Kissht AUM jumps 61% in Q1, outpacing >40% FY27 guidance
OnEMI Technology Solutions reports ₹8,001 cr AUM for June quarter. Disbursements rise 37% YoY; LAP portfolio share climbs to 7.7%.
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 this 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.
Questions answered
- How does the AUM growth compare to OnEMI's FY27 guidance?
- The 13% QoQ growth annualises to over 60%, running well ahead of the >40% full-year guidance. But Q1 is seasonally strong, so the pace may moderate.
- What is driving the jump in LAP portfolio share?
- Loan-against-property AUM rose from 2.5% to 7.7% of total AUM in a year. The company is deliberately expanding secured lending, which carries lower risk than unsecured digital loans.
- Why are profit numbers not included in this update?
- This is a provisional business update, not a full earnings release. OnEMI typically reports P&L later; analysts will await those for margin and credit cost clarity.
- How does the current valuation compare to growth?
- The stock trades at a trailing P/E of 16.5x and ROE of 16%. AUM growth of 61% is strong for an NBFC at that multiple, but continued profitability is key.