Satin Creditcare Network Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Satin Creditcare Network Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Satin Creditcare reported consolidated AUM of Rs 15,174 crore for FY26, up 19% year-on-year, with consolidated PAT of Rs 330 crore, up 79% year-on-year. Management highlighted improved asset quality metrics including a standalone GNPA of 3.1% and credit cost of 3.8% for FY26, down from 4.6% in FY25. The company also detailed performance of its subsidiaries Satin Housing Finance, Satin Finserv, Satin Technologies and Satin Growth Alternatives, and outlined FY27 guidance for AUM growth and credit cost.
Numbers mentioned
Consolidated AUM: INR15,174 crores (FY26)
p. 4
“At a consolidated level, our AUM crossed INR15,174 crores, growing 19% year-on-year.”
H.P. Singh, page 4 of the filed PDF · View the filing
Total revenue: INR3,161 crores (FY26)
p. 4
“Total revenue came at INR3,161 crores, up 23% Y-o-Y.”
H.P. Singh, page 4 of the filed PDF · View the filing
PPOP: INR928 crores (FY26)
p. 4
“Our PPOP grew 23% to INR928 crores and consolidated PAT for FY '26 was INR330 crores, a 79% growth year-on-year.”
H.P. Singh, page 4 of the filed PDF · View the filing
Consolidated PAT: INR330 crores (FY26)
p. 4
“Our PPOP grew 23% to INR928 crores and consolidated PAT for FY '26 was INR330 crores, a 79% growth year-on-year.”
H.P. Singh, page 4 of the filed PDF · View the filing
Consolidated PAT growth: 640% year-on-year, 125% quarter-on-quarter (Q4 FY26)
p. 4
“Consolidated PAT grew 640% year-on-year and 125% quarter-on-quarter.”
H.P. Singh, page 4 of the filed PDF · View the filing
Standalone AUM: INR12,853 crores (FY26)
p. 4
“On a stand-alone basis, our AUM stood at INR12,853 crores, up 14% year-on-year, backed by disbursements of INR11,202 crores.”
H.P. Singh, page 4 of the filed PDF · View the filing
Standalone PAT growth: 39% full year, 234% year-on-year in Q4 (FY26 / Q4 FY26)
p. 4
“Stand-alone PAT grew 39% for the full year and 234% year-on-year in Q4.”
H.P. Singh, page 4 of the filed PDF · View the filing
Standalone PPOP: INR856 crores, up 16% (FY26)
p. 4
“PPOP was INR856 crores, up 16%.”
H.P. Singh, page 4 of the filed PDF · View the filing
Consolidated NIM: 13.2% (FY26)
p. 4
“Our key ratios tell a similar positive story. Consolidated NIM stands at 13.2%.”
H.P. Singh, page 4 of the filed PDF · View the filing
ROA: 2.6% (FY26)
p. 4
“ROA improved to 2.6% and ROE to 12.3%.”
H.P. Singh, page 4 of the filed PDF · View the filing
ROE: 12.3% (FY26)
p. 4
“ROA improved to 2.6% and ROE to 12.3%.”
H.P. Singh, page 4 of the filed PDF · View the filing
Q4 ROA: 4.71% (Q4 FY26)
p. 4
“We achieved exceptional ROA and ROE in Q4 standing at 4.71% and 23.31%, respectively, which is higher than the industry average.”
H.P. Singh, page 4 of the filed PDF · View the filing
Q4 ROE: 23.31% (Q4 FY26)
p. 4
“We achieved exceptional ROA and ROE in Q4 standing at 4.71% and 23.31%, respectively, which is higher than the industry average.”
H.P. Singh, page 4 of the filed PDF · View the filing
Funds raised: INR10,826 crores (FY26)
p. 4
“On funding, we raised INR10,826 crores during FY '26.”
H.P. Singh, page 4 of the filed PDF · View the filing
Marginal cost of borrowing: 10.82%, down 43 basis points (FY26)
p. 4
“Our marginal cost of borrowing declined 43 basis points to 10.82%.”
