AI-generated · cited to primary sources · not investment advice
Paisalo Digital (532900) Nov 2025 Filing Analysis
Does management do what it says?
The company reported a NIM of 6.6% for Q3 FY26 and 9M FY26, slightly exceeding the full-year guidance of 6.5%. (1 exceeded, 1 revised across 2 tracked commitments)
“So, from a NIM point of view, we have guided a 6.5% NIM for the full year. As it is visible in H1 itself, we have maintained it at 6.5%. So we are hoping to maintain the same.”
Management achieved the targeted growth rate for the specified period, reporting a ~20% CAGR from FY20 to FY25. (3 met, 2 missed across 5 tracked commitments)
“Rs 54,494 Mn AUM and scaling with ~20% CAGR (FY20 - FY25)”
The company is expanding its paid-up equity capital through the conversion of FCCBs to position for accelerated growth. — target: Rs 90.95 cr (+1 more commitment)
“So we will obviously see that impact of CAR growing over the coming quarters as when the more and more conversion takes place.”
See the full cited Management analysis of Paisalo Digital
What could break the thesis?
Operating expenses grew 33.7% YoY in Q2 FY26, significantly outstripping the 15% growth in Net Interest Income, indicating continued pressure on operating leverage. (2 intensifying)
“Operating expenses (Rs Mn) Q2FY26 453 ... YoY% 33.7%”
See the full cited Risk analysis of Paisalo Digital
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