SATIN CREDIT NET LTD

Lends primarily to low-income women borrowers through joint-liability groups under its microfinance business, which formed 86.63% of turnover per the FY26 BRSR filing. Operations run through 2,015 branches and 18,265 employees covering 32 states and Union Territories, serving 33.7 lakh clients at a consolidated level. Beyond core microfinance, the group has built adjacent lending subsidiaries: housing finance arm SHFL held ₹1,267 cr AUM (3-year CAGR 36%), and MSME-focused Satin Finserv held ₹1,054 cr AUM (92.5% YoY growth). Consolidated AUM stood at ₹15,174 cr at end of FY26 (up 19% YoY), with standalone microfinance AUM at ₹12,853 cr. Asset quality strengthened during the year—standalone GNPA was 3.1%, X-bucket collection efficiency held at 99.9%, and credit cost improved 77 bps to 3.8% for FY26. The dominant cost is people: employee expenses made up 21.8% of FY26 revenue, reflecting the labour-intensive branch-and-field collection model. Funding comes from NCDs, bank borrowings and USD bonds; cost of borrowing was 10.82% and standalone CRAR was 25.4% at year-end.