1. Opening Hook
Just when markets thought NBFC concalls were boring spreadsheets and polite nods, SG Finserve decided to spice things up. New CEO, revised guidance, four “future” subsidiaries, and investors asking existential questions—what exactly are you guys doing?
Q3 numbers were solid. Messaging, however, took a few detours via “drawing board,” “not even one dollar,” and “2030 vision but please don’t hold us to it.”
This wasn’t a bad quarter. It was a confusingly ambitious one.
Stick around—because the numbers behave far better than the narrative, and the real story is hiding behind zero NPAs and a very conservative soul trapped inside a fast-growing NBFC.
2. At a Glance
- Loan book ₹3,210 cr (+12% QoQ) – Growth without adrenaline shots, just disciplined walking.
- PAT ₹32 cr (+15% QoQ) – Profits doing their job, quietly and efficiently.
- 9M PAT ₹85 cr (+49% YoY) – Compound interest flexing politely.
- Cost-to-income <15% – Expense discipline so tight it squeaks.
- GNPA/NNPA: 0% – The rarest animal in NBFC jungles.
- ROA 4.4%, ROE 10.5% – Conservative today, aspirational tomorrow.
3. Management’s Key Commentary
“We have achieved an all-time high
loan book of ₹3,210 crores.”
(Flex, but with folded hands.) 😏
“Supply chain finance contributes ~70% of AUM.”
(We’re monoline—don’t call us diversified.)
“RBI has granted us a factoring license.”
(New toy, but still in plastic wrap.)
“We are targeting 20% CAGR in loan book till FY30.”
(Slow is smooth, smooth is safe.)
“Profit CAGR targeted at 30%, PBT ₹500 cr by FY30.”
(Margins will do the heavy lifting.) 😏
“Board approved exploration of ARC, AIF, insurance broking, fintech.”
(Idea stage. Please stop panicking.)
“We don’t want leverage beyond 2.5–3x.”
(Zero NPAs > Twitter applause.)
4. Numbers Decoded
| Metric | Q3 FY26 |
|---|---|
| Loan Book | ₹3,210 cr |
| Avg Loan Book | ₹2,925 cr |
| QoQ Growth | 12% |
| PAT | ₹32 cr |
| 9M PAT | ₹85 cr |
| Equity | ~₹1,100 cr (₹1,450–1,500 cr post warrants) |
| Leverage | ~2x |
| ROA | 4.4% |
| ROE | 10.5% |
Decoded:
Growth is real. Risk is
