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SGFIN - SG Finserve

📊 NSE: SGFIN 🏢 Non Banking Financial Company (NBFC) 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

SG Finserve Promoter Group Member Sanjay Gupta Acquires 15.5 Lakh Shares via Gift

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Apr 2026, 05:30 PM

Sanjay Gupta, a member of the promoter group at SG Finserve Limited, has acquired 15,50,000 equity shares of the company. This acquisition, representing a 2.35% stake, was conducted through an off-market gift transaction on April 27, 2026. The notional value of the shares is approximately Rs 84.89 crores based on the closing market price of Rs 547.70. Prior to this gift, Sanjay Gupta held no shares in the company.

Acquisition of 15,50,000 equity shares by Sanjay Gupta from the promoter group.
The transaction constitutes a 2.35% stake in the company's total shareholding.
The shares were transferred via an off-market gift, meaning no cash consideration was involved.
Notional transaction value is estimated at Rs 84.89 crores based on a share price of Rs 547.70.

💡 As this is an internal transfer of shares within the promoter group via a gift, it does not impact the company's fundamentals or market liquidity. Investors should treat this as a routine regulatory disclosure.

SG Finserve FY26 Revenue Doubles to ₹333.66 Cr; Appoints APL Apollo CFO as Chairperson

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Apr 2026, 06:21 PM

SG Finserve reported a stellar performance for FY26, with total income nearly doubling to ₹333.66 crore from ₹170.26 crore in FY25. The growth was primarily driven by interest income, which surged to ₹320.15 crore. While the top line showed aggressive expansion, finance costs also rose significantly to ₹134.46 crore, reflecting increased leverage to fund the loan book. The company also strengthened its leadership by appointing Mr. Deepak Kumar, the Group CFO of APL Apollo Tubes, as its new Chairperson.

Total revenue from operations grew 96% YoY to ₹33,341.28 lakhs in FY26.
Interest income for the full year surged to ₹32,014.58 lakhs from ₹16,475.17 lakhs in FY25.
Quarterly revenue for Q4 FY26 stood at ₹10,540.62 lakhs, a 95% increase over Q4 FY25.
Finance costs increased to ₹13,445.63 lakhs in FY26 compared to ₹3,197.53 lakhs in the previous year.
Appointment of Mr. Deepak Kumar (Group CFO, APL Apollo Tubes) as Chairperson effective April 16, 2026.

💡 Investors should view the aggressive top-line growth and high-profile leadership appointment as positive indicators of the company's scaling ambitions. However, keep a close watch on the rising finance costs and net interest margins to ensure profitable growth.

SG Finserve Releases Audio Recording of Q4 and FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Apr 2026, 07:36 PM

SG Finserve Limited has made the audio recording of its investor and analyst conference call available to the public. The call, held on April 16, 2026, focused on the company's audited financial results for the quarter and full year ended March 31, 2026. This disclosure is part of the company's regulatory compliance under SEBI (LODR) Regulations, 2015. Accessing this recording allows investors to hear management's detailed commentary on the annual performance and future outlook.

Conference call conducted on April 16, 2026, at 02:30 PM IST.
Discussion covered Audited Financial Results for the quarter and year ended March 31, 2026.
Audio recording link provided as per Regulation 30 of SEBI (LODR) Regulations.
Recording is accessible via the company's official website at sgfinserve.com.

💡 Investors should listen to the recording to understand management's perspective on the FY26 results and any guidance provided for FY27. This is a routine but essential step for fundamental analysis of the company's performance.

SG Finserve FY26 PAT Surges 58% to ₹128 Cr; AUM Grows 75% to ₹3,936 Cr with Zero NPAs

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Apr 2026, 01:04 PM

SG Finserve Limited (SGFIN) reported a stellar performance for FY26, with Profit After Tax (PAT) growing 58% YoY to ₹127.7 crore and the loan book expanding 75% to reach ₹3,936 crore. The company maintained exceptional asset quality with zero NPAs and a healthy Return on Assets (RoA) of 4.8%. During the year, the company strengthened its capital base through a ₹316 crore warrant conversion, bringing its net worth to ₹1,460 crore with a low leverage of 1.9x. Management has provided optimistic guidance, targeting a 25-30% CAGR in AUM and a 30-35% CAGR in PAT for the future.

