Thank you. On behalf of Dolat Capital, I welcome all the participants on this call, and thank the management of Satin Creditcare Network for the opportunity to host this call.

For today's call, I have with me the members of the management and leadership team. This includes Dr.

HP Singh, Chairman and Managing Director, Mr. Jugal Kataria, the Group Controller, and Ms.

Aditi Singh, the Chief Strategy Officer. With this, I now hand over the conference to Dr.

HP Singh, Chairman and Managing Director, to provide the opening remarks on the call. Thank you, and over to you, sir.

Thank you. Thank you, and good morning, everyone.

It is always a pleasure to speak with our investors, analysts, and partners who take time to engage with us on our journey. FY26 has been a year we can look back on with immense satisfaction.

It has been a year that tested the sector, and in doing so, highlighted out the differentiated institution that are structurally sound. I am proud to say that Satin belongs firmly in this category.

The numbers speak well, but what I find more meaningful is what they represent: the outcome of our long-term commitment to quality, discipline, and responsible growth, built over 35 years and now clearly visible in our performance. Let me begin with where the sector stands, because our performance will further benefit from industry green shoots.

FY25 was, by any measure, a difficult year for microfinance. The sector navigated a confluence of headwinds: borrower overleveraging, state-level disruption, and a tightening of credit standards across lenders.

The industry's gross loan portfolio contracted, credit costs spiked, several institutions saw significant deterioration in asset quality. The stress was real, but so was the response.

SRO guardrails, the three-lender cap, and the ₹2 lakh borrower exposure ceiling have meaningfully reshaped the lending landscape. These are not just regulatory requirements; they are the building blocks of a more responsible, sustainable credit ecosystem for underserved India.

By early 2026, the sector had passed its stress peak. Portfolio at risk for loans overdue between 1 and 180 days stood at 4.7% as of January 2026, down from its peak 6 to 7 months earlier.

Disbursements recovered sharply. According to CRIF High Mark's MicroLend report, microfinance originations grew 25.8% quarter-on-quarter to ₹77,555 crore in Q3 FY26.

Average ticket sizes rose 18% year-on-year. The sector is healing.

Also, the credit guarantee scheme came with a timely and much-needed shot in the arm to help the sector accelerate towards a sustainable growth. What is equally important is how the sector is healing: with tighter underwriting, reduced overleveraging, and a stronger focus on borrower outcomes.

This is the kind of recovery, and it is one that Satin is not just participating in, but leading. This year, we completed 35 years.

I do not say this to mark a calendar milestone. I say it because longevity in this sector means something specific.

It means you have been tested repeatedly and you have come back stronger each time. This becomes more relevant for an institution like ours, where I have a significant skin in the game and steering the institution with experience and outshining on every parameter.

We navigated demonetization, we navigated COVID, we navigated the current MFI stress cycles. Each time, we did not simply survive, we took the opportunity to improve.

Assam, which once represented a risk and a point of concern, today has a PAR 90 of just 0.7% and collection efficiency of 100%. That is what a 35-year institution does with adversity: it converts it into capability and opportunity.

Our management team has been together through all of it. Our CXO team averages over 10 years of tenure at Satin.

That institutional knowledge, that shared instinct for risk and opportunity, is not something you can build quickly. It is built slowly, over decades, and it shows up in the diversified businesses and the resilience of our numbers.

Now let me turn to the numbers, and I will keep this short since the detailed presentation is already uploaded. At a consolidated level, our AUM crossed ₹15,174 crore, growing 19% year-on-year.

Total revenue came at ₹3,161 crore, up 23% YoY. Our PPOP grew 23% to ₹928 crore, and consolidated PAT for FY26 was ₹330 crore, a 79% growth year-on-year.

In Q4 alone, the momentum was even sharper. Consolidated PAT grew 640% year-on-year and 125% quarter-on-quarter.

This is not just a recovery; this is one of our best quarterly performances in recent memory. On a standalone basis, our AUM stood at ₹12,853 crore, up 14% year-on-year, backed by disbursements of ₹11,202 crore.

Standalone PAT grew 39% for the full year and 234% year-on-year in Q4. PPOP was ₹856 crore, up 16%.

