1. AUM growth - 15-25% for FY27 On track - At the Q4 FY26 call, management guided AUM growth of 15%-25% for FY27, consistent with the last 3-4 years' performance. FY27 began on 1 April 2026 and is now in progress; no reported deviation from this guidance has emerged.
2. Credit cost - stabilize around 0.5% in FY27 Pending - At the Q4 FY26 call, management guided that absolute gross and net NPA should not increase in FY27 and credit cost should stabilize around 0.5%, with recoveries covering fresh NPAs. No FY27 outcome is available in the provided sources to assess progress against this target.
3. SME AUM mix - 45% by end of FY27 Pending - At the Q2 FY26 call, management targeted SME AUM mix to reach 45% of total AUM by end of FY27, from roughly 35-36% currently; earlier, at the Q4 FY25 call, management guided the mix target to 60% by FY27 but acknowledged they may not achieve that, expecting 50-60% in 18 to 24 months. AUM mix as of Q4 FY26 was 69% wholesale, 31% SME retail, having declined from a maximum of 48% in FY23-24.
4. AUM target - Rs. 1,500-1,600 Cr for FY26 Missed - At the Q2 FY26 call, management targeted overall AUM in the range of Rs 1,500 to Rs 1,600 crore by FY26-end, reiterated in the Q3 FY26 PPT and Q2 FY26 PPT. AUM as of Q4 FY26 stood at Rs. 1,448 crore, falling short of the target range.
5. Leverage ratio - \~2.5x over the coming two years On track - At the Q4 FY24 call, management guided leverage to increase from \~1.0 debt-to-equity to \~2.5 times over the coming two years, later revising to roughly 1 to 1.45 at the Q2 FY25 call and indicating comfort at 1.5-2x for wholesale and 3-4x for SME retail in 18-24 months at the Q4 FY25 call. Leverage rose from 1.06x in FY24 to 1.28x in FY25 and 1.39x in FY26, moving directionally higher within the two-year window ending FY26.
6. ROE - 15-16% in the coming 2 years On track - At the Q4 FY24 call, management guided ROE to improve to 15-16% as the company scales up in the coming 2 years, later revising to around 14-15% at the Q2 FY25 call. ROE for FY25 was 13.31% and improved to 14.81% in FY26, within the revised range and approaching the original target as the two-year window closes with FY26.
7. AUM target - Rs. 1,350-1,450 Cr for FY25 Missed - At the Q4 FY24 call, management guided AUM aspiration of up to Rs. 1,450 crores for FY25, expressing fair confidence, later revising the target to Rs. 1,250-1,350 crores at the Q2 FY25 call. AUM as of Q4 FY25 stood at Rs. 1,195 crore, falling short of even the revised lower bound.
8. Suvidha loan relaunch - Q2 FY25 / July 2024 Missed - At the Q4 FY24 call, management guided the Suvidha loan product rollout on the new digital platform would happen in Q2 FY25, with relaunch from July 1st, but the pilot was put on hold at the Q2 FY25 call. During FY25, the company concluded the pilot and wound down the project entirely, fully providing for and writing off all overdue accounts totalling Rs. 3.24 Cr.
9. Unsecured loan product - launch by end of FY23 or Q1 FY24 Delivered - At the Q2 FY23 call, management expected to add an unsecured loan product for MSME by end of FY23 or Q1 FY24, with a few accounts onboarded by Q1 FY24 as guided at the Q4 FY23 call. The Suvidha fabricator unsecured loan product launched and by Q2 FY24 had disbursed over 340 cases with cumulative disbursements of around Rs. 3.5 crores.
10. AUM target - Rs. 1,000 Cr in three years Delivered - At the Q4 FY22 call, management stated the company could reach an AUM of Rs. 1,000 crores in the next three years, later targeting the figure for FY24 at the Q2 FY24 call. AUM reached Rs. 1,030 crores as of FY24, delivering on the target within the three-year window stated in March 2022.
11. Portfolio mix - 60:40 wholesale:retail in 18 months to 2-3 years Partial - At the Q2 FY21 call, management targeted a portfolio mix of 60:40 wholesale:retail over the next two to three years, with subsequent revisions aiming for 50:50 by FY24 and later 60% SME retail by FY27. The 60:40 mix was achieved by Q4 FY23, but the 50:50 target by FY24 was missed and the mix regressed to 69:31 wholesale:SME retail by Q4 FY26.
12. Credit rating upgrade - in the next review Delivered - At the Q2 FY22 call, management guided the company would look for a credit rating upgrade in the next review, later anticipating an A- rating in three to nine months at the Q2 FY24 call. The rating was upgraded from BBB to BBB+ in November 2022, and subsequently to A- by Q4 FY24.
13. AUM target - Rs. 500 Cr in the next 12 to 18 months Delivered - At the Q2 FY22 call, management guided aspirations to reach \~Rs. 500 crores AUM in the next 12 to 18 months, having earlier stated at the Q1 FY22 call that growing to Rs. 500 Cr was not a challenge even in the current year. AUM stood at Rs. 519 crores as of 31st March 2022, crossing the target within the window.
14. School loan portfolio - return to regularity once schools reopen Partial - At the Q2 FY21 call, management stated school loans would become regular once schools opened, with collection efficiency returning to the pre-COVID 98-99% level, and later guided fresh lending would resume in FY23. School collections improved to 70% by Q2 FY22 and 92% of education customers were paying by Q2 FY23, but the pre-COVID portfolio was wound down to less than 5-6% of total by Q2 FY25 and collections never returned to 98-99%.
15. AUM growth - 10-15% in FY21 Missed - At the Q1 FY21 call, management guided AUM growth of 10-15% in FY21, and that the company shall not grow beyond 20%. AUM increased by 3.78% from Rs. 318 Cr in FY20 to Rs. 330 Cr in FY21, with the first five months affected by lockdown and zero fresh disbursements.