1. Borrowing rates down by \~100 bps over 2 years On track - At the Q3 FY26 call, management expected borrowing rates to come down by around 100 bps over a period of 2 years. Q4 FY26 cost of liabilities was 8.59%, down from 8.95% in Q4 FY25, and Q1 FY27 was 8.56% - a total reduction of \~39 bps so far.
2. MUFG preferential issue - ₹40,000 cr for 20% stake Delivered - At the Q3 FY26 call, management said the equity infusion, when completed, would be around ₹40,000 cr. On April 8, 2026, the company completed preferential allotment of 47,11,21,055 shares to MUFG Bank at ₹840.93 per share, totalling ₹39,618 cr, giving MUFG a 20% stake.
3. Primary Dealer business at Shriram Overseas Investments Delivered - At the Q2 FY26 call, management said board permission was taken to start a primary dealership business at Shriram Overseas Investment, with RBI approvals awaited. Shriram Overseas Investments received RBI in-principle approval to commence Primary Dealer business on April 15, 2026.
4. Dividend payout ratio of 20-25% of PAT Delivered - The dividend policy states the Board may maintain a Dividend Pay-out ratio in the range of 20-25% of PAT. FY25 total dividend was ₹9.90 per share on PAT excluding exceptional items of ₹8,271.61 cr, and FY26 total dividend was ₹10.80 per share on PAT of ₹9,998.15 cr.
5. Green Finance AUM of ₹5,000 cr - within 3-4 years Pending - At the launch of the Shriram Green Finance vertical on December 20, 2024, management targeted an AUM of ₹5,000 cr within the next 3-4 years, reiterated in the FY26 annual report. No disclosure of green finance AUM has been made in subsequent quarters.
6. Gold loan portfolio to double in 3 years On track - At the Q1 FY27 call, management guided the gold loan portfolio to double in the next 3 years, from around 2.5% of the overall book to around 5%. Q1 FY27 gold AUM was 2.39% of total AUM, up 45.78% YoY, with the portfolio growing very fast.
7. Credit cost around 2% - FY27 On track - At the Q1 FY27 call, management reiterated credit cost guidance of around 2%. Q1 FY27 credit cost was 1.66%, below the 2% target.
8. NIM of 8.5% - FY27 On track - At the Q4 FY26 call, management budgeted FY27 NIM at 8.5%, reiterated at Q1 FY27 as long-term NIM guidance of \~8.5%. Q1 FY27 NIM was 9.04%, with management guiding NIM will hold at current levels for the immediate 2 quarters and around 8.5% in the medium term.
9. 18% AUM growth - FY27 On track - At the Q4 FY26 call, management guided FY27 AUM growth of 18%, saying the budget would be relooked after Q1 FY27 results, and reiterated 18% at Q1 FY27 with possible revision after Q2. Q1 FY27 AUM grew 15.26% YoY, and management guided Q2 FY27 growth of more than 15%.
10. Cost-to-income ratio of 27-28% - FY26 Delivered - At the Q4 FY25 call, management guided the cost-to-income ratio to hover around 27% to 28% over a one-year period. Q3 FY26 cost-to-income was 29.66%, Q4 FY26 was 25.32%, and Q1 FY27 was 25.48%.
11. MSME growth of around 20% plus - FY26 Missed - At the Q4 FY25 call, management guided MSME growth to moderate to "around 20% plus" for FY26. Q4 FY26 MSME AUM grew 10.24% YoY and Q1 FY27 grew 8.08% YoY, with growth deliberately slowed.
12. CV portfolio growth of 12-15% - FY26 Delivered - At the Q4 FY25 call, management guided CV portfolio growth of 12% to 15% for FY26. Q4 FY26 CV AUM grew 19.49% YoY and Q1 FY27 CV AUM grew 19.41% YoY.
