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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹334 Cr
verification pending
Revenue YoY
96%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SG Finserve delivered an exceptional Q4 FY26, with operating income of 334 crores (up 96% YoY) and PAT of 128 crores (up 58% YoY). AUM reached an all-time high of 3,936 crores, growing 75% YoY, driven by supply chain financing and the new factoring business. Gross disbursements crossed 25,000 crores for the year, reflecting strong digital capabilities. Management guided for 25-30% AUM CAGR over the medium term, with FY27 growth aspiration of 35-40%. ROA is expected to remain in the 4.5-5% range. The company maintains a nil NPA track record, supported by short-tenor invoice-backed lending and anchor-dealer tripartite agreements. Key risk: potential stress from macroeconomic slowdown or sector-specific disruptions, though management remains vigilant.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects AUM to grow 25-30% CAGR over medium to long term, with FY27 aspiration of 35-40% growth.
- Return on assets expected to remain between 4.5% and 5%.
- Return on equity guided at 14-16%.
- Cost-to-income ratio expected to be in the 13-17% range.
Risks flagged
- Potential stress from events like tariff wars or sector slowdowns could affect dealer repayment capacity.
- Top sectors (construction ~35%, auto) could face cyclical downturns, impacting AUM quality.
- Management cannot create additional provisions beyond ECL norms, limiting cushion against unexpected losses.
Key quotes
- Our core business is supply chain business. More than 3/4 of our business is supply chain in terms. So that adds to our advantage.
- We don't want to lose even one rupee in the market. So I don't want to give any message that I'm okay tolerable to lose some money.
- Under committing over delivering is something which suits best to our philosophy.
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