A leading NBFC from the APL Apollo Group, SG Finserve Q3 FY26 results reported impressive PAT and loan book growth. The company delivered robust profitability, healthy asset quality, and strong growth momentum across its supply chain financing business. Notably, ace investors Ashish Kacholia and Madhusudan Kela own 1.15 and 1.7% stake in the company, respectively.
SG Finserve Q3 FY26 Results: Financial Highlights
| Particulars | Q2 FY26 | Q3 FY26 | Growth (%) |
|---|---|---|---|
| Gross Disbursements | 5,846 | 6,524 | +12% |
| Loan Book (EOP) | 2,878 | 3,210 | +12% |
| Net Interest Income (NII) | 44.39 | 49.88 | +12% |
| Profit After Tax (PAT) | 28.40 | 32.47 | +15% |
| Gross NPA (%) | NIL | NIL | — |
SG Finserve 9M FY26 Results: Financial Highlights
| Particulars | 9M FY25 | 9M FY26 | Growth (%) |
|---|---|---|---|
| Gross Disbursements | 12,647 | 17,654 | +40% |
| Loan Book (EOP) | 1,568 | 3,210 | +105% |
| Net Interest Income (NII) | 103.50 | 137.05 | +32% |
| Profit After Tax (PAT) | 57.20 | 85.39 | +49% |
Operational and Financial Strength
- All-time high AUM: INR 3,210 crore as of 31 December 2025
- Equity base: INR 1,100 crore with debt-to-equity ratio below 2.0x
- Cost-to-income ratio: Below 15%, indicating strong operational efficiency
- NIL GNPA, reaffirming robust credit underwriting and risk control
- CRISIL AA / ICRA AA credit ratings
SG Finserve continues to derive nearly 70% of its AUM from supply chain financing, both within and outside the APL Apollo Group ecosystem. Its partnerships with leading banks, NBFCs, and fintechs enable a diversified, technology-driven lending model.
Ace Investor Shareholding (As of December 2025)
| Investor Name | Total Investment (INR Cr) | No. of Shares Held | % Stake |
|---|---|---|---|
| Ashish Kacholia | 24.0 | 6,38,366 | 1.1% |
| Madhusudan Kela | 35.8 | 9,51,773 | 1.7% |
The inclusion of high-profile investors such as Ashish Kacholia and Madhusudan Kela underscores growing institutional and HNI interest in SG Finserve’s business model and long-term potential. Their participation is widely viewed as a vote of confidence in the company’s management quality, earnings trajectory, and sector positioning.
Vision 2030: Scalable and Profitable Expansion
| Metric | FY25 (Actual) | FY26 (Est.) | FY30 (Target) |
|---|---|---|---|
| AUM (INR Cr) | 3,210 | 3,200+ | 7,500 |
| Leverage (Debt/TNW) | 1.4x | ≤2.0x | ≤3.0x |
| Return on Assets (RoA) | 4.1% | 4.4% | 5.0% |
| Return on Equity (RoE) | 9% | 10% | 15% |
The company’s strategic roadmap—“Deepen and Widen”—focuses on scaling its presence across deeper tiers of supply chains, diversifying into new products, and expanding into adjacent financial services, including:
- Factoring / TReDS
- Co-lending and syndication
- Loan Against Property
- Digital Lending
- ARC, AMC, and Insurance Broking ventures
Management Commentary
Vinay Gupta, Chief Executive Officer, said:
“We are delighted to report another quarter of consistent, high-quality growth. Our RBI approval for the Factoring Business strengthens our core offering and enables further penetration across the supply chain ecosystem.”
Sanjay Rajput, Chief Financial Officer, added:
“With a strong equity base, conservative leverage, and robust profitability metrics, SG Finserve is positioned to deliver sustained 20% AUM CAGR and 30% PAT CAGR through FY2030.”
Conclusion
SG Finserve Q3 and 9M FY26 performance reaffirms its trajectory as a well-capitalised, high-growth NBFC. With zero NPAs, expanding geographic reach, and a disciplined financial structure, the company remains focused on building a scalable and risk-balanced lending franchise aligned with its Vision 2030 roadmap.
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