Satin Creditcare Network LimitedQ1 FY27 Results & Financial Update
Satin Creditcare Network Limited: Q1 FY27 consolidated results and company financials – revenue ₹762.14 Cr, PAT ₹122.65 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Satin Creditcare Network Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
According to management disclosures in the investor presentation, consolidated Assets Under Management expanded by 27% year-on-year to reach ₹15,935 crore, supported by robust disbursement growth of 56% year-on-year to ₹3,495 crore. Active clients surpassed 34 lakhs across a network of 2,041 branches.
Financial performance benefited from strong net interest income expansion, which reached ₹514 crore on a consolidated basis, underpinned by a gross yield of 21.27% and an average cost of funds of 8.06%. The consolidated net interest margin stood at 13.21% after adjusting for mark-to-market and forex movements.
Asset quality metrics improved significantly across delinquent buckets. The company reported a consolidated loan loss ratio of 2.73% (1.81% adjusted for a ₹36 crore management overlay buffer), while gross non-performing assets improved to 2.18% and net non-performing assets remained low at 0.33%.
Operating expenses remained tightly controlled relative to portfolio scale, reflecting ongoing digital investments in branch networks and field operations. The operating expense ratio improved to 6.34% on a consolidated basis, while the cost-to-income ratio stood at 47.98%.
Capital adequacy remained robust, supported by ₹3,000 crore raised through diversified debt instruments during the period, including subordinated debt of ₹285 crore. The consolidated leverage ratio stood at 3.97x, and liquidity coverage ratio was maintained well above regulatory minimums at 134.89%.
s in the investor presentation, consolidated Assets Under Management (AUM) expanded by 27% year-over-year to reach ₹15,935 crore, while quarterly disbursements rose 56% year-over-year to ₹3,495 crore. The standalone entity recorded an AUM of ₹13,312 crore alongside disbursements aggregating to ₹3,008 crore.
01 · Business model
What does Satin Creditcare Network do?
Satin Creditcare Network Limited is a prominent Indian non-banking financial company specializing in microfinance and diversified lending services. Operating across multiple states and union territories, the company primarily provides unsecured joint-liability group loans to economically active women in unbanked and semi-urban regions.
The group expands its lending footprint and revenue streams through several specialized wholly-owned subsidiaries, including Satin Housing Finance Limited for affordable housing loans, Satin Finserv Limited for MSME and green financing, Satin Technologies Limited for enterprise technology solutions, and Satin Growth Alternatives Limited for alternative asset management.
Satin's operating model relies on a granular grassroots distribution network comprising thousands of bank branches and dedicated credit officers. The network utilizes digital onboarding, geotagging, and automated credit bureau checks to maintain strict underwriting standards and high collection efficiencies.
Funding is secured through a diversified institutional matrix including public and private sector banks, overseas funds, non-convertible debentures, direct assignment transactions, and external commercial borrowings. This structure supports stable liquidity and credit ratings that facilitate ongoing portfolio expansion.
02 · Historical context
What shaped the business before this quarter
Over the past decade through FY26, the company achieved an AUM compound annual growth rate of 17%, scaling from ₹3,271 crore in FY16 to ₹15,174 crore in FY26 despite industry-wide challenges such as demonetization and the COVID-19 pandemic.
The group progressively diversified its operational perimeter by establishing Satin Housing Finance Limited in February 2018 and Satin Finserv Limited in March 2019, subsequently adding Satin Technologies in August 2024 and Satin Growth Alternatives in August 2025.
Beginning with a buy-versus-build evaluation in 2016, the company deployed automated credit bureau integration, cashless disbursements, biometric e-KYC, and cloud migration to establish a paperless and centralized operating workflow.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Total income | ₹764.75 Cr |
| Interest income | ₹713.96 Cr |
| Other income | ₹2.61 Cr |
| Profit before tax | ₹161.20 Cr |
| Profit after tax | ₹122.65 Cr |
| EPS | ₹11.15 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Interest income on loan portfolios formed the primary revenue engine, totaling ₹7,139.62 million on a standalone basis and ₹7,1396.21 million consolidated, driven by a 27% year-on-year expansion in assets under management.
Fee income was augmented by direct assignment transactions, with the standalone entity assigning ₹818.89 crore of loan assets during the quarter and recognizing significant interest spread and assignment income.
Wholly owned subsidiaries contributed meaningfully to aggregate revenue expansion, with Satin Housing Finance reaching an AUM of ₹1,263 crore and Satin Finserv expanding its AUM to ₹1,360 crore.
Interest income formed the core revenue engine, reaching ₹713.96 crore on a consolidated basis for Q1 FY27, driven by a 27% year-over-year expansion in total AUM to ₹15,935 crore.
Consolidated disbursements surged 56% year-over-year to ₹3,495 crore, while standalone disbursements reached ₹3,008 crore, reflecting robust demand across microfinance and emerging business segments.
