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IIFL - IIFL Finance

📊 NSE: IIFL 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 7:55

📢 Recent Corporate Announcements

IIFL Finance Allots NCDs Worth INR 500 Crore at 8.60% Interest Rate

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 10 Mar 2026, 11:32 AM

IIFL Finance Limited has successfully allotted 50,000 Senior Secured Non-Convertible Debentures (NCDs) on a private placement basis to raise INR 500 crore. The NCDs carry a coupon rate of 8.60% per annum and have a short-term tenure of 379 days, maturing on March 24, 2027. The issue is secured by a first-ranking pari passu charge over the company's book debts and loan receivables. This fundraise will likely bolster the company's liquidity position and support its lending activities in segments like gold and MSME loans.

Allotment of 50,000 Senior, Secured, Listed, Rated, Redeemable NCDs with a face value of INR 1,00,000 each
Total fundraise aggregates to INR 500 crore under Series D36
Fixed coupon rate of 8.60% p.a. with both interest and principal payable at maturity
Tenure of 379 days with the maturity date set for March 24, 2027
Secured by assets including gold loans, MSME loans, and real estate loans

💡 Investors should view this as a routine but positive liquidity management exercise that demonstrates the company's ability to raise capital at competitive rates. Monitor the company's quarterly asset quality reports to ensure the secured loan book remains healthy.

IIFL Finance Allots NCDs Worth ₹1,021.64 Crores via Public Issue

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 06 Mar 2026, 10:17 AM

IIFL Finance has successfully completed the allotment of 1.02 crore Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) following its Tranche I public issue. The company raised approximately ₹1,021.64 crores, significantly exceeding the base issue size of ₹500 crores by utilizing its oversubscription option. The NCDs are spread across nine series with tenures of 24, 36, and 60 months, offering effective yields ranging from 8.69% to 9.00%. This successful fundraise strengthens the company's liquidity position and provides capital for further lending activities.

Allotted 1,02,16,391 secured NCDs with a face value of ₹1,000 each at par.
Total capital raised amounts to ₹1,021.64 crores against a base issue size of ₹500 crores.
Offers multiple series with tenures of 24, 36, and 60 months and monthly, annual, or cumulative interest options.
Effective yields for investors range between 8.69% and 9.00% per annum depending on the series.
The NCDs are secured by a first ranking pari passu charge on the company's receivables and assets with 100% security cover.

💡 The successful oversubscription of the NCD issue indicates strong investor confidence in IIFL Finance's credit profile. Equity investors should monitor how effectively this capital is deployed to grow the loan book and maintain margins.

IIFL Finance Clarifies on Speculative MFI Deal with Piramal Finance

🟡 NEUTRAL ⭐ 6/10

M&A 📅 04 Mar 2026, 02:31 PM

IIFL Finance has issued a clarification to the National Stock Exchange regarding media reports of exploratory talks with Piramal Finance for a potential Microfinance (MFI) deal. The company stated that there is currently no undisclosed information or event that warrants disclosure under SEBI Regulation 30. While the management acknowledges they evaluate strategic opportunities periodically, they clarified that no definitive agreement exists as of March 4, 2026. The company attributed recent share price volatility to market sentiment rather than internal developments.

IIFL Finance responds to NSE clarification request regarding news of a potential MFI deal with Piramal Finance.
Company confirms no material information remains undisclosed under SEBI Listing Regulations as of March 4, 2026.
Management attributes recent equity price movements to market sentiment and external factors.
The company maintains it evaluates strategic opportunities from time to time but has no current reportable event.

💡 Investors should remain cautious and treat the M&A news as speculative until a formal announcement is made. Monitor the stock for official disclosures regarding business restructuring or asset sales.

IIFL Finance to Conduct International Investor Meetings from March 2 to March 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 07:21 PM

IIFL Finance Limited has announced a series of engagements with international institutional investors and analysts scheduled between March 02 and March 13, 2026. The company plans to conduct these interactions through virtual meetings, physical meetings, and presentations outside of India. This engagement is subject to prevailing market conditions and potential exigencies. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these interactions.

