Satin Creditcare Network LimitedQ2 FY27 Results & Financial Update
Satin Creditcare Network Limited: Q2 FY27 consolidated results and company financials – revenue ₹925.84 Cr, PAT ₹175.90 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 Q2 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
Satin Creditcare Network Limited reported consolidated total income of INR 929.23 crore for the quarter ended September 30, 2026, marking a 21.50% sequential expansion compared to INR 764.75 crore in the preceding quarter ended June 30, 2026.
Consolidated profit before tax (PBT) for Q2 FY27 reached INR 234.64 crore, reflecting a 45.56% increase over INR 161.20 crore recorded in Q1 FY27. Profit after tax (PAT) attributable to owners rose by 43.42% quarter-on-quarter to INR 175.92 crore, while total consolidated PAT stood at INR 175.90 crore compared to INR 122.65 crore in the previous quarter.
According to the company's investor presentation, consolidated Assets Under Management (AUM) expanded to INR 16,589 crore, registering a 31% year-on-year growth. Total quarterly disbursements on a consolidated basis reached INR 3,697 crore, up 41% from the same period last year.
The standalone business recorded an AUM of INR 13,608 crore with disbursements totaling INR 3,101 crore during the quarter. Standalone net interest margin (NIM) stood at 15.8%, supported by robust gross yields and stable borrowing costs.
Asset quality metrics demonstrated continued resilience, with standalone gross non-performing assets (GNPA / PAR 90) maintained at 1.9% amounting to INR 197 crore, while X-bucket collection efficiency remained exceptionally strong at 99.8%. The company maintained a conservative buffer through a management overlay of INR 50 crore, bringing total on-book provisions to INR 263 crore.
The company successfully raised ~INR 2,630 crore during the quarter through diversified debt instruments, maintaining a comfortable liquidity position with INR 2,235 crore in cash and cash equivalents alongside ~INR 4,600 crore in undrawn sanctions as of September 30, 2026.
01 · Business model
What does Satin Creditcare Network do?
Satin Creditcare Network Limited is one of India's leading Non-Banking Financial Company-Microfinance Institutions (NBFC-MFI), founded in 1990 and focused primarily on providing micro-loans and financial services to economically active women through the Joint Liability Group (JLG) model.
The company operates across a broad footprint covering 32 states and union territories, reaching approximately 34 lakh active clients via a widespread network of 2,075 branches as of September 30, 2026.
Over the years, the group has evolved into a diversified financial services platform operating multiple growth engines beyond core microfinance, including housing finance through Satin Housing Finance Limited, MSME and sustainable energy lending through Satin Finserv Limited, enterprise technology solutions via Satin Technologies Limited, and impact investing through Satin Growth Alternatives Limited.
02 · Historical context
What shaped the business before this quarter
Founded in 1990, the company initially operated as a regional financier before listing on regional exchanges in 1996 and subsequently on national bourses (NSE and BSE) in 2015, gradually expanding its footprint across 32 states and UTs.
Established Satin Housing Finance Limited as a wholly-owned subsidiary in February 2018 to tap into affordable and micro-housing segments for low to middle-income households.
Launched Satin Finserv Limited in March 2019 to drive MSME lending, equipment financing, green financing, and supply chain financing, reducing reliance on the standalone MFI portfolio.
Expanded into enterprise technology and cybersecurity through Satin Technologies Limited (acquiring a majority stake in QTrino Labs Limited) in August 2024, followed by the establishment of Satin Growth Alternatives Limited in August 2025 as a SEBI Category II AIF.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Total income | ₹929.23 Cr | ₹764.75 Cr |
| Interest income | ₹754.70 Cr | ₹713.96 Cr |
| Other income | ₹3.39 Cr | ₹2.61 Cr |
| Provisions | ₹22.29 Cr | — |
| Profit before tax | ₹234.64 Cr | ₹161.20 Cr |
| Profit after tax | ₹175.90 Cr | ₹122.65 Cr |
| EPS | ₹15.98 | ₹11.15 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Consolidated interest income reached INR 754.70 crore for Q2 FY27, reflecting solid underlying loan book growth across core microfinance and non-MFI verticals.
Total revenue was supported by strong assignment transactions and fee income, with direct assignment and fee streams contributing meaningfully to overall top-line growth.
Consolidated branch network expanded to 2,075 branches across 608 districts, supporting higher customer acquisition and sustained disbursement volumes.
NIM, spread, funding cost and credit cost
Standalone marginal borrowing costs improved by 65 bps year-on-year to 10.28% in Q2 FY27, supported by a diversified lender base comprising 69 active institutional lenders.
Operating expenses to average AUM remained optimized, with the consolidated cost-to-income ratio improving to 45.4% from 51.9% in the corresponding previous period.
Standalone credit cost moderated to 2.47% (reduced by 236 bps YoY), reflecting improved collection efficiencies and lower loan loss provisions prior to management overlay adjustments.
05 · Loan growth, sanctions & disbursements
How the lending book is moving
Total active client base across consolidated operations stood at over 34 lakh clients, with approximately 97% women borrowers and ~78% rural portfolio exposure.
Maintained a strict sourcing-to-disbursement rate of 34%, utilizing digital OGM, biometric e-signing, geo-tagged officer visits, and bureau integration for rigorous risk screening.