Fee and commission income contributed ₹88.52 crore on a consolidated basis, supplemented by gains on derecognition of financial instruments amounting to ₹94.09 crore.
NIM, spread, funding cost and credit cost
Standalone gross yield reached 22.44% while the cost of funds moderated to 8.08%, resulting in a standalone net interest margin of 14.36%. Consolidated net interest margin was maintained at 13.21%.
Operating expense ratios improved across both standalone and consolidated bases due to scale efficiencies, despite continued investments in branch network expansion and field personnel.
Loan loss provisions benefited from improved collection efficiencies, with standalone credit cost at 3.06% (1.97% excluding a ₹36 crore management overlay buffer), reflecting prudent risk provisioning.
Consolidated finance costs were reported at ₹250.92 crore (comprising ₹313.34 crore in interest cost offset by ₹62.43 crore in foreign exchange adjustments), reflecting active management of diversified borrowing sources.
Employee benefit expenses stood at ₹187.69 crore on a consolidated basis, while other expenses were ₹50.89 crore, reflecting ongoing investments in branch network expansion and field personnel.
Impairment of financial instruments was reported at ₹106.12 crore on a consolidated basis (₹100.15 crore on a standalone basis), reflecting lower credit costs and disciplined provisioning including a ₹36 crore management overlay.
05 · Loan growth, sanctions & disbursements
How the lending book is moving
Total active clients across the consolidated group exceeded 34 lakhs, with seasoned borrowers having a customer vintage exceeding three years accounting for over 37% of the portfolio.
Strict underwriting filters maintained a sourcing-to-disbursement ratio of 36% on a standalone basis, with hard caps preventing lending to borrowers with three or more active lenders.
Total active clients across the consolidated group exceeded 34 lakhs, with the standalone microfinance business serving over 33 lakh active clients.
The company maintained strict underwriting filters, enforcing hard caps against lending to borrowers with three or more active lenders or exposures exceeding ₹2 lakh, keeping sourcing-to-disbursement ratios disciplined at 36%.
06 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
Microfinance remained the core operating segment, with standalone AUM under the joint liability group model reaching ₹12,856 crore across 33.89 lakh loan accounts.
Satin Housing Finance Limited operated across 22 states and UTs with 57 branches, serving 12,412 active loan accounts and maintaining an average ticket size of ₹12.37 lakh.
Satin Finserv Limited expanded its MSME portfolio to ₹1,360 crore across 14 states, while its green finance portfolio scaled to ₹624 crore following the disbursement of 50 loans amounting to ₹294 crore.
The core microfinance lending portfolio under SCNL reached an AUM of ₹12,856 crore across 33.9 lakh loan accounts, maintaining a standalone GNPA of 2.2%.
Satin Housing Finance Limited reported an AUM of ₹1,263 crore across 12,412 loan accounts in 22 states and UTs, with a GNPA of 3.3% and a CRAR of 59.8%.
Satin Finserv Limited achieved an AUM of ₹1,360 crore across 55,673 loan accounts, with its green finance portfolio reaching ₹624 crore following ₹294 crore in disbursements during the quarter.
Geography and market mix
The company's lending footprint remained diversified across 27 states and 5 union territories through 2,041 consolidated branches, with Uttar Pradesh, Assam, and Bihar representing the largest on-book portfolio shares at 23%, 15%, and 13% respectively.
The company executed a strategic entry into Kerala in June 2026, further strengthening its southern regional presence alongside Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana.
The company operates across 27 states and 5 union territories with 2,041 branches and ~590 districts. Core exposures remain well-distributed, led by Uttar Pradesh (23% of on-book portfolio), Assam (15%), Bihar (13%), and West Bengal (10%).
07 · Asset quality & capital strength
How credit quality and balance-sheet capacity changed
Asset quality, stages and credit risk
The company expanded its consolidated branch network by 28% year-on-year to 2,041 branches, supported by 140 regional offices and approximately 3.9 lakh operational centers.
Field operations were supported by a stable team of 18,518 consolidated employees and loan officers, exhibiting zero attrition among leadership levels.
Standalone branches expanded by 41 during the quarter to reach 1,863 branches, while consolidated branch count reached 2,041 supported by 140 regional offices.
Total standalone employees reached 16,560, including 12,511 loan officers, maintaining field leadership stability with zero attrition among ~200 personnel at regional manager, zone manager, and circle head levels.
Capital adequacy, net worth and balance-sheet capacity
Satin Technologies Limited advanced its core banking and HRMS software development, completing customer user acceptance testing with go-live scheduled for September 30, 2026.
The parent company made rights-basis equity investments of ₹10.00 crore in Satin Technologies Limited and ₹50.00 crore in Satin Finserv Limited during the quarter.
08 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
Satin Growth Alternatives Limited received a Category II AIF license from SEBI, focusing on providing quasi-debt and equity capital to underfunded MSMEs while targeting its first close.