Investor engagement period scheduled from March 02, 2026, to March 13, 2026.
Target audience includes institutional investors and analysts based outside of India.
Interaction formats include virtual meetings, physical meetings, and presentations.
Company confirms that no unpublished price-sensitive information will be shared during the calls.

💡 This is a routine investor relations update; shareholders should monitor for any investor presentations filed with the exchanges during this period for potential strategic insights.

IIFL Finance to Seek Shareholder Approval to Increase RPT Limit with Home Finance Unit by ₹2,400 Cr

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 26 Feb 2026, 12:32 AM

IIFL Finance has scheduled an Extraordinary General Meeting (EGM) on March 20, 2026, to seek shareholder approval for modified Related Party Transactions (RPT) with its subsidiary, IIFL Home Finance. The company proposes to increase the transaction limit by ₹2,400 crore, bringing the total cumulative limit to ₹5,492 crore. This modification follows a previous resolution passed during the July 2025 AGM. The transactions are stated to be in the ordinary course of business and at arm's length, primarily involving the company's material housing finance subsidiary.

EGM scheduled for March 20, 2026, to approve material modifications to Related Party Transactions.
Proposed increase of ₹2,400 crore in the transaction limit with IIFL Home Finance Limited.
Revised cumulative limit for Material Related Party Transactions set at ₹5,492 crore.
Cut-off date for determining voting eligibility is fixed as March 13, 2026.
Remote e-voting period will run from March 16 to March 19, 2026.

💡 Investors should review the explanatory statement when available to understand the nature of the increased transaction limits between the parent and the housing finance subsidiary. While typical for financial conglomerates, shareholders should ensure these transactions remain on an arm's length basis.

IIFL Finance Board Approves ₹1,000 Crore Fundraise via Private Placement of NCDs

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 24 Feb 2026, 02:11 PM

IIFL Finance has approved the issuance of senior, secured, listed Non-Convertible Debentures (NCDs) totaling up to ₹1,000 crore. The issuance includes a base size of ₹500 crore and a green shoe option of another ₹500 crore to retain oversubscription. These debentures will be issued on a private placement basis and listed on the National Stock Exchange. The capital raised is expected to support the company's liquidity and lending activities.

Total issuance size of up to ₹1,000 crore via Series D36 NCDs
Base issue of ₹500 crore with a green shoe option of ₹500 crore
Face value of each NCD is ₹1,00,000, to be listed on the NSE
Additional interest of 2% p.a. payable in case of delay in interest or principal payments

💡 This is a routine capital-raising activity for an NBFC to fuel growth. Investors should track the final coupon rate to assess the company's cost of borrowing relative to peers.

RBI Imposes ₹5.30 Lakh Penalty on IIFL Finance for NPA Classification Lapses

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 13 Feb 2026, 09:59 PM

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5.30 lakh on IIFL Finance Limited for regulatory non-compliance. The penalty relates to the company's failure to classify certain restructured accounts as non-performing assets (NPAs) based on its financial position as of March 31, 2024. IIFL Finance has clarified that the specific loan accounts involved are no longer on its books. The company maintains that this penalty will have no material impact on its financial or operational activities.

RBI imposed a penalty of ₹5.30 lakh under Section 58B and 58G of the RBI Act, 1934.
The violation involved incorrect classification of restructured accounts as standard instead of NPA.
Compliance findings are based on the company's financial position as of March 31, 2024.
Management confirmed that the affected loan accounts are no longer carried in the company's books.
No material impact is expected on the company's financial or operational performance.

💡 The penalty amount is negligible relative to the company's size, making this a minor regulatory event. Investors should monitor if such classification issues recur in future audits, but no immediate action is required.

IIFL Finance to Raise Up to ₹2,000 Crores via Public Issue of Secured NCDs

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 13 Feb 2026, 01:46 AM

IIFL Finance has approved a public issue of secured, rated, redeemable Non-Convertible Debentures (NCDs) with a base size of ₹500 crores and an option to retain oversubscription up to ₹1,500 crores. The issue offers multiple series with tenors of 24, 36, and 60 months, featuring monthly, annual, and cumulative interest payout options. Investors can expect effective yields ranging from 8.69% to 9.00% per annum. The subscription period is scheduled to run from February 17, 2026, to March 4, 2026, providing the company with significant growth capital.

