1. Promoter infusion of ₹100 crores at \~17% premium Pending - At the Q1 FY27 call, shareholders approved a promoter infusion of ₹100 crores at approximately a 17% premium to the minimum issue price under SEBI regulation. No completion of the infusion appears in the notes as of Q1 FY27.
2. Core banking platform go-live - Q2 FY27 On track - At the Q1 FY27 call, management targeted core banking platform go-live for Q2 FY27, after which the business expands into loan management and loan origination for NBFCs; the Q1 FY27 PPT showed STL Core Banking development complete, moved into customer UAT, with go-live targeted for 30 September 2026. No go-live confirmation appears in the notes as of Q1 FY27, and the 30 September 2026 target is still ahead.
3. FY27 consolidated AUM growth of 20-25% On track - At the Q4 FY26 call, management indicated consolidated AUM growth for FY27 of approximately 25% to 30%, clarifying the 15-20% guidance was standalone microfinance only; at Q1 FY27 this was revised to 20% to 25%, implying ₹18,200-18,900 crores by March 2027. Q1 FY27 consolidated AUM grew 27% YoY to ₹15,935 crores, within the original 25-30% range and above the revised range.
4. FY27 ROA better than FY26's 2.6% On track - At the Q4 FY26 call, management declined formal FY27 ROA guidance but stated ROA will be "better off" / "positive" versus FY26's 2.6%; at Q1 FY27 this firmed to FY27 standalone ROA of 3.5% to 4% on a reported basis. Q1 FY27 standalone ROA was 3.55%, above FY26's 2.6% and within the guided range.
5. FY27 standalone AUM growth of 15-20% On track - At the Q4 FY26 call, management guided FY27 standalone AUM growth of 15% to 20% year-on-year, implying standalone AUM of approximately ₹14,800 crores to ₹15,100 crores. Q1 FY27 standalone AUM grew 22% YoY to ₹13,312 crores, running ahead of the guidance.
6. FY27 standalone credit cost target of 3% to 3.5% On track - At the Q4 FY26 call, management guided FY27 standalone credit cost of 3% to 3.5%, a meaningful improvement from 3.8% in FY26; at Q1 FY27 this was reiterated on a reported basis, inclusive of any buffer built, with management aiming to outperform. Q1 FY27 reported credit cost was 3.06%, within the guided range.
7. Consolidated NIM stable at 12-13% - long term Delivered - At the Q4 FY26 call, management expected consolidated NIM to remain stable at about 12% to 13% and standalone NIMs "broadly stable at 13.5% to 14%" over the long term; at Q1 FY27 standalone NIM guidance was restated at about 14.35% to 14.50%, aiming at a steady state of about 14.50%. Q1 FY27 consolidated NIM was 13.21% and standalone NIM 14.36%, within the stated ranges.
8. Consolidated AUM target of ₹32,000 crores by 2030 On track - At the Q4 FY26 call, management raised the consolidated AUM target for 2030 to ₹32,000 crores from the earlier ₹25,000 crores; the target was reiterated as unchanged at Q1 FY27. Consolidated AUM was ₹15,174 crores in FY26 and ₹15,935 crores in Q1 FY27, with the 2030 deadline not yet due.
9. Satin Growth Alternatives - SEBI license for AIF Category 2 fund Delivered - At the Q3 FY26 call, management said Satin Growth Alternatives Limited had applied for an SEBI license for a first-of-its-kind, women-led AIF Category 2 fund focused on women-led and green MSMEs, with the license awaited. SGAL received its SEBI license for an ₹200 crores Category II AIF, and at Q1 FY27 was progressing towards first close with strong soft commitments.
10. CGFMU claims - possible in upcoming new year Missed - At the Q3 FY26 call, management said CGFMU approval was received and claims in the upcoming new year were possible "hopefully", dependent on government announcement. At Q1 FY27 the company had not entered the CGFMU credit guarantee scheme because GNPA at about 2.18% made it unnecessary, and no claims were made.
