Paisalo Digital Q2 FY26: AUM ₹5,449 Cr, PAT ₹51.5 Cr

What the latest update covers

Paisalo Digital’s recent disclosures around the September 2025 quarter (Q2 FY26) and its FY25 annual report provide a detailed look at growth, profitability, asset quality and funding. Management commentary from the Q2 FY26 earnings call highlighted record AUM and income, along with guidance on margins and credit costs. Separately, the company also filed revised un-audited results for the quarter and half-year ended September 30, 2025, citing a regrouping in the consolidated cash flow with no other changes. For investors tracking the NBFC space, the key variables remain AUM growth, net interest margin (NIM), borrowing cost, leverage, and asset quality.

Q2 FY26 earnings call: growth in AUM and disbursements

On the Q2 FY26 call dated November 11, 2025, the company reported AUM of ₹5,449.4 crore, up 20% year-on-year. Disbursements for the quarter were reported at ₹1,102.5 crore, up 41% year-on-year, while H1 FY26 disbursements were ₹1,860.6 crore, up 30% year-on-year. Management also stated that the customer franchise reached 13 million, with 1.8 million added in Q2. Total income for the quarter was stated at a record ₹224.0 crore, up 20% year-on-year.

Profitability and margin indicators cited by management

For Q2 FY26, the earnings call disclosed profit before tax (PBT) of ₹69.0 crore and profit after tax (PAT) of ₹51.5 crore. Net interest income (NII) was disclosed at ₹126.2 crore for Q2 FY26, and ₹250.7 crore for H1 FY26. PAT for H1 FY26 was disclosed at ₹98.7 crore, representing 8% year-on-year growth. Management guidance included a NIM target of 6.5% for FY26, with NIM stated as maintained at 6.5% in H1. The call also noted that the cost-to-income ratio could stay elevated in the near term due to expansion, with an expectation of normalization in coming quarters.

Asset quality: GNPA, NNPA and collection efficiency

The Q2 FY26 call highlighted gross NPA (GNPA) at 0.81% and net NPA (NNPA) at 0.65%, alongside collection efficiency of 98.4%. Credit cost guidance was reiterated as sub-2% in the long term, with a current level cited at 0.8%. The company also discussed provisioning movement, stating provisioning increased year-on-year due to Bihar elections and related regional factors, and that on a quarter-on-quarter basis provisioning declined from ₹17.0 crore to ₹7.0 crore. These metrics matter for a lender focused on micro-finance and MSME segments, where credit performance and collection outcomes can shift quickly due to regional and macro factors.

Borrowings, leverage and capital adequacy

The call and related disclosures show a business model reliant on borrowing to scale AUM. Total borrowing was disclosed at ₹3,768.8 crore, and cost of borrowing was stated at 10.5%. The debt-to-equity ratio was cited at 2.24x in the call material. Capital adequacy was highlighted as strong, with CAR at 38.2% (Tier-1: 30.3%, Tier-2: 8%), and management noted it could increase with further FCCB conversions.

Revised September 2025 results filing and fund raising details

Paisalo Digital stated it submitted revised un-audited standalone and consolidated results for the quarter and half-year ended September 30, 2025. The revision was attributed to regrouping of certain figures in the consolidated cash flow, with no other changes to previously submitted financial results, and the revised results were reviewed by the Audit Committee and approved by the Board on November 10, 2025.

In that filing, for the quarter ended September 30, 2025, standalone revenue from operations was disclosed at ₹17.8114 crore, standalone profit for the period at ₹50.8074 crore, and basic EPS at ₹0.56. Consolidated revenue from operations was disclosed at ₹20.7712 crore, consolidated profit for the period at ₹47.1709 crore, and basic EPS at ₹0.57. The same disclosure also noted fundraising via private placements of NCDs and commercial papers during the quarter, including NCD issuances of ₹34.0 crore (allotted August 8, 2025) and ₹50.0 crore (allotted September 10, 2025), and commercial papers of ₹30.0 crore (allotted July 3, 2025) and ₹15.0 crore (allotted August 20, 2025).

FY25 annual report: revenue, PAT, net worth and CRAR

In the FY25 annual report narrative, standalone revenue from operations for the year ended March 31, 2025 was reported at ₹734.832 crore, up 21.5% year-on-year. Standalone profit after tax (PAT) for FY25 was reported at ₹197.687 crore, up 11.7% over FY24. Standalone net worth was reported at ₹1,525.707 crore as of March 31, 2025, compared with ₹1,321.058 crore as of March 31, 2024. CRAR was disclosed at 39.16% as of March 31, 2025.

The annual report also described FY25 asset quality, with GNPA and NNPA at 0.99% and 0.76% respectively as of March 31, 2025, compared with 0.21% and 0.02% as of FY24. It also stated foreign exchange earnings were nil during the year.

Market data points: dividend, results date, and share price references

The dataset states the company declared a dividend of ₹0.10 per share on September 22, 2025, and that the last bonus was on January 31, 2024. It also states an upcoming earnings date of February 6, 2026. On stock price, one data point shows the share price at ₹39.47, down 0.76% from a previous close of ₹39.77. Another section cites a market price of ₹34.48, along with a 52-week high of ₹63.52 and 52-week low of ₹29.40, and notes the stock was down 22.93% over the past year and 45.72% below the 52-week high.

Key numbers table (Q2 FY26 and FY25)

Market impact: what changes investors typically track

The Q2 FY26 numbers presented show strong AUM and disbursement momentum alongside a stated borrowing cost of 10.5% and debt-to-equity levels above 2x. In the quarter discussion, provisioning was linked to regional disruption factors rather than a shift to riskier segments, while collection efficiency was disclosed at 98.4%. The broader market commentary in the dataset also flags that interest expense rose to ₹97.77 crore in Q2 FY26, and that employee costs rose to ₹18.33 crore, both of which can influence profitability even when revenue is rising.

The same dataset notes that revenue growth in the September 2025 quarter was close to 20% year-on-year, while net profit growth was cited at 3.25% year-on-year, pointing to margin pressure. Separately, the Q2 FY26 call cited ROE at 11.7% and ROA at 3.6%, while another section cited ROE at 13.00% for the latest quarter. Taken together, these disclosures underline that growth and asset quality remain key positives, while funding cost and operating expense movement remain key sensitivities for quarterly performance.

Analysis: why these disclosures matter

Two themes stand out from the reported information. First is the push for scale, visible in 20% AUM growth and higher disbursements, supported by continued borrowing and a high CAR. Second is the operating backdrop where costs such as interest expense and employee expense are highlighted in the dataset as rising, while management is guiding to a 6.5% NIM and sub-2% long-term credit cost.

The revised-results note is also relevant from a governance and reporting standpoint, because it clarifies that the change was presented as a regrouping in consolidated cash flow with no other changes, and it provides additional funding details through NCDs and commercial paper. For investors, these updates help in reconciling quarterly performance with funding actions, capital adequacy, and management’s stated priorities.

Conclusion and what to watch next

Paisalo Digital’s Q2 FY26 disclosures point to continued loan book growth, strong capital adequacy and stable asset quality metrics, alongside attention on borrowing costs and expense growth. The company has also stated an upcoming earnings date of February 6, 2026. Investors will typically watch for follow-through on the FY26 NIM guidance of 6.5%, any movement in GNPA/NNPA, and updates on funding mix and FCCB conversion trends disclosed in the quarter.