Total issue size of up to ₹2,000 crores, including a ₹1,500 crore green shoe option.
Effective yields offered to investors range from 8.69% to 9.00% per annum across nine different series.
Flexible investment tenors of 24, 36, and 60 months available for various investor profiles.
The NCDs are secured by a 100% security cover on the company's receivables and book debts.
Public issue opens for subscription on February 17, 2026, and is proposed to be listed on both BSE and NSE.

💡 Fixed-income investors can consider these NCDs for higher yields compared to bank FDs, though they should evaluate the company's credit rating. Equity investors should monitor the deployment of these funds into high-yield lending segments to drive future earnings.

IIFL Finance Receives Credit Rating Reaffirmations from ICRA and CRISIL

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 12 Feb 2026, 04:18 PM

IIFL Finance and its subsidiary IIFL Home Finance have received credit rating updates from ICRA and CRISIL. ICRA reaffirmed its 'AA' rating but maintained a 'Negative' outlook for long-term instruments, including NCDs and bank lines. Conversely, CRISIL assigned a 'Stable' outlook to a new Rs. 2,000 crore NCD issuance and reaffirmed 'AA/Stable' for existing bank loans. Short-term ratings remain at the highest 'A1+' level across both agencies, indicating strong liquidity.

ICRA reaffirmed [ICRA]AA (Negative) for long-term bank lines and NCDs of IIFL Finance and its home finance subsidiary.
CRISIL assigned a new AA/Stable rating for NCDs amounting to Rs. 2,000 Crore.
CRISIL reaffirmed CRISIL AA/Stable for existing bank loan facilities and NCDs.
Both agencies reaffirmed the highest short-term rating of A1+ for Commercial Paper programs.
CRISIL reaffirmed AA-/Stable for Perpetual Bonds, maintaining a notch below senior debt.

💡 Investors should monitor the 'Negative' outlook from ICRA which suggests potential credit pressure, though CRISIL's 'Stable' outlook and the new Rs. 2,000 crore NCD assignment indicate continued market confidence. The maintenance of high investment-grade ratings is a positive sign for the company's borrowing costs.

IIFL Finance Allots 57,291 Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Feb 2026, 06:08 PM

IIFL Finance Limited has approved the allotment of 57,291 equity shares to employees following the exercise of stock options. This action was authorized by the Nomination and Remuneration Committee via a circular resolution dated February 06, 2026. The allotment is part of the company's existing Employee Stock Option Schemes. Such issuances are standard practice for listed companies to fulfill employee compensation and incentive obligations.

Allotment of 57,291 equity shares to employees upon exercise of stock options
Approval granted by the Nomination and Remuneration Committee on February 06, 2026
Issuance conducted under the company's established Employee Stock Option Schemes
Routine corporate action with minimal impact on overall share capital

💡 No action is required as this is a routine administrative allotment. Investors should note the minor equity dilution typical of ESOP exercises.

IIFL Finance Releases Investor Presentation Following Lenders & Analyst Meet

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Feb 2026, 05:21 PM

IIFL Finance Limited has released its latest investor presentation following a Lenders & Analyst Meet held on February 6, 2026. This disclosure follows a prior notification made to the stock exchanges on January 30, 2026. The presentation is intended to provide institutional lenders and analysts with an update on the company's strategic direction and operational performance. Stakeholders can access the full document via the company's official website for detailed financial insights.

IIFL Finance conducted a Lenders & Analyst Meet on February 6, 2026, as per prior schedule.
The presentation was filed in compliance with Regulation 30 of SEBI (LODR) Regulations 2015.
The company had previously intimated the exchanges about this event on January 30, 2026.
The document provides a comprehensive update for the investment community on the company's current business status.

💡 Investors should review the full presentation on the company's website to assess updates on AUM growth, asset quality, and management's outlook. This is a routine disclosure but critical for fundamental analysis.