H.P. Singh, page 4 of the filed PDF · View the filing
Balance sheet liquidity: INR2,092 crores
p. 4
“We maintain a healthy balance sheet liquidity of INR2,092 crores and undrawn sanction of INR2,235 crores.”
H.P. Singh, page 4 of the filed PDF · View the filing
Standalone CRAR: 25.4%
p. 5
“We are also well capitalized with a stand-alone CRAR of 25.4% and 75 active lenders, underscoring our strong institutional relationship.”
H.P. Singh, page 5 of the filed PDF · View the filing
Standalone GNPA: 3.1% (as of March 2026)
p. 5
“Our stand-alone GNPA stands at 3.1% as of March '26.”
H.P. Singh, page 5 of the filed PDF · View the filing
X bucket collection efficiency: 99.9%
p. 5
“Our X bucket collection efficiency is 99.9%.”
H.P. Singh, page 5 of the filed PDF · View the filing
Stage 3 coverage: 73%, up from 67% in December 2025
p. 5
“Stage 3 coverage has improved to 73% from 67% in December '25.”
H.P. Singh, page 5 of the filed PDF · View the filing
On-book provisions: INR273 crores, 2.9% of on-book portfolio
p. 5
“We carry sufficient on-book provisions of INR273 crores, which is 2.9% of the on-book portfolio, well above the RBI required INR172 crores.”
H.P. Singh, page 5 of the filed PDF · View the filing
Management overlay: INR20.5 crores
p. 5
“We also maintained a management overlay of INR20.5 crores as an additional buffer.”
H.P. Singh, page 5 of the filed PDF · View the filing
Credit cost: 3.8%, down 77 basis points (FY26)
p. 5
“Our credit cost for FY '26 stood at 3.8%, a 77 basis point improvement from the 4.6% we recorded in FY '25.”
H.P. Singh, page 5 of the filed PDF · View the filing
Q4 credit cost: 2.5% (Q4 FY26)
p. 5
“In Q4, credit cost came down further to 2.5% and our FY '26 average credit cost to 3.8% compares very favorably to the numbers seen industry-wide during the stress period.”
H.P. Singh, page 5 of the filed PDF · View the filing
Non-MFI AUM share: 17%
p. 5
“Today, 17% of our consolidated AUM comes from non-MFI businesses.”
H.P. Singh, page 5 of the filed PDF · View the filing
Satin Housing Finance AUM: INR1,267 crores
p. 5
“Satin Housing Finance Limited, our housing finance subsidiary now has an AUM of INR1,267 crores, having grown at a 3-year CAGR of 36%.”
H.P. Singh, page 5 of the filed PDF · View the filing
Satin Finserv AUM: INR1,054 crores, 92.5% year-on-year growth
p. 5
“Satin Finserv Limited, our MSME focused subsidiary has emerged as a standout performer this year with AUM of INR1,054 crores, a 92.5% year-on-year growth.”
H.P. Singh, page 5 of the filed PDF · View the filing
ESG score: 59
p. 6
“On ESG, we received a debut score of 59 in S&P Global's Corporate Sustainability Assessment, assessed across a comprehensive range of environmental, social and governance parameters and benchmark against global peers.”
H.P. Singh, page 6 of the filed PDF · View the filing
Q4 consolidated credit cost: 2.2%, INR79 crores (Q4 FY26)
p. 13
“Credit cost at consolidated level for quarter 4 was 2.2% in terms of percentages. And in terms of absolute amount, it was INR79 crores.”
Aditi Singh, page 13 of the filed PDF · View the filing
FY26 consolidated credit cost: 3.55% (FY26)
p. 13
“3.55% was the FY '26 consol credit cost. That's correct.”
Aditi Singh, page 13 of the filed PDF · View the filing
FY26 NIM: 13.23%, up from 12.42% in FY25 (FY26)
p. 14
“in spite of both housing and MSME business going up, our NIM was 12.42% for FY '25, which has gone up to 13.23% in FY '26.”
