1. IPO proceeds - augment capital base by 31-03-2026 Delivered - Per the offer document, IPO proceeds were earmarked for "Augmentation of capital base to meet future capital requirements towards onward lending" with a completion date of 31-03-2026. The object was completed on 31-12-2025, ahead of the deadline, with issue expense utilisation completed on 31-03-2026 and "No delay" per Board comments.
2. Capital raise - ₹300-350 cr, starting mid-FY28 Pending - At the Q1 FY27 call, Deepak Baid guided a further capital raise of around ₹300-odd crores with the process starting mid next financial year (FY28), and Piyush Somani planned additional capital of ₹300-350 cr as the 4-4.5x leverage trigger was seen one to one-and-a-half years out. No capital raise has been initiated through Q1 FY27; debt-to-equity was 3.10x at Q1 FY27.
3. Cost-to-income ratio - settle around 42-44% Pending - At the Q1 FY27 call, Piyush Somani said cost-to-income is below 50% now and internally they believe it will settle around 44% or 42%. The Q1 FY27 cost-to-income ratio was below 50%; no specific 42-44% figure has been disclosed yet.
4. New state entry - one or two new states every year Pending - At the Q1 FY27 call, Kuldeep Singh said every year the company will grow into one or two new states, moving toward pan-India presence, and the August 2026 call added "this year we will probably move into a new state". The company operates in six states (Rajasthan, Gujarat, MP, Chhattisgarh, UP, Maharashtra) with no new state entry disclosed for FY27 through Q1.
5. Branch expansion - 30-35 new branches in FY27 On track - At the Q1 FY27 call, Kuldeep Singh said the company is planning to expand into 30 to 35 branches across existing states this year, with 10 branches already added in Q1, reiterated as approximately 30-35 more branches on top of the existing 196 branches. Q1 FY27 branch count was 184 as of June 30, 2026, with UP adding 10 branches and Maharashtra 6 this year.
6. e-sign rollout - replace physical loan agreement signing Delivered - At the Q4 FY26 call, Kuldeep Singh said the company would very soon roll out e-mode signing of loan agreements, with infrastructure already developed, and Q1 FY27 noted eSign expected to replace the only manual step shortly. The FY26 annual report milestones include "started paperless e-sign documentation in 2026".
7. ROE - above 12-12.5% medium term Delivered - At the Q4 FY26 call, Piyush Somani guided medium-term ROE above 12%-12.5% "on a minimum side", which the Q4 FY26 PPT formalized at 13.50%-14.00%, framed as 13.5-14% over the next three to five years. FY26 ROE was 13.73% and Q1 FY27 return on average net worth was 13.86% - both within the band.
8. Funding-cost benefit - 20-25 bps from rating upgrade in FY27 On track - At the Q4 FY26 call, Piyush Somani expected a funding-cost benefit of \~20-25 bps this year (FY27) from the rating upgrade, assuming no rate hikes, reiterated at Q1 FY27 as another 20-25 bps reduction "in this year going forward basis". Q1 FY27 average cost of borrowing was 10.66%, 14 bps below the FY26 average of 10.80%.
9. PAT growth - 40-45% in FY27 On track - At the Q4 FY26 call, management expected PAT growth of \~40-45% "in current year" (FY27) as operating leverage improves, maintaining the guidance at Q1 FY27 despite Q1 running significantly ahead of the range. Q1 FY27 PAT grew 70.23% YoY to ₹16.43 cr; FY26 PAT was ₹49.68 cr.
10. Sourcing/operating cost - reduction via new software in 2-4 months Missed - At the Q3 FY26 call, management said sourcing/operating cost would go down with new software (e-signature, CKYC) implementation "in 2, 3, 4 months". By Q1 FY27, operating expenses rose to ₹29.9 cr from ₹22.4 cr in Q1 FY26; the cost-to-income ratio was below 50%, but no software-driven cost reduction was disclosed.
11. Up Money recovery - expected "very, very soon" Pending - At the Q3 FY26 call, management expected recovery of the Up Money DA exposure "very, very soon", with collections "directly will be added to a PAT"; at Q4 FY26 recovery was expected "within the coming quarters", with the ₹11 crore provision to be directly added to PAT. As of Q4 FY26 the balance was ₹19 crores with provision of almost ₹11 crores, court orders expected in the company's favour; no recovery disclosed through Q1 FY27.
12. Up Money provision - remaining \~₹8 cr booked in Q1 FY27 Delivered - At the Q3 FY26 call, management said the remaining \~₹8 crore provision for the DA default would be booked in Q1 FY27. The Q1 FY27 call noted extra 10% provisioning on Up Money transactions, already guided in the March '26 and December '25 calls, with 70% of ECL provisioning offered in P&L till date; FY26 total provisions were ₹14.05 cr including the Up Money default.
