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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
₹2,186 Cr
verification pending
Revenue YoY
18.6%
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.
Ujjivan SFB delivered a strong Q4 FY26 with total income of ₹2,186 crore (+18.6% YoY) and PAT of ₹282 crore, driven by robust loan growth of 26.6% YoY and NIM expansion to 8.5%. The secured portfolio mix improved to 49.4% (up from 43.5% YoY), aided by 43.5% growth in secured advances. Asset quality stabilized with GNPA at 2.27% and credit cost improving to 2.2% for FY26. Management guided for FY27 advances growth of ~25%, credit cost moderation to 1.4-1.5%, and ROA of ~1.6%, with NIM expected to remain near current levels. Key risks include potential margin compression from mix shift and elevated opex from branch expansion (140 new branches) and technology investments.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall loan book to grow around 25% in FY27, with secured book growing faster and microfinance at high single digits.
- Credit cost guidance for FY27 is 1.4-1.5%, down from 2.2% in FY26, reflecting improving asset quality.
- Return on assets expected at 1.6% for FY27, down from exit Q4 ROA of 2.1% due to investments in branches and technology.
- Net interest margin expected to be stable near Q4 FY26 levels, supported by cost of fund benefits and higher-yielding secured products.
Risks flagged
- Management guided ROA down to 1.6% from exit 2.1% due to branch expansion (140 new branches) and technology spend, which may pressure near-term profitability.
- Analysts questioned how NIM can remain stable despite secured book (lower yield) growing faster; management cited cost of fund benefits and higher-yielding products like gold loans.
- Management acknowledged potential second-order impacts on portfolio, though first-order exposure is minimal; they have stress-tested and tightened monitoring.
- Analyst raised concern about intense deposit competition; management stated no current stress but will monitor and recalibrate if needed.
Key quotes
- We shall continue to engage with the RBI and reapply as per their constructive guidance at an appropriate time demonstrating a diversified portfolio.
- Our secured portfolio would be a little upwards of 56 percentages.
- We are being conservative on both our opex and our credit cost and our guidance is coming from that place.
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