Step-down subsidiary QTrino Labs Limited advanced its quantum-safe security solutions, completing version 1 assessment tools and progressing toward Big 4 channel partnerships.
09 · Reported developments
What changed operationally
Consolidated net profit after tax increased substantially to ₹122.65 crore, driven by healthy net interest income and lower credit costs.
The board approved a preferential warrant issuance to promoter entity Trishashna Holdings & Investments for up to ₹100.10 crore at ₹260 per share, demonstrating strong promoter commitment.
Consolidated net profit after tax reached ₹122.65 crore for Q1 FY27, supported by a 27% increase in AUM and reduced credit provisioning.
Standalone GNPA improved by 150 basis points year-over-year to 2.2% as of June 30, 2026, accompanied by an X-bucket collection efficiency of ~99.9%.
10 · Items worth noticing
The line items that can distort a quick read
The company maintained a management overlay buffer of ₹36 crore as of June 30, 2026, to absorb potential future portfolio stress.
11 · Funding & balance sheet
How funding, liquidity and capital support the loan book
X-bucket collection efficiency remained robust at approximately 99.9% across portfolio buckets, driving steady cash inflows and supporting asset quality.
Capital allocation & funding
Total consolidated debt reached ₹10,216 crore as of June 30, 2026, sourced from 77 active institutional lenders, with term loans and PTCs comprising 53.1%, direct assignment 21.5%, NCDs 13.5%, and external commercial borrowings 11.8%.
The company raised approximately ₹3,000 crore via diversified debt instruments during the quarter, including ₹285 crore in subordinated debt, maintaining an ICRA A (Stable) long-term credit rating.
Standalone CRAR stood robust at 26.74%, supported by subordinated debt issuances of ₹285 crore during the quarter. ICRA maintains a long-term rating of 'A (Stable)' and short-term rating of 'A1'.
12 · Management guidance & targets
What management is targeting from here
Management guided for consolidated AUM growth of 20% to 25% for FY27, implying an aggregate AUM range of ₹18,200 crore to ₹18,900 crore.
Management projected standalone credit costs to remain within the 3.0% to 3.5% range for FY27.
Management targeted a standalone return on assets of 3.5% to 4.0% for the full financial year FY27.
Management projected standalone credit costs between 3.0% and 3.5% for FY27, supported by tighter underwriting guardrails and collection efficiency.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG Recognition
The company achieved a debut score of 59 in the S&P Corporate Sustainability Assessment, reflecting strengthened environmental, social, and governance integration.
Reported update
Promoter Capital Infusion
The board approved the issuance of up to 38.5 lakh fully convertible warrants at ₹260 per warrant aggregating up to ₹100.10 crore to Trishashna Holdings & Investments Private Limited (promoter group) on a preferential basis, demonstrating strong promoter commitment.
Reported update
Non-Convertible Securities Allotments
During Q1 FY27, the company allotted 8,446 subordinated unsecured NCDs aggregating ₹84.46 crore and 2,000 USD-denominated non-convertible bonds aggregating ₹19.05 crore on a private placement basis.
14 · Previous-quarter changes
What changed since the previous quarter
Consolidated AUM moved from ₹15,174 crore in Q4 FY26 to ₹15,935 crore in Q1 FY27, representing a 5% sequential increase.
15 · Key Q&A
The quarter, answered directly
What does Satin Creditcare Network do?
Satin Creditcare Network Limited is a prominent Indian non-banking financial company specializing in microfinance and diversified lending services. Operating across multiple states and union territories, the company primarily provides unsecured joint-liability group loans to economically active women in unbanked and semi-urban regions.
What is the clearest takeaway from Q1 FY27?
According to management disclosures in the investor presentation, consolidated Assets Under Management expanded by 27% year-on-year to reach ₹15,935 crore, supported by robust disbursement growth of 56% year-on-year to ₹3,495 crore. Active clients surpassed 34 lakhs across a network of 2,041 branches.
What drove earnings or loan-book movement?
Interest income on loan portfolios formed the primary revenue engine, totaling ₹7,139.62 million on a standalone basis and ₹7,1396.21 million consolidated, driven by a 27% year-on-year expansion in assets under management.
What mattered most for margins, funding or credit cost?
Standalone gross yield reached 22.44% while the cost of funds moderated to 8.08%, resulting in a standalone net interest margin of 14.36%. Consolidated net interest margin was maintained at 13.21%.
What changed operationally beyond the headline numbers?
The company expanded its consolidated branch network by 28% year-on-year to 2,041 branches, supported by 140 regional offices and approximately 3.9 lakh operational centers.
What is management guiding or targeting from here?
Management guided for consolidated AUM growth of 20% to 25% for FY27, implying an aggregate AUM range of ₹18,200 crore to ₹18,900 crore.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Asset Quality Trajectory: Observe the sustained performance of standalone GNPA ratios against management's FY27 credit cost guidance of 3.0% to 3.5%.
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