pin-code expansion - 11,000 to 18,000 pin codes "in the coming year" Pending - At the Q1 FY27 call, management said digital lending currently covers 11,000 pin codes and will expand to 18,000 pin codes "in the coming year". No disclosed read on pin-code coverage has appeared beyond the 11,000 figure in Q1 FY27.
24. Leverage - no more than 3.5x-4x; rise to 2.5x-3x within FY27 On track - At the Q1 FY27 call, the CFO committed leverage will not go beyond 3.5x-4x and will rise from \~1.2x-1.3x to 2.5x-3x within FY27, implying \~₹750-800 cr of debt capacity against \~₹200 cr net owned funds; the Q4 FY26 PPT had D/E < 3x as a guardrail and the Q1 FY27 PPT capped D/E at 3.5x with Tier 1 CRAR ≥ 25%. D/E stood at 1.18x as of 30 June 2026, up from 1.05x in March 2026, with no FY27-end read yet.
25. Gross NPA between 1% and 1.25%, net NPA at or below 1% Delivered - At the Q1 FY27 call, management reaffirmed keeping gross NPA between 1% and 1.25% - "should never cross between 1% to 1.25%" - net NPA at or below 1%, and credit cost below 1%. Q1 FY27 GNPA was 0.98% and NNPA 0.74% as of 30 June 2026, versus FY26 GNPA of 0.99% and NNPA 0.74%.
26. FY27 PAT - ₹25-30 cr On track - At the Q1 FY27 call, the CFO guided FY27 PAT of ₹25-30 cr, framed as conservative numbers. Q1 FY27 PAT was ₹7.0 cr, consistent with the full-year target, with no FY27-end read yet.
27. FY27 revenue - upwards of ₹75 cr total revenue On track - At the Q1 FY27 call, the CFO reiterated full-year FY27 revenue guidance of upwards of ₹75 cr total revenue, first given on the earlier call, with Q2-Q4 expected better than Q1 and framed as conservative. Q1 FY27 total income was ₹17.4 cr, up 86% YoY, with no FY27-end read yet.
28. PPI license approval - "coming financial year itself or coming quarter" On track - At the Q4 FY26 call, management expected PPI license approval "in the coming financial year itself or in the coming quarter", and at Q1 FY27 expected it in the next three to five months. As of Q1 FY27 the company had received RBI NOC for the PPI license and approval to apply, with no final license approval disclosed yet.
29. RedPay digital wallet launch - within 12 months On track - At the Q4 FY26 call, management said the company plans to launch a digital wallet named RedPay over the next 12 months for smoother disbursements, repayments and customer transactions, with the RegPay wallet also referenced in the Q4 FY26 and Q1 FY27 PPTs. As of Q1 FY27 the company had received RBI NOC for the PPI license and planned QR-code-based payment collection, with no launch disclosed yet.
30. No transactions beyond 5 years (60 months) Delivered - At the Q4 FY26 call, management stated it will not do any transaction beyond 5 years (60 months) to avoid ALM mismatch and will strictly follow this rule. MSME secured loan tenor is 48-60 months with average portfolio \~4.5 years, and digital lending average tenor is \~4 months - no breach disclosed.
31. NIM - maintain \~10.75% (close to 11%) On track - At the Q4 FY26 call, management guided to maintain NIM at the current \~10.75%, "close to 11%", if the 75%-80% secured book mix holds and cost of borrowing falls. Q1 FY27 NIM was 3.7% quarterly versus FY26 NIM of 10.3%, with the Q1 FY27 call citing an MSME NIM target of \~3-3.5% quarterly / 10-12% annualized and no full-year FY27 read yet.
32. Cost of funds - down to 11-12% this year, \~10% once PSBs onboarded On track - At the Q4 FY26 call, management guided cost of funds down from 13%-14% to "between 11% to 12%" this year (FY27) and \~10% once public sector banks are onboarded, with net cost of funds at "anything between 10.5 to 10.25" by year-end; at Q1 FY27 the CFO reiterated 11.5%-12% for the year, \~12.75%-12.95% by end Q2 and 11.75%-12.5% by end FY27. Blended borrowing cost was 13.25% in Q1 FY27, with a ₹10 cr bank line secured at 10.35%, and no FY27-end read yet.
33. Opex ratio - 2.5-2.75% (later 2-2.5%) Delivered - At the Q4 FY26 call, management guided opex going forward at around 2.5 to 2.75%, later reiterated as "our opex will be between 2 to 2.5". Q1 FY27 opex was 2.4% of average AUM, flat YoY, with the Q1 FY27 call citing \~2-2.25% on the MSME secured book, versus FY26 opex of 3.7%.
34. Lender funding raise - ₹400-450 cr "this year" (FY27) On track - At the Q4 FY26 call, management guided raising \~₹400-450 cr from lenders "this year" (FY27), with a strong pipeline, to scale the business on the borrower side. As of Q1 FY27 the company had raised ₹110 cr via NCDs and term loans in FY27 to date plus ₹25 cr via CCDs in April-May 2026, with no FY27-end read yet.
35. AUM - ₹500-550 cr by FY27, ₹3,000 cr+ by FY30 On track - At the Q4 FY26 call, management projected AUM of about ₹500-550 cr for FY27, doubling from ₹261 cr with \~₹400 cr MSME secured and \~₹75-100 cr digital/unsecured, reiterated in the Q4 FY26 PPT, Q1 FY27 call, Q1 FY27 PPT and the 14 July 2026 announcement. AUM stood at ₹345.2 cr as of 30 June 2026, up from ₹261 cr in March 2026, with no FY27-end or FY30 read yet.
36. Branch network - \~50 branches by FY27-end / mid-CY27 On track - At the Q4 FY26 call, management guided a branch network of "about close to 50 branches" by FY27-end and mid-CY27, roughly doubling branch numbers, with the Q4 FY26 PPT targeting expansion from 23 to 50+ branches by FY27. Branch count stood at 23 in March 2026 and 24 in June 2026 with one branch added in Q1 FY27, and no FY27-end read yet.
37. Product mix - \~80% MSME secured, 15-20% digital lending On track - At the Q4 FY26 call, management guided a future product mix of \~80% MSME secured lending and 15-20% digital lending, restated at Q1 FY27 as 80% MSME secured and 20% unsecured (digital-only) to hold by FY30. Secured MSME share rose from 61.0% in March 2026 to 66.6% in June 2026 and digital lending from 1.9% to 6.8%, with no FY30 read yet.
38. JLG (microfinance) book rundown - \~70% by end FY27, 100% by end CY27 On track - At the Q4 FY26 call, management guided the JLG (microfinance) book, then 10.5% of AUM, to be \~70% rundown "by end of the coming financial year" (FY27) and 100% (zero) "by end of the next calendar year" (CY27), leaving only MSME secured and digital lending. JLG share of AUM fell from 10.7% in March 2026 to 8.1% in June 2026, with fresh JLG disbursements discontinued from November 2025 and no FY27/CY27-end read yet.