1. Three-year cost-benefit programme - 8-9% cumulative benefit On track - At the Q1 FY27 call, management guided to a three-year cumulative benefit of \~8%-9% - cost of funds down "upwards of 200 to 300 basis point", \~4%-5% operating leverage, \~40% risk reduction - allowing revenue margin cuts of 8%-9% while still delivering ROA "of upwards of 5%". Q1 FY27 cost of borrowing improved \~10bps QoQ with incremental lines at 12%-12.4%, opex-to-AUM fell from 19.9% to 18.0%, and credit cost fell from 8.85% to 6.80% YoY.
2. Organic sourcing share to stabilise at 40-50% On track - At the Q1 FY27 call, management assessed the organic sourcing channel would stabilize at "somewhere between 40% to 45% or 40% to 50%" if a high-quality credible brand is built. Organic contributed 31% of sourcing in Q1 FY27, up from \~27% last quarter, a FY26 average of \~23-24% and \~8% in 2022-23.
3. IPO proceeds deployed 75% on-book capital, 25% technology/AI Delivered - At the Q4 FY26 call, management stated ₹850 crore IPO proceeds to be deployed 75% towards on-book capital and 25% towards technology and AI infrastructure. \~75% of primary proceeds (\~₹637 crore) were infused into NBFC subsidiary Si Creva Capital on May 16, 2026; by Q1 FY27, ₹6,368.03 mn of ₹6,375.00 mn for subsidiary capital and ₹1,085.97 mn of ₹1,565.85 mn for general corporate purposes were utilised.
4. On-book leverage of 2.5-3x D/E over roughly two years On track - At the Q4 FY26 call, Krishnan Vishwanathan saw steady-state on-book leverage at 2.5-3x debt-to-equity, improving over roughly a two-year journey as the secured book scales. Q1 FY27 D/E was 0.91x, down from 1.78x at FY26, reflecting the IPO equity infusion; the two-year journey has just begun.
5. Average spread of 18-19% near term, 14-16% in three to four quarters On track - At the Q4 FY26 call, Krishnan Vishwanathan guided average spread closer to about 18-19% in the near term, in the ballpark of 14-16% three to four quarters out. Q1 FY27 on-balance-sheet spread/NIM is about 18%, within the near-term range; the 14-16% horizon has not yet been reached.
6. Yield decline sustained for next four to six quarters On track - At the Q4 FY26 call, Krishnan Vishwanathan expected the Q3→Q4 yield decline trend to sustain for the next four to six quarters, with headroom for further reduction "over the next four quarters". Q1 FY27 personal loan yield is \~29%-30% (36%-37% with all fee income) versus Q4 FY26 portfolio yield close to about 30-31%, a modest decline.
7. Rating upgrade from Crisil and/or India Ratings in FY27 On track - At the Q4 FY26 call, Krishnan Vishwanathan was "cautiously optimistic" on another rating upgrade from both Crisil and India Ratings in FY27, an active discussion over the next 6 to 8 months. At Q1 FY27 management reiterated active engagement, noting any upgrade would not impact FY27 borrowing costs but would "meaningfully impact it in FY28". Ratings stand at A-/Stable from CRISIL, India Ratings and Acuité with no upgrade disclosed.
8. LAP business breakeven around Q3 FY27 On track - At the Q1 FY27 call, management expected the LAP business to achieve breakeven "somewhere around Q3 of this year". Q1 FY27 LAP AUM stood at ₹617 crore, up from ₹518 crore in Q4 FY26, across 101 branches in eight states, about 7.7% of total AUM, with Kissht LAP branches taking 7-8 months to breakeven versus 16-18 months industry average.
9. At least 80 more LAP branches by end of FY27 On track - At the Q4 FY26 call, Ranvir Singh planned at least 80 more LAP branches by end of FY27, deepening into Karnataka, AP, Telangana, Tamil Nadu, UP and Maharashtra. LAP branches stood at 101 in Q1 FY27, up from 98 in Q4 FY26 - 3 added in the quarter against the implied target of at least 178.
10. Cost of borrowing down 100 bps in H2 FY27 On track - At the Q1 FY27 call, Krishnan Vishwanathan guided cost of borrowing to drop by 100 basis points in H2 FY27, and Ranvir Singh saw "minimum 100 basis point improvement if not higher" over the next three quarters. Q1 FY27 cost of borrowing was 4.45% (GST-inclusive), improved \~10bps QoQ daily-average, with the quarter's only raise at a loaded 12.9%, \~150bps below the FY26 average.
11. Credit cost down 10-15% YoY in FY27 On track - At the Q4 FY26 call, management targeted a year-on-year reduction in impairment costs of 10%-15% for FY27. Q1 FY27 credit cost was 6.80% of average AUM versus 8.85% in Q1 FY26 - a \~23% reduction against FY26's 8.2% - and management reiterated at Q1 FY27 it holds "firmly" to the 15% reduction guidance.
12. Return on average AUM of 4.5%-5.0% in FY27 On track - At the Q4 FY26 call, management targeted return on average AUM of 4.5%-5% for FY27, entailing return on average equity of 19-21%. Q1 FY27 RoAAUM was 5.05% (annualised) and RoAE 21.20% (annualised), at or above the top of both guided ranges one quarter in.
13. Gross NPA below 2.25% in FY27 On track - At the Q4 FY26 call, management targeted gross NPA below 2.25% for FY27, with 10%-15% impairment reduction and continued Stage-1 mix improvement. Q1 FY27 GNPA stood at 2.25%, a 139 bps YoY improvement but 13 bps up sequentially from 2.12% in Q4 FY26, with credit cost at 6.80% versus 8.85% a year ago.
14. AUM growth north of 40% in FY27 On track - At the Q4 FY26 call, management guided AUM growth "north of 40%" in FY27 with disciplined asset quality. Q1 FY27 AUM stood at ₹8,001 crore, up 61% YoY and 13% QoQ from FY26's ₹7,066 crore, and management reaffirmed "upwards of 40%" saying "we are only going to overachieve that".