Our key ratios tell a similar positive story. Consolidated NIM stands at 13.2%, ROA improved to 2.6% and ROE to 12.3%.

The cost-to-income ratio came down gradually, and our loan loss ratio improved meaningfully year-on-year. We achieved exceptional ROA and ROE in Q4, standing at 4.71% and 23.31% respectively, which is higher than the industry average.

Further, the value creation from our wholly-owned subsidiaries, SGL and STL, is expected to act as a key catalyst for further improvement in ROA and ROE in the coming years. On funding, we raised ₹10,826 crore during FY26.

Our marginal cost of borrowing declined 43 basis points to 10.82%. We maintain a healthy balance sheet liquidity of ₹2,092 crore and undrawn sanctions of ₹2,235 crore.

The ALM is positive across all buckets. We are also well-capitalized, with a standalone CRAR of 25.4% and 75 active lenders underscoring our strong institutional relationship.

Asset quality is rightly the area of greatest interest in this environment, and it is also where I believe we have the strongest story to tell, since microfinance is not merely a disbursement business, but the business of collection. Our standalone GNPA stands at 3.1% as of March '26.

Our ex-bucket collection efficiency is 99.9%. Stage 3 coverage has improved to 73% from 67% in December '25.

We carry sufficient on-book provisions of ₹273 crore, which is 2.9% of the on-book portfolio, well above the RBI-required ₹172 crore. We also maintained a management overlay of ₹20.5 crore as an additional buffer.

Our credit cost for FY26 stood at 3.8%, a 77 basis points improvement from the 4.6% we recorded in FY25. In Q4, credit cost came down further to 2.5%, and our FY26 average credit cost of 3.8% compares very favorably to the numbers seen industrywide during the stress period.

I want to draw attention to a particular strength in our portfolio: the geographic spread of our asset quality. All our top states have ex-bucket collection efficiency of 99.9% or 100%.

Uttar Pradesh, our largest state at 23% of the portfolio, has a PAR 90 of 3%. Assam, as I mentioned, is at 0.7%.

Punjab is at 1.5%. These are not just acceptable numbers; they are among the best in the sector.

What underpins this performance is a combination of tighter underwriting: our sourcing-to-disbursement ratio of 39% reflects genuine selectivity; our borrower leverage policy: no client has more than three MFI lenders or exposure above ₹2 lakh disbursements; and our NetCat insurance program, which has now covered ₹5,800 crore in disbursements since September '25, de-risking our portfolio against natural catastrophic defaults. On diversification, our juggernaut gains momentum.

Our diversification story is, I believe, one of the most underappreciated aspects of our equity story. We set out several years ago to build not just a microfinance company, but a diversified rural financial services platform.

Today, 17% of our consolidated AUM comes from non-MFI businesses. Our target is 30% by 2030.

The promising performance of our subsidiaries has given us the confidence to raise the target of consolidated AUM by 2030 to ₹32,000 crore from the earlier target of ₹25,000 crore. Let me give you a brief update on each subsidiary.

Satin Housing Finance Limited: our housing finance subsidiary now has an AUM of ₹1,267 crore, having grown at a three-year CAGR of 36%. GNPA stands at a healthy 3%, and CRAR at 53.8%.

ICRA has assigned A- stable rating. Our thesis here remains consistent: the natural next step for a borrower who has repaid unsecured MFI group loans with discipline is a home.

Satin Finserv Limited: our MSME-focused subsidiary has emerged as a standout performer this year, with the AUM of ₹1,054 crore, a 92.5% year-on-year growth. The three-year CAGR stands at 66%.

SFL operates across 14 states through 121 branches and is building a meaningful presence in green finance, having disbursed ₹255 crore across 34 green loans. This business represents a natural graduation pathway from microfinance for entrepreneurial customers.

Satin Technologies Limited: this is a newer business, but one with significant long-term potential. STL builds enterprise technology across HRMS, loan management systems, core banking, and cybersecurity, with agentic AI as a horizontal capability across the product suite.

Within two months of incorporation, STL had acquired its first two clients. In January 2026, we acquired a strategic stake in Cutrino, an IIT Patna-incubated deep-tech cybersecurity firm focused on post-quantum cryptography.

