{"id":182105,"date":"2026-04-29T09:25:52","date_gmt":"2026-04-29T13:25:52","guid":{"rendered":"https:\/\/alphastreet.com\/india\/capital-small-finance-bank-ltd-capitalsfb-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-29T09:25:52","modified_gmt":"2026-04-29T13:25:52","slug":"capital-small-finance-bank-ltd-capitalsfb-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/capital-small-finance-bank-ltd-capitalsfb-q4-2026-earnings-call-transcript\/","title":{"rendered":"Capital Small Finance Bank Ltd (CAPITALSFB) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Capital Small Finance Bank Ltd (NSE: CAPITALSFB) Q4 2026 Earnings Call dated Apr. 29, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Sarvjit Singh Samra<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Munish Jain<\/strong> \u2014 Executive Director<\/em><\/p>\n

Analysts:<\/h2>\n

Ashwini Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Mundra<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, welcome to the Capital Small Finance Bank Limited Q4 and FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Saravjit Samra from Capital Small Finance Bank Ltd.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Sarvjit Singh Samra<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Thank you. Gitesh. Good afternoon everyone. I am Sarajeev Samra, Managing Director and CEO of Capital Small Finance Bank. Welcome to Capital Small Finance Bank Limited’s earnings call for the quarter ended financial year 26. We thank you for joining the call this evening. Joining me today are Mr. Munish, executive director C. Mahajan, Chief Financial Officer Raghav Aggarwal, Chief Credit Officer, Branch Banking, Sahil Vijay, Chief Treasury Officer and Investor Relations Lead Bharti Babuta from our Investor Relations team along with our IER Advisors sga.<\/p>\n

I will begin by sharing our perspective on the operating and macroeconomic backdrop after which we will discuss the bank’s performance and outlook in greater detail. Financial year 26 was a year the Indian economy navigated with quite resilience. The global environment remains challenging with the Middle east conflict impacting energy markets, elevating commodity pricing and moderating global growth expectations. For emerging economies like India, these developments have resulted in some volatility in inflation, currency movement and capital flows largely linked to fluctuations in crude oil prices and global risk sentiment.<\/p>\n

Amid this backdrop, India continues to stand out as one of the fastest growing major economies with GDP growth expected in the range of 6.5 to 7%. Rural demand held up, government capital spending continued. The Reserve bank of India’s decision to begin cutting rates after a prolonged pause signaled a shift in the macroeconomic environment that we believe will benefit borrowers and credit growth in the months ahead. In the banking system, credit growth has remained strong at about 16% while deposit growth has relatively moderate at 13 to 14%, leading to increased competition for deposits and some pressure on funding costs across the sector.<\/p>\n

We completed our first decade as a small finance bank. The foundations we built give us strong conviction about the road ahead. Capital Small Finance bank remains well positioned, supported by its deep presence in semi urban and rural markets, a skilled and granular loan book and a diversified retail focused deposit franchise. Coming to our Q4 financial year 26 performance we witnessed steady momentum across key business parameters. Total deposits crossed 10,000 crore growing 20% year on year with CASA broadly stable at 35%.<\/p>\n

Gross advances at 8,687 crore registering 21% year on year. Growth led by traction across MSME mortgage and agriculture segment disbursements remained healthy at 919 crore during the quarter. Asset quality remained stable with GNPA at 2.5% and NNPA at 1.2%. Net interest margin stood at 4.1% while profit after tax for the quarter at 40 crores. 10 years as India’s first small finance bank, 26 years as a banking institution. The opportunities ahead are larger than the one behind us. With that I would now like to hand it over to Mr.<\/p>\n

Muni Chan who will take you through the detailed financial and operational performance. Thank you.<\/p>\n

Munish Jain<\/strong> \u2014 Executive Director<\/em><\/p>\n

Thank you Mr. Shamra and a warm welcome to everyone on the call. I will now walk you through the key business and financial highlights for the quarter and financial year ending March 2026. As of March 31, 2026 our gross advances stood at 8,687 crore reflecting sustained momentum in credit growth on a year. On year basis advances grew by 20.9% while sequentially growth to debt 6.4% underscoring both consistent execution and healthy demand across our key lending segments. The growth in advance continued to be driven predominantly by oversecured lending products and around 90% of the loan book continue to be secured with around 89% of our non corporate portfolio is being collateralized by immovable properties Bank FDRs.<\/p>\n

The average ticket size for our portfolio stood at 18.3 lakhs against 17.8 lakhs at the end of Q3 FY26 reflecting our granular retail focused and risk conscious approach. Our continued emphasis on well collateralized assets reinforces the quality, resilience and risk mitigated credit portfolio. The growth driver for the quarter is MSME business segment which grew by 9% on quarter on quarter and 46% on year on year basis followed by LAP which grew by 5% on quarter on quarter and 19% on year on year basis.<\/p>\n

Fresh disbursement stood at 919 crore during the quarter and 3508 crores during the year suggesting a robust growth of 20% and 23% year on year basis respectively. This sustained momentum underscores the continued strength in the demand across our key lending segments and the effectiveness of our focused business approach. Geographically, growth outside over home state of Punjab continues to outpace the overall bank growth. Advances out of Punjab grew more than twice the Punjab growth rate on year on year basis demonstrating the deepening strength and increasing traction across our newer operating geographies.<\/p>\n

Out of Punjab advanced portfolio constituting 24% as on March 31, 2026 compared to a 21% eight year back. Asset quality improved and remained well managed during the quarter with gross NPA stood at 2.54% improving 14 basic points sequentially and four basic points zero near wages. Net NPA stood at 1.24% compared to 1.35% a quarterback and 1.30% in the corresponding period last year. The gross leverage ratio stood at 1.61% for the year and 1.27% for Q4FY26 and net repair ratio for the quarter being 0.08% while write offs remain almost nil during the quarter.<\/p>\n

Credit cost for the quarter stood at 0.26% and is consequent to enhanced ECR ratio to 51.89% as on 3-31-2026 against 50.45% a quarter and year back. Early stress indicator also shown improvement with SMA1 and SMA2 accounts at 4.92% of the advances against 6.46% a quarterback supported by proactive collections and early delinquency management. This highlights our prudent credit risk management. Efforts, recovery efforts, consistent portfolio performance and reaffirming the quality and resilience of our portfolio.<\/p>\n

On the liability side our total deposit crossed 10,000 crore mark and stood at 10,018 crore registering a strong 20% year on year growth underscoring the continued trust of our customers and the strength of our retail deposit franchise. Deposits continue to be the primary source of funding and constituting 94% plus of our outside liabilities. Bank continue to have stable Ghasa and the Same stood at 34.5% as in 31 March 2026. Bank continued to focus on granule and retail centric deposit franchise.<\/p>\n

