1. IPO proceeds - ₹450 crores for Tier-I capital augmentation Delivered - The bank proposed to utilise IPO net proceeds of ₹450 crores towards augmentation of its Tier-I capital base, branch network expansion and onward lending. The full ₹450 crores was utilised for Tier-I capital augmentation between February 14, 2024 and March 31, 2024, with no deviation from the offer-document objects.
2. Interest spread - 5.1%-5.3% for next 1 year On track - At the Q1 FY27 call, management targeted an interest spread (cost of deposits vs yield on advances) of around 5.05%, or 5.1% to 5.3%, for the coming 1 year or so. In Q1 FY27, cost of deposits was 5.6% and yield on advances 10.9%, implying a spread of \~5.3%.
3. Secured lending mix - agriculture, mortgages, MSME at 75-80% of portfolio Delivered - In the FY26 Annual Report, management targeted agriculture, mortgages and MSME loans to contribute 75-80% of the portfolio, reiterated at Q3 FY26 and Q1 FY27. Q1 FY27 mix was business loans 27%, mortgage 25%, agriculture \~27%, corporate 14% and consumption 7%, putting the three segments at \~79% of the book.
4. Vision 2029 - entry into UP and Gujarat On track - The Q4 FY26 PPT set Vision 2029 targets for entry into UP and Gujarat, reiterated in the Q1 FY27 PPT and FY26 Annual Report. As of Q1 FY27, the bank operates in 5 states and 2 UTs - Punjab, Haryana, Rajasthan, Himachal Pradesh, J&K, Chandigarh and NCR - with no presence in UP or Gujarat.
5. Vision 2029 - 30%+ branches outside Punjab On track - The Q4 FY26 PPT targeted 30%+ branches outside Punjab by 2029 under Vision 2029, reiterated in the Q1 FY27 PPT and FY26 Annual Report. Outside-Punjab branch share was 19.0% as of June 30, 2026, up from 17.5% at September 2025.
6. Credit cost - 0.15%-0.25% for FY27 On track - At the Q4 FY26 call, management guided credit cost of 0.15% to 0.25% for FY27, with the objective of keeping it below 0.3% up to FY29. Q1 FY27 credit cost was 0.31%.
7. Other income - 0.85%-0.95% of assets in FY27 On track - At the Q4 FY26 call, management guided other income at 0.85% to 0.95% of assets for FY27 with an upward bias, intending to take it to 0.95%. Q1 FY27 non-interest income was 0.82% of average total assets.
8. Opex - 2.9%-2.95% in FY27 On track - At the Q4 FY26 call, management guided opex as a percentage of average assets between 2.9% to 2.95% for FY27, with a lower bias. At the Q1 FY27 call this was revised to a moderate improvement from current \~2.95%-2.98%, which is where opex stood in Q1 FY27.
9. ROA - 1.35%-1.4% in FY27 On track - At the Q4 FY26 call, management targeted ROA of 1.35%-1.4% in FY27, reiterated at the Q1 FY27 call. Q1 FY27 ROA was 1.30%, below the target range.
10. Secured loan book growth - 22%+ for FY27 On track - At the Q4 FY26 call, management guided to organically grow the secured loan book at 22%+ for FY27, reiterated at the Q1 FY27 call. Q1 FY27 gross advances grew 22% YoY to ₹9,074 crores.
11. Branch network - 300+ by FY29 On track - At the Q3 FY26 call, management targeted 300+ branches by FY29, reiterated at Q4 FY26 and Q1 FY27. At Q4 FY26 a 235-branch target for end-FY27 was added; branch count was 203 at Q3 FY26, 211 at FY26 and 216 at Q1 FY27.
12. FLDG partnership lending - 4-5% of disbursements initially, scaling to 10-15% On track - At the Q2 FY26 call, management internally targeted FLDG partnership-led lending at \~4-5% of annual disbursements initially, scaling to 10-15%. Partnership lending was initiated in Q3 FY26 with a couple of partner NBFCs, the BC agreement was signed, and Q4 FY26 saw initial business with more than one partner - no disbursement share disclosed.
13. NIM expansion - 4.2%-4.3% over coming years On track - At the Q2 FY26 call, management expected NIM to improve in H2 FY26 to \~4.1%, then expand towards 4.2-4.3% over coming years. Subsequent calls staged bps of expansion each quarter; Q4 FY26 NIM was 4.06% and Q1 FY27 NIM was 4.21%, within the target band.
14. ROA 1.6%+ and ROE 15%+ by FY29 On track - At the Q2 FY26 call, management targeted ROTA/ROA of 1.6%+ and ROE of 15%+ by FY29, later framed as \~30 bps ROA improvement over three years with a 1.35%-1.4% FY27 stepping stone. Q1 FY27 ROA was 1.30% and ROE 11.20%; FY26 ROA was 1.23% and ROE 10.1%.
15. Doubling advance book - ₹16,000+ crores by FY29 On track - At the Q2 FY26 call, management intended to double the advance book over the next three to three-and-a-half years, refined at Q3 FY26 to over ₹16,000 crores by FY29, a 23-24% CAGR. Advances stood at ₹9,074 crores at Q1 FY27, with growth of 22% YoY.
16. Corporate/NBFC book - below 15% of portfolio Delivered - At the Q3 FY25 call, management intended to keep corporate/NBFC lending below 15% of the portfolio going forward, with per-NBFC exposure capped at ₹40 crores. The share was 12% at Q3 FY25, 14% at Q1 FY26 through Q1 FY27, and the corporate segment was 13.83% of advances at FY26.