With representative offices in Toronto and Dubai, STL is already establishing an international footprint. We are early here, but we are building something that can compound significantly over time.

Satin Growth Alternatives Limited: SGAL received its SEBI license for a ₹200 crore Category II AIF, a first-of-its-kind gender-lens impact fund focused on rural MSMEs. The fund is led by an all-women team, combining financial discipline, impact orientation, and deep field presence.

SGAL has signed a strategic MoU with the State Bank of India for co-investment, which is a powerful validation of the model. We are progressing towards the first close with strong soft commitments.

Together, our subsidiaries add a fee income and asset management dimension to our business model that goes well beyond the traditional NBFC-MFI construct. This is the architecture of a truly future-ready financial services platform.

Underlying all of our business progress is a significant investment in technology and data capabilities. We use AI tools across underwriting, portfolio monitoring, and risk assessment.

Our data-driven approach to credit decisions has been a key contributor to our superior asset quality. We have now established presence in over 64% of India's PIN codes, and technology is what allows us to operate with efficiency and consistency at that scale.

On ESG, we received a debut score of 59 in S&P Global's Corporate Sustainability Assessment, assessed across a comprehensive range of environmental, social, and governance parameters and benchmarked against global peers. This score reflects our ability to translate policy frameworks into consistent execution.

It is not a number we celebrate passively; it is a baseline we intend to build on. Our social impact is embedded in our portfolio: 100% women clients serving below-poverty-line households, with on-lending to the lower strata of the Indian economy.

Moody's has rated our social impact at SQS2, amongst the highest globally. FY27: the outlook is focused and confident.

For FY26-27, our standalone guidance is: AUM growth of 15% to 20% year-on-year, implying an AUM of approximately ₹14,800 to ₹15,100 crore; credit cost target of 3% to 3.5%, a meaningful improvement from 3.8% in FY26. What underpins this guidance is not optimism; it is execution capital.

We have 392 new branches added in FY26, a seasoned field team present in over 1 lakh villages and 550-plus districts, a robust ALM, and a track record of 19 consecutive profitable quarters. We are not growing blindly; we are growing into our infrastructure with the discipline that has defined Satin.

As mentioned earlier, we are also revising our long-term AUM target upward from ₹25,000 crore to ₹32,000 crore by 2030, with a non-MFI AUM target of 30% by that date. This reflects both the strength of our core franchise and the emerging potential of our diversified business.

Before I open the floor, let me acknowledge our people. At Satin, we serve 34 lakh customers across 2,015 branches in 577 districts.

None of that is possible without 18,265 employees who show up every day in the field, in every weather, with every kind of customer. They are the reason why these numbers exist.

We were recognized this year as one of India's Top 50 Best Workplaces in BFSI 2026. We received the Ela Bhatt Award for Best Women Friendly Organization, the BW Social Impact Award, the Watson Financing Award, and the Silver Skoch Award.

These recognitions matter because they reflect values and not just performance. Our vision of being a differentiated rural financial services company is not a tagline; it is a purpose that has guided every decision we have made over 35 years, and it is this commitment that will guide every decision we make over the next 35.

Thank you, and I will now hand back to the moderator to open the Q&A session.

Thank you for the opportunity. Am I audible?

Yes, yes.

Yeah. Sir, the first question is on your subsidiary Satin Finserv.

What I'm trying to understand is the customer profile, what sort of collateral you get, and the underwriting, whether it is manual, technology-based, or template-based. If you can help me understand these three things.

Satin Finserv does graduated microfinance customers also who need higher ticket sizes, that's one vertical. The other vertical is that they do green finance and emerging micro enterprise businesses.

The underwriting is cash flow based, is also based on certain scores which they have validated internally for themselves. It is not just pure manual, as what you said, it follows a lot of data analytics based on that, various mechanisms of underwriting through looking at how we are able to generate cash flows, look at the business is there.

It is secured by receivables, it is secured by equipment, it is secured by any kind of, I think, appropriate immovable property as such. This is not unsecured lending which we do; this is secured lending which we do across over there.

I hope I've answered all your three questions which you had.

Yeah. Sir, what percentage of loan is against the property, collateral as property?

