Authum fresh credit book reached Rs 3,836.5 crore by Sep-26

Authum’s fresh credit portfolio reached Rs 3,836.5 crore at September 30, 2026, within a Rs 4,184.5 crore credit and credit substitutes book. The portfolio was the largest book component, as Authum described an integrated model spanning its non-banking financial company, or NBFC, asset reconstruction company, servicing operation and planned asset management company, or AMC.

What made up Authum’s credit and credit substitutes book at September 2026?

Authum’s Rs 4,184.5 crore credit and credit substitutes book at September 30, 2026 comprised Rs 3,836.5 crore of fresh credit portfolio, Rs 242.1 crore of acquired portfolio and Rs 105.8 crore of pass-through certificate, or PTC, assets. PTCs are securitisation instruments backed by underlying loan cash flows. Fresh credit was the largest reported component, while acquired and PTC assets were smaller parts of the book.

Authum’s total book increased by Rs 168.1 crore between March 31, 2026 and September 30, 2026, after rising from Rs 2,162.9 crore at March 31, 2025. From March 2023 to September 2026, the acquired portfolio declined from Rs 1,036.8 crore to Rs 242.1 crore and PTC assets fell from Rs 1,124.0 crore to Rs 105.8 crore. Over the same period, fresh credit grew from Rs 91.5 crore to Rs 3,836.5 crore.

Authum’s roadmap separately cites a credit and credit substitutes book of about Rs 3,850 crore at September 30, 2026, while the detailed book table reports Rs 4,184.5 crore. The same detailed table reports fresh credit of Rs 3,836.5 crore, which is close to the roadmap’s rounded figure. The presentation does not explain the difference between the roadmap figure and the detailed total.

How quickly has Authum expanded fresh credit deployment?

Authum reported fresh deployment of Rs 759.4 crore in FY24, Rs 2,231.5 crore in FY25 and Rs 3,570.9 crore in FY26, with deployment increasing in each financial year. It then reported Rs 203.3 crore in Q1FY27 and Rs 1,059.6 crore in Q2FY27. The Q2FY27 deployment was Rs 856.3 crore higher than the Q1FY27 amount.

The fresh credit portfolio rose by Rs 2,026.6 crore from Rs 1,553.8 crore at March 31, 2025 to Rs 3,580.4 crore at March 31, 2026. It increased by a further Rs 256.1 crore to Rs 3,836.5 crore by September 30, 2026. These end-period book movements differ from deployment because the presentation defines deployment as total credit and credit substitutes deployed during the relevant period.

Across the NBFC and ARC platforms, Authum stated that cumulative fresh deployment from FY24 to September 30, 2026 was about Rs 8,175 crore. It said Rs 3,696 crore of exposures had been fully exited or closed, while about Rs 4,104 crore remained outstanding after partial repayments of about Rs 375 crore in ongoing exposures.

Authum also reported Rs 2,626.0 crore of total profit booked on exited or closed credit exposures between FY24 and September 2026. The presentation ranked exited deals by multiple on invested capital, or MOIC, with the first two at 33.06 times and 5.89 times. It said the related internal rate of return, or IRR, figures for the leading two cases were capped at 100% for chart scale.

How does Authum plan to run its NBFC business?

Authum plans to redeploy collections from its existing debt book, focus on higher-yield products and segments, and use minimal leverage in its NBFC business. Its stated strategic focus is to harvest recoveries from the acquired portfolio in the first 12 months and then concentrate on fresh-business growth.

The acquired NBFC provides more than 25 branches, a field-collection agency network, a centralised call centre and a team of about 450 or more members, according to Authum. Its product suite includes secured products backed by assets and property as well as unsecured products. The company also cited a loan origination system, or LOS, loan management system, or LMS, E-collect mobile application, branch operations and an inbound call centre.

Authum said internal integration had augmented people, processes, internal financial controls and governance functions for the acquired portfolio. It also described enhanced engagement with stakeholders linked to that portfolio. The 25-plus-branch network and 450-plus-member team support a model combining recoveries from legacy debt with fresh credit growth.

Authum said the NBFC acquisition provides a growth runway in credit and adjacent activities, while diversifying the company from an equity-led business. It described the intended cash flows as relatively stable and predictable. The presentation does not disclose a future lending target, but says the company is focused on building and scaling a professionally led credit business.

What roles do the ARC, servicing business and AMC have in Authum’s roadmap?

Authum’s asset reconstruction company, or ARC, is intended to operate as a debt buyout platform, its servicing operation is activated for third-party retail loans, and its AMC is being evaluated for launch within 12 to 15 months. The ARC was acquired in June 2025 and had about Rs 640 crore of assets under management, or AUM, at September 30, 2026.

Authum said the ARC’s initial capital was fully deployed in its first nine months and that it completed its first two large exits in September 2026. It also disclosed a Rs 414 crore rights issue to infuse capital for fresh deployment. The presentation describes the ARC as fully integrated after acquisition and being scaled up, but does not disclose a target AUM or timetable for the next deployment.

The servicing and advisory operation had AUM of more than Rs 2,000 crore at September 30, 2026. Authum said its third-party retail loan servicing platform had been activated and would use existing capability and new technology. It plans subsequently to diversify into corporate servicing and advisory, and expects servicing AUM to rise with scale without providing a numerical forecast.

Authum said an AMC has been set up and its blueprint and strategy are being developed. It is actively evaluating domestic and Gift City credit funds, along with mutual funds and portfolio management services, or PMS. Management described third-party institutional asset management as a natural extension of current capabilities and said it was focused on launch within 12 to 15 months.

Conclusion

Authum’s reported credit book at September 30, 2026 was mainly a fresh credit portfolio, with Rs 3,836.5 crore of fresh exposure against Rs 347.9 crore combined across acquired portfolio and PTC assets. The shift accompanies a broader operating structure in which the NBFC originates and redeploys collections, the ARC buys debt, the servicing operation handles third-party retail loans and the AMC is intended to add third-party asset management.

The next disclosed matters to watch are ARC scaling following the Rs 414 crore rights issue, growth in servicing AUM above Rs 2,000 crore and management’s intended AMC launch within 12 to 15 months. Authum’s fresh deployment was Rs 1,059.6 crore in Q2FY27 after Rs 203.3 crore in Q1FY27, making subsequent deployment and end-period book disclosures relevant to the stated expansion plan.