IIFL Finance Shareholders Approve Enhancement of Borrowing and Asset Charge Limits

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 05 Feb 2026, 09:47 PM

IIFL Finance shareholders have approved two key special resolutions through a postal ballot concluded on February 5, 2026. The resolutions involve increasing the company's borrowing limits and the authority to create charges on its assets. Both proposals received overwhelming support, with 98.75% of the total votes cast in favor. This move provides the company with the necessary headroom to raise additional capital to fund its future growth and operational requirements.

Shareholders approved the enhancement of borrowing limits under Section 180(1)(c) with a 98.75% majority.
Approval granted for enhancing limits to create charges or mortgages on company assets under Section 180(1)(a).
Total voter turnout stood at 68.97%, representing 29.32 crore shares out of 42.52 crore total shares.
Institutional investors showed strong support, with 96.78% of their polled votes in favor of the resolutions.
The resolutions are deemed passed as of February 5, 2026, following the scrutinizer's report.

💡 This approval allows IIFL Finance to scale its loan book by raising more debt; investors should monitor how efficiently this new borrowing capacity is deployed in future quarters.

IIFL Finance Schedules Lenders & Analyst Meet for February 4-6, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jan 2026, 09:10 PM

IIFL Finance Limited has announced a three-day Lenders & Analyst Meet scheduled to take place from February 4 to February 6, 2026. The meeting will be held in a physical group format in Mumbai, aimed at engaging with institutional stakeholders and financial analysts. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these sessions. Such meetings are standard practice for maintaining transparency with the lending and investment community.

Event scheduled over three days from February 4 to February 6, 2026
Physical group meeting format to be conducted in Mumbai
Targeted at both lenders and equity analysts for institutional engagement
Compliance with SEBI Listing Regulations (Regulation 30) for disclosure
Company confirms no unpublished price-sensitive information will be discussed

💡 No immediate action is required as this is a routine corporate disclosure. Investors should monitor for any post-event analyst notes or management commentary that may provide insights into the company's future growth strategy or liquidity outlook.

IIFL Finance Appoints Sudhanshu Pareek as Head of Construction and Real Estate

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 30 Jan 2026, 08:30 PM

IIFL Finance has announced a transition in its senior management for the Construction and Real Estate vertical. Mr. Pranav Dholakia will resign as the Head of this division effective January 31, 2026, to explore new opportunities. He will be succeeded by Mr. Sudhanshu Pareek, effective February 1, 2026. Mr. Pareek is an internal promotion from Executive Vice President and brings over 18 years of experience in real estate, project management, and business development to the role.

Mr. Pranav Dholakia to step down as Head - Construction and Real Estate on January 31, 2026.
Mr. Sudhanshu Pareek appointed as the new vertical head effective February 1, 2026.
Incoming head Sudhanshu Pareek has 18+ years of experience, including a decade at Kalpataru Limited.
Pareek previously served as Executive Vice President at IIFL Finance, ensuring internal continuity.
The transition involves a key Senior Management Personnel (SMP) role for the company's real estate business.

💡 Investors should view this as a routine leadership transition. No immediate action is required, though one should monitor for any strategic shifts in the real estate lending portfolio under the new head.

CRISIL Reaffirms 'AA/Stable' and 'A1+' Ratings for IIFL Home Finance Limited

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 29 Jan 2026, 03:41 PM

CRISIL Ratings has reaffirmed the credit ratings for IIFL Home Finance Limited, a material subsidiary of IIFL Finance. The agency maintained the 'CRISIL AA/Stable' rating for bank loan facilities and Non-Convertible Debentures (NCDs). Additionally, the 'CRISIL PPMLD AA/Stable' rating for market-linked debentures and 'CRISIL A1+' for commercial paper were also reaffirmed. This reaffirmation signals continued confidence in the subsidiary's credit profile and its ability to service debt obligations.