11. 10-15% growth guidance - MFI standalone Delivered - At the Q3 FY26 call, management remained steadfast on 10%-15% growth guidance, having already grown 10% Y-o-Y the prior quarter and being "on course" to do that. FY26 standalone AUM grew 14% YoY to ₹12,853 crores, within the guidance.
12. Top-4-state concentration steady at 56-60% Delivered - At the Q1 FY26 call, management stated intent to keep top-4-state (UP, Bihar, Assam, West Bengal) concentration steady at about 56% to 60%, as over the last 5-7 years. Top 4 states were 56% of total AUM at Q1 FY26 and 61% of on-book portfolio at Q1 FY27, broadly within the stated range.
13. Better credit cost in FY26 than FY25 Delivered - At the Q4 FY25 call, HP Singh said the company hopes to do better on credit cost in FY26 than FY25; at Q1 FY26 the target was framed as a reduction from FY25's 4.6%, and at Q3 FY26 as ending the year around 4%, \~50 bps down. FY26 standalone credit cost was 3.8%, a 77 bps improvement from 4.6% in FY25.
14. FY26 lower overall operating expense ratio than FY25 Missed - At the Q4 FY25 call, HP Singh said FY26 will "technically have a lower overall operating expense ratio" than FY25. FY25 opex was 6.49% consolidated / 6.31% standalone, while FY26 opex was 6.98% standalone in Q4 FY26 and 6.80% consolidated / 6.68% standalone in Q1 FY26 - higher than FY25, not lower.
15. Credit cost below 3% - FY26 aim Missed - At the Q3 FY25 call, management aimed to bring credit cost down below 3% ("We want to bring it down below 3%... that's what we want to do"). FY26 standalone credit cost was 3.8%, above the 3% target, though Q4 FY26 credit cost of 2.5% came in below 3% for the quarter.
16. Credit cost normalization after Q4 FY25 - Q2 FY26 absolute normalization Missed - At the Q3 FY25 call, management expected credit cost normalization after Q4 FY25, with Q2 FY26 expected to show absolute normalization ("Absolutely. 100%"). Q1 FY26 credit cost was 4.84%, Q2 FY26 was 4.83% and Q3 FY26 was 4.23% before Q4 FY26 came in at 2.48% - normalization began only from Q3 FY26 onwards.
17. Delinquency trends stabilize from Q4 FY25 onwards Delivered - At the Q2 FY25 call, management expected delinquency trends to stabilize from Q4 FY25 onwards. PAR 1 declined from 6.8% in September 2024 to 4.9% by March 2025, PAR 90 stood at 3.7% in March 2025, and net fresh PAR flow fell from 1.61% in October 2024 to 0.45% in January 2025.
18. FY25 credit cost of around 4.5%-5% Delivered - At the Q2 FY25 call, management guided FY25 credit cost of around 4.5%-5%. FY25 credit cost was 4.6%, within the guided range.
19. FY25 AUM growth revised to 8-10% - consolidated Missed - At the Q2 FY25 call, management revised FY25 consolidated AUM growth guidance down to approximately 8%-10%, versus 25% previously projected. Management's own FY25 guidance-vs-performance scorecard recorded actual AUM growth of 6.8%, below the guided floor.
20. Housing finance subsidiary to cross ₹1,000 crore AUM - this year (FY25) Partial - At the Q1 FY25 call, management said the housing finance subsidiary would cross the second milestone - from ₹500 crore to about ₹1,000 crore AUM - this year; at Q2 FY25 this was reaffirmed as "We'll probably be doing that in FY '25". Satin Housing Finance AUM was ₹920 crores in FY25, below the target; it crossed ₹1,000 crores in Q3 FY26 and reached ₹1,267 crores by FY26.
21. Opening about 300 branches this year - FY25 Missed - At the Q1 FY25 call, management committed to opening about 300 (odd) branches this year, with about 100 odd branches already deployed (\~70-80 opened in Q1). 218 branches were added in FY25, taking the standalone branch count to 1,454 as of March 2025.