Loan book (AUM) reached ₹3,936 crore, marking a 75% YoY and 23% QoQ growth.
Full-year FY26 PAT surged 58% YoY to ₹127.7 crore, while Q4 PAT grew 78% YoY to ₹42.3 crore.
Maintained superior asset quality with NIL Non-Performing Assets (NPAs) and a high RoA of 4.8%.
Strengthened equity base by ₹316 crore via warrant conversion, with promoter holding rising to ~53%.
Future guidance targets 25-30% AUM CAGR and 30-35% PAT CAGR with RoE improving to 14-16%.

💡 Investors should note the company's high-growth trajectory combined with zero NPAs and strong group backing from APL Apollo. The low leverage and recent capital infusion provide significant headroom for the projected 25-30% AUM expansion.

SG Finserve FY26 PAT Jumps 58% to ₹128 Cr; Loan Book Hits Record ₹3,936 Cr with Nil NPAs

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Apr 2026, 01:02 PM

SG Finserve reported a robust performance for FY26, with Profit After Tax (PAT) growing 58% YoY to ₹128 crore and the loan book expanding 75% to ₹3,936 crore. The company maintained exceptional asset quality with zero NPAs and a healthy Return on Assets (RoA) of 4.8%. During the quarter, the firm strengthened its capital base by raising ₹316 crore through warrant conversion, bringing its net worth to ₹1,460 crore. Management has provided strong future guidance targeting 25-30% AUM growth and 30-35% PAT growth.

FY26 PAT increased by 58% YoY to ₹128 crore, while Q4 PAT rose 30% QoQ to ₹42.3 crore
Loan book reached an all-time high of ₹3,936 crore, representing a 75% YoY growth
Maintained superior asset quality with 0% NPAs and a low Cost-to-Income ratio below 15%
Successfully raised ₹316 crore in equity through warrant conversion, resulting in a low leverage of 1.9x
Gross disbursements for the year exceeded ₹25,000 crore, a 40% increase over the previous year

💡 The company shows strong growth momentum in the supply chain finance niche with best-in-class asset quality and a strengthened capital base. Investors should monitor the execution of their new product launches like Micro LAP and Digital Lending to see if they can achieve the targeted 14-16% RoE.

SG Finserve FY26 Revenue Doubles to ₹333 Cr; Appoints APL Apollo CFO as Chairperson

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Apr 2026, 12:52 PM

SG Finserve reported a robust financial performance for FY26, with total revenue from operations nearly doubling to ₹333.41 crore from ₹169.97 crore in FY25. Interest income, the primary revenue driver, surged to ₹320.15 crore, reflecting aggressive growth in its lending operations. The company also strengthened its leadership by appointing Mr. Deepak Kumar, the current Group CFO of APL Apollo Tubes, as its Chairperson. Despite a significant rise in finance costs to ₹134.46 crore, the overall scale of operations has expanded substantially year-on-year.

Annual revenue from operations grew 96% YoY to ₹333.41 crore in FY26.
Interest income for the full year surged to ₹320.15 crore compared to ₹164.75 crore in FY25.
Q4 FY26 revenue stood at ₹105.41 crore, a 95% increase over the ₹54.09 crore reported in Q4 FY25.
Appointment of Mr. Deepak Kumar (Group CFO, APL Apollo Tubes) as Chairperson brings high-level corporate expertise.
Finance costs for FY26 increased to ₹134.46 crore from ₹31.98 crore, reflecting increased leverage to drive growth.

💡 The massive top-line growth and the appointment of a seasoned leader from the APL Apollo group are strong positive indicators. Investors should monitor the company's ability to maintain asset quality and profit margins as it continues this rapid expansion phase.

