What’s new

• Revenue climbed 152% to ₹12.23 cr for FY26.
• Loan portfolio expanded 71% to ₹74.15 cr.
• Co-lending book now totals ₹9.02 cr across two partners.

Why it matters

High growth in the MSME segment is paying off in top-line terms, but the appearance of NPAs from a zero base is the real story. Watch if this credit slippage is a one-off or a trend as the company scales its co-lending model.

What we’re watching

• Whether the NPA ratio climbs further as the loan book seasons.
• Performance of the ₹9.02 cr co-lending portfolio.
• Sustainability of the 152% revenue growth rate.

The full read

DhanSafal Finserve grew its loan portfolio by 71% to ₹74.15 crore in FY26, pushing revenue up 152% to ₹12.23 crore. Net profit nearly doubled to ₹73.33 lakh from ₹37.14 lakh.

Credit quality is slipping.

While the expansion is rapid, the company also reported a 1.38% gross NPA ratio for the first time, moving from a zero-NPA base. This is the test for the firm's underwriting as it scales. The company is using co-lending to drive this growth, with ₹9.02 crore of its outstanding principal now tied to two partners using Default Loss Guarantees to shield the MSME-focused book from risk. The open question is whether the current pace of asset growth can be maintained without further degrading the quality of the loan book.

Primary source: BSE · NSE

What’s new

• Revenue reached ₹12.23 cr for FY26, a 152% increase from the prior year.
• Loan portfolio expanded 71% to ₹74.15 cr, driving net profit to ₹73.33 lakhs.
• Credit costs rose to ₹22.84 lakhs as gross NPAs climbed to 1.38% from zero.

Why it matters

Rapid expansion in the MSME lending portfolio has delivered top-line growth, but the emergence of NPAs is a warning sign. For a nano-cap NBFC, the trade-off between aggressive loan book growth and credit quality is the primary risk.

What we’re watching

• Whether the 1.38% NPA level stabilizes or continues to climb.
• The impact of increased credit costs on future net profit margins.
• Management commentary on the quality of the new loan originations.

The full read

DhanSafal Finserve’s FY26 results show a company in a high-growth phase, with revenue climbing 152% to ₹12.23 crore. The expansion is tied to a 71% surge in the loan portfolio, which now stands at ₹74.15 crore. While net profit rose 97% to ₹73.33 lakh, the quality of that growth is under pressure. For the first time, the company reported gross NPAs of 1.38%, up from a clean slate of zero a year ago. Credit costs also rose to ₹22.84 lakh. The company raised capital through warrant conversions, bringing net worth to ₹66.47 crore. The challenge for this nano-cap lender is clear: it must prove that its rapid loan book expansion isn't coming at the expense of long-term credit health.

Primary source: BSE · NSE