ROAUM target of 2.5% by Q4 FY27
Starting at 1.8-1.9% in Q1, management expressed strong confidence in reaching 2.5% by Q4, driven by operating leverage and seasonal improvement patterns.
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AUM growth in 30s for FY27
Growth business AUM sustaining 30%+ growth rates for several quarters. Retail AUM target continues to be driven by strong disbursement momentum.
Gold loan network expansion to 200 branches by March 2027
Phase 2 of gold loan network expansion launched with clear target. Rural branch network also expanding from 136 to 178 branches.
AUM-to-equity leverage target of 4.5-5x
Currently at 3.7x vs 3.2x YoY, with trajectory toward 4.5-5x. Rating upgrade to AA+ and shift to better-risk portfolio may allow upward revision of this target.
FY26 AUM Growth: On track for 25% target
Growth book at 35% growth (9 months) represents 95% of total AUM. Management expresses high confidence the full-year 25% target will be met without dependence on exceptional Q4 performance.
FY28 AUM Target: Rs 1.5 lakh crore
Medium-term plan reiterated for growth AUM exceeding Rs 1.5 lakh crore by end of FY28, implying continued 25%+ annual growth trajectory.
Return on AUM: 3% long-term target
Progressing toward 3% RO AUM target (from current 1.9% in growth business) and leverage target of 4.5-5x (from current 3.5x). ROA trajectory tied to A+ rating cost savings and operational leverage.
OPEX to AUM: 3.25-3.75% target range
Target range maintained despite Q4 branch expansion (~100 branches). Productivity gains expected to offset incremental costs; ratio fell 10 bps QoQ to 3.8% in Q3.
Cost of Borrowing: Additional 25 bps transmission expected
25 bps of transmission already experienced; expect further ~25 bps benefit as banks continue MCLR cuts. A+ rating upgrade should yield additional 50-80 bps reduction once borrowing stack churns.