Equitas Small Finance Bank Ltd

- There is no mention of any current or future fundraising through equity in the call. - The bank raised INR 500 crores of Tier 2 capital through debt in July 2025. - There is no indication of additional fresh investments or fundraising required in context of applying for a universal banking license. - Focus appears to be on internal growth and operational improvements rather than on raising new capital. - The bank expects cost of funds to moderate in coming months despite the recent Tier 2 raising. In summary, the latest update mentions a recent INR 500 crore Tier 2 debt raise but no plans or discussions on additional new fundraising via debt or equity at this time.

- No fresh investment is required currently from the perspective of readiness to apply for a universal banking license; the bank is gearing up for the application (Page 12). - The bank has received shareholder approval to raise INR 1,250 crores in Tier 1 equity to support future growth (Page 4). - In July 2025, the bank raised INR 500 crores of Tier 2 capital, improving capital adequacy ratio by about 1.7% (Page 4). - The bank is expanding branches in housing finance, adding approximately 18 to 20 new branches and 30 spoke locations within existing branches; no new senior leadership additions planned here (Page 8). - Investments are ongoing in technology and operations, with a focus on phygital and digital products, including launching more deposit-related products (Page 6). - The bank aims for medium-term cost-to-income ratio improvement to 60-65%, reflecting investments being absorbed over time (Page 8).

- Used car finance has been profitable and is expected to continue contributing positively. - Affordable housing finance, which was not profitable last year, has turned the corner and is expected to contribute more going forward. - New businesses like AD1 and credit cards, which currently do not generate revenue, are expected to start generating revenue this year, with significant revenue expected from these products from the next financial year. - Overall asset book growth is targeted at 15-16% year-on-year for the current financial year. - Non-microfinance book is growing healthily at 18% year-on-year; secured book growth is expected at 20%+ year-on-year. - Microfinance portfolio degrowth will be calibrated to 15-20% year-on-year, with stabilization expected at around 10% of the total loan book. - Treasury income is set to benefit from favorable market conditions and recent forex business commencement. - Fee and interest incomes are expected to grow faster as disbursement momentum returns.

- The bank expects progressive improvement in operating earnings (ROA), with Q4 FY '26 exit ROA around 1%, and further growth projected in FY '27 with ROA in the range of 1.5%-1.8%. (Page 13) - Credit cost is expected to taper down by Q4 FY '26 after upfront provisions have been made to strengthen asset quality. (Page 4) - Operating expenses (opex) are projected to grow about 19% this year due to frontline additions; however, cost-to-income ratio is expected to peak now and normalize to around 60%-65% medium term. (Pages 7 and 15) - The bank aims for overall loan book growth of around 15%-16% for the full year FY '26, with improved growth momentum expected post Q1. (Pages 9 and 12) - Treasury income and non-interest income are expected to improve alongside AUM growth as operating conditions stabilize. (Page 7) - Microfinance portfolio growth may remain stable around 10% share of the book, with calibrated lending resumed as collections improve. (Page 13) Overall, growth in earnings and profits is expected to recover progressively over FY '26 and FY '27 as asset quality stabilizes and operating leverage improves.

The transcript does not mention any specific details about current or expected order book or pending orders for Equitas Small Finance Bank Limited. The discussion primarily focuses on financial performance, credit costs, product portfolio, microfinance challenges, operating expenses, and growth strategies. There is no reference to order book or pending orders in the provided transcript.