LTV normally resides between 40% to 45%, and that is what the LTV they work upon. No,

not LTV. What percentage of total book is against property?

Out of 1,000 crores, what percentage is against property security?

That way we will not have it. It is secured.

There would be some immovable property, there would be something which is on receivables, something which will be on hypothecation to equipments. I will not be able to give you a percentage, but everything is secured.

I think that's

Okay. What is the overlap with the MFI customers for this Satin Finserv?

Zero overlap. There is absolutely no overlap on this.

What we have as a policy is that if there is a customer who has a microfinance loan, he will have to forego his microfinance loan and take a loan from any other one of our group subsidiaries. One loan per customer in any one of the three subsidiaries they can probably take it.

That is how it is.

Got it. Is it fair to say that the customer household income has to be more than ₹3 lakh?

It cannot be less than ₹3 lakh?

It can be more in both these subsidiaries, basically, but we follow that norm in microfinance because that is what the terms and conditions which have been specified in the guardrails.

Okay. Sir, and the last question is the customer profile in the housing subsidiary.

Is it self-employed, salaried, and what is your typical income profile if you can help me with that as the last one?

It's a mix of both. It's self-employed professionals as well as salaried class also.

Let me ask you in a different way. Over the next three to five years, our focus will be more on the self-employed customers or more on the salaried customers?

I think it'll be more on the self-employed customers going forward across.

Thank you, sir. That's it from my side.

I'll join back the queue.

Thank you.

Hi, team. Good morning, and congrats on a very good set of numbers.

Sir, my question is on our ex-bucket collection efficiency for Q4 was at around 99.9%. What is that number for the month of April?

It is holding on.

It is holding on. I think I will not be able to give you specific, but it is

Holding on, same, similar levels.

Practically the similar state.

Okay. Okay.

We are not seeing any stress currently due to the ongoing geopolitical issues? Just wanted your views on the same.

No. No, not right now.

There's no stress because of this geopolitical crisis across in any of our states or any of the places where we work upon.

Okay. What was the overall collection efficiency for last quarter?

97. It was little over 97%.

Okay. Okay.

On a standalone basis, we are guiding for an AUM growth of 15% to 20% and credit cost of 3% to 3.5%. Can we know what this number could be on a consolidated basis?

On a consolidated basis or a standalone basis?

On a consolidated. Because standalone is only the JLG model, right?

Just on a consol basis, what this growth can be?

We are looking at 15% to 20% across over there. As per the previous this thing, SFL grew by about 90% year-on-year, and housing grew by about 38%.

Now, keeping a mix of both that, if we add up to what 15% that's the baseline which we are taking the bare minimum for microfinance, I think it will be closer to about 25%, 30% for a consolidated basis.

Okay. Okay.

Sir, is there any one-off in our Q4 numbers? Because our PAT has moved up significantly.

There's no one-off.

It's on account of reduced credit cost and the growth that came.

Okay. There is no one-off, no, in the foreign exchange or something?

No, no. There's no one-off.

Okay. How shall we look at FY27 numbers in terms of ROA and ROE?

Because I think you guided for credit cost, if it would be better if you can guide for ROA also.

See, I will not be able to give you a clear guidance on ROA. I think you can calculate it with the AUM growth as well as the credit cost.

I think it's a function of that. Our sense is we'll be better off in terms of our ROA even as per our current year as such.

Okay. For the current year, I think we did around 2.6% ROA for full year?

Yeah.

Okay. At least for FY27 base case scenario, can we see upwards of 3% ROA?

Is that doable?

I said, we don't want to give a guidance, to be very honest, but I think we'll be positive from where we are right now. That's for sure.

Okay. Okay.

If may I ask last question? Yeah.

Yeah. When I'm checking our presentation, our consolidated net worth is 2,868 crores, and our standalone net worth is more than the consolidated.

Why is that? Standalone it is showing 3,129 crores.

Long ago, post demonetization etc., we did some revaluation because of which the amount that we have invested in the subsidiaries were revalued, and then there were gain, and then that is why the standalone net worth is more than the consolidated.

Sorry, I didn't get you.

