Non Banks

CIFC reported soft disbursal growth in Q2FY26 at 0.5% YoY/QoQ. Given flat disbursal growth, AUM growth slowed to 4% QoQ/21% YoY. NIM rose 10bp QoQ. Opex increased sharply by 11% QoQ driven by higher employee expenses.

Spandana continues to report net and operating loss in Q2FY26, but reported a gradual recovery in disbursals, opex and CE. Disbursals grew sharply QoQ from INR2.8bn to INR9.3bn, but remain much lower than Q2FY25. Given

Capri Global delivered robust Q2FY26 results with AUM jumping 40.3% YoY/9.2% QoQ. NII surged 57.2% YoY/15.4% QoQ while cost control drove up PPoP 1.4x YoY/10.8% QoQ. Impairment costs grew 78.6% YoY. As a result, APAT

Shriram Finance (SFL) posted a strong Q2 with 3% QoQ AUM growth, utilisation of excess liquidity, 8bp NIM growth and credit cost below 2% of AUM for a second quarter. GS2 fell 2% QoQ while GS3 rose 4%.

LICHF once again missed growth guidance in Q2FY26 as AUM stayed flat QoQ/rose 6% YoY due to pressure from balance transfers (BT) that doubled QoQ. LICHF has been posting single-digit loan growth over the last 11

MMFS reported a beat on PPOP driven by a beat on fees, but a miss on credit cost. The credit cost miss (despite improving asset quality) was from a sharp jump in credit cost for GS3 due to the quarterly LGD reset, which

LTFH posted strong Q2FY26 earnings with a beat on NII and opex, strong loan growth, lower gross credit cost and improving CE in MFI. The beat on NII is due to a sharp dip in CoF. Gross credit cost decreased 8% QoQ, but

We met with CEO Mr Rajesh Sharma, CFO Mr Kishore Kumar Lodha and other senior management of Capri Global at its analyst meet. Takeaways: i) AUM is expected to expand at a CAGR of ~30% over next two–three years;

Spandana reported a net loss of INR3.6bn for Q1FY26—versus a loss of INR4.3bn QoQ—driven by a sharp decline in AUM/disbursals, elevated stress loans and pressure on NIM from reversals and slower growth. Forward flows

Muthoot reported a strong Q1FY26 unlike peers, with an all-round beat. Strong AUM growth of 10% QoQ/42% YoY, an 88bp QoQ improvement in NIM, favourable opex and a significant decrease in credit cost are key positives of

Capri Global delivered a robust Q1FY26 with AUM expanding 41.5% YoY/8.3% QoQ. NII surged 38.4% YoY/9% QoQ while tight cost control drove PPOP up 1.1x YoY/22.6% QoQ. However, impairment costs spiked 75.6% YoY/3.4x QoQ,

LICHF posted weak disbursal growth and higher-than-expected credit cost in Q1FY26. Disbursals grew a low 2% YoY (down 31% QoQ) versus guidance of 9–11%. NIM fell 18bp QoQ versus our estimate of 10bp. Credit cost of 25bp

CIFC reported a weak set of numbers with nil disbursal growth and a sharp rise in 30+DPD. NIM fell 20bp QoQ. With higher stress, credit cost was higher by 18% than the consensus estimate. GS3 for VF rose 14% QoQ/49% YoY.

After a subdued Q4FY25, SFL announced a healthy quarter with 3% QoQ AUM growth in Q1FY26, lower-than-expected credit cost and healthy asset quality. While GS2 rose 9% by 40bp QoQ, the increase is tolerable relative to

MMFS reported a beat on NII and PPOP in Q1FY26, but a miss on credit cost. While credit cost at 1.9% was higher than the guided 1.5–1.7%, given that the operating environment is challenging and stage 3 ECL has been

LTFH reported a healthy quarter in Q1FY26 with 5% sequential loan growth, an uptick in NIM and lower QoQ gross credit cost. NIM was 8.24% from 8.15% QoQ while gross credit cost fell to 3.3% from 3.7% QoQ. LTF utilised

Capri Global (CGCL) is a diversified NBFC operating across loan segments and geographies, which mitigates concentration risk and helps maintain portfolio stability. Its asset-light and fee-based car loan and insurance

Spandana reported a net loss of INR4.3bn for Q4FY25, versus a loss of INR4.4bn QoQ, driven by a sharp slowdown in AUM/disbursal growth, elevated stress loans and a high write-off of INR6.5bn versus INR6.8bn QoQ. It also

LICHF announced a strong Q4FY25 buoyed by revival in disbursal growth, higher QoQ NIM and improved asset quality. Disbursal growth accelerated to 8% YoY/24% QoQ, NIM improved 16bp QoQ and GS2/GS3 decreased 12%/8% QoQ.

Muthoot reported another strong quarter with robust AUM growth, a small decline in NIM and lower QoQ credit cost. Gold AUM growth accelerated to 41% YoY/11% QoQ (highest in our coverage) from 34% YoY in Q3FY25. Tonnage