Retail deposit share continue to be above 90%. Cost of deposit has started showing declining trend and stood at 5.75% in Q4FY26 against 5.86% in Q3FY26 that is a quarterback backed by initial start of the deposit repricing. The credit to deposit ratio remained healthy with average CD ratio of 82.3% and 86.7% being at the end of the year compared to 80.4 and 82.2% respectively in Q3 reflecting efficient fund deployment. If I turn to the profitability, net interest income for the year grew by 13% on year on year basis for the year to 463 crore and for the quarter the same grew by 19% to 122 crore in Q4FY26 and non interest income grew all for the year but by 16% to 99 crore and for the quarter same stood at 26 crore.<\/p>\n

Provision Operating Profit P pop for the Q4FY26 reflecting a strong 28% growth and stood at 62 crore and same is 223 crores for the FY26 that is a growth rate of 19% PAT for the quarter grew to 40 crore that is up 17% year on year and for the year Same stood at 141 crores. NIM showing early signs of improvement and improved to 4.06% in Q4FY26 versus 4.01 in Q3FY26 and the same is attributed to reducing cost of deposit on repricing and maturity. NIM for the year stood at 4.04%. Operating margin improved to 2.1% in Q4FY26 versus 1.9% in Q4FY25 calculated as a percentage to average assets supported by Nimux mentioned and operating efficiencies.<\/p>\n

The cost to income ratio for Q4 improved to 58.2%. Return on assets for Q4FY26 improved to 1.33% against 1.16% of Q3FY26 and 1.36% in Q4FY25. The ROA for the financial year 26 stood at 1.23%. Our balance sheet remained well capitalized, the capital adequacy ratio stood at 22.3% and LCR average LCR for the quarter was a strong 211% providing sufficient headroom to support our future growth. As of March 2026 our branch network expanded to 211 branches across five states and two Zuri territory strengthening our presence in rural and semi urban market with 77.3% branches being suru branches which remain key driver of our long term growth.<\/p>\n

As we look ahead, we plan to organically grow our secured loan book at the rate of 22% plus for FY27 and further accelerating the growth to achieve an advanced book of over 16,000 crore by FY29. We aim to expand over footprints by deepening presence in contiguous states and intensifying penetration within the existing markets. With a target of 235 branches by the end of the current year and making it 300 plus by FY29, we expecting NIM expansion supported by continued moderation in deposit cost from repricing and improving SEDI ratio During the current quarter the benefit of deposit repricing has started showing initial sign and cost of deposit for the quarter has declined to 5.75 against 5.86 a quarterback.<\/p>\n

This reduction reflects the initial impact of the term deposit repricing. We expect the benefit of repricing to accrue more meaningfully over the next three to six months. Statistically, 53% of present term deposit is high priced and due for repricing in the next two quarters. To achieve ROTA expansion in the coming year and with a target to make it 1.35% to 1.4% in FY27 and 1.6% plus by FY29 with the ROE expansion of 15% plus by FY29, we remain deeply committed to create long term value for our stakeholders through responsible banking, customer centric innovations and sustainable financial inclusion.<\/p>\n

With this now, I request the operator to open the floor for Q and A session. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch phone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue ascends. The first question is from the line of Sonam Minhoas from Present Capital. Please go ahead. Sunman, you can please go ahead.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Hi, this is Sonal. I hope I’m audible.<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah, so now you are fully audible.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Hi Manisha. Hi Tandakar. Thanks for giving me time. I just want to understand. I look at your gross NPA table and I’m just reading some numbers from there. The additions for gross NPA for this particular year was 25.3 and the additional provisions we made in the P and l are around 22 cr. So if I am just tying the two numbers together are we providing more? Are we providing. How are we providing? Basically that’s the first question<\/p>\n

Munish Jain<\/strong><\/p>\n

You have referring 25.3 being the Q4 number and being 112.8.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

No, so I’m just talking Manisi Q4 to Q4 both Q4 may the provisions are<\/p>\n

Munish Jain<\/strong><\/p>\n

22 provision in the Q4. If I talk about the provision number for the Q4 are typically that include all the provisions including the taxation provisions. So when we are talking about 22 crore provision for the current year, this also include the taxation provision. So the provisions for other than taxation are lesser just we enhance the provision coverage this particular quarter and over TCR which was typically 50.45% a quarter back<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

We<\/p>\n

Munish Jain<\/strong><\/p>\n

Had improved it to 51.89% present fee. So we have increased the provision coverage and working about the net NPA by keeping in sight the profit earning. So the increase<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Not much that<\/p>\n

Munish Jain<\/strong><\/p>\n

Including that.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Okay, so we summarizing we have increased it a little but not as much as what is looking in the numbers because there are some provisions for taxation as well. Basically this. Got it sir. One more thing. Between last quarter and now if I look at the agriculture loans, the net NPAs are kind of sticky while the book has grown a little. So it was 2.75, Q3, FY26, 2.76 now. So what is happening on the ground for this particular category? Any subjective input would be great.<\/p>\n

Munish Jain<\/strong><\/p>\n

As far as agriculture is concerned during the period and the review that is the NPA were almost static, that is 2.75 and 2.76% respectively. So the accretion in the NPA was some accretion in the NPA during the current period and there was also recovery during the quarter. But both are paralleling and in line with the historical trends. So nothing unusual, everything is controlled and as always it’s completely in line with the overall NPA trend. So we are seeing a traction. If you look into our book you will find the net NP has improved in all the segments in agriculture it is static, but in all of the segment it has improved.<\/p>\n

So just it is a. This is not a recovery period because the agriculture recovery period are typically Q1 and Q3 when the cash flow comes. Q4 is not a cash flow period. So the majority of the recovery in agriculture will be coming in Q1 and Q3 because those are the cash flow period. This being a non cash flow period.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

So Munishi, just to follow up on this, that can be assumed that this number will fall down significantly after Q1 Q2 Q3 back to around 2%. If you’re seeing a healthy recovery. If you’re seeing this segment, no stress in this particular segment should this significantly taper down because this has been sticky for this particular year. Just want to understand that.<\/p>\n

Munish Jain<\/strong><\/p>\n

So now as far as the agree nps are concerned, I am not saying that it is coming down to 2% over the very next three to six months. Yes, we believe that it will be remain range count and with the remain range bound on with a lot of lower biasness. But just coming to two is very aggressive target which we can take internally but on a public platform. On this particular platform I believe we want to keep it range bound around the similar towards the lower bias levels over the next period to come. So if you observed in the period we have grown very agree has not grown significantly during the quarter it has grown by 7%.<\/p>\n

But on a year on year basis the growth is quite moderate. So with the growth coming back now the growth has started coming back in this segment. So with the growth this number will start getting automatically adjusted also and we can see a better number as we move. But despite that particular factor the NPA in this particular sector as well remain almost similar. What was a quarterback.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Got it. Manishi, thanks for screening. I’ll call back in the case. Thank you. Thank you. So now.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Aditya Mundra from my temple capital. Please go ahead.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Hello sir. Am I audible?<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah, you are fully audible,<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Sir. Congratulations on the good results. Any guidance on any effect of ECL transition to ECL that we have on our credit Cost.<\/p>\n