SG Finserve to Host Q4FY26 Earnings Conference Call on April 16, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 13 Apr 2026, 04:51 PM

SG Finserve Limited has scheduled a conference call for Thursday, April 16, 2026, at 02:30 PM IST to discuss its financial results for the fourth quarter and full year ended March 31, 2026. The call will feature the company's top leadership, including CEO Vinay Gupta, CFO Sanjay Rajput, and Group CSO Anubhav Gupta. This interaction, hosted by Emkay Global Financial Services, allows analysts and institutional investors to seek clarity on the company's FY26 performance and future outlook. The event follows the statutory disclosure of the 4QFY26 financial statements.

Conference call scheduled for April 16, 2026, at 2:30 PM IST to discuss 4QFY26 results.
Top management including CEO Vinay Gupta and CFO Sanjay Rajput will be present for the briefing.
The call is organized by Emkay Global Financial Services with universal and international access numbers provided.
Discussion will cover the financial performance for the quarter and full year ended March 31, 2026.

💡 Investors should track the management commentary during the call for insights into loan book growth and asset quality trends. No immediate action is required as this is a routine post-earnings disclosure event.

SG Finserve Submits SEBI Compliance Certificate for Quarter Ended March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 07:04 PM

SG Finserve Limited has filed a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the company's Registrar and Share Transfer Agent, Skyline Financial Services Private Limited, pertains to the quarter ended March 31, 2026. This is a standard administrative filing confirming that share certificates received for dematerialization have been processed and the names of depositories have been updated in the company's records. It indicates adherence to regulatory norms but has no direct impact on financial performance.

Compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Covers the reporting period for the quarter ended March 31, 2026.
Certificate provided by Registrar and Share Transfer Agent, Skyline Financial Services Private Limited.
Standard procedural filing for listed entities in India.

💡 No action is required as this is a routine regulatory disclosure. Investors should monitor the company's upcoming quarterly financial results for fundamental performance updates.

SG Finserve Allots 6.27 Lakh Equity Shares on Warrant Conversion; Raises ₹21.19 Crore

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 08 Apr 2026, 11:50 AM

SG Finserve Limited has allotted 6,27,778 equity shares following the conversion of warrants originally issued in October 2024. The company received the final 75% payment of ₹337.5 per warrant, amounting to a total capital infusion of approximately ₹21.19 crore. A significant portion of the conversion was executed by the promoter, Rohan Gupta, who was allotted 3,27,778 shares. This move increases the company's paid-up equity capital to ₹65.90 crore, strengthening its balance sheet for future growth.

Allotment of 6,27,778 equity shares of face value ₹10 each at an issue price of ₹450 per share.
Total capital raised in this tranche amounts to ₹21,18,75,075 through the receipt of the balance 75% warrant price.
Promoter Rohan Gupta converted 3,27,778 warrants, while Marigold Partners (Non-Promoter) converted 3,00,000 warrants.
Post-allotment, the total issued and paid-up capital stands at 6,58,95,000 equity shares.
The conversion price of ₹450 reflects a significant premium over the face value, indicating high valuation at the time of warrant issuance.

💡 The promoter's decision to exercise warrants and infuse further capital is a strong signal of confidence in the company's long-term prospects. Investors should monitor the deployment of these funds into the company's core lending or financial services operations.

SG Finserve Allots 54.47 Lakh Shares on Warrant Conversion; Raises ₹183.84 Crore

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 27 Mar 2026, 01:10 PM

SG Finserve Limited has allotted 54,47,222 equity shares following the conversion of warrants issued on a preferential basis. The company raised ₹183.84 crore, representing the balance 75% payment of the ₹450 issue price per warrant. Significant participants include the promoter Rohan Gupta and marquee investor Ashish Kacholia, who was allotted over 11 lakh shares. This capital infusion strengthens the company's net worth and provides liquidity for its lending operations.