Jugal Kataria, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Standalone AUM growth — 15% to 20% year-on-year, approximately INR14,800 crores to INR15,100 crores · FY27
stated firmly by H.P. Singh
p. 6
“For FY26-'27, our standalone guidance is AUM growth of 15% to 20% year-on-year, implying an AUM of approximately INR14,800 crores to INR15,100 crores.”
H.P. Singh, page 6 of the filed PDF · View the filing
Credit cost — 3% to 3.5% · FY27
stated firmly by H.P. Singh
p. 6
“Credit cost target of 3% to 3.5%, a meaningful improvement from 3.8% in FY26.”
H.P. Singh, page 6 of the filed PDF · View the filing
Long-term consolidated AUM target — INR32,000 crores · by 2030
stated firmly by H.P. Singh
p. 7
“we are also revising our long-term AUM target upward from INR25,000 crores to INR32,000 crores by 2030 with a non-MFI AUM target of 30% by that date.”
H.P. Singh, page 7 of the filed PDF · View the filing
Non-MFI AUM share — 30% · by 2030
stated firmly by H.P. Singh
p. 5
“Our target is 30% by 2030.”
H.P. Singh, page 5 of the filed PDF · View the filing
Consolidated AUM growth — 25% to 30% · FY27
stated conditionally by H.P. Singh
p. 9
“if we add up to what 15%, that's the baseline which we are taking the bare minimum for microfinance, I think it will be closer to about 25%, 30% for a consolidated basis.”
H.P. Singh, page 9 of the filed PDF · View the filing
ROA — FY27
stated as an aspiration by H.P. Singh
p. 9
“I said it's a function. We don't want to give a guidance to be very honest, but I think we'll be positive from where we are right now. That's for sure.”
H.P. Singh, page 9 of the filed PDF · View the filing
Cost of funds
stated conditionally by H.P. Singh
p. 11
“it would probably be fair to say that it will further go down whenever the need rise, whenever the repo rate goes down, I think looking at that.”
H.P. Singh, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Satin Finserv serves graduated microfinance customers and green/micro enterprise businesses, using cash-flow based underwriting with internally validated scores, and lending is secured.
Answered by H.P. Singh
Asked by Anil Tulsiram: What is the customer profile, collateral and underwriting approach for Satin Finserv?
p. 7
“So it is not just pure manual as what you said. So it follows a lot of data analytics based on that various mechanisms of underwriting through looking at how we are able to generate cash flows, look at the business there.”
H.P. Singh, page 7 of the filed PDF · View the filing
Management said there is zero overlap, as customers must forgo their microfinance loan to take a loan from a group subsidiary.
Answered by H.P. Singh
Asked by Anil Tulsiram: Is there any overlap between MFI customers and Satin Finserv customers?
p. 8
“Zero overlap. There is absolutely no overlap on this.”
H.P. Singh, page 8 of the filed PDF · View the filing
Management said collection efficiency is holding steady and there is no stress currently from geopolitical issues.
Answered by H.P. Singh
Asked by Saumil Shah: What was the X bucket collection efficiency for April, and is there stress from geopolitical issues?
p. 8
“No right now there is no stress because of this geopolitical crisis across in any of our states or any of the places where we work upon.”
H.P. Singh, page 8 of the filed PDF · View the filing
Management said there was no one-off, and the improvement is due to reduced credit cost and growth strategy.
Answered by Aditi Singh
Asked by Saumil Shah: Is there any one-off item boosting Q4 PAT?
p. 9
“It's on account of reduced credit cost and the growth strategy.”
Aditi Singh, page 9 of the filed PDF · View the filing
Management explained this is due to a historical revaluation of investment in subsidiaries at the standalone level that is eliminated on consolidation.
Answered by Jugal Kataria
Asked by Saumil Shah: Why is standalone net worth higher than consolidated net worth?
p. 10
“the investment that we have made from the parent company in the subsidiary, Satin Housing and Satin Finserv that was re-valued. This was some 5 years, 6 years ago. And that profit was booked and that is why the standalone net worth has gone up, but on a consolidated basis, that revaluation impact is removed”
Jugal Kataria, page 10 of the filed PDF · View the filing
Management said NIM is expected to remain stable as subsidiary businesses in rural markets have better yields than typical peers, and new subsidiaries could enhance ROA.
