• FY27 growth guidance: The company expects AUM to grow by approximately 25% and net profit to rise by around 50% in FY27, targeting a return on assets of roughly 2.5% in the fourth quarter.
• Long-term AUM target: After crossing ₹1 lakh crore in FY26, the company expects to reach ₹1.5 lakh crore by FY28, driven by the expansion of unsecured, gold, and rural lending as the legacy book runs down.
• Asset quality performance: Credit costs eased to 1.5% in Q4 while retail 90-day delinquencies dropped from 80 basis points to 60 basis points, reflecting benign domestic risk conditions absent major macroeconomic disruptions.
• Margin and efficiency: Net interest margins are projected to expand by a further 40–50 basis points from 6.5% due to a rating upgrade to AA+ and legacy runoffs, while opex-to-assets is expected to fall another 30–50 basis points over the next 4–5 quarters.
• Return on equity: Management expects ROE to cross into double digits next year and achieve a target of 13.5–14% by the end of FY28, supported by leverage of around 4.5 and an ROA of 3%.