Transcript of the Earnings Conference Call held on 20th August 2025.

Star Housing Finance reported Q1 FY26 results with AUM of INR 546.58 crore (up 16% YoY), disbursements of INR 24.41 crore, total income of INR 21.81 crore, and PAT of INR 1.38 crore. Management attributed lower PAT versus Q1 FY25 to the absence of a one-time income booked last year. Asset quality improved from Q4, with gross NPA at 1.65%, net NPA at 1.13%, and PAR at 5.18%. Cost of borrowing stood at ~12.5% and NIM at 6.61%; management expects a 25-50 bps reduction in borrowing cost with a potential rating upgrade and access to cheaper refinance lines. The Board approved a final dividend of INR 0.10/share (up from INR 0.075), NCD issuance of up to INR 50 crore for growth, and an increase in authorized capital from INR 50 crore to INR 125 crore. The company applied for direct NSE listing on July 16, 2025, and has initiated co-lending with Vastu Housing Finance. CFO Natesh Narayanan has exited for personal reasons, with succession under discussion.