Munish Jain<\/strong><\/p>\n

Circular on ECL has already been come. So we are still evaluating on the present new guidance which has come a couple of days back. So initial understanding. Yes, we are still working Initial understanding it will not be PLN negative. So we will be either PL neutral or PLN positive with this. But still we are evaluating the new guidelines in detail. Initial review is it will not be a PLN negative for the capitalist malformation.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

What I understand is that you are sufficiently provided even if the new ECL guideline for that also. We are sufficiently provided.<\/p>\n

Munish Jain<\/strong><\/p>\n

Yes, that’s what I Including in<\/p>\n

Aditya Mundra<\/strong><\/p>\n

State stage two I think that the minimum requirement is about 5%. That’s<\/p>\n

Munish Jain<\/strong><\/p>\n

What I’m saying Anandji. As far as the initial understanding, the whole of the ECL requirement we will not be P and L negative. If I compare the ECL requirement provision versus the present provision health, it is not a PLL negative position. But still we are detailing the detailed discussions. So we expecting to be PLL neutral to plus devised.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Okay. This quarter from even if I remove the effect of the labor code it was there in last quarter about 6 crores. Even then. Yeah. Sorry. So even even then our OPEX was seen to have declined quite significantly quarter on quarter. So is there any particular reason for that or it’s Just.<\/p>\n

Munish Jain<\/strong><\/p>\n

If we look into our OPEX cost. The OPEX cost, if I exclude the labor code, it is almost 89 crore versus 86 crore.<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Munish Jain<\/strong><\/p>\n

This is only just 3 crore. So which is not a significant there. So this is basically because of it. There can be a lot of factors. There’s some expenses which are not in temporary expenses for a particular period. So those are maybe incurred in that particular quarter. So otherwise there is not a significant decline. It is almost the same number as we have in the Q3. So because expenses, provisioning and everything depends upon whether a lot of factors which are being considered for that particular point.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

So there’s nothing which is one off or there’s nothing which is unusual. It’s in the normal part of the course.<\/p>\n

Munish Jain<\/strong><\/p>\n

Yes. And business as usual.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

What should be our like OPEX to average assets? What. What should be our study set percentage that we should account for let’s say for FY27. If you can write or on a cost to income decision, if you can guide what would be a target<\/p>\n

Munish Jain<\/strong><\/p>\n

As a percentage of the average asset OPEX over this list is over the medium term to take it below 2.85 just in the year 1. That is a current fiscal FY27. We intend to keep it between 2.9 to 2.95 or 2.9 to 3. That is the broader age I can give<\/p>\n

Aditya Mundra<\/strong><\/p>\n

With<\/p>\n

Munish Jain<\/strong><\/p>\n

The lower biasness. With a lower biasness.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Yes. And. And that would be on the growth of like a guided growth of about 20% plus on the. On the EV land.<\/p>\n

Munish Jain<\/strong><\/p>\n

Yes we are targeting current year. We are getting guidance of 22% plus for the FY27 with the 2029 being the 16,000 crore on the advanced book.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

And sir, one final question from my side and then pause that in the Q this agri growth has come very well on the quarterly basis and there was some last couple of years there was some slowdown on the agri part. So any. Any what are the reason that we are seeing on ground and how much of this growth can translate to annual growth Also<\/p>\n

Munish Jain<\/strong><\/p>\n

As we discussed earlier also agriculture. One product which we were conscious earlier here because of certain ground level events which were solved in the last year begin. So we were expecting a growth and the growth for the current quarter start coming. So agri is one portfolio which we intend to continue to grow but the growth in agri will be lesser than overall growth and the overgrowth leader will be continue to be MSME that is a business segment and the lap they will be our growth leader in the coming FY27 also but agree will be growing but lesser than the growth overall group.<\/p>\n

But we are continue to put our focus on agri as we move forward. Because we are not intending to do agree in the newer states like Rajasthan, Delhi, Himachal and up. So agri will continue to be coming from Punjab and Haryana only. So that’s the factor we all say agri. We don’t intend to grow as fast as the overall book. So agri will be growing at a decent pace from these two states.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

And sir if I can just quickly one more this you had decided on the co lending that you will be considering growing on the other states, non Punjab state through co lending model. So how much has that started coming in from this quarter and how much of the book has come in and what is our arrangement with the co lenders in terms of the SLDB cover or any other business model that you could give some clarity on?<\/p>\n

Munish Jain<\/strong><\/p>\n

Anandji, let me clarify. We are not in a co lending but we are in a business correspondent lending model in which the business correspondent is originating for us. We are not doing the co lending activity in this particular thing. The credit cost, the credit risk is going to be with the originator so his revenue will be tagged with the asset quality and along with the revenue tagging to the asset quality is we will be taking an FLDG for the default risk that if there is any credit default come then FLDG we will be keeping a cash collateral FLDG with us for that particular loan portfolio which will be building this quarter.<\/p>\n

The activity has been started last quarter. We signed off this quarter. The production movement has come and initially the initial business start coming in. I will not say very very large value because in the first quarter after activation you can’t expect a large value. But I’m happy to share now we are not having one but more than one partner. We having a couple of partners in this particular space. The traction is coming back and we can see some good momentum in the period to come. Again I reiterating we intend to have more than 90 to 95% of the disbursement through over branch network only.<\/p>\n

So this is a refreshment even in the last call we’re doing it. So yes this is an add on to our growth but over bigger growth driver will continue to be over branch banking.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Okay and sir how much is the FNDG cover that they are providing?<\/p>\n

Munish Jain<\/strong><\/p>\n

So FLDG cover is governed by the regulatory guidance and that is 5%.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

5%. Thank you sir. Thank you. I’LL call back.<\/p>\n

Munish Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pritesh from Tan Capital Advisors. Please go ahead.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Hi sir. Good evening sir, just few questions. One is on the free income has been relatively weaker. For the industry and for us as well. So why has it been weaker this time around apart from the traded income but then and how do you look at it going ahead?<\/p>\n

Munish Jain<\/strong><\/p>\n

Fee income if we look into for the current quarter on a value term it is 25.8 crore versus 4 26.1 crore a quarterback and if we look into the sub components the income from the advance has grown by 3 crores from 6.7 crores to 9.7 remains static on the operation related fee income and there is a slightly deduction on the banker commission so but there is some reduction we are seeing in the treasury income because of the opportunity available so over fee income if we look into the asset represented to the asset continue to be 0.9% with both the quarters so it was 1% in Q4 last year.<\/p>\n

