1. ROE above 20% Delivered - At the Q3 FY26 call, management guided ROE to be maintained above 20%, reiterated as 20%+ for FY27 at the Q4 FY26 call. ROE was 23.79% in Q3 FY26, 26.61% in Q4 FY26 and 24.65% in Q1 FY27, consistently above the 20% bar.
2. Total business ₹5,00,000 cr by March 2024 Partial - At the Q4 FY23 call, management set a total business target of ₹5,00,000 cr for FY24, restated up to March '24 and as an aim to cross ₹5 lakh crore during 2024. Total business stood at ₹4.74 lakh crore in Q4 FY24 and crossed ₹5 lakh crore at ₹5.07 lakh crore only in Q3 FY25.
3. Deposit growth 12%-13% FY23, later 14%-15% Delivered - At the Q3 FY23 call, management guided 12%-13% deposit growth for FY23, later revised through 15%-16%, 14%-15%, 12%-15% and \~14% to 14%-15% for FY27. Deposits grew 16% in FY23, 15.66% in FY24, 13.44% in FY25, 14% in FY26 and 13% in Q1 FY27.
4. Wage revision provision at 15%-17% Delivered - At the Q3 FY23 call, management expected a 15% wage revision and provided ₹32 cr, later stating excess provision over a 17%-18% settlement would be written back. The bank provisioned at 20%-22%, kept ₹50-100 cr aside in Q4 FY24, and by Q4 FY26 PLI was released for Scale 1-3 with Scale 4+ fully provisioned.
5. T-bill linked rate exposures zero Delivered - At the Q4 FY26 call, management stated the bank made its T-bill linked rate exposures zero during the year. T-bill rate product exposure had already been reduced to zero as of March '25 at the Q4 FY25 call.
6. Co-lending portfolio to grow in a major way Delivered - At the Q2 FY25 call, management said it wanted to grow the co-lending book "in a major way this financial year" without a year-end number. The book grew from \~₹2,000 cr in Q2 FY25 to ₹2,300 cr in Q3 FY25, \~₹3,500 cr in Q1 FY26 and \~₹5,000-5,500 cr by Q3-Q4 FY26 across 9 NBFC partnerships.
7. FY21 M3 MSME campaign ₹1,500 cr disbursement target Delivered - The FY21 annual report set a ₹1,500 cr disbursement target under the MAHA MSME MARATHON (M3) campaign, run from 04.01.2021 to 25.02.2021. The bank achieved disbursements of ₹1,796.53 cr, approximately 120% of the target.
8. FY21 MUDRA (PMMY) sanctions ₹2,375 cr target Delivered - The FY21 annual report set a MUDRA (PMMY) sanction target of ₹2,375 cr for the year ended 31.03.2021. The bank sanctioned ₹2,560.38 cr under PMMY, achieving 107.80% of target.
9. FY21 MSME portfolio targets - Micro at 7.50% of ANBC, Micro growth 10%, M&S growth 20%, Micro share of MSE 60% Delivered - The FY21 annual report set MSME portfolio targets of 7.50% Micro share of Adjusted Net Bank Credit, 10% YoY Micro growth, 20% YoY Micro & Small O/s growth and 60% Micro share of MSE O/s. FY21 actuals were 15.94%, 66.76%, 34.55% and 89.90% respectively, all above target.
10. MGB FY23 DVP/MoU targets - total business ₹25,800 cr, deposits ₹16,000 cr Partial - The FY23 annual report set DVP/MoU targets for sponsored Maharashtra Gramin Bank of ₹25,800 cr total business and ₹16,000 cr total deposits. FY23 closed at ₹25,279.52 cr total business (97.98%) and ₹15,578.80 cr deposits (97.37%).
11. Dividend payouts 20%-25% of net profit Delivered - A rating agency note indicated dividend payouts of 20%-25% of net profit. Dividends were 13% in FY23, 14% in FY24, 15% in FY25 and a 22% total in FY26 (interim 10% + final 12%), the FY26 payout falling within the 20%-25% range.
12. COVID provision gradual write-back On track - At the Q1 FY27 call, management said it will look at gradually utilizing or writing back the \~₹1,050 cr COVID provision buffer over coming quarters. The buffer moved from ₹1,200 cr to ₹1,010 cr in Q4 FY26, stood at \~₹1,050 cr in Q1 FY27 and ₹760 cr as on June 30, 2026 against net NPAs of ₹405 cr.
13. Equity raise ₹5,000 cr during FY27 Pending - At the Q1 FY27 call, management stated a Board- and shareholder-approved plan to raise ₹5,000 cr of equity during FY27, with RBI approval in hand and government approval awaited. No equity raise was disclosed in Q1 FY27 and government approval was still awaited.
