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Utkarsh Small Finance Bank Ltd. 14 Nov 2025 18:33 PM
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Q2FY26 Quarterly Result Announced for Utkarsh Small Finance Bank Ltd.

Utkarsh Small Finance Bank announced Q2FY26 results

  • Deposits grew by 10.0% YoY to Rs 21,447 crore as on September 30, 2025, led by growth in retail term deposits.
  • Bank’s retail term deposits grew by 28.8% YoY to Rs 12,257 crore & CASA deposits grew by 17.4% YoY to Rs 4,482 crore as on September 30, 2025.
  • CASA deposits ratio increased to 20.9% as on September 30, 2025 from 19.6% as on September 30, 2024.
  • Bank’s CD ratio improved to 78.8% as on September 30, 2025 vs. 93.0% as on September 30, 2024.
  • Bank’s loan Portfolio contracted by 2.3% YoY to Rs 18,655 crore as on September 30, 2025.
  • Gross NPAs were 12.4% as on September 30, 2025 vs. 11.4% as on June 30, 2025 (3.9% as on September 30, 2024).
  • Net NPAs were 5.0% as on September 30, 2025 vs. 5.0% as on June 30, 2025 (0.9% as on September 30, 2024).
  • Bank’s pre-provision operating profit was at Rs 88 crore in H1FY26 vs Rs 588 crore in H1FY25.
  • During H1FY26, the Bank reported net loss of Rs 588 crore vs. PAT of Rs 189 crore in H1FY25.
  • Bank’s pre-provision operating loss was at Rs 3 crore in Q2FY26 vs preprovision operating profit of Rs 276 crore in Q2FY25.
  • During Q2FY26, the Bank reported net loss of Rs 348 crore vs. PAT of Rs 51 crore in Q2FY25 (Loss of Rs 239 crore in Q1FY26).

Govind Singh, MD & CEO, Utkarsh Small Finance Bank, said: “Q2FY26 marked a deliberate shift in the Bank’s growth architecture, rather than chasing quantity, we leaned into quality – prioritizing secured lending, recalibrating risk, and tightening execution. This quarter was about building resilience. Secured loans now comprise 47% of our portfolio as of September 30, 2025, up from 38% a year ago. This shift reflects a strategic pivot toward more stable asset classes. Consequently, our non-JLG loan portfolio sustained strong momentum, growing by 30% YoY & 4% QoQ. Healthy business growth driven by yield optimization efforts in secured products i.e. disbursement yields rising in housing & MSME loans by 40–100 bps compared to Q2FY25. On the liabilities side, our deposit base expanded by 10% YoY to Rs 21,447 crore as on September 30, 2025, led by retail term deposits. As the newly launched branches build maturity and traction, we are working towards margin improvement and overall business scalability in the coming quarters. In the unsecured microbanking segment, we’ve adopted a more cautious stance in response to recent stress indicators. Tighter credit norms and underwriting have moderated originations, resulting in contraction of JLG loan book during the quarter, which has impacted short-term interest income but is aligned with our long-term asset quality goals. Additionally, we continue to split larger micro-banking branches to improve oversight and control. We are also working on back-to-basics programs to train new frontline staff on core processes such as centre meetings and customer onboarding, ensuring a more robust and consistent execution framework. The Bank has expanded our collection workforce (to ~1,200 as of Sep-25). The Bank has already embarked on its Utkarsh 2.0 Technology Transformation Project, with several sub-projects already live and yielding benefits. FY26 remains a year of recalibration. We are focused on operational agility, prudent growth, and margin discipline, with an eye toward building momentum into FY27 and FY28. While the operating environment presents challenges, we are positioning the franchise to navigate them with resilience and adaptability.”

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Internet Software & Services company Infibeam Avenues announced Q2FY26 results

  • Gross Revenue: Rs 19,649 million against Rs 10,166 million during Q2FY25, change 93%.
  • EBITDA: Rs 937 million against Rs 854 million during Q2FY25, change 10%.
  • EBITDA Margin: 61% for Q2FY26.
  • PAT: Rs 649 million against Rs 550 million during Q2FY25, change 18%.
  • PAT Margin: 42% for Q2FY26.

Vishal Mehta, Chairman & Managing Director, Infibeam Avenues, said: “We are delighted with our strong performance this quarter. The sharp rise in TPV and revenue underscores the growing trust our merchants and partners place in our platforms. Our diversified digital offerings and focus on profitability position us well to cross the USD 1 billion revenue mark on a run-rate basis. We remain committed to growth through innovation and AI-led transformation in digital payments.”

