What’s new

• AUM hits ₹8,001 cr, up 61% YoY and 13% QoQ, ahead of >40% FY27 guidance.
• Disbursements total ₹3,812 cr for the quarter, versus ₹2,780 cr a year ago.
• Loan-against-property portfolio share of AUM rises to 7.7% from 2.5% a year earlier.

Why it matters

The 13% sequential AUM growth is well above the >40% annual guidance. But the lack of profit or revenue data leaves the margin story untold. For a newly listed NBFC, top-line momentum is clear; the open question is whether credit costs and operating expenses will follow the same trajectory.

What we’re watching

• Whether Q1 profit numbers, when released, confirm that costs stay in check.
• How quickly the LAP portfolio scales to materially diversify the asset mix.
• Any impact of regulatory rate caps on disbursement growth.

The full read

Growth is ahead of guidance. OnEMI's AUM hit ₹8,001 cr in Q1, up 61% year-on-year and 13% sequentially, well above the >40% annual target. Disbursements of ₹3,812 cr climbed 37%, while the loan-against-property portfolio's share rose to 7.7% from 2.5% a year ago — a deliberate tilt toward secured lending. Good for asset quality. But this is a provisional update; revenue and profit are missing. The open question is whether margins can keep pace with top-line momentum. The company's trailing P/E of 16.5x and ROE of 16% suggest room, but credit costs will decide.

Primary source: BSE · NSE