Investors Presentation_FY25
SGFIN · price
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SG Finserve, an NBFC focused on MSME supply chain financing, reported FY25 PAT of INR 80.99 crores, up 3% YoY, with AUM growing 39% YoY to INR 2,326 crores. Total income declined 10% YoY to INR 171.04 crores, while Net Interest Income rose 11% YoY to INR 139.06 crores. Gross NPA stood at Nil, with ROA of 5.36% and ROE of 8.82%. In Q4 FY25 alone, AUM jumped 48% Q-o-Q to INR 2,326 crores, while PAT was flat at INR 23.79 crores and NII dipped to INR 35.56 crores from INR 41.32 crores in Q3. Management has set AUM targets of INR 4,000 crores for FY26 and INR 6,000 crores for FY27, backed by anchor MOUs worth INR 5,500 crores with corporates like TATA, Vedanta, Adani, and Ashok Leyland. The company received AA/A1+ ratings from CRISIL and ICRA, raised INR 1,465 crores in bank debt in H2 FY25, and has INR 338 crores more equity warrants expected this fiscal year.
Strong AUM growth, zero NPAs, and clear multi-year targets are positives, but flat Q4 PAT, declining Q-o-Q NII, and 48% jump in operating expenses suggest margin pressure that investors should watch closely. Successful execution of the FY27 AUM target of INR 6,000 crores will be the key driver for sustained re-rating.