Vishwas Patel, Joint Managing Director, Infibeam Avenues, said: “Infibeam Avenues continues to strengthen its position in the fintech sector. The surge in card transactions and credit mix coupled with higher TPV growth and robust performance across key merchant verticals including travel and utilities demonstrates merchant confidence in our payment and enterprise platforms. The Company has made a strategic decision to focus on absolute cash profit and cash flow generation, reinforcing its commitment to sustainable growth.”

“We are proud to have successfully completed the strategic sale of our commerce platform to Rediff.com and look forward to introducing Rediffpay, a UPI-based consumer payment solution, reinforcing our focus on high-growth fintech and AI-driven services.”

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Housing Finance company Repco Home Finance announced Q2FY26 results

  • Loan sanctions stood at Rs 1,206 crore in Q2FY26 as compared to Rs 926 crore in Q2FY25, registering a growth of 30.2%.
  • Loan disbursements stood at Rs 1,069 crore in Q2FY26 as compared to Rs 867 crore in Q2FY25, registering a growth of 23.3%.
  • Total income stood at Rs 446 crore in Q2FY26 as compared to Rs 428 crore in Q2FY25, registering a growth of 4.2%.
  • Asset Quality:
    • GN PA amounted to Rs 475 crore as of September 30, 2025, as against Rs 552 crore as of September 30, 2024 and Rs 485 crore as of June 30, 2025.
    • NNPA constituted Rs 225 crore of the loan assets as of September 30, 2025, as against Rs 217 crore as of September 30, 2024 and Rs 171 crore as of June 30, 2025.
    • The gross non-performing assets (GNPA) ratio stood at 3.16% and Net NPA ratio stood at about 1.50% of the loan assets as of September 30, 2025. This is against 3.96% and 1.59% as of September 30, 2024 respectively.
    • As required under IND AS, the Company has carried provisions for expected credit losses to the tune of Rs 375 crore or 2.5% of total loan assets. The Stage-3 assets carry a Coverage Ratio of 52.5%.
  • Capital Adequacy: The capital adequacy ratio stood at 36.88%. The minimum capital adequacy ratio prescribed by the regulator is 15%.

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Financial Services company CARE Ratings announced Q2FY26 results

  • Revenue from Operations: Rs 136.37 crore, change 16% YoY.
  • EBITDA: Rs 68.41 crore, change 23% YoY.
  • EBITDA Margin: 50% for Q2FY26.
  • PAT: Rs  57.21 crore, change 22% YoY.
  • PAT Margin: 38% for Q2FY26.
  • The Board of Directors has declared an interim dividend of Rs 8/- per share (each having a face value of Rs 10/- per share) for Q2FY26.

Mehul Pandya, Managing Director & Group CEO, Care Edge, said: Even as we navigate through multiple global headwinds, we are pleased to report a healthy 13% YoY growth in standalone revenue from operations during Q2FY26, driven by our strong and diversified client base. On a consolidated basis, revenue grew by 16%, supported by improved performance across subsidiaries and further strengthened by our non-ratings businesses. Profitability at both standalone and consolidated levels remains robust, reflecting disciplined execution and operational efficiency.

For H1FY26, standalone revenue grew by 14%, while consolidated revenue recorded a strong 17% growth, accompanied by steady margins and profitability. We continue to emphasise that our financial performance is best viewed through an annual lens, as our focus remains on building sustainable, long-term growth. The progress across our core and emerging businesses reinforces our confidence in the strategic direction we have set for the Group.

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ESAF Small Finance Bank announced Q2FY26 results

  • Business Growth: Total business grew 5.2% YoY to Rs 42,031 crore (Rs 39,954 crore in Q2FY25).
  • Advances:
    • Gross advances increased 4.3% YoY to Rs 19,137 crore (Rs 18,340 crore in Q2FY25).
    • Micro Loans and Gold Loans each contributed 39%, with the remaining 22% from other portfolios.
    • Disbursements during the quarter more than doubled to Rs 8,913 crore, from Rs 4,058 crore in Q2FY25.
  • Deposits:
    • Total deposits rose 5.9% YoY to Rs 22,894 crore (Rs 21,613 crore in Q2FY25).
    • CASA deposits increased 14% YoY to Rs 6,046 crore (Rs 5,319 crore in Q2FY25).
    • CASA ratio improved to 26.4% (from 24.6%).
  • Profitability Metrics:
    • Net Interest Income (NII): Rs 364 crore (Rs 539 crore in Q2FY25).
    • Net Interest Margin (NIM): 5.9%.
    • Pre-Provision Operating Profit (PPoP): Rs 93 crore (Rs 143 crore in Q2FY25).
    • Provisions: Rs 249 crore, resulting in a quarterly loss of Rs 116 crore.
  • Asset Quality:
    • Provision Coverage Ratio (PCR): 74.4% (up from 73.2% in the previous quarter).
    • Net NPA: Stable at 3.8%.

