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Revenue
₹12.609 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dar Credit & Capital delivered a strong Q3 FY26 with net profit of ₹2.52 crore and PAT margin expanding to 20%, the highest in five quarters. Revenue stood at ₹12.61 crore and EPS at ₹1.77 (quarterly). The 9-month PAT of ₹7.04 crore already crossed 85% of FY25 full-year PAT, positioning the company for record annual profitability. Growth was driven by disciplined underwriting, a shift toward secured MSME lending (micro LAP) and the niche municipal employee loan product, which together now form the core portfolio. Asset quality remains robust with GNPA at 1.9% and NNPA below 1%. Management guided for AUM to reach ₹235 crore by Q4 FY26 and cross ₹300 crore by FY27, supported by branch expansion into Bihar, Jharkhand, and Rajasthan. No equity fundraising is planned given a strong CAR of 43.84% and ample debt headroom. Key risk: rapid geographic expansion could strain asset quality if underwriting standards slip.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to add ₹30-35 crore in AUM during Q4, closing FY26 at around ₹235 crore.
- Balance sheet assets projected to exceed ₹300 crore by March 2027, with borrowings increasing to ~₹250 crore.
- Internal target for monthly disbursement run-rate to support growth without compromising asset quality.
- Company plans to raise ₹100-125 crore via listed NCDs in the coming year to fund growth.
Risks flagged
- Branch expansion into Bihar, Jharkhand, and Rajasthan for secured MSME lending could face underwriting challenges in unfamiliar markets.
- Management disclosed a 40% dropout rate due to deliberate pruning of over-leveraged customers, which could limit growth if new acquisition slows.
- Analyst noted ROE is low relative to capital base; management did not provide a clear path to improve ROE, indicating potential inefficiency.
- Management stated they do not see need for AI in underwriting, relying on personal touch; this could hinder cost efficiency and scalability vs peers.
Key quotes
- We believe to be the traditional financers to cater these type of borrowers because these borrowers are not the new age borrowers.
- Our 9 months PAT has already crossed the 85% of the full year 25 PAT, positioning us in a strong lead to deliver record annual profitability.
- We are fairly capitalized and at present 100 plus networth, so with only 159 crores borrowing we had a big headroom for new borrowings.
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