06 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
SCNL accounts for an AUM of INR 13,608 crore across 1,876 branches, serving approximately 33.1 lakh active clients with a bi-weekly collection frequency and an average JLG ticket size of INR 68,000.
Wholly-owned subsidiary SHFL reported an AUM of INR 1,219 crore across 59 branches, offering affordable housing loans with an average ticket size of INR 7.43 lakh and a GNPA ratio of 3.3%.
Wholly-owned subsidiary SFL expanded its MSME and specialized lending AUM to INR 1,761 crore across 140 branches, with an average retail ticket size of INR 1.95 lakh and a GNPA ratio of 3.1%.
Geography and market mix
Uttar Pradesh, Assam, Bihar, and West Bengal remained the core operating markets, representing 23%, 16%, 12%, and 11% of the on-book portfolio respectively, with high collection efficiencies ranging from 99.7% to 99.9%.
The company maintained strict risk guardrails, with 98.5% of operating districts carrying less than 1% individual exposure, ensuring robust insulation against regional shocks.
07 · Asset quality & capital strength
How credit quality and balance-sheet capacity changed
Asset quality, stages and credit risk
Expanded consolidated branch network to 2,075 branches and increased total employee and loan officer strength to 18,978 personnel across 143 regional offices.
08 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
SEBI Category II AIF vehicle SGAL achieved its first close of INR 200 crore within 4.5 months and successfully completed its initial portfolio investment focused on inclusion and sustainability.
Continued deployment of proprietary in-house ERP systems, 100% cashless disbursements, and automated early-warning signal dashboards refreshed every two minutes.
09 · Reported developments
What changed operationally
Delivered highest profitability with consolidated PAT reaching INR 176 crore in Q2 FY27, marking 21 consecutive profitable quarters.
Promoters committed INR 100 crore through fully convertible warrants, with the first tranche of INR 25 crore successfully received by the company.
10 · Items worth noticing
The line items that can distort a quick read
Maintained a cumulative management overlay of INR 50 crore to act as a buffer against potential future macroeconomic stress.
Recorded tax expense of INR 58.74 crore for Q2 FY27 on consolidated PBT of INR 234.64 crore.
11 · Funding & balance sheet
How funding, liquidity and capital support the loan book
Maintained total liquidity of INR 2,235 crore as of September 30, 2026, alongside ~INR 4,600 crore of undrawn sanctions in hand.
Continued to maintain a positive ALM gap, with average asset maturity of 18.0 months versus average liability maturity of 26.8 months, significantly mitigating refinancing risks.
Capital allocation & funding
Total consolidated borrowings stood at INR 10,033 crore as of September 30, 2026, reflecting a 38% growth over FY24 levels.
Funding sources remained diversified, with 73% of debt raised from commercial banks, 12% from overseas funds and DFIs, and the remainder across NCDs and term loans.
12 · Management guidance & targets
What management is targeting from here
Management guidance outlined consolidated AUM growth of 20-25% (achieving 19% annualized as of September 30, 2026), standalone credit cost target of 3.0-3.5% (actual at 2.8%), and standalone ROA target of 3.5-4.0% (actual at 4.3%).
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG Ratings and Milestones
Achieved a debut score of 59 in the S&P Global Corporate Sustainability Assessment (CSA) 2025, reflecting robust institutionalized governance and sustainability practices.
Reported update
Information Security Certification
Maintained ISO 27001:2022 certification for comprehensive information security management across operations.
14 · Previous-quarter changes
What changed since the previous quarter
Added 39 new branches during Q2 FY27, taking the standalone branch count to 1,876 and consolidated branches to 2,075.
15 · Key Q&A
The quarter, answered directly
What does Satin Creditcare Network do?
Satin Creditcare Network Limited is one of India's leading Non-Banking Financial Company-Microfinance Institutions (NBFC-MFI), founded in 1990 and focused primarily on providing micro-loans and financial services to economically active women through the Joint Liability Group (JLG) model.
What is the clearest takeaway from Q2 FY27?
Satin Creditcare Network Limited reported consolidated total income of INR 929.23 crore for the quarter ended September 30, 2026, marking a 21.50% sequential expansion compared to INR 764.75 crore in the preceding quarter ended June 30, 2026.
What drove earnings or loan-book movement?
Consolidated interest income reached INR 754.70 crore for Q2 FY27, reflecting solid underlying loan book growth across core microfinance and non-MFI verticals.
What mattered most for margins, funding or credit cost?
Standalone marginal borrowing costs improved by 65 bps year-on-year to 10.28% in Q2 FY27, supported by a diversified lender base comprising 69 active institutional lenders.
What changed operationally beyond the headline numbers?
Expanded consolidated branch network to 2,075 branches and increased total employee and loan officer strength to 18,978 personnel across 143 regional offices.
What is management guiding or targeting from here?
Management guidance outlined consolidated AUM growth of 20-25% (achieving 19% annualized as of September 30, 2026), standalone credit cost target of 3.0-3.5% (actual at 2.8%), and standalone ROA target of 3.5-4.0% (actual at 4.3%).
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: Monitor the progression of gross NPA ratios and credit cost stabilization across core microfinance and MSME portfolios.
- 02
Disbursement Momentum: Track H2 seasonal acceleration in loan disbursements toward meeting FY27 consolidated AUM growth targets of 20-25%.
- 03
Subsidiary Scaling: Observe scaling milestones in non-MFI subsidiaries, particularly Satin Housing Finance and Satin Finserv.
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