Aye Finance Ltd — Q4 FY26
Aye Finance delivered a strong Q4 FY26, with AUM reaching ₹7,044 crore (up 27% YoY) and disbursements of ₹1,655 crore (up 26% QoQ).
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
100%Questions answered0Evaded / deflected11Questions audited
Answered
Medium priority
Any other products besides MSME loans?
Asked by Deepak Pod, Tafire Capital
Management clearly stated they are focused on MSME but will launch one new product this year.
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Question
any other product also we are looking at and currently MSME forms more than 90% of our revenue our um the loan book
Sanjay (Management)
we will this year focus on at least one product launch... gold loan is one idea solar based lending for businesses is another idea
Answered
High priority
What is the secured/unsecured mix and target?
Asked by Deepak Pod, Tafire Capital
Management provided current mix and future target of 30% mortgage, 40% secured hypo, 30% unsecured.
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Question
in terms of secured unsecured mix what would that mean be for us?
Sanjay (Management)
unsecured hypothecation loans is about 37% of the mix... mortgage is about 23%... secured hypertation loan is about 47%
Answered
High priority
Is credit cost high given secured/unsecured mix?
Asked by Deepak Pod, Tafire Capital
Management explained why credit cost is appropriate given segment and tenor, and reiterated guidance.
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Question
given this unsecured secured mix isn't our credit cost little on the higher side... guiding for FY27 a 4% credit cost
Sanjay (Management)
credit cost has to be seen in reference to the type of market segment and tenor of loans... guidance of 3.5 to 4% for next year is appropriate
Answered
Low priority
Is customer base majority rural?
Asked by Deepak Pod, Tafire Capital
Management clearly stated they are in tier 2/3 towns, not rural.
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Question
given our focus on MSME is our customer base majority towards rural area
Sanjay (Management)
most of our branches are in tier 1 and tier 2 towns... we are not in rural areas
Answered
High priority
Why are yields up but NIM guidance flattish?
Asked by Adash, Inam
Management explained the offsetting factors: mortgage mix lowering yield, lower borrowing cost buffering.
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Question
with the capital raise... you are guiding to margins which are flattish... how do you explain a flat name versus 26 in context of capital raise plus cost of fund going down and yields picking up
Sanjay (Management)
yield in hyperication loan has not changed... mortgage mix brings blended yield down... replacement of old debt with new at 10.13% will give 30-35 bps drop in cost of borrowing
Answered
Medium priority
Are April collection trends continuing?
Asked by Adash, Inam
Management gave a clear answer that collections are similar to Q4.
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Question
you've given power trends and collections data on slide 25 if you look through April right um are you continuing to see that kind of trend
Sanjay (Management)
April our run rates of collection are not very different from what we have seen in the fourth quarter period
Answered
High priority
How will opex drop from 9.5% to 8.5%?
Asked by Adash, Inam
Management explained capacity built in prior years and provided specific opex growth target.
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Question
when I look at your opex 9 and a half% guiding to 8 and a half... how comfortable are you from a capacity building perspective to sustain growth and deliver at least a 10% delta
Management (unclear name)
manpower growth normalized to 10%... opex can be brought down to 8.25 to 8.75%... 15% overall opex growth should deliver 25-30% AUM growth
Answered
High priority
Why is credit cost improvement gradual despite better collections?
Asked by Charlene, Capital
Management explained the lag due to NPA bulge and provided timeline for improvement.
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Question
collection efficiency is back to precrisis level... but impact on credit cost has been much more gradual... when do we expect credit cost to go back to normal
Management (unclear name)
tightening of underwriting shows up quicker... there is a bulge in NPA pool... by Q4 FY27 we should be in 3 to 3.25% range bringing overall credit cost below 4%
Answered
Medium priority
Is increased PCR on stage 2 and 3 steady state?
Asked by Charlene, Capital
Management confirmed PCR will remain roughly stable, with stage 3 above 60%.
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Question
is it safe to assume that the increased PCR on stage two and stage three will be steady state going forward?
Sanjay (Management)
we got our provision coverage ratio vetted by Ernst Young... we intend to keep stage three PCR above 60%
Answered
Medium priority
What drove non-interest income increase and is it sustainable?
Asked by Charlene, Capital
Management explained the one-off nature and plan to move to OCI, implying not sustainable.
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Question
non-interest income has increased meaningfully in 4Q... delta largely from net gain on fair value changes... is this sustainable and what is steady state fees income?
G (Management)
fair value change driven by mutual funds and cross currency swap... we intend to move it to OCI from next year... net about 10-11 crores will be removed from P&L
Answered
Medium priority
Will PAT be skewed to H2 in FY27?
Asked by Anarana, A91 partners
Management provided specific skew and confirmed it will continue.
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Question
on PAT would you expect more PAT to sort of accrue in Q3 and Q4 or do you expect it to be more evenly spread out
Management (unclear name)
first half we deliver 35 to 40% of profit and about 60 to 65% in H2... that trend should play out even in next financial year
Answered
High priority
What PARX levels needed to hit credit cost guidance?
Asked by Anarana, A91 partners
Management gave specific PARX targets and timeline.
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Question
in order to hit our credit cost guidance how where would you expect PARX and PAR 30 to get to by let's say middle of the year
Management (unclear name)
we want to bring down parx to below 6%... from current 6.9% to 5.5% to 6%... 30 bps reduction in H1 and rest in H2