22. No capital raise planned in immediate future - despite 25%+ growth plans Delivered - At the Q4 FY24 call, management said no capital raise was planned in the immediate future, despite 25%+ growth plans. No equity raise occurred in FY25; a promoter infusion of ₹100 crores was approved only in Q1 FY27 at \~17% premium.
23. Steady-state consolidated ROA of about 4.8% - next 3-4 years On track - At the Q4 FY24 call, management guided steady-state consolidated ROA of about 4.8% ("within that realm of... 4.8% to... 4.9% or 5%") over the next 3-4 years. FY25 consolidated ROA was 1.69%, FY26 was 2.6% and Q1 FY27 was 3.30%, with the window still open.
24. Credit cost stable within 1.5% to 1.75% - FY25 Missed - At the Q4 FY24 call, management expected credit cost to remain stable within the guided range of 1.5% to 1.75%; by Q2 FY25 the guidance was revised to 4.5%-5%. FY25 credit cost was 4.6%, within the revised guidance but far above the original 1.5-1.75% range.
25. FY25 ROA at 4.25% to 4.75% Missed - At the Q4 FY24 call, management guided ROA for FY25 at 4.25% to 4.75%, sticking to previous guidance. FY25 consolidated ROA was 1.69% and standalone ROA 2.07%, well below the guided range.
26. FY25 NIM at 12.25% to 12.75% Delivered - At the Q4 FY24 call, management guided NIM for FY25 at 12.25% to 12.75%, sticking to previous guidance. FY25 consolidated NIM was 12.61%, within the guided range, with standalone NIM at 13.03%.
27. FY25 AUM of \~₹14,000 crores - try and touch closer to that Missed - At the Q4 FY24 call, management said FY25 AUM of \~₹14,000 crores: "we'll try and touch to be closer to that for sure"; this was revised down to 20% growth at Q1 FY25 and to 8-10% at Q2 FY25. FY25 consolidated AUM was ₹12,784 crores, well below the \~₹14,000 crores target, with standalone AUM at ₹11,316 crores.
28. AMFIR Category 3 relief - before end of Q3 FY23 Missed - At the Q3 FY23 call, management expected AMFIR Category 3 relief "might happen before the end of this quarter", with Category 1 and 2 complete and groundwork via credit bureau sampling started. The first tranche of ₹10.70 crores was received only in Q2 FY24, with further tranches pending through Q1 FY27.
29. No new geographies - deep dive into existing states Missed - At the Q3 FY23 call, management said no new geographies would be opened, with deep diving into existing states and UP and Bihar as main states; by Q3 FY24 the plan shifted to opening more in Telangana, Andhra Pradesh and the North East. The company entered Andhra Pradesh and Telangana in FY24, Nagaland in Q1 FY25, Mizoram in July 2025 and Kerala in June 2026, expanding from 23 states/UTs in FY22 to 27 states and 5 UTs by Q1 FY27.
30. FY24 metrics - \~20% growth, ROA \~3%, credit cost 1.5-2% Delivered - At the Q3 FY23 call, management indicated (explicitly "not giving guidance, but the range") FY24 metrics of \~20% growth, ROA of about 3%, and credit cost of about 1.5% to 2% on a stable basis; at Q4 FY23 this was raised to AUM growth of 25% plus and ROA of 3.5% plus, reiterated at Q1 FY24. FY24 standalone AUM grew 34%, ROA was 4.77% and credit cost was 1.44% - all better than the indicated ranges.
31. Assam recovery of 75-80% of ₹137 crores GNPA - best case by end of FY23 Partial - At the Q2 FY23 call, management expected recovery of close to 75% to 80% of the Assam ₹137 crores GNPA from the state government, with 50% provided, best case by end of the financial year. The first tranche of ₹10.70 crores arrived in Q2 FY24 against a further \~₹100-odd crore receivable; as of Q4 FY24 the legacy Assam book in GNPA was \~₹60 crores, adequately provided, with recovery discussions ongoing and no timeline committed, and no further tranches disclosed through Q1 FY27.
