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What the record says.
Jana Small Finance Bank delivered a strong Q4 FY26, meeting all prior guidance on PAT (₹140 crore), net credit cost (0.47%), and SMA (3.66%). The MFI stress is behind, with slippages at ₹334 crore—the lowest in eight quarters. Secured assets grew 28% YoY, now 72.6% of the book, while unsecured disbursements hit a record ₹2,522 crore. The bank guided for 19-21% loan growth, 23-25% deposit growth, and 80%+ PAT growth in FY27. Cost of funds declined 50 bps YoY to 7.46%, with further improvement expected in Q1. Key risks include potential spillover from the Middle East conflict on MSME customers and the need to sustain CASA growth after a Q4 dip.
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Guidance to track
- Management guided for 19-21% growth in gross loan portfolio for FY27, driven by secured assets growing 25-30% and unsecured 10-12%.
- Deposits are expected to grow 23-25% in FY27, with CASA growth targeted at 27-30%.
- Management guided for PAT growth of over 80% year-on-year in FY27, driven by lower credit costs, operating leverage, and revenue growth.
- Cost of funds is expected to decline for one more quarter in Q1 FY27, after which it should stabilize, with no further rate cuts anticipated.
Risks flagged
- Management acknowledged potential spillover effects from the Iran war on MSME customers, citing a petrol pump owner receiving fewer fuel tankers, but no significant stress yet.
- CASA ratio fell to 23.8% in Q4 from 28% a year ago, driven by short-notice withdrawal of government deposits, which may be hard to fully recover.
- Management noted that strong unsecured growth partly reflects fewer players in the market; if competitors re-enter, growth could moderate.
- Management declined to give specific credit cost guidance for FY27, only indicating it could be in the same range as Q4 (0.47%) or slightly better.
Key quotes
- We are exiting the stress period with a better SMA book than when we started.
- Our strategy of ensuring that we put the book under credit guarantee program hasn't changed, which is why the total guarantee program is at 77%.
- We have not built that into our financials either for this year for sure and certainly for next year because whether we get universal or not we still think we have a strong business case.
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