17. Agriculture share - 31%-33% of book Missed - At the Q4 FY25 call, management intended to keep agriculture share around 31%-33% with no further contraction. Agriculture share was 32% at FY25, then 30% at Q1 FY26, 28% at Q3 FY26 and \~27% at Q1 FY27.
18. ROA improvement - FY26 from FY25's 1.4% Missed - At the Q4 FY25 call, management guided to improvement in ROA in FY26 from FY25's 1.4%, without committing to a number, later adding a \~1.4% exit ROA for Q4 FY26. FY26 ROA was 1.23% and Q4 FY26 ROA was 1.33%.
19. NIM - maintain and slightly improve in FY26 Partial - At the Q4 FY25 call, management intended to maintain and slightly improve NIM from the present 4.2% level for FY26, later expecting improvement in H2 FY26 to \~4.1%. FY26 NIM was 4.04%, down from 4.2% in FY25; Q1 FY27 NIM recovered to 4.21%.
20. Secured loan book growth - 20%+ for FY26 Delivered - At the Q4 FY25 call, management targeted secured loan book growth of "20% plus" for FY26, reiterated at Q1 FY26, Q2 FY26 and Q3 FY26. FY26 gross advances grew 20.9% YoY to ₹8,687 crores.
21. Branch expansion - 20-25 branches in FY26 Missed - At the Q4 FY25 call, management guided to expand the branch network by 20-25 branches in FY26 and enter one more state. Branch count went from 195 at FY25 to 211 at FY26 - a net addition of 16 - and no new state was entered.
22. PCR - minimum 50% plus Delivered - At the Q2 FY25 call, management stated internal PCR guidance of minimum 50% plus overall, with 100% for NPAs aged more than 4 years and 100% for unsecured NPA pieces more than 12 months old. PCR was 51.3% in Q2 FY25, 50.46% in Q3 FY26, 51.89% in Q4 FY26 and 54.51% in Q1 FY27.
23. Non-interest income - 1.0%-1.1% of assets Partial - At the Q2 FY25 call, management intended to maintain non-interest income in the range of 1% to 1.1% as they move forward, later guiding toward 1.25%-1.35% of universal-bank peers. Non-interest income was 1.08% of average advances in Q2 FY25, 0.9% in FY25 through Q4 FY26, and 0.82% in Q1 FY27.
24. Opex ratio - 2.95%-3.05% for next two years Partial - At the Q1 FY25 call, management intended opex to average assets to remain range bound at 2.95%-3.05% for the next two years. Opex was 3.1%-3.2% in FY25, improved to \~3.0% in FY26, and stood at \~2.95%-2.98% in Q1 FY27.
25. GNPA improvement - 2.45%-2.55% by end of FY25 Partial - At the Q1 FY25 call, management intended GNPA to improve to around 2.45%-2.55% by end of FY25. FY25 GNPA was 2.58%; it improved to 2.54% at FY26 and 2.47% at Q1 FY27.
26. Credit cost - 0.1%-0.2% range Partial - At the Q1 FY25 call, management intended credit cost to remain in the 0.1% to 0.22%/0.23% range for FY25, later extended as 0.1%-0.2% for FY26 and 0.15%-0.25% going forward. FY25 credit cost was 0.12%, FY26 was 0.26% and Q1 FY27 was 0.31%.
27. Universal banking licence - net NPA below 1% in 9-15 months Partial - At the Q4 FY24 call, management intended to achieve the 1% net NPA requirement for a universal bank licence over the next 12 to 18 months, refined at Q1 FY25 to 9-15 months. NNPA was 1.30% at FY25, 1.24% at FY26 and 1.14% at Q1 FY27; the bank has not applied for a universal bank licence.
28. CD ratio - mid-to-high 80s in the medium term On track - At the Q4 FY24 call, management targeted taking the CD ratio from 79% to mid-to-high 80s in the medium term, refined at Q2 FY26 to 86-89% over the period to come. Average CD ratio was 81.4% in FY25, 81.3% in FY26 and 83.0% in Q1 FY27, with the outstanding ratio at 86.7% at Q4 FY26.
29. Branch expansion - 200+ by end of FY25 Partial - At the Q4 FY24 call, management intended to add 25+ branches and cross 200+ by end of FY25, majority outside Punjab, reiterated at Q1 FY25 and Q2 FY25. FY25 ended with 195 branches; the 200-branch milestone was achieved during Q2 FY26, and FY26 ended with 211 branches.
30. ROTA expansion - 1.4% for FY25 Partial - At the Q4 FY24 call, management targeted ROTA expansion to 1.4% for FY25 with continuous expansion going forward, later guiding slight improvement in FY26 and 1.35%-1.4% in FY27. FY25 ROA was 1.4%, FY26 ROA was 1.23% and Q1 FY27 ROA was 1.30%.
31. Secured loan book growth - 22%-24% for FY25 Missed - At the Q4 FY24 call, management targeted secured loan book growth of 22%-24% for FY25, focused on MSME, trading, mortgage and agriculture segments, reaffirmed as "22% plus" at Q2 FY25 and lowered to "20% plus" at Q3 FY25. FY25 gross advances grew 17% YoY to ₹7,184 crores, \~1.6x system credit growth of 10.8%.