Allotment of 54,47,222 equity shares of ₹10 face value at a total issue price of ₹450 per share
Total capital raised in this tranche amounts to ₹183.84 crore (balance 75% of warrant price)
Promoter Rohan Gupta converted 28.25 lakh warrants, maintaining significant skin in the game
Marquee investor Ashish Kacholia was allotted 11.11 lakh shares, signaling institutional confidence
Total paid-up equity capital increased to ₹65.27 crore comprising 6.53 crore shares

💡 Investors should view the participation of a marquee investor like Ashish Kacholia and the promoter's commitment as a positive signal for the company's growth trajectory. Monitor how the company utilizes this capital to scale its loan book and improve margins.

SG Finserve Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Mar 2026, 05:51 PM

SG Finserve Limited has notified the stock exchanges regarding the closure of its trading window starting April 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the quarter and year ending March 31, 2026. The window will remain closed for designated persons and their immediate relatives until 48 hours after the results are made public. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.

Trading window closure commences on Wednesday, April 01, 2026.
Applies to all Designated Persons, Connected Persons, and their Immediate Relatives.
Closure period ends 48 hours after the announcement of Audited Financial Results for FY 2025-26.
The specific date for the Board Meeting to approve results will be communicated separately.

💡 No immediate action is required as this is a routine regulatory filing. Investors should monitor for the announcement of the board meeting date to review the company's annual financial performance.

SG Finserve Allots 39.25 Lakh Equity Shares, Raises ₹132.47 Crore via Warrant Conversion

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 19 Mar 2026, 02:24 PM

SG Finserve Limited has allotted 39,25,000 equity shares following the conversion of warrants issued on a preferential basis. This conversion resulted in a capital infusion of ₹132.47 crore, representing the final 75% payment of the ₹450 issue price per warrant. The allotment includes a significant portion to the promoter, Rohan Gupta, and an institutional investor, Kitara PIIN 1103. Consequently, the company's paid-up equity capital has increased to ₹59.82 crore.

Allotment of 39,25,000 equity shares of face value ₹10 each at a total issue price of ₹450 per share
Total capital raised in this tranche amounts to ₹132,46,87,500 (75% balance payment)
Promoter Rohan Gupta converted 19,25,000 warrants, signaling strong internal confidence
Institutional investor Kitara PIIN 1103 converted 20,00,000 warrants
Total paid-up capital increased to 5,98,20,000 equity shares

💡 The promoter's participation in the warrant conversion is a positive signal regarding the company's long-term prospects. Investors should monitor the deployment of these funds into the company's core lending or financial services operations.

SG Finserve Shareholders Approve Borrowing Limit Hike and New ESOP Scheme 2026

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 12 Mar 2026, 07:07 PM

SG Finserve Limited has successfully passed six key resolutions via postal ballot with a significant majority. Major approvals include the enhancement of borrowing limits and the creation of charges on company assets, signaling a potential expansion of the balance sheet. Shareholders also greenlit a material related party transaction for a corporate guarantee from S Gupta Holding Private Limited and the implementation of the 'SG Finserve Employee Stock Option Scheme 2026'. The total voting turnout was approximately 65.24%, with most resolutions receiving over 99% approval.

Shareholders approved the enhancement of borrowing limits under Section 180(1)(c) with 99.99% votes in favor.
Approval granted for a material related party transaction involving an enhanced corporate guarantee from S Gupta Holding Private Limited.
The 'SG Finserve Employee Stock Option Scheme 2026' was passed, including extension to subsidiary and associate employees.
Total votes polled reached 36,464,578 out of a total share base of 55,895,000.
Resolution to alter the Object Clause of the Memorandum of Association was approved with 99.99% majority.

💡 The approval for higher borrowing limits indicates the company is positioning itself for credit growth and expansion. Investors should track the company's leverage ratios and deployment of capital in the coming quarters to ensure efficient growth.