32. Off-balance-sheet/DA assignment range-bound at 25-30% of portfolio Delivered - At the Q3 FY23 call, management indicated off-balance-sheet/DA assignment would remain range-bound at about 25% to 30% of portfolio, the pre-pandemic level, before on-book portfolio starts increasing; this was later framed as 20 to about 30-odd percent at Q1 FY24, below 20% "in the next couple of years" at Q4 FY24, 22% to 25% at Q4 FY25, and 20% to 22% of standalone AUM at Q1 FY27. Off-book lending reduced from 29% in FY23 to 23% in FY24, was approximately 26% in FY26 (₹3,314 crores against ₹12,853 crores standalone AUM), and the Q1 FY27 DA book stood at \~21% of total AUM.
33. AUM growth of 10-15% for rest of FY23 Delivered - At the Q2 FY23 call, management guided "we still stand by about 10% to 15% growth" in AUM for the rest of FY23, which will "be there for sure"; at Q3 FY23 this was revised to 15-20% growth for FY23. FY23 standalone AUM grew 24% YoY to ₹7,929 crores, exceeding the revised guidance.
34. No further credit cost in FY23 - steady-state 1.25% to 1.50% Delivered - At the Q2 FY23 call, management expected no further credit cost in FY23, with steady-state credit cost "close to about 1%, 1.25%", conservatively "around 1.25% to about 1.50%"; this evolved through Q3 FY23 (1.5% to 2% stable-year cost), Q3 FY24 (FY24 1.25% to 1.5%), Q2 FY25 (FY25 4.5%-5%) and Q4 FY26 (FY27 3% to 3.5%). FY24 credit cost was 1.44%, within the 1.25-1.5% guidance; FY25 was 4.6%, FY26 was 3.8% and Q1 FY27 was 3.06%.
35. No further capital required for FY23 growth - warrant conversion if needed Delivered - At the Q1 FY23 call, HP Singh said no further capital was required for FY23 growth; if required, the company would prepone warrant conversion (warrant end date July 2023) before that. Promoters infused ₹25 crores in Q2 FY23 against warrant conversion, taking receipts to ₹100 crores of a ₹225 crores preferential allotment; \~₹25 crores came from Florintree Ventures in Q3 FY23, ₹137 crores by FY23, and the last ₹50 crores tranche in July 2023, with CRAR above 22% throughout FY23.
36. Satin Housing Finance AUM growth of 50-60% YoY - next couple of years Partial - At the Q1 FY23 call, HP Singh guided Satin Housing Finance AUM growth of about 50-60% year-on-year to continue "in the next couple of years", saying 50% "will happen definitely"; this was later framed at Q3 FY24 as 40-50% or 50% plus, at Q2 FY25 as secured book growth of about 40-50% YoY, and at Q3 FY26 as \~40-50% YoY continuing. Satin Housing Finance AUM grew 59% in FY23 and 50% in FY24 but slowed to 22% in FY25 and 38% in FY26, with 31% YoY in Q1 FY27; AUM crossed ₹1,000 crores in Q3 FY26 and reached ₹1,263 crores by Q1 FY27.
37. Taraashna Financial Services pain over - no more pain left Delivered - At the Q4 FY22 call, HP Singh said the pain at Taraashna Financial Services is over - no more pain left there. Taraashna AUM declined from ₹724 crores in FY22 to ₹563 crores by Q3 FY23; the merger with Satin Finserv became effective from 1st March 2023, and the combined entity reported AUM of ₹682 crores with PAT of ₹6 crores in FY23.