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Holding Companies company Bajaj Holdings & Investment announced Q2FY26 results

  • BHIL's consolidated profit after tax increased to Rs 1,559 crore in Q2FY26 v/s Rs 1,436 crore in Q2FY25.
  • BHIL's standalone profit after tax increased to Rs 2,181 crore in Q2FY26 v/s Rs 1,051 crore in Q2FY25
  • An interim dividend of Rs 65 per equity share (650%) was declared on 16 September 2025 and paid on 14 October 2025, amounting to Rs 723 crore.

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Housing Finance company Aavas Financiers announced Q2FY26 results

  • Assets under Management (AuM) of the company registered a growth of 16% to reach Rs 213.6 billion as on 30-Sep-25.
  • Disbursements during Q2FY26 grew by 21% YoY and 36% QoQ at Rs 15.6 billion.
  • Our Net profit for H1FY26 and Q2FY26 grew by 11% YoY to Rs 3.03 billion and 1.64 billion respectively, led by robust growth in Net Interest Income.
  • Our spread during the quarter expanded by 34 bps YoY to 5.23% driven by our cost of borrowing improving by 30 bps YoY to 7.85%.
  • Our NIM in absolute terms increased by 18% YoY in Q2FY26, while NIM as a percentage of total assets during Q2FY26 stood at 8.04% up 56 bps QoQ.
  • Our Opex-to-Assets ratio saw a marginal increase of 5 bps sequentially to 3.51%, while the Costto-Income ratio declined by 262 bps quarter-on-quarterto 43.7%, reflecting improved efficiency gains.
  • Our asset quality remains pristine, with 1 DPD below 5%, improving by 16 bps sequentially to 3.99% as of September 2025, while GNPA levels remained stable at 1.24%.
  • Credit costs improved sharply by 8 bps sequentially to 16 bps. driven by lower 1 DPD flow and improvement in Stage 2 buckets. We continue to maintain our guidance of keeping credit costs below 25 bps on a sustainable basis.
  • In terms of the borrowing mix, 50% of our borrowings are from Term Loans, 25% is from Assignment, 14% from NHB Refinancing; 11% is from debt capital market (of which 53% is from development finance institutions like IFC, CDC & ADB) and 1% from Cash Credit and CPs.
  • Our Net Worth continues to compound steadily, growing at 16% YoY, with the strength of our capital position driven by consistently compounding internal accruals.
  • Our ROA improved significantly by 46 bps sequentially to 3.40% and ROE improving by 175 bps QoQ to 14.31%.
  • We added 8 branches during the quarter, taking the total number of branches stands at 405 as on 30 th Sep 2025.

Sachinder Bhinder, Managing Director & Chief Executive Officer, said: “Dear All, At Aavas, we are committed to serving unserved, underserved, and underbanked customers in Tier 2 to Tier 5 markets by developing tailored financial solutions. Our focus on achieving riskadjusted returns underscores our dedication to fostering housing affordability and creating sustainable value in these communities.

This period, we recorded a strong 36% QoQ growth in disbursement, reflecting sustained and broad-based demand for housing in our segment. Our sanction-to-disbursement ratio has now normalized and is now ~80%, indicating improved conversion efficiency.

Our strategic priorities remain centered on optimizing both yield and credit quality. During the H1FY26, we achieved a 10-bps improvement in yields over H1 FY25, supported by targeted initiatives to enhance our portfolio mix and pricing discipline. Further, our proactive liability management has helped reduce our cost of borrowing by 17 bps QoQ, enabling us to deliver a healthy spread above 5%, at 5.23%.

Following the successful completion of our technological transformation, we have begun to realize measurable improvements. As of Sep 2025, the turnaround time from login to sanction has been reduced to 6 days, a significant enhancement from the earlier peak of 13 days. Our paper usage has been cut by 59% and have rolled out digital agreements in 223 branches.

Aligned with our strategy of contiguous growth, we added 8 new branches, all in Tamil Nadu, taking our footprint to 405 branches across 14 states. Aavas remains well-capitalised with a CRAR of 46.4% as of September 2025.

Our strong underwriting standards and tech-enabled collection efforts have enabled us to preserve the pristine asset quality of the portfolio. As of Sep 2025, the 1 days past due metric stands at 3.99%, while Gross Stage 3 remains contained at 1.24%.

Strategic Priorities:

  • Disciplined growth in core affordable housing markets (Tiers 2–5), contiguous-state expansion.
  • Portfolio mix optimisation to support yield and asset quality.
  • Continued digitisation across sourcing, underwriting, disbursement, and collections.
  • Prudent liability management to protect spreads and liquidity.”