So because of the certain factors so yes we continue to believe this number to the remain towards 0.85 to 0.95 in the coming period. So with the upward biasness so we are quite optimistic. But here important point I like to mention Pratishi you look into the all the fee income components they are static state and with a multi dimensional channel so we are optimistic, we are confident to maintain and improve it. So overall currently a full year basis Also this is 0.9% and the same was 0.9 in the last year and now earlier we were showing a momentum growth and we expect that some momentum will be coming in the current period.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Sure. Second question was on margin trend We’ve seen a little bit of improvement this quarter earlier before the rate cut cycle fully kicked in we had a view that we will improve our margins as the LDR improves. So we are today at about 83% LDR on an average basis I think. So how is our margin progression going to be given that the rate cut cycle at least has paused. Now<\/p>\n

Munish Jain<\/strong><\/p>\n

There are the two variables in this. One over cost of deposit has started. The first sign of improvement in Q4 which has improved from 5.86% in Q3 to 5.75% in Q4. Now statistically if you look over present term deposit book consisting of around 53% of the term deposit which are priced more than the present offer rate which are due to be repricing in Q1 and Q2 of the current year that is the June quarter and the September quarter. So we are seeing some benefit which will be pouring up from that repricing on their maturity on their repricing on their maturity.<\/p>\n

So that is a one benefit we can see to be building up the nim. So we are expecting the NIM benefit coming from that one repricing. And second we are 82.3% average CD ratio. So we expect to intend to improve the CD ratio in the next year. Last year we improved it very slightly. So next in the coming year we intended to improve it more for sharpening and last year we continue to improve our deposit franchise also along with the decline interest rate trend was there. So we believe there will be some improvement.<\/p>\n

We’re expecting some improvement in the CD ratio in the coming year. Current year. So that is the second lever which will be over NIM expansion available. So in NIM we can see two expansion level one being the repricing of the deposit with 53% of the term deposit getting repriced in Q1 and Q Q2. Second will be the LTE expansion. So with this particular thing with 4.06 being the NIM for the Q4 so we can expect better NIM in Q2 and Q1. Q1 I will not mention Q1 just we will see slight improvement in Q1 and more meaningful improvement in Q2 as we move though this is a driver for the nim.<\/p>\n

The second big driver which is available is typically that which we are is that Rotax 90 mentioned will be with the NIM and also the OPEX. OPEX for the current year continue to be 61.2% on a year basis. So which we believe in the cost income basis we will see some good traction and we believe that cost with the asset ratio it will remain in the range of 2.9 to 23. So which will be another attraction for the current fiscal and before it start pulling further down will apply 29 so these two levers could put together.<\/p>\n

So we are anticipating a rotax pension for FY27 and we are targeting the full year rota of 1.35% to 1.4% for FY27 and 1.6% plus for FY29.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Sure, sir. And sir, last question will be on the yield plans from some we had seen a very steady Yield at about 11 11.1 and now it has suddenly dropped to about 10.8. One can understand there was a record in December but the rate cuts were earlier as well. So anything happened or have you passed on Any rates in terms of additionally or. Or is it like a business exchange which has led to this declining yield.<\/p>\n

Munish Jain<\/strong><\/p>\n

And there is nothing to worry about in this case. If you look into read it with the slide number eight of the present presentation where we can see the interest rate versus Q4 versus Q3 there was a 25 basis points rate cut coming in this particular quarter which has slightly impacted the yield on advances. That is a point number one. But there which may be affected as you loan advantage by 10 to 12 basic points. So another 8 to 10 basic point impact is due to. Because this is the period in which the agri accounts become NPAs.<\/p>\n

So there is some agree accounts when become NPA their interest get reversed. So which take care of the all interest earning to be reversed. So which impacted the interest yield temporarily for that particular quarter by 8 to 7 to 8 basic points. So that is another impact is there. So with these two impacts are there. But out of this around 10 basis point is impermanent in nature but 10 is not. So we can see there was a 25 basis points rate cut for the current quarter which are being due in the month of January.<\/p>\n

So with this particular aspect if you look into over any of the product agriculture over last quarter rate is 12.62. Now it is 12.54 over housing loan last quarter it was 9.83. Now it is 9.85 overlap. Last quarter it was 12.56. Now it is 12.33 over business segment. Last quarter the rate was 10.6. Now it is 10.55 over corporate loan. Last quarter the rate was 10 point 8. Now it is 10.77. So the rates are in a flight phase. So which is going to be available with us as you move forward as well.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Got it. And last data giving question was on can you give the absolute savings number in this quarter? Absolute amount<\/p>\n

Munish Jain<\/strong><\/p>\n

Saving amount. I missed what you said.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

I mean within the CASA I wanted the savings shares<\/p>\n

Munish Jain<\/strong><\/p>\n

Saving share. Okay. Shaving deposit share. So I have to. Give me a second. I just give me a second. The shaving value is 3,182 crores which is constituting 31.76%.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Thank you so much. Thanks.<\/p>\n

Munish Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sripal Doshi from Icarus. Please go ahead.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Hi sir. Thank you for giving me the opportunity. So my question was pertaining to our agriculture portfolio. So given the kind of geopolitical situation that we are seeing and the impact of the same and also this year we are expecting that there could be delayed rains and also weaker monsoon. So given this and also the input cost because of the geopolitical tension has gone up. So how do you see our agri portfolio to behave? While I understand that our agriculture customers are relatively superior versus the other guys whereas you know our ticket sizes are relatively higher.<\/p>\n

But even from the behavior point of view and then how we are looking to manage that portfolio overall<\/p>\n

Munish Jain<\/strong><\/p>\n

Sripal, if we look into the present agriculture portfolio for just reaffirming re clarifying we are in a 5 lakhs or 25 lakh ticket segment that is here not below in below 5 lakh that is small and market farmer lending. So which is politically sensitive segment. So that political sensitivity segment is not there with us which has any potential of the problems with the potential political announcements. Point number one, point number two, we are typically lender to that particular agriculture set who are cultivating idly 2 MSP crops but minimum 1 MSP crop.<\/p>\n

So the majority of the agriculture guys are having the 2 MSP crop with one cash crop in between. So with that structure of the agriculture cropping so even if I’m talking about the early signs of the wheat so wheat procurement seems to be decent and the wheat is coming well in control. And point number two if we talk about so there are the two crops now wheat wheat procurement is already on. If I get an early sign it’s a too early sign but early signs are decent that we are seeing a good wheat procurement and good cash is started pouring into the accounts.<\/p>\n

So that is the one clear indicator that the H1 which is weak period seems to be decent. So there is no challenge. Now as far as the second point is concerned when we talk about the monsoon related croppings. So Punjab good thing which happened over the Punjab over last sometimes is reaching off of the canal water even up to the last mile. So there is a good thing which has happened and last year we have a very good monsoon there which are good water reserves available. So with these two cutter and also good ground level irrigation facilities available.<\/p>\n