CRISIL reaffirmed 'CRISIL AA/Stable' rating for Bank Loan Facilities and Non-Convertible Debentures
Long Term Principal Protected Market Linked Debentures maintained at 'CRISIL PPMLD AA/Stable'
Short-term Commercial Paper rating reaffirmed at the highest level of 'CRISIL A1+'
Ratings apply to IIFL Home Finance Limited, which is a material subsidiary of IIFL Finance Limited

💡 Investors can take comfort in the stability of the credit ratings, which suggests the company maintains a healthy balance sheet and access to capital markets. No immediate portfolio changes are necessary as the ratings were reaffirmed rather than upgraded or downgraded.

View All IIFL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated Total Income grew 24% YoY to INR 3,540.6 Cr in H1FY26 from INR 2,866.2 Cr. Interest Income rose 17% YoY to INR 4,712.2 Cr, while Non-fund based income surged 76% YoY to INR 1,499.1 Cr, driven by a 33% growth in the assigned book (INR 18,607 Cr) and a 40% increase in co-lending (INR 11,848 Cr).

Geographic Revenue Split

The AUM is diversified across India: Gujarat (16%), Maharashtra (13%), Karnataka (8%), Rajasthan (7%), West Bengal (7%), Telangana (7%), Uttar Pradesh (6%), Delhi (5%), Haryana (4%), and Tamil Nadu (4%). This distribution mitigates regional economic downturns, though 20% of AUM remains exposed to high-risk areas like West Bengal and Uttar Pradesh due to upcoming elections and floods.

Profitability Margins

Consolidated PAT for H1FY26 stood at INR 692.1 Cr, a 182% increase from INR 245.1 Cr in H1FY25, following recovery from one-off AIF provisioning. Return on Assets (ROA) stood at 1.9% in H1FY26, with management targeting 2.5% for the full year. Return on Equity (ROE) was 9.8% for H1FY26.

EBITDA Margin

Pre-provision operating profit (PPOP) grew 35% YoY to INR 1,868.6 Cr in H1FY26. Core Profit Before Tax (PBT) for the standalone entity was INR 532.2 Cr in Q2FY26. The interest spread improved to 9.2% in Q2FY26 from 8.2% in FY25, driven by a reduction in the quarterly average cost of borrowing by 7% QoQ.

Capital Expenditure

IIFL raised INR 1,272 Cr through a rights issue in May 2024. The company has planned a further issuance of Non-Convertible Debentures (NCDs) up to INR 10,000 Cr, with terms to be finalized in December 2025 to support AUM growth and liquidity buffers.

Credit Rating & Borrowing

Infomerics assigned/reaffirmed 'IVR AA/Stable' for Perpetual Debt and 'IVR A1+' for Commercial Paper. Fitch Ratings affirmed 'B+' with a 'Positive' outlook. The average Cost of Funds (COF) was 9.4% in Q2FY26, down from 9.9% in FY25, reflecting improved market confidence post-RBI embargo lifting.

⚙️ Operational Drivers

Raw Materials

The primary 'raw material' is capital, with the funding mix comprising Bank/NBFC borrowings (40%), Capital Market instruments (32%), Securitization/Co-lending (17%), and Refinance facilities (11%).

Import Sources

Funds are sourced domestically from Indian banks, NBFCs, and institutional investors, as well as international strategic investors like Fairfax (15.2% stake) and Capital Group (7.9% stake).

Key Suppliers

Key financial backers and strategic investors include Fairfax, Capital Group, Bank Muscat India Fund, Theleme, Vanguard, HSBC MF, Abakkus, and BlackRock.

Capacity Expansion

Current physical capacity includes 4,872 branches as of September 30, 2025, up from 4,780 in previous quarters. The company leverages a 'phygital' model to serve 4.6 million active customers.

Raw Material Costs

Interest expense, the cost of capital, rose 33% YoY to INR 2,670.7 Cr in H1FY26 due to higher borrowing volumes to support a 35% YoY growth in AUM (INR 90,122 Cr).

Manufacturing Efficiency

Operational efficiency is measured by the Cost-to-Income ratio, which improved to 45.2% in Q2FY26, down 5.9% QoQ, as revenue growth outpaced branch expansion costs.

