Satin Creditcare reported a strong Q3 FY26, marked by robust consolidated AUM growth of 10% YoY to INR 13,341 crores and a significant 404% YoY increase in consolidated PAT to INR 72 crores. The company maintained healthy asset quality with PAR 90 at 3.3% and an overall collection efficiency of 98%, while also expanding its branch network by 452 since Q3 FY25. Strategic diversification continued with the acquisition of a 51% stake in QTrino Labs by Satin Technologies and capital infusion into Satin Finserv.
vs Q4 FY26
| Metric | Value | YoY |
|---|---|---|
| Consolidated AUM | ₹13K Cr | +10.0% YoY |
| Consolidated Disbursements (9M FY26) | ₹8.1K Cr | +7.0% YoY |
| Consolidated Revenue (Q3 FY26) | ₹753 Cr | +10.0% YoY |
| Consolidated PAT (Q3 FY26) | ₹72 Cr | +404.0% YoY |
| Consolidated NIM (Q3 FY26) | 14.25% | — |
| Consolidated ROA (Q3 FY26) | 2.22% | — |
Segment Breakdown
Share of AUM
| Metric | Latest | Trend |
|---|---|---|
| Consolidated AUM(crores) | 15174 |
| Category | Headline | |
|---|---|---|
M&A | QTrino Labs acquisition · closed | |
Liquidity | Cash ₹2,283 crores · Undrawn ₹2,206 crores Liquidity position remained strong with INR2,283 crores of balance sheet liquidity and INR2,206 crores of undrawn sanctions standalone. |
| Category | Target | Priority |
|---|---|---|
| Credit Cost | Credit Cost→around 4% | Medium |
| Credit Cost | Credit Cost→closer to 4% | Medium |
| AUM Growth | MFI AUM Growth→10% to 15% | High |
| AUM Growth | Subsidiary AUM Growth→40%-50% | High |
| ROA | ROA→better than what we are right now | Low |
| # | Metric | |
|---|---|---|
| 01 | Liquidity levels and impact on ROA | |
| 02 | Credit Cost (FY26 end) | |
| 03 | CGFMU Scheme Implementation | |
| 04 | Subsidiary Growth and ROA improvement | |
| 05 | Expansion into Kerala |
| Severity | Risk |
|---|---|
medium | High liquidity impacting ROA Management stated they kept high liquidity due to industry headwinds, but it's not the future norm and will be brought down, implying a temporary drag on ROA. Analyst |
low | Lower ROA/ROE for subsidiaries Subsidiaries are small and in expansion mode, opening branches and growing rapidly (40-50% YoY), leading to lower initial ROAs. Analyst |
low | SIR issue in West Bengal Analyst raised concern about SIR issue in West Bengal, but management stated 'no concern as of now' and highlighted strong collection efficiency of 94% in the state. Analyst |
Satin Creditcare reported a robust Q3 FY26, with consolidated AUM growing 10% year-on-year to INR 13,341 crores. Consolidated PAT saw a significant increase of 404% YoY, reaching INR 72 crores, while consolidated revenue grew 10% YoY to INR 753 crores. The company achieved a consolidated ROA of 2.22% and ROE of 10.82%, marking its 18th consecutive profitable quarter.
The company maintained strong asset quality, with PAR 90 levels improving to 3.3% (INR 287 crores) on a standalone basis. On-book provisions stood at INR 272 crores, representing 3.2% of the portfolio, well above RBI requirements of INR 141 crores. Overall collection efficiency was reported at 98%, with X Bucket collection efficiency at 99.8%, indicating robust credit discipline and effective field execution.
Satin Creditcare continued its diversification strategy, with subsidiaries showing strong growth. Satin Housing Finance Limited's AUM reached INR 1,101 crores, growing 26.3% YoY, while Satin Finserv's AUM was INR 759 crores, up 58.4% YoY. The group also expanded its technological footprint with Satin Technologies acquiring a 51% stake in QTrino Labs, a deep tech cybersecurity company.
The company's liquidity position remained strong, with INR 2,283 crores of balance sheet liquidity and INR 2,206 crores of undrawn sanctions on a standalone basis. Foreign funding now constitutes approximately 22% of the total funding mix (15% overseas, 7% DFI), and management confirmed that all foreign currency exposures are fully hedged, contributing to a stable cost of funds.
Management outlined a strategy of cautious growth for the MFI segment, targeting 10-15% AUM growth, while subsidiaries are expected to continue their rapid 40-50% YoY growth. The distribution network expanded to 1,987 branches across 26 states and 5 union territories, with 452 new branches added since Q3 FY25. The company is also strategically expanding into new geographies, including Kerala, with operations expected to commence in the next couple of months.
The company is targeting an improvement in credit costs for FY26, aiming to end the year 'probably at around 4%', down from 4.6% in FY24-25. Management expressed confidence that credit costs would continue to decline further in the future, supported by tighter underwriting, improved collections, and deeper customer engagement.