• Credit growth: Satin guided for 20% to 25% growth this year and said it expects to reach around 25%; management expects demand over the next 6 months to be stronger than the first 6 months. It is focusing on microfinance and MSME lending, with Satin Finserv growing about 130% in the first quarter.
• Portfolio mix: The non-MFI share rose from 15% last year to 20%; the company is targeting 30% by 2030 and said it expects to better that target.
• Rate resilience: Cost of funds declined by 55 basis points over the last 6 months, which management said should allow Satin to absorb rate increases of up to roughly 75 basis points. It expects margins to remain around 13.5% over the next 2 quarters.
• Asset quality: GNPA declined from 3.5% last year to 1.9%. Management said asset quality should improve rather than worsen, citing an ex-collection bucket of about 99.8%.
• Drought exposure: Management sees limited impact from drought, which it said is concentrated in parts of Maharashtra, Karnataka, and slightly in Andhra Pradesh, where Satin has a small business presence; borrowers also rely on income beyond farming.