Logistics & Distribution

Distribution is handled via 4,872 branches and digital channels. Operating expenses as a percentage of Average AUM for the Home Finance subsidiary stood at 2.9% in H1FY26.

📈 Strategic Growth

Expected Growth Rate

35%

Growth Strategy

Growth will be driven by a focus on collateral-backed retail lending (Gold, MSME Secured, and Home Finance) while discontinuing high-risk segments like Micro LAP and personal loans. The company is utilizing an asset-light co-lending model (40% YoY growth) and expanding its phygital reach to 4,872 branches to penetrate underserved markets.

Products & Services

Home loans, Gold loans, MSME loans (Secured), Microfinance (MFI), Developer & Construction finance, and Capital Market finance.

Brand Portfolio

IIFL Finance, IIFL Home Finance, IIFL Samasta Finance.

New Products/Services

Focusing on 'Mortgages' (Home Loans and LAP) and Gold loans as core growth pillars post-consolidation, with Home Finance AUM reaching INR 40,023 Cr (up from INR 35,499 Cr in FY24).

Market Expansion

Deepening penetration in existing 4,872 branches across India, specifically targeting retail and MSME segments in Tier 2 and Tier 3 cities.

Market Share & Ranking

IIFL is a leading retail-focused NBFC in India, particularly strong in the gold loan and affordable housing finance segments.

Strategic Alliances

Extensive co-lending arrangements with banks, with the co-lending book growing 40% YoY to INR 11,848 Cr.

🌍 External Factors

Industry Trends

The NBFC industry is shifting toward asset-light co-lending models and digital-first 'phygital' delivery. IIFL's co-lending book grew 40% YoY, positioning it well for this trend.

Competitive Landscape

Competes with other diversified NBFCs and specialized gold/housing finance companies; maintains edge through diversified product mix and strategic institutional shareholding.

Competitive Moat

Moat is built on a massive physical network (4,872 branches), a large customer base (4.6M+), and backing from marquee global investors (Fairfax, Capital Group), providing financial flexibility and lower borrowing costs compared to smaller NBFCs.

Macro Economic Sensitivity

Highly sensitive to RBI repo rate changes, which impact the 9.4% cost of borrowing and the 9.2% interest spread.

Consumer Behavior

Shift toward formal credit in rural/semi-urban areas for gold and housing loans, supporting IIFL's 35% YoY AUM growth.

Geopolitical Risks

Minimal direct impact, but domestic political risks like the Karnataka MFI ordinance and state elections in West Bengal/UP impact collection efficiencies.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI regulations for Systemically Important NBFCs. Impacted by the RBI circular on AIF investments (Dec 2023) requiring 100% provisioning for exposures not liquidated in 30 days, and the Karnataka microfinance ordinance (Feb 2025) curbing recovery practices.

Environmental Compliance

Not disclosed as a significant cost driver for this financial services firm.

Taxation Policy Impact

Effective tax rate is approximately 25%, with PBT of INR 913 Cr resulting in PAT (pre-NCI) of INR 692.1 Cr in H1FY26.

Legal Contingencies

The company absorbed a one-off exceptional provisioning of INR 586.5 Cr in FY25 related to Security Receipts from AIF investments to comply with RBI mandates.

⚠️ Risk Analysis

Key Uncertainties

Asset quality in the MFI segment remains a concern due to regional disruptions; GNPA stood at 2.1% in Q2FY26. Future profitability is contingent on sustaining collection efficiency in MFI.

Geographic Concentration Risk

20% of AUM is concentrated in West Bengal, Uttar Pradesh, and flood-prone Northern India, posing a risk to collection efficiency during elections or natural disasters.

Third Party Dependencies

17% of the resource profile depends on securitization and co-lending arrangements with third-party banks.

Technology Obsolescence Risk

Mitigated by ongoing investments in AI-led risk systems and a robust digital phygital model.

Credit & Counterparty Risk

Gross NPA was 2.1% and Net NPA was 1.0% as of September 30, 2025. Capital adequacy (CRAR) remains strong at 28.2% (Consolidated), well above the 15% regulatory requirement.