SG Finserve Proposes NCD Term Changes; Adds April 2026 Call Option for Rs 50 Cr Redemption

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 16 Feb 2026, 11:46 AM

SG Finserve's board has approved modifications to the terms of its existing Non-Convertible Debentures (ISIN: INE618R07012). The primary change is the addition of a specific Call Option date on April 06, 2026, providing the company the flexibility to redeem the debt early. If this option is exercised, the total redemption amount would be Rs 50 crore. The company has also extended the required notice period for exercising such options from 15 to 21 days to provide better transparency to stakeholders.

Proposed addition of a specific Call Option date on April 06, 2026, for existing NCDs.
Total redemption amount if the call option is exercised is estimated at Rs 50 crore.
Notice period for exercising the Call Option increased from 15 days to 21 days.
Changes require formal consent from Debenture Holders, the Debenture Trustee, and Stock Exchanges.
The NCDs involved are listed, rated, and secured instruments with ISIN INE618R07012.

💡 Monitor if the company exercises the call option in April 2026, as it would signal strong liquidity and a move to reduce interest costs. No immediate action is required for equity shareholders as this is a technical debt-related modification.

SG Finserve Proposes Increasing Borrowing Limit to ₹5,000 Cr and New ESOP Scheme

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 10 Feb 2026, 05:07 PM

SG Finserve is seeking shareholder approval via postal ballot to significantly increase its borrowing and asset-charging limits to ₹5,000 Crores each. The company also plans to enter into a material related party transaction with S Gupta Holding Private Limited for corporate guarantees up to ₹5,000 Crores for FY 2026-27. Furthermore, a new Employee Stock Option Scheme (ESOP 2026) is proposed, involving the grant of up to 20,00,000 equity shares. These moves suggest a major scaling effort by the NBFC to expand its loan book and operational reach.

Proposed enhancement of borrowing limits to ₹5,000 Crores under Section 180(1)(c)
Authorization to create charges or mortgages on company assets up to a value of ₹5,000 Crores
Material Related Party Transaction with S Gupta Holding Private Limited for guarantees up to ₹5,000 Crores in FY 2026-27
Introduction of 'SG Finserve Employee Stock Option Scheme 2026' covering 20,00,000 equity shares
E-voting period for these resolutions is open until March 12, 2026

💡 The substantial increase in borrowing capacity indicates management's intent for rapid growth; however, investors should track the cost of funds and asset quality as the book scales. Monitor the voting results after March 12 to confirm shareholder support for these expansionary measures.

View All SGFIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Operating Income for H1 FY26 reached INR 142.31 Cr, representing a 91% YoY growth from INR 74.43 Cr in H1 FY25. On a quarterly basis, Operating Income grew 11% from INR 67.59 Cr in Q1 FY26 to INR 74.72 Cr in Q2 FY26. Growth is driven by the expansion of the loan book across core segments: Building Materials, Automobiles, and IT Peripherals.

Geographic Revenue Split

The loan book is geographically distributed as follows: South (41%), North (28%), West (26%), and East (5%). The high concentration in the South (INR 1,180 Cr of AUM) reflects strong anchor relationships in that region's industrial hubs.

Profitability Margins

Net Interest Margin (NIM) stood at 6.4% in H1 FY26, moderating from 8.8% in FY24 due to the base effect of a rapidly scaling loan book. Return on Average Managed Assets (RoA) was 3.9% and Return on Average Net Worth (RoNW) was 10.1% for H1 FY26. Profit After Tax (PAT) grew 58% YoY to INR 52.92 Cr in H1 FY26.

EBITDA Margin

Net Interest Income (NII) for H1 FY26 was INR 87.18 Cr, a 40% increase from INR 62.18 Cr in H1 FY25. Core profitability is supported by a low cost-to-income ratio of approximately 70 basis points, which management expects to reduce to 55-60 basis points over the next two years through digital automation.

Capital Expenditure

Not disclosed in available documents as the company is an NBFC; however, promoters have infused INR 822.5 Cr of equity since inception, including INR 112.5 Cr in October 2024, to support loan book expansion.