So I believe it will be too early and too premature for me to comment how the monsoon will look like. But keeping in view these three scenarios that is the last year water storage which we have seen there was some good high water rainfall in Punjab and the water storage area at the optimal levels. So which is one big factor. Second is the reaching of the canal water to the last mile. So that has been a big change which has happened over the last 1 to 12 years. And third ground level irrigation facilities so with these things.<\/p>\n

So we are not that worried. So I at this point of time, yes we see what will happen and we have a lot of levers available. That is a multi level accounts available with that customer collateralized by more than 200%. If the wheat is there and there being a paddy there is a lot of alternate cropping patterns available for the farmers. So all these things are additionally available. So rich bees not making me worried at this point of time. Keeping view of present customer profile and the present situation.<\/p>\n

And I am again reiterating we are doing agriculture in Punjab and Haryana only we are not doing agriculture in Rajasthan up Jammu Himachal. So over susceptibility over the challenges get reduced to that extent.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Got it sir, that is helpful. So we are confident that it should not impact our customer profile broadly. The second question was on the other income side. So while we have been talking about the initiatives that we have taken and also you highlighted where we want to be in terms of as a percentage of global asset. But I mean if you could give us from the deconstruction of that 1.5 the target that we have on the other income side, like what would contribute how much. If you could provide that sort of clarity, that would be really helpful.<\/p>\n

Munish Jain<\/strong><\/p>\n

So typically as far as the other income is concerned, other income which is presently 0.9% on the asset basis. So we intend to make it between 0.85 to 0.95 also current year. So current year the goal sheet which we taken for the router driver the number we have derived is 0.85 to 0.95 range. So with the upward biasness, so this will be continue to be supported by the four pillars. So yes I believe there will be some better traction. We can see from advanced rated fee income which has improved during the Q4 or yes we can see the versus Q4 there has seems to be not an improvement because last time Q3 income was lesser and there was some additional allocation.<\/p>\n

First the distribution was there. But all other income. If you look into the operation fee income if we Compare with the Q4 it was 4.8 crore. Now it is 5.8. Last year Bangkok was 9.3, it is 9.5. Yes, there is some moderation in the treasury earning because of the market conditions. So all the line items, all the streams are in the right phase. So going forward we expect that over the distribution will continue to be typically around 33% towards banker and 66% towards non banker which will be there around 35 to 40 towards advanced and Remaining towards the operations related so which we have well factored in which we are well ready and we are completely aligned to improve the net interest income.<\/p>\n

Not I will not say very significant improvement. Yes, there will be an improvement, margin improvement. We want to take it from to this level to 0.95% level in the current fiscal and then taking it to the next level in the period to come.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Got it. That was helpful. Thank you sir. Good luck for the next quarter.<\/p>\n

Munish Jain<\/strong><\/p>\n

Thank you, Shripalji.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sagar Shah from Spark pwm. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Good evening sir. And first of all congratulations for a very good set of numbers. Actually my first question sir was related to net interest income. In spite of clocking very good sequential loan assets growth of around 4%. But still actually now our net interest income has been hardly been 2% on the upside. So first of all I wanted to know that are they. Were there any interest reversals actually that led to such weak NII growth? Actually. And I’ll follow up with the second question after this sir.<\/p>\n

Munish Jain<\/strong><\/p>\n

So just in the current period it is being a period in which the agriculture accounts were due for the npa. So there was some accounts of the agriculture which is marked for the NPA which brings along with it interest reversals. So there are slight interest reversals of 1 or 2 crores which is the factor which is bringing it to a town mark. But if I look into the net interest income for the net interest income perspective during the current quarter. It is 122 crore rupees which was last year corresponding quantity is 103 crore rupees.<\/p>\n

And if I look at December quarter, just open a December quarter now. So there is an improvement of around 3 crore rupees in this there was some interest reversals. So but overall the growth of the net interest income for the current quarter is 19% and the top line growth of 20%. So if I talk about the NII growth for the Q4 it is 19% and the top line growth of around 20%. So with this both are very nearer to each other now. So there is not a wide spread between these two numbers. If we talk as of late,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, the YY numbers seem to be very good actually looking very DEC growth. But the QQ numbers as you said due to the AGRI portfolio they were interest. There were interest reversals and we see even in the net NP uptake of around 2.76% that led to the interest reversal. Is my reading correct, sir?<\/p>\n

Munish Jain<\/strong><\/p>\n

There Is that factor will be always there.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, fine. And my second and the last question sir was related to our exposure to NDFC MFIs in this quarter as well. We saw the net NP inching up to 17.3% actually so and our total portfolio is also very small at around 39 crores. But any color on the same that are we seeing any some green shoots there too. As we are seeing the MFI cycle to reverse some of the disperse some of the company disbursements numbers. So any improvements in that portfolio are we seeing especially in asset quality and also loan growth.<\/p>\n

Munish Jain<\/strong><\/p>\n

If we talk about the MFI NBFC MI segment, we are not very bullish on the NBFC MFA segment. We are waiting. We are watching the market MFI market. And when we get the comfort then accordingly we will evaluate to jump again in the NBFC MFI segment. But for the current quarter we have not lending any fresh money to the NBFC MFI segment. We just recovered what we have already landed. And if I talk about the value, the value basis this particular value, the outstanding net NPA now is 5.49 crore. And the same value a quarterback was 6.08 crores.<\/p>\n

So we typically in the current quarter we recovered around 60 to 70 lakh rupees from those NP accounts. So if I talk about the position as on date keeping in view the present discount questions with those lenders. So we are well confident that whatever is required to be provided has already been provided. And the remaining net NPS is amount of recovery. We have already signed up the OTS with one of the lender and that money for the current quarter has recovering purely as per the ots. So I strongly believe the pain which was there in this NBSC MFI segment is which has come in Q1 is fully provided for in the current year and we are not carrying any baggage in the next year.<\/p>\n

So whatever is pending left which we optically just 17.3 looks very high. But if we drive the value out of it, it is 5.49 crore which is lesser than net NPs. So which is lesser than the value which is there?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, fine. Thank you so much and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of rail s from Sapphire Capital. Please go ahead.<\/p>\n

Munish Jain<\/strong><\/p>\n

Please come again.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Can you hear me?<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah, now you’re fully audible please.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Yes, if you can. You know, I’m sorry if you mentioned this earlier but if you could just help me with the credit cost guidance for this year and Our cost to income has you know improved well in this quarter four so will it be range bound in the coming quarters and if so what will be the lead?<\/p>\n

Munish Jain<\/strong><\/p>\n

So if I talk about the credit cost credit card for the current fiscal I.e. FY26 was 0.26 and credit cost for the current quarter quarter was also 0.26 and for the ramp factors for the same in the current year we seen some out of turn NPA slippage in NBSC MFI and we provided materially amount for that particular portfolio which we expect the loss. So that’s the reason currently the credit cost being 0.26 and in the current quarter we opted to increase the PCR. The PCR which was 50.45 we improved it to 51.89 at the end of this quarter which was 50.45 at the end of the last quarter.<\/p>\n

