1. AUM of \~₹750 cr in FY26 On track - In the non-transcript filings, management expected AUM to be around ₹750 crore in FY26, driven by maturing existing branches and new branch openings. AUM as of Q3 FY26 stood at ₹569.86 cr, significantly below the target with one quarter remaining.
2. Branch network doubling over FY25 and FY26 Pending - In the FY24 annual report, the company aimed to double its branch presence over FY25 and FY26; the FY25 annual report revised this to doubling over FY26-27. Branch network grew from 34 in Q1 FY25 to 37 in Q1 FY26, an interim figure that does not settle the outcome for the revised FY26-27 horizon.
3. 30%+ YoY loan growth in the medium term Pending - In the non-transcript filings, management expected the company to continue to clock over 30% yoy loan growth in the medium term. AUM growth was 21.98% in FY25 and 16% YoY in Q1 FY26, while the medium-term horizon remains ongoing with no stated outcome or withdrawal.
4. Equity raise of ₹40-50 cr in H1 FY26 Missed - In the non-transcript filings, management planned to raise ₹40 crore-₹50 crore in fresh equity in H1 FY26 to scale up AUM above ₹1,000 crore. A rights issue was withdrawn due to insufficient subscription and no equity raise is confirmed as of 14 Jul 2026.
5. AUM of ₹2,500-3,000 cr - over next 36-48 months (by FY26-FY28) On track - At the Q2 FY24 call, management guided an aspiration to achieve AUM of around ₹2,500-3,000 crore over the next 36 to 48 months, reiterated at Q4 FY24 and Q4 FY25. AUM stood at ₹569.86 cr in Q3 FY26 with growth decelerating to 9.55% YoY in H1 FY26, making the target appear highly unlikely though the horizon remains open.
6. Branch network - cross 50 by end FY25 Missed - At the Q1 FY25 call, management guided that the branch network, then 34 branches, would cross 50 by end FY25. Branch network totalled 35+ locations as of Q4 FY25, well short of the 50+ target.
7. AUM of ₹1,000 cr - over next 2-3 years (by FY25-26) Missed - At the Q1 FY24 call, management aimed to build a ₹1,000 crore plus company over two to three years, later refined to by 31st December 2025 at Q1 FY25. AUM as of December 31, 2025 stood at ₹569.86 cr, missing the explicit deadline.
8. AUM of ₹500 cr by end FY24 (31st March 2024) Missed - At the Q4 FY23 call, management guided achieving ₹500 crores AUM by 31st March 2024. AUM as of March 31, 2024 stood at ₹426.86 cr, missing the explicit deadline.
9. Steady-state ROE of 18-22% - in \~10-12 quarters (by FY25-26) Missed - At the Q4 FY23 call, management guided a steady state ROE target of 18% to 22% to be hit in around 10 to 12 quarters. ROE remained in single digits, at 3.83% in Q1 FY26 and 7.88% annualized for 9M FY25, far below the target.
10. Cost-to-income ratio - 20-25% by end FY25 Missed - At the Q4 FY23 call, management guided that the cost-to-income ratio should reach 20%-25% by end FY25. Cost-to-income ratio increased to 67.7% in 9M FY25, showing no progress toward the target.
11. Rating upgrade - based on business and operational performance over next few quarters Partial - At the Q3 FY23 call, management guided a rating upgrade over the next few quarters as AUM crossed ₹300-350 cr. CARE and India Ratings upgraded the company to BBB/Stable by FY24, but both downgraded to D in February 2026 following payment delays.
12. Operating metrics and return ratios - build over subsequent 4-6 quarters Missed - At the Q3 FY23 call, management guided that operating metrics and return ratios would build over the subsequent four to six quarters. ROE remained at 3.83% in Q1 FY26 and cost-to-income ratio stayed elevated at 67.7% in 9M FY25, well beyond the 4-6 quarter window.
13. AUM of ₹225-250 cr by end FY23 Delivered - At the Q3 FY23 call, management guided AUM to close FY23 in the range of around ₹225 to ₹250 crores. AUM as of March 31, 2023 stood at ₹251.39 cr, exceeding the upper end of the guided range.
14. Systemically important HFC - ₹500 cr AUM milestone Delivered - At the Q1 FY22 call, management stated the first immediate milestone was to cross ₹500 crores of AUM, with the latest deadline of "not later than June 2024" given at Q3 FY24. AUM crossed ₹500 crores, reaching ₹517.84 cr as of September 30, 2024.
15. Loan book of \~₹150 crores and 1,500+ loan accounts by end FY22 Missed - At the Q1 FY22 call, management stated the plan to achieve a loan book of around ₹150 crores by end FY22, while explicitly not giving guidance. FY22 loan book stood at ₹104.94 cr as of March 31, 2022, missing the target.