13. 15% AUM growth - FY26 Delivered - At the Q4 FY25 call, management reiterated overall AUM growth guidance of \~15% for FY26. FY26 AUM grew 14.85% YoY to ₹3,02,273.75 cr.
14. Credit cost below 2% - FY26 Delivered - At the Q4 FY25 call, management guided credit cost to be maintained around 2% and hopefully below 2%, revised at Q1 FY26 to under 2% for the full year FY26. FY26 credit cost on total assets was 1.68%, with quarterly readings of 1.64%, 1.68%, 1.62% and 1.68% through the year.
15. NIM of 8.5-8.6% - FY26 Delivered - At the Q4 FY25 call, management guided NIM of 8.5% to 8.6% for the full year FY26, clarified at Q1 FY26 as an 8.5% exit NIM for FY26 rather than a full-year average. NIM moved from 8.11% in Q1 FY26 and 8.19% in Q2 FY26 to 8.58% in Q3 FY26 and 8.61% in Q4 FY26.
16. CV AUM growth of 11-12% - FY25 Delivered - At the Q4 FY24 call, management expected commercial vehicle AUM to grow around 11-12%. Q4 FY25 CV AUM grew 10.87% YoY, and Q1 FY26 CV AUM growth was 12.3%.
17. Stage-3 target of 5% by end of FY25 Delivered - At the Q4 FY24 call, management set a Stage-3 target of 5% by the end of FY25, net Stage-3 around 2.5%, and credit cost around 2%. Q4 FY25 gross Stage-3 was 4.55%, net Stage-3 was 2.64%, and credit cost was 2.07%.
18. Shriram Housing Finance growth of 25-30% - going forward Delivered - At the Q3 FY24 call, management said Shriram Housing Finance would "probably grow at 25%, 30% growth" going forward. SHFL AUM grew 71.02% YoY in Q4 FY24 and 50.93% YoY in Q1 FY25, before SHFL was sold in December 2024.
19. NIM of 8.9% - going forward Partial - At the Q3 FY24 call, management said they were hopeful to hold margins at around 8.9% going forward. Q4 FY24 NIM was 9.02%, but NIM declined below 8.9% from Q1 FY25 onward - 8.79% in Q1 FY25, 8.74% in Q2 FY25 and 8.48% in Q3 FY25.
20. 15% AUM growth - FY25 Delivered - At the Q3 FY24 call, management guided FY25 overall AUM growth of 15%, reiterated at Q1 FY25 and Q4 FY25. FY25 AUM grew 17.05% YoY to ₹2,63,190.27 cr.
21. Unsecured loans capped at 5% of AUM Delivered - At the Q2 FY24 call, management said unsecured loans remain capped at 5% of overall AUM, reiterated at Q3 FY24 with a board-authorized cap of 8% but management preference below 6%. The unsecured book was 4.3% of AUM in Q2 FY24, personal loan share was 4.45% in Q3 FY24 and \~3.4% in Q2 FY25, remaining below 5% throughout.
22. Normalized LCR around 150% Delivered - At the Q2 FY24 call, management said the normalized liquidity coverage ratio would be maintained around 150%. LCR was 195.55% in Q4 FY24, 286.73% in Q4 FY25, 323.17% in Q4 FY26 and 262.54% in Q1 FY27, consistently exceeding 150%.
23. ROE of 16-18% over 3-5 years Partial - At the Q2 FY24 call, management guided an ROE target of 16%-18% over a 3-5 year period, with ROE touching 16% next year and improving to 18% thereafter, and at Q4 FY24 expected to cross 17% in FY25 and reach 18% by FY26. FY25 ROE was 16.69%, FY26 ROE was 15.18%, and Q1 FY27 ROE was 12.76% on closing net worth.
24. Shriram Housing Finance steady-state ROA of 2.75-2.8 Pending - At the Q1 FY24 call, Shriram Housing Finance management guided steady-state ROA of about 2.75 to 2.8. The cited Q4 FY23 PPT shows SHFL ROA of 2.13% for FY23 and 2.05% for Q4 FY23; FY24 ROA is not in the cited sources, so the outcome cannot yet be judged.
