NSE: SATIN · BSE: 539404
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Microfinance lending, Housing finance (SHFL subsidiary), MSME / SME lending (SFL subsidiary). Microfinance-led NBFC group diversifying into housing and MSME lending; capital-light balance sheet but labour-intensive operations.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,377 | 1,557 | 2,233 | 2,595 | 3,143 |
| EBITDA (ex other income) | 672 | 639 | 1,499 | 1,304 | 1,756 |
| margin % | 48.8 | 41.0 | 67.1 | 50.3 | 55.9 |
| Owners' profit | 21 | 5 | 436 | 186 | 332 |
| EPS, as reported (₹) | 2.96 | 0.62 | 44.34 | 16.92 | 30.20 |
| ROE % · ROCE % | 1.3 · — | 0.3 · — | 18.2 · — | 7.3 · — | 11.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 336 | (956) | (2,069) | (563) | (974) |
| Capex | (6) | (10) | (13) | (20) | (25) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 657 | 684 | 621 | 709 | 788 | 747 | 920 | 762 |
| Profit before tax | 62 | 15 | 18 | 58 | 69 | 93 | 212 | 161 |
| Net profit | 45 | 14 | 22 | 45 | 53 | 72 | 162 | 123 |
| EPS (₹) | 4.06 | 1.30 | 1.99 | 4.10 | 4.83 | 6.54 | 14.73 | 11.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CREDITACCESS GRAMEEN LTD | 16,488 | 13.6 | 2.10 | — | 9.9 | — | 19.7 | 68.8 |
| SATIN CREDIT NET LTD ◆ | 2,530 | 6.2 | 0.88 | — | 11.6 | — | 18.0 | 55.1 |
| MUTHOOT MICROFIN LIMITED | 2,349 | 9.6 | 0.82 | — | 6.0 | — | — | 54.5 |
| FUSION FINANCE LIMITED | 2,175 | 13.1 | 0.89 | — | 0.6 | — | — | 46.7 |
| SPANDANA SPHOORTY FIN LTD | 1,563 | — | 0.73 | — | (32.8) | — | (7.1) | 53.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 16.7 | 65 of 369 | 83% |
| P/B | 0.9 | 1.0 | 213 of 464 | 54% |
| ROE | 11.6 | 2.8 | 81 of 476 | 83% |
| EBITDA margin | 55.1 | 46.7 | 206 of 447 | 54% |
| Revenue growth | 7.6 | 10.5 | 217 of 418 | 48% |
| Profit growth | 171.9 | 10.2 | 74 of 474 | 85% |
| Market cap | 2530 | 49 | 64 of 499 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · No deviation reported in use of preferential issue funds | compliance | minimal | — | — |
| 28 Oct 2026 · No deviation in use of preferential warrant proceeds | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 and H1 FY27 profit surge as margins and asset quality improve | investor communications | medium | — | — |
| 28 Oct 2026 · Record Q2 FY27 profit and 31 percent portfolio growth boost Satin | compliance | low | — | — |
| 28 Oct 2026 · Q2 income up 21.5%; H1 profit jumps 204% | results | high | — | — |
| 28 Oct 2026 · Q2 revenue rises 24 percent and profit after tax rises 53 percent | results | high | — | — |
| 23 Oct 2026 · Satin Creditcare sets Q2 and first-half FY27 earnings call for October 29 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board Meeting on Oct 28 to Consider Q2 FY26 Results | results | low | — | — |
| 19 Oct 2026 · ICRA reaffirms A Stable rating, fund-based limit raised by Rs 500 Cr | credit debt | medium | — | — |
| 9 Oct 2026 · Satin Creditcare gets BWR A1+ rating for Rs 200 Cr CP issue | credit debt | high | — | — |
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|---|---|---|
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