13. Listed NCD issuance - ₹50-80 cr at sub-11% Delivered - At the Q3 FY26 call, Piyush Somani said listed NCDs were coming "very soon" at sub-11 levels, quantum roughly ₹50-80 crores. In FY26 the company issued 50,000 listed NCDs of ₹10,000 face value aggregating ₹50 crore via private placement at a 10.50% coupon, allotted February 24, 2026, and listed on BSE WDM.
14. Cost of funding - 100-150 bps reduction in 1-2 years On track - At the Q3 FY26 call, an analyst proposed cost of funding coming down "at least by 100 to 150 basis point in the next 1 to 2 years", and Deepak Baid confirmed "Correct". Average cost of borrowing fell from 11.48% in FY25 to 10.80% in FY26 and 10.66% in Q1 FY27 - a 28 bps reduction from the Q3 FY26 level of 10.94%.
15. Rating upgrade - one notch up by FY26 Delivered - At the Q3 FY26 call, management expected a positive rating outlook or one notch up from the rating agency "by this financial year only… in the coming months only". Acuité upgraded the long-term rating from A-/Positive to A/Stable on March 20, 2026, covering NCDs and bank loans.
16. ROA - 3.5-3.75% target On track - At the Q3 FY26 call, management endorsed a strategic ROA target of 3.5-3.75, formalized as a medium-term strategic priority in the Q4 FY26 PPT; at Q1 FY27 Kuldeep Singh said "we are targeting 3.5% to 3.75%" and "by end of the year we will achieve that target". FY26 ROA was 3.08% and Q1 FY27 ROA improved to 3.45% from 2.75% a year earlier.
17. Borrowing cost - shift toward bank funding, cut cost further Delivered - At the Q2 FY26 call, management planned to further cut borrowing cost and onboard more customers, with focus shifting toward bank funding and least toward NBFCs. Cost of borrowing fell from 11.10% in Q2 FY26 to 10.94% in Q3 FY26, 10.80% for FY26 and 10.66% in Q1 FY27; banks accounted for >84% of incremental borrowing in Q1 FY27.
18. NPA slippage - trend down by Q3 FY26 Missed - At the Q2 FY26 call, management expected the recent NPA slippage (\~30 bps jump) to trend down by Q3 FY26, citing LTV of 35% on the NPA portion and collection incentives. GNPA rose from 1.59% in Q2 FY26 to 2.40% in Q3 FY26, driven by the Up Money DA default; excluding the DA default, Q3 FY26 GNPA was 0.94%, and FY26 GNPA closed at 2.13%.
19. New state entry - one more state by end of FY26 Delivered - At the Q2 FY26 call, management planned to expand into one more state by the end of the financial year, then under discussion/consideration. Maharashtra operations commenced in FY26, with the branch network reaching six states including Maharashtra (1 branch) by March 2026.
20. Branch expansion - 29 new branches in FY26 Partial - At the Q2 FY26 call, management planned 29 new branches in the current financial year (FY26), with 6 already opened and 23 in planning with locations identified. FY26 branch network grew by 18 net branches, from 158 to 176; the annual report records 24 new branches opened and 6 closed during FY26, and the Q3 FY26 call noted 20-23 new branches added that year.
21. AUM growth - 30-35% annually, medium term On track - At the Q2 FY26 call, management expected better AUM growth than previous years, citing \~32% historical CAGR and 30-35% year-to-year, later endorsing a 30% target and saying it could "easily grow 35 percent CAGR", guided \~30-35% compound AUM growth annually over the medium term at Q4 FY26 and reiterated at Q1 FY27. FY26 AUM grew 27.35% YoY to ₹1,626.26 cr, Q1 FY27 grew 27.91% YoY to ₹1,721.74 cr, own-book AUM grew 31.74% YoY and the CAGR since FY23 is 32.68%.
22. MSME book share - maintain 80-85% of AUM Delivered - At the Q2 FY26 call, Deepak Baid committed to keeping MSME at 80%-85% of the book, with the remaining \~15% covered through used vehicle loans and commercial vehicle share going down. Q3 FY26 business mix was \~83-84% SME/MSME secured loans; FY26 MSME AUM of ₹1,298.68 cr was \~79.9% of ₹1,626.26 cr total, Q1 FY27 MSME of \~₹1,395 cr was \~81.0% of ₹1,721.7 cr, and vehicle AUM declined from ₹205.88 cr (FY25) to ₹145.82 cr (FY26) and ₹131.11 cr in Q1 FY27.