The investment that we have made from the parent company in the subsidiaries, Satin Housing and Satin Finserv, that was revalued just about some five, six years ago, and then, that profit was booked, and that is why the standalone net worth has gone up. On a consolidated basis, that revaluation impact is removed, and the net number is 2,868.

Hope that clarifies.

Okay. Understood.

That's it from my side. Thank you, and all the best.

Thank you.

Hello. Good morning, sir.

Thank you so much for taking my question. Hopefully, I'm audible.

Yeah. You are.

Good morning. Yeah.

Hi, sir. Firstly, congratulations on a great set of results, sir.

Sir, just wanted to know, effectively, we are planning to double our AUM in 4 years, right, sir? The growth can be faster than 15, 20%, right?

Because if we have to plan to double, or is it more towards the fag end, sir, or it's not going to be linear?

I think your voice not very clear.

I think what are you trying

Just one second. Hello.

Yeah. Is it better, sir?

Yeah. This is better.

Yeah. Just wanted to understand that we've guided to nearly doubling our AUM, right, sir?

If in FY27 we are saying around 15% to 20% growth, but to double we might need to move a bit faster. Is it going to be a linear growth or is it going to be towards the fag end?

How do you look at it, sir, in terms of long-term AUM growth?

Let me clarify. This 15% to 20% AUM guidance is only for standalone microfinance.

When we do a consolidated, we said, it'll be probably an average of about 25% to 30% is what we will grow on a consolidated basis. That's the reason for us the guidance which we've given for 2030, we've revised it from ₹25,000 crore to ₹32,000 crore looking at this scenario across in the next 4 years.

Oh, okay. Fair enough, sir.

Sir, as we are moving to more non-MFI, right, will that impact our yield so should our NIMs slightly moderate and our ROA should also be near the same level? How do you look at that, sir, in terms of profitability?

See,

I'll tell you there are two aspects to it. When we say that the NIM are stable, I think, both our subsidiary companies, Housing as well as, works in the rural atmosphere, the rural financial services space.

Over there also, we are better in terms of our lending rates as compared to the normal housing finance companies and MSME lending companies. We have a higher yield over there.

That translates into, when we do a consolidated NIM, it consolidates into about 13%, average, 12% to 13% is what it is. It will remain stable as that.

On the ROA front, the profitability which will arise from there, we've got two kickers also across over there which will probably an enhancement in terms of our ROA, and these two kickers are Satin Technologies, which is not a capital-intensive as well as a leveraged business in terms of financial services. Similarly, Satin Growth Alternatives, which will also disperse, which doesn't again have a intensive capitalization structure.

Both these revenue items or revenue in these subsidiaries will probably be a foray to enhance our ROA in the long-term basis.

Oh, okay. Fair enough, sir.

Sir, just wanted to understand in terms of our cost of funds. What are the measures that we're doing to reduce that?

I think it's a bit on the higher side, and do we see any kind of competition in terms of our cost of funds increasing? How do you see that, sir?

See, I think it's again a function of how the whole sector is evolving out to be. Based on that, we've still been able to reduce our cost of funds by about 50 basis points.

Now that is pretty significant if you look at the current scenario emerging out of in the microfinance business. Our own sense is that the way we've been able to operate, I think we will probably be stable, or for us there is no enhancement which will happen in our cost of funds.

In fact, it would probably be fair to say that it will further go down whenever the need arise, whenever the repo rate goes down. I think this is a function of all these factors put together.

Okay. Fair enough.

Just last question from my end, sir. Sir, right now, due to the geopolitical conditions is there a chance of maybe inflation creeping up and then RBI has to come in and set up some measures because right now even our Prime Minister just had a speech in terms more of austerity measures.

Is there a problem where we see that credit growth can be impacted for a few quarters, not on a long-term basis, but a near-term jerk can come or a speed bump can come, right, sir? What is your thought process on that, sir?

See,

our thought process is kind of a slightly different from there. Yes, fuel prices increase and all this could lead to maybe some kind of an inflation uptick.

When an inflation uptick happens across over there, justification always has seen whenever there's a slight uptick in the entire economy as such, the credit disbursements grow up. Income levels will definitely probably be shortened by in terms of inflation spikes.

What happens is normally the borrowings adds up at that point of time. For us, demand will pick up, which I feel probably will be the reason why we've been able to say that we'll be able to grow by 15% to 20%.

