SBFC Finance Ltd

- The transcript provided on page 16 and preceding pages does not mention any current or planned future fundraising through debt or equity by SBFC Finance Limited. - The management emphasizes strong capital adequacy at 34.3% and a tangible net worth of INR 3,039 crores as of June 2025. - Debt-equity ratio currently stands at 1.87x, with no explicit indication of plans to raise additional capital. - Focus is on improving leverage gradually from 3 to 4 over the next two years, implying internal accruals and operational improvements rather than immediate external fundraising. - No direct comments or guidance were shared about new debt or equity issuances in the Q1 FY26 call transcript.

- SBFC Finance Limited plans to remain invested in incremental branch expansion, particularly adding new branches consistently. - Most of the new branches will include gold loan offerings along with MSME loans to achieve economies of scale and cost benefits. - Currently, out of 215 branches, 175 offer gold loans; the strategy is to have both MSME and gold businesses together in locations wherever possible. - The company is cautious with gold loans due to their high opex but focuses on locations where AUM per branch exceeds INR 7.5-8 crores, making the product highly profitable. - No specific large-scale capex numbers mentioned, but there is a clear focus on branch network expansion and enhancing collection infrastructure with over 550 people employed across 215 branches. - Overall approach is to balance growth prudently, not vacating geographies or segments despite cyclical pressures.

- SBFC Finance Limited targets 5% to 7% growth momentum in disbursals and AUM, maintaining this guidance despite cyclical challenges (Page 13). - Disbursals grew by about 30% Y-o-Y and 7% Q-o-Q as of June 2025, with a run rate supporting around 20% growth year-on-year (Page 8). - Monthly loan disbursements in MSME segment remain steady at around 2,700-2,800 loans, with expectations of similar run rates going forward (Page 15). - Branch expansion continues, especially for gold loans (around 175 of 215 branches have gold lending), supporting yield and volume growth (Page 10). - Management acknowledges potential short-term stress in smaller ticket sizes but remains confident in growth by adjusting underwriting and focusing on profitable segments (Page 8).

- SBFC Finance is targeting a consistent quarter-on-quarter AUM growth of 5% to 7%. - Disbursal growth is strong, with INR 800 crores in Q1 and a projected annual growth of around 20% in disbursals, translating to ~25% AUM growth. - Operating expenses as a percentage of assets are expected to decrease by 50 basis points over the full year due to operating leverage. - Credit costs are expected to increase modestly by 15-20 basis points but remain manageable. - Return on Equity (ROE) has improved from 12.3% (Q1 last FY) to 13.5% currently; the company aims to reach 15% ROE over time. - Cost of incremental borrowing is declining, which should improve spreads and profitability. - Overall earnings growth is positive, with Q1 PAT growing 28% year-on-year and 7% quarter-on-quarter.

The transcript provided does not mention any details regarding the current or expected order book or pending orders for SBFC Finance Limited. The discussion primarily focuses on: - Credit costs, asset quality, and provisioning - Branch expansion and portfolio mix between MSME and gold loans - Lending strategies, underwriting filters, and collection efforts - Economic outlook and challenges affecting MSME borrowers - Operational metrics like yields, borrowing costs, and productivity No information on order book or pending orders is covered in the text on pages 1 to 15 of the transcript.