25. FinTech partnerships at 5% of AUM Pending - At the Q1 FY24 call, management targeted \~5% of total AUM sourced via FinTech partnerships. No disclosure of FinTech-sourced AUM as a percentage of total AUM has been made in subsequent quarters; the Paytm partnership was still "finding our way around" in Q3 FY24.
26. CV AUM growth of 12% - FY24 Delivered - At the Q1 FY24 call, management maintained guidance of 12% growth in the CV portfolio for the current year, widened at Q2 FY24 to 12-15%. CV AUM grew 14.6% in FY24.
27. ROE of 15-16% - FY24 Delivered - At the Q1 FY24 call, management guided ROE of 15% to 16% for full year FY24, with Umesh Revankar aiming at 16% ROE at year-end. FY24 ROE was 15.10%, and Q4 FY24 ROE was 12.21%.
28. Cost-to-income ratio of 27-28% - FY24 Delivered - At the Q1 FY24 call, management reaffirmed cost-to-income guidance of 27-28% for the full year, revised at Q2 FY24 to 26-27%. FY24 quarterly cost-to-income ranged from 25.14% to 27.29%, with Q4 FY24 at 26.68%.
29. NIM of 8.5% by Q4 FY24 Delivered - At the Q1 FY24 call, management aimed at \~8.5% NIM by the last quarter of FY24, reiterated at Q2 FY24 with NIM possibly varying between 8.5% and 9%. Q3 FY24 NIM was 8.99% and Q4 FY24 NIM was 9.02%.
30. 15% AUM growth - FY24 Delivered - At the Q4 FY23 call, management reiterated the 15% AUM growth guidance for the next couple of years, reiterated through Q1 FY24 to Q4 FY24, and effectively revised upward to 18-20% for FY24 at Q2 FY24. FY24 AUM grew 21.1% YoY to ₹2,24,861.98 cr.
31. Credit cost around 2% - FY24 Delivered - At the Q3 FY23 call, management said credit cost was expected to be around 2% at any point of time, reiterated through FY24, with Q2 FY24 guiding 1.5%-2% for the full year and Q3 FY24 guiding 2%. FY24 credit cost was 2.06%.
32. Liquidity buffer of three months / \~₹8,000 cr - ongoing Partial - At the Q1 FY23 call, management said the company would continue to maintain a liquidity buffer of three months of liability, close to around ₹8,000 cr, reiterated at Q4 FY23 and Q2 FY24. Q4 FY23 liquidity was ₹17,659 cr covering more than three months, Q1 FY24 was ₹16,165 cr covering \~3 months, Q4 FY25 excess liquidity was \~₹31,000 cr (\~6 months), Q2 FY26 was worked down to 3 months, and Q1 FY27 was 6 months.
33. Securitization share back to 18-19% of debt outstanding Missed - At the Q1 FY23 call, management said the securitization share of debt outstanding, which fell from 17% to 16%, should go back to around 18% to 19%. Q4 FY23 securitization was 14% of liabilities, Q1 FY24 was \~15% and Q2 FY24 was 15% - the share did not reach 18-19%.
34. Merger completion by October 2022 Partial - At the Q1 FY23 call, management expected the merger to be completed in October 2022, with only CCI approval pending. The merger was completed with the NCLT order received on December 9, 2022, and share trading started December 28, 2022, within the planned one-year timeline announced December 13, 2021.
35. Credit cost around 2% - FY23 Delivered - At the Q1 FY23 call, management said credit cost should remain around 2% throughout FY23, reiterated at Q2 FY23, Q3 FY23 and Q4 FY23. FY23 credit cost was 2.01%.
