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SRG Housing Finance delivered a strong Q4 FY26 with PAT surging 50% YoY to ₹9 crore, driven by 33% NII growth and stable NIMs of 11.28%. AUM expanded 37% YoY to ₹1,042 crore, supported by 45% YoY disbursement growth to ₹443.54 crore. Asset quality improved with GNPA at 1.77% (down 7bps YoY) and NNPA at 0.65%. Operational efficiency gains are visible: AUM per branch rose 29% to ₹10.86 crore and cost-to-income ratio improved to 63.14%. Management guided for FY27 disbursements of ~₹600 crore and AUM of ₹1,300-1,400 crore, with expansion into Tamil Nadu and Telangana (10-15 new branches). Key risk: rapid geographic expansion into southern states may pressure asset quality and operational metrics if underwriting standards are not maintained.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets disbursements of approximately ₹600 crore for the current fiscal year, implying ~35% growth over FY26.
- AUM is expected to reach ₹1,300-1,400 crore by March 2027, with an optimistic stretch target of ₹1,500 crore.
- Company plans to enter Tamil Nadu and Telangana by end of FY27, adding 10-15 branches in these states.
- Management expects cost-to-income ratio to improve from current 63.14% to around 61% over the next 1-2 years.
Risks flagged
- Rapid entry into new states (Tamil Nadu, Telangana) could lead to higher delinquencies if underwriting standards are not maintained.
- Average ticket size rose 41% YoY and LTV increased from 46.6% to 50.7%, potentially exposing the book to higher losses in a downturn.
- 77% of AUM is concentrated in Rajasthan and Gujarat, making the portfolio vulnerable to regional economic shocks.
- Ongoing geopolitical tensions could indirectly impact self-employed borrowers, though management downplays the risk.
Key quotes
- We are targeting of approximately 600 crores of disbursement for this year. So this is our target and that would lead to an AUM growth of around reach am of 1500 by then or it will be around 14 it will be around 1,300 to,400 crores.
- We have established our expertise in the assessment process. So we have created a lot of different different profile templates. We have our own understanding own database to understand the repayment tracks of different different sectors where we are focusing on why we are different.
- Cash collection is not more than four to 5%. Because it is all online now people now have started a habit of UPI.
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