1. Opening Hook
Just when most NBFCs are busy explaining why credit costs “surprised” them, SG Finserve casually drops a NIL GNPA slide and moves on.
No drama. No provisioning horror story. Just numbers flexing quietly in the corner.
Q3FY26 came with steady growth, balance-sheet discipline, and a management team that sounds dangerously confident. The kind that says “Vision 2030” without blinking.
They’re not chasing retail chaos or unsecured adrenaline. They’re doubling down on supply-chain plumbing—boring, invisible, and extremely profitable when done right.
And yes, they also want to do factoring, ARC, AMC, insurance, fintech, and probably make your morning chai smoother.
Read on. The ambition curve gets steeper from here.
2. At a Glance (Q3FY26)
- Gross Disbursements ₹6,524 Cr – Capital moved faster than most NBFC pitch decks.
- Loan Book ₹3,210 Cr – Up 12% QoQ; balance sheet quietly lifting weights.
- PAT ₹32 Cr – 15% QoQ; growth without shouting.
- RoA 4.4% – Old-school NBFC profitability, now a rare species.
- GNPA NIL – Risk team clearly doesn’t believe in surprises.
- Debt/TNW <2x –
- Conservative enough to sleep well at night.
3. Management’s Key Commentary (Decoded)
“We achieved an all-time high AUM of ₹3,210 crore.”
(Translation: The engine is warm, and we’re still not revving hard 😏)
“Supply Chain Financing remains our core strength, contributing ~70% of AUM.”
(Translation: We know exactly where money is safest.)
“RBI has granted us approval for Factoring.”
(Translation: One more lever to pull margins up.)
“Cost-to-Income ratio is less than 15%.”
(Translation: Expenses are on a tight leash.)
“We are well capitalized with equity of ~₹1,100 crore.”
(Translation: Growth won’t need emergency fundraising.)
“Targeting ₹7,500 crore AUM by March 2030.”
(Translation: This isn’t a sprint; it’s a controlled marathon.)
4. Numbers Decoded
| Metric | Q3FY26 | QoQ | 9MFY26 | YoY |
|---|---|---|---|---|
| Total Income | ₹86 Cr | +15% | ₹229 Cr | +95% |
| NII | ₹50 Cr | +12% | ₹137 Cr | +32% |
| PAT | ₹32 Cr | +15% | ₹85 Cr | +49% |
| Loan Book | ₹3,210 Cr | +12% | — | +105% |
| GNPA | NIL | — | NIL | — |