Answered by H.P. Singh
Asked by Darshil Jhaveri: Will the growing non-MFI mix impact NIM and ROA?
p. 11
“So, it will remain stable at that. On the ROA front, the profitability, which will arise from there.”
H.P. Singh, page 11 of the filed PDF · View the filing
Management said cost of funds has already been reduced by about 50 basis points and expects it to remain stable or decline further.
Answered by H.P. Singh
Asked by Darshil Jhaveri: What measures are being taken to reduce cost of funds and is competition pushing it up?
p. 11
“we've still been able to reduce our cost of funds by about 50 basis points. Now that is pretty significant if you look at the current scenario emerging out of the microfinance business.”
H.P. Singh, page 11 of the filed PDF · View the filing
Management clarified this relates to gains on foreign currency borrowings with a corresponding forex expense item.
Answered by Jugal Kataria
Asked by Raghav Bhutoria: What is the net gain on derecognition of financial instruments line item?
p. 12
“this is the gain on the forex borrowing that we have done in the foreign currency and the corresponding expense item is the effect of change in the foreign exchange risk.”
Jugal Kataria, page 12 of the filed PDF · View the filing
Management said treasury income arises from surplus liquidity invested in mutual funds for short periods and is not directly related to core business, with NIM being the better metric to track.
Answered by H.P. Singh
Asked by Raghav Bhutoria: Is treasury income sustainable given the yield environment?
p. 12
“treasury income is what we actually do when we have got sufficient liquidity or more liquidity there in the system. It is not relatable in terms of the business expense.”
H.P. Singh, page 12 of the filed PDF · View the filing
Management said quarter-on-quarter cost of borrowing fluctuations are due to forex/dollar movements that get neutralized over time, with foreign borrowing fully hedged.
Answered by Jugal Kataria
Asked by Raghav Bhutoria: Has cost of borrowing actually increased or is it a forex effect?
p. 12
“all the foreign borrowing is fully hedged. So, there is no long-term impact on the bottom line because there's no forex risk.”
Jugal Kataria, page 12 of the filed PDF · View the filing
Management said there is no expectation of yield decline, citing stable NIM and higher rural lending rates in subsidiaries compared to typical housing/MSME lenders.
Answered by H.P. Singh
Asked by Subhanshu Mangal: Will overall yield reduce as non-MFI mix increases?
p. 13
“there's no assumption which we've given across over. For us, we said we've got a very stable NIM across, and this will probably hold true for us in the future.”
H.P. Singh, page 13 of the filed PDF · View the filing
Management said JLG remains the mainstay with only small pilot disbursements in individual loans.
Answered by H.P. Singh
Asked by Anil Tulsiram: Is the strategy shifting from JLG to individual high-ticket loans like peers?
p. 14
“we are doing pilots on that. But for us, JLG will remain our mainstay. That's very clear.”
H.P. Singh, page 14 of the filed PDF · View the filing
Management confirmed incremental microfinance yield is around 25%.
Answered by H.P. Singh
Asked by Anil Tulsiram: What is the incremental yield on microfinance?
p. 14
“Broadly yes. Average is around 25%.”
H.P. Singh, page 14 of the filed PDF · View the filing
Risks flagged
FY25 was a difficult year for microfinance with borrower overleveraging, state-level disruption and tightening credit standards
p. 3
“The sector navigated a confluence of headwinds, borrower overleveraging, state-level disruption and a tightening of credit standards across lenders.”
H.P. Singh, page 3 of the filed PDF · View the filing
Industry gross loan portfolio contracted and credit costs spiked with asset quality deterioration
p. 3
“The industry's gross loan portfolio contracted, credit costs spiked. Several institutions saw significant deterioration in asset quality.”
H.P. Singh, page 3 of the filed PDF · View the filing
Possible inflation uptick due to geopolitical conditions and rising fuel prices
p. 11
“yes, fuel prices increase and all this could lead to maybe some kind of an inflation uptick.”
H.P. Singh, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.