14. FCNR deposit mobilization traction in Aug-Sep 2026 Pending - At the Q1 FY27 call, management said it plans maximum use of the FCNR window offering 6.60% for 5-year deposits and expects major mobilization traction in August and September 2026. Mobilization had started but was at a very initial stage with no big number yet as of Q1 FY27.
15. Farm loan waiver \~₹2,000 cr benefit Pending - At the Q4 FY26 call, management expected farm loan waiver approval "if not Q1, Q2, maybe Q2 max Q3" of FY27, with \~₹2,000 cr benefit (₹917 cr overdue + ₹1,067 cr NPA) and agri NPA falling to 5.33%. By Q1 FY27 the eligible amount was sized at \~₹3,500 cr with ₹2,750 cr government receivable, ₹1,700 cr provisions held, but state approval was still pending.
16. FY27 guidance - total business 16%-17%, advances 18% On track - At the Q4 FY26 call, management guided FY27 total business growth of 16%-17%, advances 18%, deposits 14%-15%, CASA around 50%, NIM 3.75%, ROA 1.80%, ROE 20%+, GNPA within 2%, NNPA within 0.25%, credit cost \~1% and CRAR 18%, reiterated as "sacrosanct" in Q1 FY27. Q1 FY27 delivered total business +19%, advances +27%, deposits +13%, CASA 49%, NIM 3.79%, GNPA 1.45%, NNPA 0.13%, credit cost 0.99%, CRAR 18.64% and ROA 1.90%.
17. GIFT City IBU operational within FY26 Delivered - At the Q4 FY25 call, management committed the GIFT City IBU "will become a reality within this financial year", later targeting a minimum ₹100 cr book within 12 months. The IBU became operational in September 2025 with ₹10 cr business, was bottom-line positive in March 2026 with ₹65 cr of the ₹100 cr aspiration done, and the book reached ₹8,200 cr with $965 million sanctions by Q1 FY27.
18. Mobile banking app revamp launch within FY25 Partial - At the Q3 FY25 call, management said the revamped mobile banking application with new lifestyle solution would be launched well within FY25, later narrowed to about a month from the Q1 FY26 call. The new app launched in September 2025 on Foundation Day, crossing 1 lakh downloads in 14 days, 6 lakh active users by Q3 FY26 and 1.39 Mn users by Q1 FY27 - within FY26 but about six months past the FY25 target.
19. NCLT resolution - most cases by 2025 Partial - At the Q4 FY24 call, management expected resolution of most NCLT cases from the ₹8,500 cr portfolio, 100% provided, by 2025, with large recoveries over the next two years. In 9M FY25 recoveries were ₹222 cr across 58 accounts versus ₹511 cr the prior year, and no completion of most resolutions was disclosed in our record by Q4 FY26.
20. Fully digitized by 2024 Partial - At the Q3 FY24 call, management expected the bank to be fully digitized by 2024, with ₹1,000 cr+ capex provided and BCG appointed. Around 350 digital initiatives were done by Q4 FY24, 15-17 STP journeys by Q3 FY25 and the revamped mobile app launched in September 2025, but no confirmation of a fully digitized state by 2024 appears in our record.
21. RPA implementations 50+ by March 2024 Delivered - At the Q3 FY24 call, management aspired to cross 50 robotic process automation implementations by 15th March. RPA count was 35 by Q4 FY24, 46 bots live by Q1 FY25 and \~60 implemented by Q2 FY25, crossing 50 slightly later than March 2024.
22. Yield on advances range bound \~9.10% Delivered - At the Q1 FY24 call, management guided yield on advances to remain more or less the same, range bound for the year, later quantified around 9.10% quarterly. Yield tracked 8.93% in Q2 FY24, 9.14% in Q4 FY24, 9.28% in Q1 FY26, 8.95% in Q3 FY26 and 8.57% global in Q1 FY27.
23. Cost of funds around 4% Delivered - At the Q1 FY24 call, management guided cost of funds to hover around 4%, the same range as the then 3.70%. Cost of funds was 4.10% in Q3 FY26 and 4.15% in Q4 FY26, and cost of deposits 4.48% in Q1 FY25 and 4.38% in Q1 FY27 after a 25 bps reduction.
24. NII growth double digit, later 15%-20% Delivered - At the Q1 FY24 call, management guided NII to show "definitely double digit growth", later set at \~20% for FY25 and 15% for FY27. NII grew 39% in Q1 FY24, 27% in Q4 FY24, 17% in Q4 FY26 and 14.53% in Q1 FY27, consistently double-digit.