So that is the factor that is so the current quarter cost. Credit cost is a provisioning factor, provisioning driven not a loss driven. So that is what we have done. And if I talk about the credit cost going forward we always intend to maintain in the range of 0.15 to 0.25 and we are quite confident to maintain in this particular range range just with a negative bias for the next year. So but over range bound will be 0.15 to 0.25 for FY27. If I talk about the situation sitting in today, yes, we are looking a lot of geopolitical environmental changes which is happening as of that if I look I am confident to maintain in the range of 0.15 to 0.25% for FY27 and over stated objective is also very clear.<\/p>\n

We want to keep our credit cost on the downward to 0.3 up to FY29. So that is what we strongly believe and we will we are confident to take it that way.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Answer on the cost to yes, yes please.<\/p>\n

Munish Jain<\/strong><\/p>\n

It’s about the cost to income. Cost to income. If I restore this ratio if we compare both from the cost income perspective this number was typically 58.9 or I say 59% and for the year it is 51%. So we expect this cost to income ratio. If we calculate from the CI ratio or I compare it with the asset basis so we believe in the coming period coming FY27 with this number shall remain in the range of 2.9 to 3% if we calculate as a percentage to the average assets. So that is the guidance which will be we intending to improve cost income Ratio from the full year basis.<\/p>\n

What is the number for FY26 versus what we were expecting for FY27 given we have done all the costing or the middle management costing or the senior management hand office costing has already been done. Now for the any new branch expansion, note that cost is required for the current fiscal that is FY27. Only the periphery that is the last mile cost of the branch is being required. So it is giving us a confidence that we can look forward for some cost optimization. Slight cost of optimization in FY27 and very larger cost optimization as we move forward with the scale increase.<\/p>\n

Just pretext basis if we look into our vision statement we are targeting 1.5x in the branch and 2x in the deposit advanced route. So we that indicator itself clearly that we looking forward for the cost optimization so we can see a better cost optimization coming in the medium term basis. But if I talk about FY27 you will see this in the range of 2.9 to 3% for the credit fiscal calculated as a percentage to the average assets.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Okay, got it sir. Thank you so much. All the best.<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Ashwini Agarwal from Denta Advisor llp. Please go ahead.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Good evening sir. Good set of numbers. So a couple of questions. One is, you know one of the participants had asked the question about the winter patterns and so on so forth. Could you take us through sort of your experience in previous drought cycles in 2015, 16 or maybe 1112. How did your portfolio behave during this period? Is there any historical anecdote you could share with us?<\/p>\n

Munish Jain<\/strong><\/p>\n

Ashwiniji? Rather than just for a drought cycle, if we had a very recent development that was last by 26. We’ve seen a high flooding like condition in hollow Punjab. So we seen that condition in which a lot of portion of the Punjab. So that is just very recent around nine month back or eight month back. So we look into that particular aspect and then look into the SMA number of capital bank and look into the net NP and the gross NP and the write up numbers. So which is giving us a very very clear signal that what we are doing point number two when we’re talking about the drought license.<\/p>\n

Even if we go back to the history and look back into the all historical data points. We are lender in agriculture since year 2000. So we have a track of 26 years. If we look go back to the last drought which is 2014, 15 or 2016 or otherwise at 1415 there if we go back I’m not having a handy number so I can’t comment upon that number at this with that authority. But to the recall since I was handling that also for some portion of this particular portfolio. So I am there was no supper in that year also.<\/p>\n

But the biggest testimony is even if I talk about the high flooding period also. So last year and over broading operating model over operating model is typically diversified income and assessing the income basis the agriculture as a percentage business in which and we lending to the farmer who is a progressive and cultivating ID3 crops in a year so resulting in if there is a some damage on one of the crop for some maybe 20%, 30% damage so there is no loss which is passing on to the banker. Point two we are with the LTV downward of 50% in whole of the agri portfolio.<\/p>\n

Three we are in a full fledged banking with that gentleman that is whole of products. His and his family banking are with us. So with the relationship banking approach Point number four. So all these pillars, all these hooks are an enabler book and we are a agri lender for now 26 years seen all the titles maybe environmental, maybe a political, maybe a geopolitical or maybe even anonymity actions. So all the scenarios we have seen and we have not written off anything from the agriculture portfolio over last 26 years.<\/p>\n

The number of NPA which you are seeing is a cumulative and that value is what we are not able to recover even if we had not wiped right off. It is fully with recovery effort only. So with these things we are giving us a confidence that with operating model which is a time tested we are confident. So whatever we are hearing about the mat Amity. But one important point we are a Punjab and Haryana lander and look quickly look into Punjab and Haryana. One good thing which has happened is reaching off of the canal water even up to the last mile.<\/p>\n

Reaching of the canal water up to the last mile is one of the big milestones. And we are if it took steps statistically Punjab and Haryana where the ground level consumption is very mini and rather ground level store table is not showing a depletion over last one or two years. So with that static and there is a huge irrigation based opportunity infrastructure available for the ground level at the last measure also. So ground level irrigation is also available in Punjab and all the farms.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Right? So<\/p>\n

Munish Jain<\/strong><\/p>\n

With that so that particular challenge is not fully looking that problematic for us in the coming period. But yes we are keeping our eyes and ear open and that’s the Reason we always very conscious in the growth in all the segments. Wherever we see any bad timing, there may be some scenario, maybe checking challenges will be coming. We also always in a conscious growth, we are a consciously aggressive banker.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Okay. And the second question is that in the new states like up, hp, Jammu, Rajasthan, you said you won’t do agriculture. So what. What kind of loan composition do you expect in these markets?<\/p>\n

Munish Jain<\/strong><\/p>\n

If I talk about Rajasthan, Rajasthan is a huge MSME and mortgage market. So we will be doing MSME and mortgage. Jammu is a huge MSME market. Rupee is a good MSME and mortgage market. So there is a huge opportunity available in these two product lines. So we having a multi product organization. Rather than a monoline product. We are a multi line product organization. So the opportunity available in those states are phenomenally high. In the products which we are mentioning. Punjab, Haryana have a very good agree just up.<\/p>\n

May we consider as some part of the up for agree depending upon over combing. Over process of the growth is combing and carpeting. We comp. That is we understand that geography well by being present there in one or two branches. Comb it then we carpet it. So that is the way after our learning with the combing activity then we will expand it further.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Thank you, sir. All the best.<\/p>\n

Munish Jain<\/strong><\/p>\n

Thank you, Ashwiniji.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harshad Kharka from Robo Capital. Please go ahead.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah, Harshit, you are fully audible.<\/p>\n

Aditya Mundra<\/strong><\/p>\n

Yes. Thank you for the opportunity. I just wanted to understand like what kind of RO and ROE profile are we looking for in FY27. And also going forward, when our book reaches 16,000 crores in FY29<\/p>\n