Income levels will definitely go down a little bit, but in the end ultimately the demand picks up. That's what the analogy which works upon on this.

Okay. Fair enough.

That's it from my side, sir. Thank you so much.

Thank you.

Hello, sir. Am I audible?

Yes. You are.

Yeah.

My first question is that, in our results, there is a line item, net gain on derecognition of financial instruments, something around 144 crores. What is this exactly?

144 crores? You are talking about the consolidated numbers?

Yes.

Standalone is 129. That's the difference.

This is the gain on the forex, the borrowing that we have done in the foreign currency, and the corresponding expense item is the effect of change in a foreign exchange rates.

There is a 92 crore effect of foreign exchange rate, and then there are two line items: net gain on fair value and net gain on derecognition.

Derecognition is a DA income. The net gain on fair valuation is the treasury income on mutual fund and the forex contracts that we have taken.

This treasury in an environment where yields have gone up so much, is this something that can continue because I think this is sort of helping your profitability for this quarter?

No. Treasury income is what we actually do when we have got sufficient liquidity or more liquidity be there in the system.

It is not relatable in terms of the business expense. Normally we carry a 2-month liquidity with us, and that is always invested in mutual funds for a shorter period of time.

That is there, and it has probably no relation technically to your business as such. The better way to see is the NIM.

NIMs are broadly stable at 13.5% to 14%. These gains because of timing difference in the exchange rate fluctuation etc.

impact the top line and the corresponding finance cost in different periods, but will get neutralized. If you see the NIM over a long period of time, they are so to say broadly stabilized between 13.5% to 14%.

Okay. My other question is on your cost of borrowing.

We've seen a sharp increase quarter-on-quarter and year-on-year. Is this just because of the forex impact, or has it actually gone up?

That also impact the quarter-on-quarter number. It is better to see the annual numbers and then over a period of time, this gets neutralized because all the foreign borrowing is fully hedged.

There is no long-term impact on the bottom line because there is no forex risk. Quarter-on-quarter number depending upon the dollar movement etc., this marginally impacts the profitability, both sides, positive and negative.

Okay. Thank you.

Like

last year, there was a overall 25 crore of negative impact on the bottom line in the whole year.

Okay. Thank you.

Yeah. Thank you for opportunity.

Hope I am audible.

Yes. You are.

Yeah. Sir, can you tell me that what was the Q4 credit cost, consol level?

Q4 credit cost?

Consol level? Consol

level Q4 credit cost.

You want the absolute number?

Yeah.

You want the

Percentage. No.

Give me the percentage.

You want the percentage?

For full year, this was 3.5

See, for Q4 you're saying, no?

Yeah.

You're saying for the full year or Q4?

I want both, but first I want to understand the Q4 credit cost.

Voice is breaking up, but it's not audible very

See, credit cost at consolidated level for quarter 4 was 2.2% in terms of percentages, and in terms of absolute amount, it was 79 crores.

Is this consol basis,

right? This is consolidated.

Consolidated.

Okay. What was the FY26 credit cost,

consol basis?

3.55%.

Yeah, 3.55% was the FY26 consol credit cost. That's correct.

Okay. Sir, as you mentioned, our non-MFI mix will be increase FY27 and up to FY30, then overall yield will be reduced.

That's my understanding, correct?

No, we didn't say that.

He's assuming that the yield

No. There's no assumption which we've given across over here.

For us, we said we've got a very stable NIM across, and this will probably hold true for us in the future. I think there's no area where we've said that there'll be a drop in the yields or the NIMs.

Normally Housing Finance and MSME business are lower yield than MFI. That's why I was saying this.

What was the MFI and Housing Finance yield in our subsidiaries?

We work majorly in the rural space. Over there, the yields are much better than the normal traditional housing finance which you look at.

Over here, for us in housing finance, our average yield is close to about 15.5% to 16%, and this will remain stable across because the constituency which we serve in is very different from the normal constituency which a housing finance company serves across. Then

just to add, in spite of both housing and MSME business going up, our NIM were 12.42% for FY25, which has gone up to 13.23% in FY26.

In spite of their share going up, the NIM has also improved.