36. NIM around 7% - FY23 Delivered - At the Q4 FY22 call, management said the focus was on NIM around 7%, confirming \~7.5% NIM could be maintained for the next 1-2 years, formalized at Q2 FY23 as NIM of around 7% +/- 20 bps. FY23 NIM was 8.37% and Q4 FY23 NIM was 8.55%, consistently exceeding the 7% +/- 20 bps guidance.
37. 12% standalone CV AUM growth - FY23 Delivered - At the Q4 FY22 call, management targeted 12% standalone AUM growth for commercial vehicle lending, reiterated at Q2 FY23. CV AUM grew 12.64% YoY in Q4 FY23.
38. 15% AUM growth - FY23 Delivered - At the Q4 FY22 call, management targeted 15% AUM growth for the combined (post-merger) entity, reiterated at Q1 FY23 through Q4 FY23. Combined entity AUM growth was 15.89% YoY per the Q4 FY23 PPT, with FY23 AUM reaching ₹1,85,682.90 cr from ₹1,27,040.80 cr at end of FY22.
39. Gearing kept below 5x Delivered - At the Q2 FY22 call, management said gearing would be kept below 5x. Leverage was 4.45x in Q1 FY23, 4.51x in Q2 FY23, 3.63 in Q3 FY23, 3.65 in Q4 FY23, 3.83 in Q4 FY24, 4.16 in Q4 FY25, 3.82 in Q4 FY26 and 2.14 in Q1 FY27, remaining below 5x throughout.
40. Digital platform for trucking ecosystem - one year to build Partial - At the Q1 FY22 call, management said building the new open platform for the trucking ecosystem "will take a year's time". The Super App "Shriram One" was launched in Q2 FY24, with no specific disclosure of a trucking ecosystem platform completion.
41. Branch expansion to 5,000 outlets - long-term On track - At the Q1 FY22 call, management stated a long-term plan to expand from 1,821 branches to at least 5,000 brick-and-mortar outlets to reach rural pockets. Branch count reached 3,225 by Q4 FY26 and Q1 FY27, with no disclosure of progress toward the 5,000 target.
42. Merger announcement - within next couple of quarters from Q1 FY22 Delivered - At the Q1 FY22 call, management expected to announce the merger outcome "in the next couple of quarters", and at Q2 FY22 said no timeline was set but they may try to conclude "at the earliest". The merger was announced on December 13, 2021, within roughly two quarters of Q1 FY22.
43. Cost-to-income ratio of 22-23% - FY22 Delivered - At the Q1 FY22 call, management expected the cost-income ratio to be "anywhere between 22% and 23%" going forward, reiterated at Q2 FY22 for full-year FY22. FY22 cost-to-income was 19.89%, with Q4 FY22 at 20%.
44. Gross Stage-3 below 7% and net Stage-3 below 4% by March 2022 Delivered - At the Q2 FY22 call, management committed to bringing gross stage-3 NPA below 7% and net stage-3 below 4% by March 2022, described as a Board/management decision, adjusted at Q3 FY22 to \~7.5%-7.6% gross Stage-3 by March 31, 2022. Q4 FY22 gross Stage-3 was 7.07% and net Stage-3 was 3.67%.
45. Credit cost below 2% by Q4 FY22 Partial - At the Q1 FY22 call, management guided Q4 FY22 credit cost should be less than 2% or around 2%, with the long-term 2% average target postponed by "at least two, three quarters" due to Wave-2 severity, restated at Q2 FY22 as credit cost below last year's 2.48% by year-end FY22. Q4 FY22 credit cost was 2.03%, while full-year FY22 credit cost was 2.68%.
46. Double-digit AUM growth - FY22 Missed - At the Q1 FY22 call, management stated confidence in double-digit AUM growth for FY22, with pent-up demand visible, reiterated at Q2 FY22 and softened at Q3 FY22 to "we may be little short of double digit". FY22 AUM grew 8.36% to ₹1,27,040.86 cr.