38. GNPA significantly lower in FY23 - credit quality improvement Delivered - At the Q4 FY22 call, HP Singh declined to anchor a credit cost number for FY23 but said GNPA numbers will be "significantly lower than what they are right now" in FY23. On-book GNPA reduced from 8.01% (₹412 crores) as of March 2022 to 3.28% (₹185 crores) as of March 2023, or 1.70% excluding Assam.
39. Continued collection efforts on written-off/GNPA accounts - 3-4 years, down to 600 days DPD Delivered - At the Q4 FY22 call, management committed to continuing collection efforts on written-off/GNPA accounts "at least for the next three to four years", going down to 600 days DPD; at Q4 FY23 write-off recoveries were framed as "at least about ₹48 crores, ₹50 crores year-on-year. That's the bare minimum" going forward. Recoveries against write-offs were ₹48 crores in FY23, ₹46 crores in FY24, ₹38 crores in FY25, ₹34 crores in FY26 and ₹8 crores in Q1 FY27, via a dedicated collection team focused on larger DPDs down to 600 days.
40. Reduce cost-to-income and opex-to-GLP ratios - coming quarters Delivered - At the Q4 FY22 call, HP Singh said the company hopes to reduce the Cost to Income ratio and Opex to GLP in the coming quarters, with total operating cost consistent at about ₹400 crores since FY20; subsequent quarters repeated the intent, from dipping cost-to-income (Q2 FY23) to opex/AUM of about 6% (Q3 FY23), below 5.5% in six to nine months (Q3 FY24), stable opex (Q1 FY25) and FY26 opex "definitely will come down" (Q4 FY25). Cost-to-income improved from 67.6% in FY22 to 42.6% standalone in FY24 and opex/AUM from 6.4% to 5.6%, before temporarily rising to 6.31% standalone in FY25, 6.68% in Q1 FY26 and then improving to 6.33% in Q1 FY27 from 6.98% in Q4 FY26.
41. FY20 AR commitment - cap per-state exposure to 20% and per-district to <2% of AUM Partial - In the FY20 annual report, management committed to diversify concentration risk by capping per-state exposure to 20% and per-district exposure to <2% of AUM. Top state exposure was UP at 23.1% of on-book portfolio in FY26 and 23% in Q1 FY27, above the 20% cap, while 98.3% of districts had <1% exposure in FY26, within the <2% cap.
42. Maintain capital adequacy (CRAR) above 20% - long run Delivered - In the September 2023 announcement, management committed to maintaining capital adequacy (CRAR) above 20% in the long run, with continuous monitoring, noting CRAR remained above 25% during the last 5 years. Q1 FY27 CRAR was 26.74%.
43. TFSL project NaiRoshni - ₹974 crores disbursement for SCNL and ₹90 crores for SFL Missed - In the FY21 annual report, TFSL planned to scale up project NaiRoshni with ₹974 crores disbursement for its parent company SCNL and ₹90 crores for sister concern SFL. TFSL disbursed ₹75.30 crores for SCNL and ₹4.92 crores for SFL in FY21, and was merged with Satin Finserv effective March 1, 2023, with no further NaiRoshni disbursement figures in subsequent notes.
44. No further rate hikes - cost of funds not inching upwards Delivered - At the Q4 FY23 call, HP Singh said no further rate hikes were coming in, cost of funds would not probably inch upwards, and he expected a rating upgrade or outlook change with confidence. Cost of funds was 11.5%-11.75% in Q4 FY23 and marginal cost of borrowing declined to 11.2% in FY25, 10.82% in FY26 and 10.52% in Q1 FY27, while ICRA upgraded the long-term rating to A (Stable) in December 2023.
45. Comfortable standalone debt-to-equity - can go up to 4x-4.5x Delivered - At the Q4 FY23 call, HP Singh said comfortable standalone debt-to-equity was currently \~3x and could go up to 4x-4.5x. Debt-to-equity remained at 2.7x in FY24, 2.8x in FY25, 2.9x in Q1 FY26 and 3.15x in Q1 FY27, never exceeding the comfort range.