25. ECL provision ₹2,000-2,500 cr over 1-2 years On track - At the Q1 FY24 call, management estimated the ECL provision requirement at ₹2,000-2,500 cr, adjustable in 1-2 years, later set as a glide path of \~₹125 cr/quarter to ₹2,500 cr by 31st March 2031. ₹250 cr was provided in Q1 FY24 and ₹255 cr at draft stage by Q1 FY27, with CET1 impact of 100-110 bps expected.
26. ROA 1.3%-1.4%, later 1.5%-1.8% Delivered - At the Q1 FY24 call, management guided ROA range bound at 1.3%-1.4%, later raised through 1.5%-1.6% for FY25 and 1.75% for FY26 to 1.80% for FY27. ROA was 1.33% in Q1 FY24, 1.75% in Q4 FY25, 1.97% in Q4 FY26 and 1.90% in Q1 FY27, above the latest guided range.
27. Written-off recovery ₹1,200 cr FY23, then ₹1,200-1,500 cr/year for five years Partial - At the Q4 FY23 call, management guided recovery from written-off accounts of \~₹1,200 cr in FY23 at 5%-7% of stock, later set at ₹1,200-1,500 cr annually for the next five years. Actuals were ₹943 cr in FY23 and ₹986 cr in FY24, below the guided floor, then ₹1,375 cr in FY25 and ₹1,423 cr in FY26, within the band; the five-year horizon remains in progress.
28. Digital/technology spend ₹1,000 cr+ every year Delivered - At the Q4 FY23 call, management guided digital/technology spend of ₹1,000 cr-plus every year, with the FY25 IT budget set at ₹1,200 cr. Over the three years to Q2 FY25 about ₹2,700 cr was budgeted with \~₹1,900 cr utilized, and IT capex drove other expenses up 11% YoY in Q3 FY26.
29. Cost-to-income around 40%, later below 40% Delivered - At the Q3 FY23 call, management aimed to keep the cost-to-income ratio around 40%, later guided below 40% for FY25 through FY27. The ratio ran 39.69% in Q3 FY23, 37.55% in Q4 FY24, 38.5% in Q4 FY25 and 37.08% in Q4 FY26, consistently below 40%.
30. MSME and retail growth 20%-24% Delivered - At the Q3 FY23 call, management expected MSME growth of \~20%-22% and retail growth of \~23%-24% in coming quarters. Retail grew 23% and MSME 27% in Q4 FY23, 25% and 29% in Q1 FY24, and 25% and 23% respectively in Q1 FY27.
31. Gold loan book ₹7,500 cr by March 2023 Delivered - At the Q3 FY23 call, management targeted a gold loan book of ₹7,500 cr by March end, expecting ₹7,000-7,500 cr. The book stood at \~₹6,000 cr in Q3 FY23 and \~₹7,000 cr by Q4 FY23, essentially meeting the target, and later grew to ₹24,000 cr, up 53% YoY, by Q4 FY26.
32. Corporate book growth 20%-22%, mix 42%-43% Delivered - At the Q2 FY23 call, the CRO targeted corporate book growth of 20%-22% YoY with a mix around 42%-43% corporate, later reframed as a 60:40 ±2% RAM:corporate split. Corporate was 42.85% of advances in Q4 FY23 and RAM share ran 61.03% in Q4 FY24, 63.48% in Q3 FY26 and 62.89% in Q1 FY27, within the 60:40 ±2% band.
33. Branch expansion 150-200 new-format branches, later 1,000 in 5 years On track - At the Q2 FY23 call, management planned around 150-200 branches in the new format, later expanded to 1,000 branches over five years and Project 321 - 321 branches in 18 months. Branches grew from 2,066 in Q2 FY23 to 2,815 by Q1 FY27, with 183 of the 321 Project 321 branches functional by Q4 FY26.
34. Net NPA below 0.5%, then 0.2%-0.25% Delivered - At the Q2 FY23 call, management expected net NPA to come below 0.5%, later tightened to 0.2%-0.25% and then within 0.25% for FY27. NNPA fell from 0.68% in Q2 FY23 to 0.25% in Q4 FY23, 0.18% in Q4 FY25 and 0.13% in Q1 FY27.
35. NARCL transfer of accounts Partial - At the Q1 FY23 call, management said the NARCL transfer with \~₹400 cr recovery would happen in the July-September quarter, later sizing the shortlist at \~₹2,400-2,700 cr across 12-13 accounts. Two accounts were transferred in Q2 FY23 and two realized by Q2 FY24, but two Q4 FY23 accounts were won by another ARC in a Swiss challenge and 12 accounts (₹1,600 cr) remained poised with NARCL in Q3 FY24.
