SRG Housing

- The company recently completed a fundraise and currently does not foresee the need for additional fundraising until the AUM reaches around INR1,500 to INR2,000 crores. - Fundraising will be done only when needed; the company does not plan to dilute equity prematurely based on market conditions or share prices. - Fundraise and borrowing cost are considered separate; borrowing cost may not reduce immediately after fundraise. - The company anticipates better borrowing terms once it achieves an A rating, which will attract more lenders and mutual fund investments. - There is no commitment to specific timing, but the management emphasizes disciplined growth and fundraising aligned with actual capital needs.

- No specific mentions of current or future capex or strategic investments were detailed during the Q2 & H1 FY26 post earnings call. - The focus appears to be on organic growth through branch expansion and AUM growth rather than large capital expenditures. - Branch network is projected to grow moderately from 93 to 100 branches by year-end, with only 5-10 new branches over the next 2-3 years, emphasizing increasing AUM per branch (~INR 20-25 crores) instead of rapid branch addition. - Fundraising will be done only as needed, with no immediate plans for equity raises until AUM reaches around INR 1,500-2,000 crores. - The management’s focus is on sustainable, disciplined growth, optimizing funding cost, and improving credit ratings to attract mutual fund investments rather than pursuing large strategic investments or capital expenditures.

- **AUM Growth:** Targeted AUM for FY26 is INR 970 crores with plans to reach INR 1,500 crores by 2028, potentially within 1-2 years after FY26 depending on execution (Page 7, 15). - **Disbursement Guidance:** Disbursement target for FY26 is INR 400 crores; quarterly disbursements expected to increase beyond INR 150 crores in Q3 and Q4 (Pages 5, 15, 17). - **Branch Expansion:** Current branches at 93, expected to increase to 100 by year-end FY26, with cautious expansion limited to 5-10 branches over 2-3 years, focusing on increasing AUM per branch to INR 20-25 crores rather than rapid branch addition (Pages 7, 8). - **Revenue and Profit Outlook:** With improved asset quality and cost efficiencies, profit has crossed INR 8 crores this quarter, expected to grow steadily with cost-to-income ratio decreasing gradually (Page 4). - **Rating Upgrade:** Anticipation of A rating post achieving INR 1,000 crore AUM which should reduce cost of funds and aid growth (Pages 12, 15).

- The company envisions long-term sustainable growth driven by increasing lender interest, including mutual funds, especially upon achieving an A rating. - Profitability has improved from single-digit to double-digit figures and is expected to continue growing gradually. - Cost-to-income ratio is expected to reduce progressively over coming quarters, enhancing profitability margins. - Net Interest Margin (NIM) is currently around 9%, expected to stabilize in the 9% range. - Disbursement targets for FY26 are INR 400 crores with AUM growth targeted at INR 970 crores, though growth guidance was slightly moderated due to NHB guidelines on LAP exposure. - AUM of INR 1,500 crores is expected to be achieved by 2027-28, reflecting steady expansion. - The company plans no immediate equity raise until substantial growth necessitates it, ensuring disciplined financial management. - Overall, earnings and operating profits are expected to improve steadily as cost efficiency improves and asset quality remains stable.

The transcript of SRG Housing Finance Ltd's Q2 & H1 FY26 earnings call on November 14, 2025 does not explicitly mention current or expected order book or pending orders figures. However, relevant insights on business outlook and targets include: - AUM target for FY26 is INR 970 crore; disbursement target is INR 400 crore. - Disbursement guidance for Q3 and Q4 expected to be more than Q2's INR 116 crore. - The company aims for INR 1,000 crore AUM to achieve A rating. - Expansion plan includes increasing branches from 93 to 100 by year-end. - Focus on increasing AUM per branch to INR 20-25 crore before further branch expansion. - Geographic diversification includes focus on Karnataka, Andhra Pradesh, Maharashtra besides Rajasthan. - Company aims to reach INR 1,500 crore AUM by 2028. No direct order book or pending order data is disclosed. The focus is on loan disbursement and AUM growth targets.