16. Monthly disbursement run-rate scale-up - ₹5-6 cr in Q2 FY22, ₹7-8 cr in Q3 FY22, ₹15 cr by end FY22 Missed - At the Q1 FY22 call, management guided a monthly disbursement run rate scaling to ₹15 crores by end FY22. FY22 total disbursement was ₹36.58 cr, implying an average monthly run rate of \~₹3 cr, well below the ₹15 cr target.
17. Wholesale book run-down - to lower single-digit % of loan book by Q4 FY22 Delivered - At the Q4 FY21 call, management stated the wholesale book would run down to lower single digits going ahead. By Q4 FY23, the loan book was 100% retail and project loan exposure was less than 3% as of December 2022.
18. Network expansion to 100+ districts over next 3 years (from Dec 2022) Missed - In the non-transcript filings, Star HFL aimed to double its network to 100+ districts over the next 3 years from December 2022. As of Q4 FY25, the company operated across 35+ locations with no disclosure of district coverage beyond the initial 40 districts.
19. Warrants - remaining 75% subscription expected in 18 months from issuance Pending - In October 2024, the remaining 75% of share warrants were expected to be subscribed in H2 FY25. As of May 2025, the timeline was extended to 18 months from the December 2023 issuance, with no confirmation of the remaining subscription.
20. Dividend payout increase - 50% increase to ₹0.075 per share (FY24), further increase to ₹0.10 (FY25) Delivered - At the Q1 FY24 call, the board recommended ₹0.05 per share for FY23, increased to ₹0.075 for FY24, and further to ₹0.10 for FY25. Dividend increased from ₹0.05 to ₹0.075 to ₹0.10 as committed.
21. Leverage maintained below 3.5x / 4x Delivered - Management stated in multiple non-transcript filings that gearing will be maintained at less than 3.5x or less than 4x. Leverage increased from 1.2x in Mar 2021 to 2.69x in Jun 2025, remaining below 3.5x throughout.
22. Co-lending - 15-20% of book Partial - At the Q4 FY24 call, management stated the wish list was to have 15% to 20% of the book through co-lending. Co-lending share reached 12% in Q1 FY25 but settled at around 10% by end-December 2024, below the target range.
23. 50,000+ customers from EWS/LIG segment - over 36-48 months On track - At the Q2 FY24 call, management aspired to engage with 50,000 plus customers from the EWS/LIG segment, with a 5-year horizon given at Q3 FY24. Cumulative customers served stood at more than 6,500 as of Q4 FY25, far from the target but within the open horizon.
24. Minimum disbursement of ₹350-375 cr in FY24 Missed - At the Q4 FY23 call, management guided a minimum disbursement of around ₹350-375 crores for FY24. Disbursement for FY24 stood at ₹240.86 cr, missing the target.
25. Spread of 450-550 bps maintained On track - At the Q3 FY23 call, management guided maintaining a spread of around 450 to 500 basis points, later widened to 450-550 bps. NIM stood at 7.04% in Q1 FY25 (SQL), while management commentary in subsequent quarters reaffirmed the 450-550 bps spread range without indicating a breach.
26. Diversified borrowing profile - NCDs, direct assignments, securitization Partial - At the Q2 FY22 call, management guided exploring NCDs, direct assignments, and securitization in H2 FY22. First NCD was issued in H1 FY24 and first direct assignment of ₹55.83 cr was executed in FY25, but no securitization was done as of Q2 FY25.
27. Monthly run-rate capacity of ₹15-20 cr - utilisation over subsequent quarters Delivered - At the Q2 FY22 call, management stated investment had created capacity for a monthly run rate of ₹15-20 crores to be utilized over subsequent quarters. Monthly disbursement run rate reached ₹20-25 cr by Q4 FY24 and was sustained at ₹20-22 cr in Q1 FY25.
28. Strengthen corporate governance - invite reputed professionals to board Partial - At the Q1 FY22 call, management stated they would strengthen corporate governance by inviting reputed professionals to the board. Mr. A P Saxena and Mr. C Ilango were appointed as independent directors, but two independent directors, the CFO, and Executive Director resigned in FY25-FY26.
29. Digital lending platform - set up in FY22 Partial - At the Q1 FY22 call, management planned to set up a digital lending platform in FY22. An end-to-end digital lending suite was deployed and the company was 100% digital by Q4 FY25, a significant delay from the FY22 timeline.
30. Geographic expansion - Karnataka, Andhra Pradesh, Telangana, Chhattisgarh Partial - At the Q1 FY22 call, management planned expansion into Karnataka, Andhra Pradesh, Telangana, and Chhattisgarh. By Q1 FY26, the branch network covered six states and NCR but no presence in the four named states is disclosed; only NCR expansion was delivered.