Authum booked Rs 2,626 crore on Rs 8,175 crore deployment

Authum reported Rs 2,626 crore of booked profit on exited or closed credit exposures from FY24 to 30 September 2026, after cumulative fresh deployment of about Rs 8,175 crore through its non-banking financial company and asset reconstruction company platforms. About Rs 4,104 crore remained outstanding after roughly Rs 375 crore of partial repayments.

How much credit has Authum deployed and exited?

Authum deployed about Rs 8,175 crore from FY24 to 30 September 2026 and had fully exited or closed Rs 3,696 crore of exposures by that date. The company defines total deployment as cumulative fresh deployment through its non-banking financial company, or NBFC, and asset reconstruction company, or ARC, platforms. It is not a measure of the entire historical loan book.

Authum reported an outstanding live book of about Rs 4,104 crore after partial repayments of about Rs 375 crore on ongoing positions. Its calculation deducts deployment in fully exited or closed exposures and partial repayments from cumulative deployment. The distinction separates cash returned from continuing investments from completed exposures on which the company reported booked profit.

What return metrics did Authum report on closed exposures?

Authum reported Rs 2,626 crore of total booked profit on exited or closed exposures from FY24 through September 2026. The presentation ranks exits by multiple of invested capital, or MOIC, which measures proceeds relative to invested capital. It also shows XIRR, or extended internal rate of return, for each exit-ranking category.

The highest-ranked exit recorded a 33.06x MOIC and the second recorded 5.89x, while ranks three and four recorded 1.94x and 1.67x. Authum said the chart visually capped ranks one and two at 5.5x, although their actual MOICs were higher. Reported XIRR was capped at 100% in the display, meaning 100%+ does not provide the precise rate above that threshold.

How did Authum generate returns from insolvency and power situations?

Authum generated its Project A outcome by combining performing power-company debt with compulsorily convertible preference shares, or CCPS. It acquired sustainable debt from an ARC at a discount to par, with a 16% base-case internal rate of return, and bought CCPS at about 3% of par value. Within 2.5 years, the consortium refinanced the debt at par and the CCPS were sold at par to an incoming investor.

Project A produced a 1.3x MOIC and 23% realised internal rate of return on debt, alongside a 33x MOIC and more than 300% realised internal rate of return on the CCPS. In Project B, Authum acquired nearly the entire consortium debt of a wind-energy company that had been in insolvency resolution for eight years. It reported a 1.9x realised MOIC and a 100%+ realised internal rate of return excluding deferred value, plus 0.75x MOIC of deferred value yet to be realised.

Project C involved debt in an operational mall under an insolvency process. Authum reported a 1.7x realised MOIC, a six-month resolution period and a 100%+ realised internal rate of return, compared with an expected entry return of more than 25%. The company said an approved resolution plan protected the downside at entry, while cash accumulated at the borrower enabled a higher negotiated value for its debt stack.

What did performing-credit and structured-credit cases deliver?

Authum’s Project D, a refinancing of debt in an operational Tier-1 city mall, delivered a 1.3x realised MOIC and an 18.5% achieved internal rate of return over 21 months. The facility began with an 18% transitionary return structure, with lower rates linked to operational improvement. Authum said lease rentals increased before the asset was refinanced with bank credit.

Project E was a six-month structured-credit facility supporting a court-supervised real-estate acquisition in Mumbai. Authum negotiated a fixed repayment-linked upside in addition to an 18% interest rate, and reported a 1.2x MOIC and 74.3% achieved internal rate of return after an asset sale. Unlike Projects B and C, this return came from a negotiated short-term lending structure rather than an insolvency resolution.

How did securitised home loans contribute to realised returns?

Authum’s Project F delivered a 1.2x realised MOIC and a 19% realised internal rate of return from a pass-through certificate, or PTC, investment in performing home loans. The PTCs fully unwound in 23 months, compared with an expected entry internal rate of return of more than 15%. Authum attributed the higher realised return partly to early repayments in the underlying loans at about two years.

The structure differed from the commercial-property and insolvency examples because Authum subscribed to senior PTCs while the housing finance company originator retained junior PTCs. Cash flows from the home-loan pool were prioritised for senior PTC repayment. The reported 19% realised return therefore reflected payment priority, pool selection and early prepayments rather than debt recovery negotiations or a refinancing event.

What does the remaining live book mean for Authum’s profit record?

Authum’s Rs 2,626 crore figure applies to exited or closed exposures, not the approximately Rs 4,104 crore that remained live on 30 September 2026. The presentation does not provide a booked-profit amount, individual return target or scheduled exit date for that outstanding portfolio. Its reported partial repayments of about Rs 375 crore show that some ongoing positions had already returned cash without being classified as fully exited.

The NBFC credit and credit-substitutes book was about Rs 4,184.5 crore on 30 September 2026, up from Rs 2,162.9 crore on 31 March 2025. Over that interval, the fresh credit portfolio rose from Rs 1,553.8 crore to Rs 3,836.5 crore, while acquired portfolio assets declined from Rs 398.4 crore to Rs 242.1 crore and PTC assets fell from Rs 210.7 crore to Rs 105.8 crore. This shows the reported book expansion was concentrated in fresh credit rather than the acquired and PTC categories.

Conclusion

Authum’s disclosure connects about Rs 8,175 crore of fresh deployment since FY24 with Rs 3,696 crore of fully exited or closed exposures and Rs 2,626 crore of booked profit. The six cases show several return mechanisms, including discounted debt and CCPS purchases, insolvency resolutions, commercial-property refinancing, structured credit and senior PTC investments, with disclosed holding periods ranging from six to 23 months.

The next point to watch is how Authum converts the roughly Rs 4,104 crore live book into repayments and exits, since no return targets or exit dates were given for those positions. The company also disclosed a roughly Rs 414 crore rights issue at its ARC, of which Authum committed about Rs 406 crore, to fund fresh deployment; it said the ARC’s first two large exits occurred in September 2026.