DhanSafal Finserve loan book rises Rs 8.2665 crore in H1

DhanSafal Finserve Limited increased its loan book by Rs 8.2665 crore to Rs 82.4196 crore in the six months ended September 30, 2026, while reporting Rs 9.361 crore of net secured-loan proceeds and Rs 3.2326 crore of equity-issue proceeds. Lending growth contributed to net operating cash outflow of Rs 9.5873 crore.

How much did DhanSafal Finserve's loan book grow?

DhanSafal Finserve's loans increased by Rs 8.2665 crore, from Rs 74.1531 crore at March 31, 2026, to Rs 82.4196 crore at September 30, 2026. Loans represented the largest reported asset category at September 30, ahead of investments of Rs 10.0238 crore and cash and cash equivalents of Rs 8.1888 crore.

Total assets rose by Rs 16.2668 crore to Rs 108.0663 crore over the six months, compared with Rs 91.7995 crore at March 31. Investments increased by Rs 4.8924 crore to Rs 10.0238 crore, while cash and cash equivalents increased by Rs 6.335 crore to Rs 8.1888 crore. Other financial assets rose from Rs 37.79 lakh to Rs 53.13 lakh.

The cash-flow statement recorded Rs 8.5087 crore used for loans and advances in the half year ended September 30, 2026. This was lower than the Rs 22.9235 crore used in the half year ended September 30, 2025. The cash-flow line is a working-capital measure, whereas the balance sheet reports loans of Rs 82.4196 crore at the period end.

How was DhanSafal Finserve's lending growth funded?

DhanSafal Finserve reported Rs 9.361 crore of net proceeds from loans taken or repaid in secured loans and Rs 3.2326 crore from issuing equity shares, including securities premium. Net cash from financing activities was Rs 17.7791 crore in the half year ended September 30, 2026, compared with Rs 28.307 crore in the corresponding 2025 period.

Balance-sheet borrowings rose by Rs 9.361 crore to Rs 31.5166 crore at September 30 from Rs 22.1556 crore at March 31. Other financial liabilities increased by Rs 2.7236 crore to Rs 5.473 crore. The change in borrowings matches the Rs 9.361 crore secured-loan financing line in the cash-flow statement.

Equity share capital increased by Rs 1 crore to Rs 23.714 crore at September 30, from Rs 22.714 crore at March 31. Other equity rose by Rs 3.1368 crore to Rs 46.8957 crore. The cash-flow statement identifies Rs 3.2326 crore in equity-issue proceeds, but the filing does not provide a separate reconciliation of all movements in other equity.

Why was DhanSafal Finserve's operating cash flow negative?

DhanSafal Finserve reported net operating cash outflow of Rs 9.5873 crore because loans and advances absorbed Rs 8.5087 crore during the half year ended September 30, 2026. Cash generated from operations was negative Rs 9.2755 crore, and income-tax payments of Rs 31.18 lakh resulted in the final operating cash outflow.

Profit before tax was Rs 1.2269 crore in the 2026 half year, compared with Rs 10.89 lakh a year earlier. After adjustments including Rs 6.9543 crore of interest received, Rs 1.7688 crore of interest paid, Rs 33.35 lakh of depreciation and Rs 24.23 lakh of provision for advances, operating profit before working-capital changes was negative Rs 3.453 crore.

The Rs 8.5087 crore loans-and-advances outflow was partly offset by a Rs 2.7235 crore increase in other current liabilities and an Rs 8.16 lakh reduction in other non-current assets. In the prior-year half year, the larger Rs 22.9235 crore outflow for loans and advances contributed to operating cash outflow of Rs 26.8369 crore.

What did DhanSafal Finserve report on earnings and co-lending?

DhanSafal Finserve reported revenue from operations of Rs 7.5632 crore for the half year ended September 30, 2026, compared with Rs 5.0741 crore in the corresponding period of 2025. Interest income increased to Rs 6.9543 crore from Rs 4.7503 crore, while fees and commission income increased to Rs 60.90 lakh from Rs 32.30 lakh.

Profit after tax was Rs 90.43 lakh, compared with Rs 5.37 lakh in the prior-year half year. Finance costs increased to Rs 1.8539 crore from Rs 51.23 lakh, while impairment on financial instruments rose to Rs 27.42 lakh from Rs 19.10 lakh. Total expenses were Rs 6.66 crore, compared with Rs 5.1648 crore a year earlier.

DhanSafal Finserve disclosed two active co-lending arrangement partners as an originating regulated entity at September 30, 2026. Gross principal outstanding under the arrangements was Rs 10.6002 crore, all reported as standard loans, with no non-performing loan reported. The disclosed weighted average rate of interest was 18.02%, and the broad sector was loan against property.

What does DhanSafal Finserve's cash position show?

DhanSafal Finserve ended September 30, 2026 with cash and cash equivalents of Rs 8.1888 crore, compared with Rs 1.8538 crore at March 31, 2026. The cash-flow statement reported a net increase in cash and cash equivalents of Rs 3.335 crore during the half year and the same closing balance of Rs 8.1888 crore.

The filing shows different opening cash figures in its two statements. The March 31 balance sheet reports Rs 1.8538 crore of cash and cash equivalents, while the September half-year cash-flow statement uses Rs 4.8538 crore as its opening balance. DhanSafal Finserve did not explain the Rs 3 crore difference, although its notes state that prior-period figures may be regrouped, rearranged, reclassified or reworked for comparability.

Conclusion

DhanSafal Finserve added Rs 8.2665 crore to loans in six months while borrowings increased by Rs 9.361 crore and equity-issue proceeds totalled Rs 3.2326 crore. Revenue from operations increased by Rs 2.4891 crore year on year to Rs 7.5632 crore, and profit after tax reached Rs 90.43 lakh, but lending-related cash use kept operating cash flow negative at Rs 9.5873 crore.

The next disclosed event to watch is the October 2, 2026 forfeiture of 3,69,20,000 unconverted warrants. DhanSafal Finserve said Rs 3.9781 crore received towards those warrants was forfeited, following the conversion of 4,97,00,000 warrants into equity shares up to September 30, 2026. Future filings may also clarify the Rs 3 crore difference between the March 31 cash balance and the opening cash figure in the half-year cash-flow statement.