Okay. Thank you, and that's all from my side.

Thank you. Best of luck.

Thank you.

Thank you.

Thanks a lot for the opportunity again. This question is on the standalone MFI business.

Many of your peers are shifting to the high-ticket individual loans. What's our strategy there?

We are doing pilots on that, but for us JLG will remain our mainstay. That's very clear.

We are doing pilots. We've done very small disbursement in terms of our individual loan.

We're getting very good results in that, but we will not shift to just one as such. There will be a hybrid of JLG, but predominant is going to be JLG.

JLG will be only for new to company customers, or even for the credit-tested customers who have done 2, 3, 4 cycles in the MFI already?

No, it's for everyone, basically. We don't distinguish between a new-to-credit customer as well as an existing customer in JLG.

Got it. Sir, from the disclosures, it looks like the incremental yield on microfinance is around 25%, 26%.

Is my understanding right?

Broadly, yes.

Broadly, yes. Average is

Around 25%.

Around 25%.

Now this question is from the RBI side. In the past, RBI has looked I don't know whether my understanding is right or not, something like 22%, 23%, and then they started making lot of comments about the interest.

This time you think it could be again a problem going forward after 1, 2 years, or these are sustainable yields? See,

you'll have to understand the context of this. It's very easier to say this that it is being done by the regulator.

The regulator is appreciative of the effort that we are doing financial inclusion to a large extent. It's a doorstep delivery, plus our credit cost as well as other stuff has been elevated in the last few years.

Looking at that, the cost of funds as well as the operating cost for delivering such a small ticket size loan and a risk-based pricing was fixed, which I think everybody is aware of. There is no question where I think it could be singled out as in terms of that, and it's a interest rate play which is going to be there, and you have to look at the complete ecosystem onto that.

Got it, sir. Sir, and can you help me understand this green finance loans?

It's not very clear to me which you're doing in your subsidiary. What exactly is the nature, customer profile?

Green finance.

These are micro-enterprises to a large extent, basically, and it could be green renewables energy, it could be green finance, it could be solar, it could be EVs, it could be enterprise EVs. It's a combination of all that.

Got it. Sir, the interest yield in the Satin Finserv, is it closer to the MFI customers only, or is it far lower like Housing?

It's closer to the MFI yields as such.

Got it. Sir, the last question is on the industry.

The guardrails have been implemented because of the current issues. Do you think these are currently here to stay, or going forward individual players will be left on their own whether they want to follow, not follow?

See,

ours is zero. We don't have a customer which is flouting any kind of a guardrail, and I think, looking at the industry, it is here to stay.

Got it. Thank you so much for all the detailed answers.

That's it from my side.

Sure. Thank you, everyone.

This year was a great year where proof met promise for us. Our consol AUM grew 19%, we crossed ₹15,000 crore, our disbursements grew, our Q4 alone disbursements were 43% up.

The credit cost came down 80 bps for the whole year. The, I will say, ex-bucket collection efficiency is holding on, and these aren't just metrics.

They are the outcome of decisions we made long before the results arrived. It's for the years we are doing the consistent performance.

Subsidiaries are no longer a passing reference in our overall scheme of things, if you see. They are forces in their own right.

Both Satin Finserv and Satin Housing have crossed ₹1,000 crore AUM each. They are a move for the future.

Satin Technologies has its own USP, and then it again made a bold bet on deep-tech cybersecurity, which is signaling that our intent to build infrastructure-grade capabilities is for financial services is beyond parallel. Satin Growth Alternatives, the women-led AIF fund, with a sharp focus on women entrepreneurs and sustainability, is not just a new business line.

It's a statement of purpose. It is deepening the impact that we do on ground.

What FY26 ultimately tells us is simple: discipline at the ground level, clarity at the strategy level, and patience at the management and board level. This combination wins every single time.

To our investors, lenders, and the millions of borrowers who placed their confidence in us, this year's performance belongs to each one of you, and thank you for all your support. If you have any queries after this call, you can reach out to Valorem Advisors, our IR advisory, or you can reach out to me.

My name is Aditi Singh, and Chief Strategy Officer at Satin Creditcare. Thank you, everyone.

Have a great day.