Kissht FY26 Results: High Growth, Better Asset Quality, and a Deliberate Shift to Safer Customers

OnEMI Technology Solutions Limited, which operates under the brand Kissht, reported its first annual and quarterly results as a listed company for Q4 FY26 and FY26. The headline numbers point to rapid scale-up alongside improving asset quality trends.

Assets under management (AUM) reached ₹7,066 crore as of March 31, 2026, up 73% year-on-year and 19% quarter-on-quarter. FY26 total income rose to ₹2,209 crore (up 63% YoY) and profit after tax (PAT) increased to ₹281 crore (up 75% YoY). In Q4 FY26, total income was ₹625 crore and PAT was ₹82 crore.

But the bigger message management tried to land was that growth is being actively “quality-filtered”. The company described a calibrated shift toward higher-quality customers, even at the cost of near-term yield moderation, with the intent of lowering impairment cost and maintaining stable return ratios.

FY26 performance in one frame: scale, profitability, and improving stage metrics

Kissht closed FY26 with GNPA (stage 3) at 2.12% (improving by 77 bps YoY) and net NPA at 0.29%. Collection efficiency (up to DPD 30) stayed around 97% and the bounce rate ended the year at 13.1%. Stage 2 assets reduced to 2.35% by March 2026 from 3.53% in March 2025.

Profitability expanded with pre-provision operating profit (PPPOP) of ₹836 crore in FY26 (up 54% YoY). RoAAUM was reported at 5.05% and RoAE at 23.97% for FY26.

Product mix: personal loans dominate, while LAP is positioned as the next lever

Kissht’s business is primarily an unsecured personal loan platform, with a growing secured Loan Against Property (LAP) product.

As of March 2026, personal loans had AUM of ₹6,548 crore, which is 92.7% of total AUM, and management described the product as fully digital. LAP AUM stood at ₹518 crore, or 7.3% of total AUM, with an LTV of 48%.

On the earnings call, management indicated that secured mix is expected to increase, while still keeping overall return guidance intact. The CEO also said the company plans to add at least 80 more LAP branches by end of FY27, from 98 branches as of March 2026. Management acknowledged that LAP is still not at breakeven and could be 1 to 2 years away from steady-state ROA.

Risk management posture: tighter underwriting, active early-warning actions, and scaled collections

Kissht repeatedly highlighted underwriting and collections as its core operating differentiators.

The company disclosed that its underwriting stack uses 7,000 plus variables and has evolved from decision-tree approaches to gradient boosting and transformer-based models, reaching an AUC of 74% for its latest version. It also stated that its internal score provides around 2.5x more risk separation than bureau-only approaches.

On the call, management stated it reduced disbursements by around 7% and paused lending across around 450 pin codes where elevated risks were flagged. This was described as a systematic, repeatable exercise rather than a one-off reaction.

Collections infrastructure is large and largely in-house. The company disclosed 7,000 plus field agents and 1,000 plus tele-callers, with over 95% collections in-house, and early field intervention from DPD 5. It also stated that AI voice agents in early-bucket tele-collections deliver over 70% of human recovery efficiency.

Provisioning remained conservative in management’s framing, including a management overlay of ₹136 crore and stage 2 ECL coverage improving to 75.6% by March 2026.

Funding and capital: balanced on-book and off-book, with ratings tailwind

Kissht’s AUM is split almost evenly between on-book and off-book. As of March 2026, on-book AUM was ₹3,556 crore and off-book AUM was ₹3,510 crore.

On-book borrowings were disclosed at ₹2,396 crore, with an average cost of borrowings of 14.16% as of March 2026. The lender base included banks, NBFCs, and fund houses, and the company reported 45 plus lending partners. It also reported an A-/Stable long-term credit rating for the NBFC subsidiary.

On the earnings call, the CFO stated that the marginal cost of borrowing improved by around 200 basis points after the CRISIL A- upgrade in February 2026, and management discussed the possibility of another rating upgrade in FY27.

For off-book AUM, the company described arrangements including 100-0 and co-lending. It disclosed FLDG in the range of 0% to 5% in the presentation, and management stated on the call that almost 100% of off-book AUM is covered by FLDG.

Capital adequacy (for the NBFC subsidiary) was reported at 25.28% as of March 2026, with debt-to-equity at 1.78x. Net worth was ₹1,343 crore.

What management is guiding for FY27

Management provided explicit guidance for FY27:

AUM growth of 40% plus, impairment cost reduction of 10% to 15% year-on-year, GNPA below 2.25%, RoAAUM of 4.5% to 5.0%, and RoAE of 19% to 21%.

The management commentary also framed yield moderation as deliberate, with the intent to pass on some benefits from operating leverage and cost-of-funds improvement to customers, while protecting ROA through lower credit cost.

Takeaways

FY26 sets up Kissht as a fast-scaling mass-market lender trying to prove that growth can be built with improving asset quality. The company is still predominantly an unsecured personal loan platform, but it is investing in secured LAP as a second engine, even while acknowledging near-term opex drag.

For investors tracking the next phase, the key monitorables implied by management’s own narrative are the pace of LAP scale-up, the trajectory of impairment costs, and whether the expected funding cost tailwind continues to reflect in unit economics while the company keeps ROA within its guided band.