Credit Rating & Borrowing

The company holds an [ICRA]A1+ rating for its commercial paper and [ICRA]AA(CE) (Stable) for bank facilities/NCDs, backed by a corporate guarantee from SGHPL. Gearing increased to 1.8x as of September 30, 2025, from 1.4x in March 2025, as the company leverages its balance sheet to grow AUM.

⚙️ Operational Drivers

Raw Materials

As a financial services entity, the primary 'raw material' is capital (debt and equity). Equity capital stands at INR 1,071 Cr as of Q2 FY26. Debt is sourced via bank facilities and NCDs.

Key Suppliers

Not applicable; however, the company relies on 'Anchors' like Saint Gobain, Somany, and AATL to provide the ecosystem for dealer and vendor financing.

Capacity Expansion

Current Assets Under Management (AUM) is INR 2,878 Cr as of September 30, 2025. The company has a stated goal to expand this capacity to INR 6,000 Cr by FY27, representing a planned 108% increase in lending capacity.

Raw Material Costs

Cost of funds is partially mitigated by a corporate guarantee from SGHPL, which allows for better borrowing rates. Interest expenses are managed to maintain a NIM of 6.4%.

Manufacturing Efficiency

Operational efficiency is driven by a 100% digital platform that automates disbursement of invoices received directly from Anchor ERP systems, reducing manual errors and processing time.

Logistics & Distribution

The company operates through 25 locations across India, including major hubs like Mumbai, Bengaluru, and Delhi/NCR, to facilitate MSME outreach.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

The company targets 10% QoQ earnings growth by expanding its MSME customer base (currently 1,000+) and increasing AUM to INR 6,000 Cr by FY27. Strategy includes a transition from traditional CC/OD facilities to end-use-backed supply chain limits, leveraging a 100% digital platform for automated disbursements and AI-driven credit monitoring.

Products & Services

Supply Chain Finance solutions including Dealer Financing, Vendor Financing, and MSME working capital loans.

Brand Portfolio

SG Finserve.

New Products/Services

Launched a 'Customer Mobile App' for Android to provide real-time loan access. Developing an AI-driven Monitoring Tool expected to be live by December 31, 2025, to enhance credit oversight.

Market Expansion

Expanding physical presence across 25 locations to support digital sourcing, targeting a pan-India MSME footprint.

Strategic Alliances

Maintains 'Stop Supply' arrangements with major corporate anchors such as Saint Gobain and Somany to secure the credit cycle.

🌍 External Factors

Industry Trends

The industry is seeing a shift from informal credit and traditional CC/OD facilities toward structured Supply Chain Finance (SCF). SCF is growing as it unlocks working capital for MSMEs and builds vendor confidence through faster payments.

Competitive Landscape

Faces competition from other NBFCs and Fintechs entering the SCF space, leading to potential yield compression in high-quality anchor programs.

Competitive Moat

Moat is built on a 100% digital integration with Anchor ERP systems and 'Stop Supply' legal frameworks. This creates high switching costs for dealers and provides a proprietary data advantage for credit scoring.

Macro Economic Sensitivity

Highly sensitive to MSME credit cycles and industrial production in the Automobile and Building Material sectors.

Consumer Behavior

Shift toward digital-first financial services among MSMEs, supporting SG Finserve's automated lending model.

Geopolitical Risks

Indirect exposure through supply chain disruptions for anchors (e.g., IT peripherals or auto parts) which could affect borrowers' ability to repay.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI regulations for NBFCs. The company recently pruned operations and restarted in August 2024 to comply with changes in NBFC classification requirements.

Environmental Compliance

Not disclosed; company has low direct environmental impact as a service provider.

Taxation Policy Impact

Effective tax rate is approximately 25% (based on PBT of INR 37.8 Cr and PAT of INR 28.4 Cr in Q2 FY26).

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the limited track record of operations (restarted Aug 2024) and the ability to maintain asset quality (GNPAs < 3%) as the book scales to INR 6,000 Cr.