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Holding Companies company Bajaj Finserv announced Q2FY26 results

  • Consolidated total income: Rs 37,403 crore vs Rs 33,704 in Q2FY25 crore change 11%.
  • Consolidated profit after tax: Rs 2,244 crore vs Rs 2,087 in Q2FY25 crore change 8%.
  • Bajaj Finance. consolidated profit after tax: Rs 4,876 crore vs Rs 4,000 in Q2FY25 crore change 22%.
  • Bajaj General, profit after tax: Rs 517 crore vs Rs 494 in Q2FY25 crore 5%.
  • Bajaj Life, net value of new business (VNB): Rs 367 crore vs Rs 245 in Q2FY25 crore 50%.

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Financial Services company Edelweiss Financial Services announced Q2FY26 results

  • Revenue (Consolidated) of Rs 1,900 crore.
  • EFSL pre MI Consolidated PAT of Rs 175 crore, up 28% YoY.
  • Alternative Asset Management AUM grew by 14% YoY to Rs 65,460 crore; Fund raise of Rs 5,182 crore in six months, up 3x YoY.
  • Mutual Fund business Equity AUM witnessed a robust growth of 30% YoY to Rs 77,100 crore; AUM at Rs 1,54,600 crore, up 10% YoY.
  • Asset Reconstruction business recovered Rs 1,225 crore in the quarter; share of retail in capital employed increased to 25% from 14% YoY.
  • MSME loans of Rs 168 crore disbursed in the quarter, up 2.5x YoY; Wholesale book reduced by 36% YoY to Rs 2,400 crore.
  • Disbursements in Housing Finance of Rs 564 crore in the quarter, up 2x YoY; AUM grew by 15% YoY to Rs 4,598 crore.
  • Gross Written Premium for General Insurance grew by 7% YoY to Rs 261 crore in the quarter; Losses declined by 13% YoY in six months.
  • In Life Insurance, Gross Premium stood at Rs 503 crore in quarter; Losses declined by 48% YoY in six months.

Rashesh Shah, Chairman, Edelweiss Financial Services, said: “Amid global uncertainty and shifting economic currents, India’s growth continues to demonstrate strength and stability. Supported by resilient consumption, easing inflation, and proactive policy measures, the economy remains well-positioned to navigate near-term challenges. With reforms gaining momentum and investment activity picking up, India is steadily reinforcing the foundations for sustainable, long-term growth.

This quarter, we reported a pre MI Consolidated PAT of Rs 175 crore, up 28% YoY. Our balance sheet remains strong, with well-capitalized businesses and surplus liquidity. We remain focused on our priorities – scaling profitability in underlying businesses (24% CAGR since Sep’23); insurance businesses continue to be on the pathway to achieve breakeven by FY27, with losses declining by 55% since Sep’23. We are also progressing on our corporate net debt reduction plan, with a clear plan to be near zero over the next three years. Meanwhile, we are on track to launch the EAAA IPO around April 2026, marking the first step towards building EAAA as a standalone institutionalized platform.”

Result PDF

Finance company Paisalo Digital announced Q2FY26 results

  • AUM up 20% YoY at Rs 54,494 million.
  • Disbursement of Rs 11,025 million, up 41% YoY.
  • Total income increased by 20% YoY from Rs 1,870 million to Rs 2,240 million.
  • Net Interest Income increased by 15% YoY from Rs 1,097 million to Rs 1,262 million.
  • GNPA and NNPA stood at 0.81% and 0.65% respectively.
  • Collection efficiency for the quarter stood at 98.4%.
  • Capital Adequacy Ratio remained strong at 38.2%; Tier 1 capital at 30.3%.
  • Net Worth grew by 19% YoY to Rs 16,799 million.
  • Total geographic footprint as at Q2FY26 stood at 4,380 touchpoints across 22 states as compared to 3,275 touchpoints in Q2FY25.
  • Customer franchise expands to record ~13 million, with addition of ~1.8 million customers during the quarter.
  • Of the USD 50 million maiden FCCB issuance in December 2024, USD 4 million were converted into share capital in September 2025.

Santanu Agarwal, Deputy Managing Director of Paisalo Digital, said: “At Paisalo Digital, Q2FY26 demonstrated disciplined growth and consistent execution. We closed the quarter with a record AUM of Rs 54,494 million, robust disbursements of Rs 11,025 million and total income reaching Rs 2,240 million. Our customer base surpassed the significant milestone of ~13 million, with nearly 1.8 million new customers added during the quarter, underscoring the strong traction of our inclusive last-mile credit model.

Our asset quality remains robust, with GNPA and NNPA controlled at 0.81% and 0.65% respectively, reflecting prudent underwriting and effective risk management.

During the quarter, strategic FCCB conversions strengthened our capital base. With a reinforced balance sheet and a scalable omnichannel platform, Paisalo is well-positioned for sustainable growth and to expand equitable credit access in the quarters ahead.”

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