36. DTA release ₹300-350 cr to improve capital Delivered - At the Q1 FY23 call, management said another ₹300-350 cr of deferred tax assets would be released in coming quarters, improving capital adequacy without raising capital. DTA reversals of ₹280 cr in Q2 FY23, ₹223 cr in Q3 FY23 and a final \~₹200 cr component by Q2 FY24 cumulatively exceeded ₹700 cr.
37. Tax provision nil for 2-3 years Delivered - At the Q1 FY23 call, management said the bank may not require any taxation provision for the next two to three years after switching to the new 25% tax regime. There was no current tax in Q2 FY23, no tax liability in FY24, an average tax rate of \~10%-11% in FY26, and FY27 guidance of 13%-14% on OP basis pre-announced the transition to a normal regime.
38. Capital adequacy above 15%, later 16%-18% Delivered - At the Q1 FY23 call, management said continuance of above 15% capital adequacy is board direction, later guided at 16%-17% and then around 18%. CRAR was 16.15% in Q1 FY23, 18.14% in Q4 FY23, 20.5% in Q1 FY26 and 18.64% in Q1 FY27.
39. Capital raise ₹500-600 cr FY23, later ₹7,500 cr umbrella Delivered - At the Q1 FY23 call, management said equity of ₹500-600 cr may be raised in Q3/Q4 FY23 under an umbrella permission of up to ₹5,000 cr, later expanded to ₹7,500 cr mainly to bring GOI holding below 75%. ₹1,000 cr QIPs were raised in FY24 and ₹3,500 cr in Q2 FY25, and an OFS took GOI to 73.6% by Q3 FY26, achieving MPS compliance.
40. CD ratio 75%-80% Delivered - At the Q1 FY23 call, management aimed for a CD ratio up to 75% by March end with a minimum 80% aim, later guided at 76%-78% and then 83%-84% in present circumstances. CD ratio was 72% in Q1 FY23, 77% in Q2 FY24, 82% in Q2 FY26 and 86% domestic (88.82% global) in Q1 FY27.
41. NIM above 3.25, then 3.75%-3.9% Delivered - At the Q1 FY23 call, management planned to continue NIM above the 3.25 range, later guided at 3.75%-3.9% for FY25 and 3.75% for FY27. NIM was 3.28% in Q1 FY23, 3.78% in Q4 FY23, 4.01% in Q4 FY25 and 3.79% in Q1 FY27, meeting or exceeding the latest guidance every quarter.
42. Advances growth 20%-22% FY23, later 18%-20% Delivered - At the Q1 FY23 call, management guided credit growth of 20%-22% for FY23, "may go up to 25%", later revised through 18%-20% for FY25 and 18% for FY27. Gross advances grew 30% in FY23, 16.3% in FY24, 17.76% in FY25, 22% in FY26 and 27% YoY in Q1 FY27.
43. CASA ratio sustain 55%-56%, later 50%+ Delivered - At the Q1 FY23 call, management guided CASA sustainability of around 55%-56%, later relaxed to above 50% and then around 50% for FY27. CASA was 56% in Q1 FY23, 53% in Q4 FY23, 52.51% in Q4 FY26 and 49% in Q1 FY27, marginally below the "around 50%" guidance.
44. Credit cost 1.2%-1.3% FY23, then ≤1% Delivered - At the Q1 FY23 call, management guided credit cost of around 1.2%-1.3% annualized, with a Q2 FY23 call stating it would "definitely come below 1%" and stabilize at 0.3%-0.5%, later framed as up to 1% going forward. Credit cost was \~1.4% in Q3 FY23, 120 bps in Q3 FY24, 0.92% in Q2 FY26 and 0.99% in Q1 FY27.
45. Slippages ₹500-600 cr per quarter FY23 Partial - At the Q1 FY23 call, management expected around ₹500-600 cr of new slippages per quarter for the current year, guidance extended to ₹2,000-2,200 cr for FY24 and reiterated at Q2 FY25. Q1 FY23 slippage was ₹697 cr including one sugar account of \~₹280 cr, FY23 averaged \~₹400 cr/quarter, and recent quarters ran ₹727 cr in Q1 FY26 and ₹888 cr in Q1 FY27.
46. Recovery target ₹3,000 cr full-year FY23 Partial - At the Q1 FY23 call, management kept the year's recovery target at ₹3,000 crores full-year, saying "we are confident that we will be able to do that", with written-off recovery guided at ₹1,200 cr for FY23. FY23 recovery from written-off accounts was ₹943 cr, up 47% YoY, with Q4 FY23 recovery of ₹488 cr, and no disclosed actual against the ₹3,000 cr figure in our record.