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View Claim Ledger →Dar Credit & Capital Ltd — Q4 FY26
Dar Credit & Capital delivered a strong Q4 FY26 with revenue of ₹14.23cr (+39.6% YoY), EBITDA of ₹10.8cr (+55.9% YoY), and PAT of ₹3.07cr (+60.7% YoY).
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Dar Credit & Capital delivered a strong Q4 FY26 with revenue of ₹14.23cr (+39.6% YoY), EBITDA of ₹10.8cr (+55.9% YoY), and PAT of ₹3.07cr (+60.7% YoY). Growth was driven by a strategic shift toward secured MSME loans, which now constitute 30% of the portfolio, and disciplined underwriting keeping GNPA at just 1.01%. The company plans to add 5-7 branches in existing states and targets AUM of ₹260-275cr in FY27. Risks include potential stress in unsecured personal loans (35% of portfolio) and slower-than-expected branch expansion.
दार क्रेडिट एंड कैपिटल ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹14.23 करोड़ रही, जो पिछले साल से 39.6% ज्यादा है। मुनाफा ₹3.07 करोड़ रहा, जो 60.7% बढ़ा। यह वृद्धि छोटे व्यवसायों को सुरक्षित कर्ज देने पर ध्यान देने से हुई, जो अब कुल कर्ज का 30% है। कंपनी का फंसा कर्ज सिर्फ 1.01% है। आगे वह 5-7 नई शाखाएं खोलने और अगले साल कुल कर्ज ₹260-275 करोड़ तक पहुंचाने की योजना बना रही है। जोखिम यह है कि बिना सुरक्षा के दिए गए 35% कर्ज में परेशानी हो सकती है और शाखाएं खोलने में देरी हो सकती है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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2 promises
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0 delivered, 0 close, 2 missed.
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Risks
4 risks
Risk Intelligence
Unsecured personal loan stress
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Transcript
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Read Transcript →Quarter Snapshot
AUM
₹230.55cr
+34.95% YoY
Assets under management grew to ₹230.55cr as of March 2026, reflecting strong loan book expansion.
GNPA
1.01%
flat YoY
Gross NPA remained low at 1.01%, indicating robust asset quality despite portfolio growth.
Active Customers
22,500
not disclosed
Served over 22,500 active customers, up from prior year, showing deepening customer reach.
Branches
35
+5-7 planned FY27
Operates 35 branches across 6 states; plans to add 5-7 branches in existing states in FY27.
What Changed vs Last Quarter
NEW
AUM target of ₹260-275cr for FY27
Management guided AUM to reach ₹260-275 crore in FY27, up from ₹230.55cr in FY26.
NEW
Balance sheet to cross ₹350-370cr in FY27
Total balance sheet size expected to exceed ₹350-370 crore in FY27, from ₹294.4cr currently.
NEW
Add 5-7 branches in existing states in FY27
Plans to open 5-7 new branches within current operating states to deepen presence.
NEW
Target portfolio mix: 30-35% personal loans, 35-40% secured MSME, rest unsecured
Management aims to maintain a portfolio mix with personal loans at 30-35%, secured MSME at 35-40%, and unsecured MSME as the balance.
DROPPED
AUM to reach ₹235 crore by Q4 FY26
Management expects to add ₹30-35 crore in AUM during Q4, closing FY26 at around ₹235 crore.
DROPPED
AUM to cross ₹300 crore by FY27
Balance sheet assets projected to exceed ₹300 crore by March 2027, with borrowings increasing to ~₹250 crore.
DROPPED
Average monthly disbursement of ₹14-15 crore
Internal target for monthly disbursement run-rate to support growth without compromising asset quality.
DROPPED
NCD issuance plan of ₹100-125 crore
Company plans to raise ₹100-125 crore via listed NCDs in the coming year to fund growth.
NEW RISK
Unsecured personal loan stress
Personal loans (35% of portfolio) are unsecured and long-tenured; any economic downturn could increase delinquencies.
NEW RISK
Geographic concentration risk
Operations limited to 6 states; no plans to enter new states, exposing the company to regional economic shocks.
NEW RISK
Cost of funds pressure
Current cost of funds at ~14%; management expects upward bias, which could compress margins if not managed.
NEW RISK
Slow branch expansion execution
Adding only 5-7 branches in FY27 may limit growth if demand outstrips capacity.
RISK GONE
Geographic expansion into new states may strain asset quality
Branch expansion into Bihar, Jharkhand, and Rajasthan for secured MSME lending could face underwriting challenges in unfamiliar markets.
RISK GONE
High customer dropout rate of 40%
Management disclosed a 40% dropout rate due to deliberate pruning of over-leveraged customers, which could limit growth if new acquisition slows.
RISK GONE
ROE remains compressed at 7.5% despite high CAR
Analyst noted ROE is low relative to capital base; management did not provide a clear path to improve ROE, indicating potential inefficiency.
RISK GONE
No AI adoption may limit scalability
Management stated they do not see need for AI in underwriting, relying on personal touch; this could hinder cost efficiency and scalability vs peers.
Fast read
Guidance and risk preview
Management guided AUM to reach ₹260-275 crore in FY27, up from ₹230.55cr in FY26.
Personal loans (35% of portfolio) are unsecured and long-tenured; any economic downturn could increase delinquencies.
View Risks →