Munish Jain<\/strong><\/p>\n

We targeting ROA of 1.35 to 1.4 in FY27. And we are targeting ROA of 1.6% plus in FY29. If I talk about the ROE, we are targeting 15% plus ROE by FY29. So we are looking for the margin expansion both in FY20 and significant expansion by FY29.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Thank<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

You.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Thank<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

You.<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah. Thank you Ashes.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rishi Modi from RDM Advisory llp. Please go ahead.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Yeah. Hi sir. Am I audible?<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah, you are fully audible.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Yes. So. So I just wanted to understand on the operations front a few longer term questions. Right. So now that you expand beyond Punjab, how does the new branch evolution look like say year one? What are the costs that you have to invest in? What is the cost to assets that a new branch possesses. And then if you have to compare it with a new branch which you add in say your core Punjab market as well as a mature branch in your Punjab market, how much time does it take for a non core as in say Rajasthan branch to reach your Punjab branch levels?<\/p>\n

If you could give me that. And then I have another question to that.<\/p>\n

Munish Jain<\/strong><\/p>\n

If it comes statistically, statistically over. If I talk about my Punjab branches, Punjab branches we typically categorize over branches into four buckets. That is ultra new branch, new branch, midterm branch and the long term branches. If I talk about the business per branch in my Punjab state, which is the long term branches, that is the old branches, that we can say five year plus branches. Punjab we have a lot of very older branches. So if I talk about the average of put together all of them over business by branch in above 53 year segment is typically 106 crores.<\/p>\n

But similarly if I go ahead with a similar thing out of Punjab branches, the business per branch of 5 year plus this is around 73 crore rupees. So I’m talking about average, not a single branch. So the business per branch, if I look into the business per branch from both the sites and despite the fact in Punjab more than five means we have a 15 to 20 year old branches also. But out of five out of Punjab more than five is technically five to seven years only. So with that thing in sight, we believe the traction which we are getting in Punjab versus outer Punjab is very nearer to each other.<\/p>\n

And similarly if we look into the opex or just with that sensitized market, the business will be slightly larger in the sensitized market. So banal being Punjabi is not just over sensitized market. Haryana is also entering into our sensitized market. With Haryana this also being in sensitized market becoming we internally call. We want to make Haryana our next Punjab. So that is our internal wording which we typically use. So with that statistical outlook, we believe the growth business per branch number is quite decent.<\/p>\n

And we are talking about the larger business years of these particular branches. And if I talk about the operating costing and operating efficiency, just year one or year two Punjab branches will be more efficient. It is a I need not. So this is open secret. I can say up to the year three Punjab branches will be contributing more. But if I talk about over long term aspiration of the growth, so out of Punjab branches are also started growing significantly. The Number I shared 72 crore business per branch more than 5 year out of Punjab.<\/p>\n

So we are quite confident of reaching there. So we are that’s the reason we are maintaining a very very fine balance that is 50% we are opening out of Punjab and around 40 to 45% branches in Punjab so that we can reap the benefit of the P and L and reap the benefit of the growth business expensive. So that’s the way the business strategy is being aligned.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Understood. Second I wanted to understand your underwriting capabilities outside of Punjab. So from what I understand you are opting the NBFC route currently to build the book outside of Punjab. So how what sort of data or what sort of insight are you able to generate given this is an indirect way of lending versus say when you lend directly in Punjab and is there a significant gap or it will take a longer period?<\/p>\n

Munish Jain<\/strong><\/p>\n

Rishi ji I think there seems to be some gap in the actual what we are doing on Punjab as well as out of Punjab over business acquisition is through the branch under the what I think you are talking about is the partnership led channel which is we just started in the last quarter or last to last quarter and which is not a large part but the number which I am talking does not include those number which I call those number as part of our alternate so as part of the brand channel in Punjab as well out of Punjab our business acquisition strategy is the identical that is a branch led business acquisition in which we believe we need to know our customer well before we underwrite for them and that is being sourced and serviced by our own on role relationship managers and the underwriting capabilities are identical in Punjab and out of Punjab we Follow the Tier 3 model that is the branch cluster office, regional office and head office and we are branches of a sourcing agent which is being governed by one PD officer which we call CCH who are whose line of control is four to six branches and then the underwriting gentleman who is typically taking care of the 16 to 18 branches whose a credit underwriter and we have one commonality in both Punjab and Haryana or our part of area wherever we are we follow the MIG customer segment only and we are following the formal income income channel and also a property which is a prime property based landing.<\/p>\n

So we have a complete similarity and we have a complete information available. We are we have the formal income the corporate we have the complete PIDs available we have the complete scrub available and we look forward for the primary lending relationship with that gentleman if he has a relationship with couple of nbs we aspire to BT in all or if we are not doing it we consider it part of the foia. So we assessment is completely done on the similar model. What we are doing in Punjab and out of Punjab.<\/p>\n

I think you are mentioning about very small portion which we are doing a partnership channel in which credit risk is not ours. But that is a very different business and very small value business which we are doing differently and with a different ambition and a different outlook with a high yielding products.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Got it sir. So if I have to understand say your Punjab lending today how much of the credit decision making would be database versus say relationship based. And for you to replicate that outside of Punjab the relationship lending will be a time factor. So just try to understand firstly the reliance on relationship based lending versus data based credit decision making in Punjab and to replicate the same where would you say you are? In non Punjab state.<\/p>\n

Munish Jain<\/strong><\/p>\n

I believe if I talk today our majority of the lending is information based that is a database and it is being supplemented by the PD which is my relationship. We are following a similar model out of Punjab that is also data driven as I said with all the data, with the income data and the property data and the need data and supported by the PD which is again the CCS and CCH which we are doing. Punjab which is out of Punjab. Yes, if Punjab my 1ccs can handle my 7 branches. In out of Punjab my 1cc is able to handle 4 branches.<\/p>\n

That’s the only difference point. But the more important thing is in both the states our underwriting system, our underwriting process is identical. And the data flow which we are using, we are consuming all the APIs. If you mention the API, whether we are talking about Udyama API, whether we talk about all the API, we’re consuming all the APIs. If we talk about the relationship based vision, we do the pd, we do the PD or we go to the staff over my own team member, two different team members visit to the client and its neighboring geographies and understanding that business.<\/p>\n

Surely for any proposal which is more than 10 lakh or 12 lakh rupees and even from 5 lakhs to 10 lakh one person. So that is the unsaid rule which we are following in the whole of the system. So we are following the similar underwriting capabilities. And the thing which will be give you comforting is presently we have a 24% of the landing out of Punjab and 76 in Punjab over out of Punjab. Book has a lesser NPH and lesser SMAs as compared to the Punjaburg and significantly lesser<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

X of Agri as well. Like if I Compare x agree Punjab vs x agree you’re not doing agri outside Punjab. So you all are at lower SMA1 SMA2<\/p>\n

Munish Jain<\/strong><\/p>\n

Outside<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Punjab<\/p>\n

Munish Jain<\/strong><\/p>\n

And significantly lower.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Okay, got it. So thank you. These answer my questions for the time being. Thank you for your time.<\/p>\n

Munish Jain<\/strong><\/p>\n

Thank you Rishiji.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Chinmay Neymar from Person Capital. Please go ahead.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Hi sir, hope I’m audible<\/p>\n

Munish Jain<\/strong><\/p>\n

Question. May you are fully audible please.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

So two questions from my side. If you could just give or share what does cost to income ratio look like on the fully scaled up branches, the long term branches that you spoke of which are like five plus years. If you could give what does that look like? And second question is over a medium term what is the strategy for casa? As in is there enough headroom to grow within the state of Punjab at least 3 odd percent interest rate which can fund growth in rest of the states? Or would you eventually move out and also expand deposit base in the rest of the states?<\/p>\n

Munish Jain<\/strong><\/p>\n

I will take the second question first and just a clarification. We are getting a decent deposit Punjab versus out of Punjab that is Haryana also. And the CASA share in Haryana is identical to what we are getting in Punjab. So the deposit we are able to get both in Punjab and out of Punjab. Haryana is now almost over fully sensitized market. So we believe Haryana is big growth driver over the previous to come. So the centralization part in Haryana majority of the Haryana has already been done and we are now start moving.<\/p>\n

We have already moved towards unbanked rural branches also in Haryana. So we have reached to that place where we have start opening the unbanked rural branches in Haryana also in addition to the semi urban and the rural branches. So the deposit and the. If I talk about the percentage casta which we are getting in Haryana is identical to what we are getting in Punjab. So that is the one statement I like to make. Second statement, if I talk about the branches branches instead of giving you the answer basis the opex because OPEX calculating will be subject to a lot of PPMs.<\/p>\n

But if I talk about over operating profit ratios, if I talk about our P Pop P Pop which is typically 2.1% on the entity level. If I talk about the P Pop levels at the above 5 year branches which is above 5 year the same number remain presently say is in the range of 2.75 to 3.25. So over more than 5 year branches the PPOP number will be 2.75 to 3.25. Getting the OPEX of this is a very complex environment so I can derive the PPOP from those branches so which is much larger which is typically 35% more than my my total P pop so that is what is the present number look like so they are contributing in a significant way to over operating profit given the TPMs are also being used so so we are at statistic branches as we are moving towards the statistic advantage the PPROP is getting maturely improving so that is the point number two I like to mention Chennai so even if you look into the current year we improve over Pre operating profit that is operating profit by 28% in the current quarter despite the fact top 10 has grown by 20% point number two over peep of margin has also improved so both the things are giving a thing.<\/p>\n

Yes in some part of the current year given the interest rate change which was a difficult period for the industry as a whole so those time the margin was bit squeezed but now I believe that thing is coming out of it.<\/p>\n

Ashwini Agarwal<\/strong><\/p>\n

Got that answers my question. Thank you.<\/p>\n

Munish Jain<\/strong><\/p>\n

Thank you CH.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vaibhav Jain an investor. Please go in.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

Yeah you are fully<\/p>\n

Munish Jain<\/strong><\/p>\n

Audible Mr. Graham.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So I had some question regarding the other income piece particularly the banker piece. I just wanted to know what is our model for that business and what is our vision because I think you know we can probably scale up that business. So just wanted to know what are your thoughts?<\/p>\n

Munish Jain<\/strong><\/p>\n

Yes, that is a scalable business. Presently the model is typically selling to the customer who are our customer. Our objective is to be the holistic service provider and providing him the complete range of the product which my customer wants. So we are presently selling as a banker partner for our various manufacturers which I call it the various service provider. It may be the big include. We work with the low drive general insurance companies. We work with the healthcare Journalist Orange as well as the health products for the life insurance businesses for the three accounts and for the MTSS business.<\/p>\n

So these are the four lines of businesses which we are presently capturing that is the Life Journal Health three in one and four five line of business mtss. Going forward we want to keep on expanding this this particular size, this particular cake size. We’re including more and more products as we ventured into because we believe we have reached to a place where we have a decent set of customers and we can take care of the other all emerging financial needs through adding into the banker businesses.<\/p>\n

Banker here doesn’t mean the banker insurance I mean to say banker means when we can sell the third party products to over customers but the third party financial products. So that is what our vision are over. Vision is that we intend that all the financial products of our customer shall be sold by us to give that is over medium to long term vision that we should be the complete product provider for our customer. So that is the vision how we are taking in this particular regard. So presently Bangkok which is typically contributing around nine and a half crore of the operating profit.<\/p>\n

Operating income is consisting of Allied health MTSS and three in one. And going forward we intend to add few of more products in each of the year as you move forward.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so this is starting from next year you’re going to add new products or how will that work?<\/p>\n

Munish Jain<\/strong><\/p>\n

We intend to add one more product in FY27 so I will not be able to name the product. So I have not got the approvals. So yes, we intend to add one more product in FY27 and one more product in coming year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. And as a percentage of average assets, where do you see this business say in the next three years?<\/p>\n

Munish Jain<\/strong><\/p>\n

There is a good upside opportunity available. If I talk about my other peer bankers, if I from the peer banker, I mean my mid sized private sector universal bank, this number net of the 81 business, if I talk about the trade finance business typically in the range of 1.05 to 1.15 we are today 0.9. We believe the arbitrage between 0.9 and 1.15 is what we need to bridge. So yes, gradually we intend to bridge that particular gap between what we are and where my peers in the similar set of customers are there.<\/p>\n

So that is our wish list to move towards that direction rather than giving any specific number for this in the current year. So this is what the opportunity is there if we look into my banking landscape.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you. Thank you for answering my question. That’s all.<\/p>\n

Munish Jain<\/strong><\/p>\n

Yeah. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. That was the last question for the day. I now hand the conference over to management for closing comments.<\/p>\n

Sarvjit Singh Samra<\/strong><\/p>\n

I would like to thank everyone for being part of this call. We hope we have answered your questions. If you need more information, please feel free to contact our investor Relations team or Strategic Growth advisors. Our Investor Relations advisors. Thank you. Have a good day.<\/p>\n

Operator<\/strong><\/p>\n

On behalf of Capital Small Finance Bank Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Capital Small Finance Bank Ltd (NSE: CAPITALSFB) Q4 2026 Earnings Call dated Apr. 29, 2026 Corporate Participants: Sarvjit Singh Samra \u2014 Managing Director & Chief Executive Officer Munish Jain \u2014 Executive Director Analysts: Ashwini Agarwal […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":179469,"url":"https:\/\/alphastreet.com\/india\/esaf-small-finance-bank-limited-esafsfb-q3-2026-earnings-call-transcript\/","url_meta":{"origin":182105,"position":0},"title":"ESAF 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