Laxmi India Finance Ltd

Laxmi India Finance Ltd — Trading window closed from Oct 01, 2026 until 48 hours after publication/disclosure of the Unaudited Financial Results for the quarter and half year ended Sep 30, 2026

Auditor Appointment

• Shareholders approved appointment of M/s V.M. & Associates as Secretarial Auditors for 5-year term.
• Term runs Apr 1, 2026 to Mar 31, 2031.
• Firm: M/s V.M. & Associates, FRN P1984RJ039200.

AGM Details

• AGM held on Wednesday, 16 September 2026 at 04:30 P.M. IST via VC/OAVM.
• Record date for voting: 9 September 2026.
• Remote e-voting window was 12–15 September 2026.

Key Resolutions

• Ordinary: Adopt the audited financial statements and reports for FY ended March 31, 2026.
• Ordinary: Re-appointment of Mrs. Aneesha Baid (DIN: 07117678) after retirement by rotation.
• Special: Limit for issuance of Non-Convertible Debentures on private placement.
• Ordinary: Appointment of M/S V.M. & Associates as Secretarial Auditors.

Voting Results

• All resolutions passed unanimously with 100% in favour.
• No significant dissent or conflicts reported.

Dividend

• No dividend proposed or declared.

Director Changes

• Director change: Aneesha Baid re-appointed as director.

Auditor Appointments

• Secretarial Auditor appointment: M/S V.M. & Associates.

Related Party Transactions

• No material related party transactions reported.

Other Material Approvals

• No other material approvals disclosed.

AGM Details

• Date and time: 16 September 2026, 04:30 PM IST.
• Mode: Video Conferencing / OAVM.
• E-voting window: 12–15 September 2026; AGM e-voting conducted.

Resolutions

• Ordinary: Adopt audited financial statements; status: transacted; results to exchanges.
• Ordinary: Re-appoint Aneesha Baid by rotation; status: transacted.
• Special: Approve private placement debenture issuance limit; status: transacted.
• Ordinary: Appoint M/S V.M. & Associates as Secretarial Auditors; status: transacted.

Directors

• Director changes: Aneesha Baid re-appointed by rotation.

Auditors

• Statutory auditors represented at AGM; no appointment change announced.
• Secretarial auditors appointed: M/S V.M. & Associates.

Allotment details

• BOC approves private allotment of 70,000 Series A and 30,000 Series B NCDs.
• Aggregate nominal value ₹100 crore; Series A ₹70 crore, Series B ₹30 crore.
• Rated, listed, unsubordinated, secured, transferable, redeemable, non-convertible NCDs.
• Face value ₹10,000 per debenture; private placement.
• Maturity: 02-Sep-2029; tenor 36 months.
• Coupon: 10.50% p.a.; payments monthly.
• Security: first exclusive charge on receivables in favor of Debenture Trustee.
• ISINs: INE06WU07098 (Series A); INE06WU07080 (Series B).
• Listing: NCDs to be listed on BSE Wholesale Debt Market.

Dates and regulatory

• Allotment date: 02-Sep-2026; final redemption: 02-Sep-2029.
• Meeting held 02-Sep-2026, 3:00–3:30 PM.
• Regulatory basis: SEBI Listing Regulations Regs. 30 and 51.

Financial Performance

• AUM up 27% YoY to ₹1,721 crore in Q1 FY27.
• Disbursements up 38% YoY to ₹230 crore in Q1.
• Profit after tax ₹16.43 crore, up 70% YoY in Q1.
• ROE 13.86%, ROTA 3.45%, NIM 11.36% in Q1 FY27.
• GNPA 2.08% including Upmoney; ex-Upmoney 0.83%.

Operations & Geography

• MSME/SME loans ~80–82% of business; secured lending core.
• 196 branches across six states; ~2,000 employees.
• LTV on secured SME loans 45–50%.
• Yield: MSME 32.48%; Vehicle 19.87%; Wholesale 16%; Personal/Business 14–15%.
• Bounce rate 30%; PAR 30 ~7%.
• Collections: Sept ~89%; Mar ~93.20%; Current >92%.
• No current co-lending arrangement; plan to enter in future.
• Branch economics: average break-even in 7–9 months; AUM ₹1.5–2 crore.
• Turnaround for used-vehicle disbursements: 24–48 hours.

Funding & Credit Profile

• Cost of borrowing: pre-IPO ~11.73%; current ~10.48%.
• Bank borrowings ~80–82% of total; total lenders ~50–53.
• Weighted tenor of borrowings ~53 months; NBFCs typically 36–48 months.
• Direct-assignment transactions ~₹320 crore gross; NCDs used for funding.
• ICICI Bank onboarded; City Union Bank added; more banks in pipeline.

Q&A Highlights

• Upmoney exposure ₹18–19 crore; provision ~70% as of Q1; remaining ~30%.
• NPA with Upmoney 2.08%; excluding Upmoney 0.83%.
• Competition: MSME focus with door-to-door service; banks focus on multi-vehicle borrowers.
• Growth trajectory: Q1 growth ~28%; target ~28% CAGR; 196 branches; 30–35 new branches planned.
• Co-lending: currently none; potential in future for buyout scenarios.
• Branch economics: break-even 7–9 months; AUM ₹1.5–2 crore; typical branch staffing.
• RBI revolving credit circular: not applicable to current portfolio.

Outlook & Guidance

• Open ~30–35 new branches in this financial year; broadening state presence.
• Target ROTA ~4%; current ROTA ~3.45%; focus on cost efficiency and borrowing costs.
• Guided ~28% growth for the year; 30% CAGR achievable with expansion.
• Digital onboarding for personal loans; internal plans to expand secured MSME product with new subprime offering.
• Cost of borrowing to trend down; onboarding more banks to reach ~10% or below.

NCD issuance details

• BOC approved private placement of up to 1,00,000 NCDs.
• 📊 Face value ₹10,000; aggregate ₹100 crore.
• Green shoe option up to 20,000 NCDs (₹20 crore).
• First exclusive charge on identified receivables.
• NCDs to be listed on BSE Wholesale Debt Market.
• Tenor and coupon per KID.
• 🗓️ Meeting held Aug 25, 2026, 07:15–07:45 PM.
• 🗓️ Intimation Aug 20, 2026 clarified base size ₹50 crore; updated to ₹100 crore.

AR 2025-26 publication

• Annual Report for FY 2025-26 and 29th AGM notice published online.
• Available on company site and BSE/NSE portals for shareholders and debenture holders.
• Email addresses not registered; link and QR code provided for access.
• Web-Link: lifc.co.in/uploads/Annual Report 2025-26.pdf.
• Path to access: Home > Investors > Annual Report > 2025-2026.
• Physical copies available on request via investors@lifc.in.
• Shareholders/debenture holders urged to register email with DP/RTA for future communications.
• No financial metrics disclosed in this update.

Financial Performance

• Total income: ₹31,959.01 Lakh in FY2025-26, up 28.85% YoY.
• PAT after tax: ₹4,975.74 Lakh; YoY growth 38.34%.

Revenue & KPIs

• Revenue from operations: ₹31,702.72 Lakh.
• AUM: ₹1,626.26 Cr; YoY growth 27.35%.

IPO & Capital Structure

• IPO net proceeds: ₹15,158.6 Lakh; Tier I capital strengthened.
• CRAR: 26.12%.

Balance Sheet & Assets

• Borrowings: ₹1,26,778.97 Lakh.
• Total equity: ₹46,547.35 Lakh.

Cash Flows

• Operating cash flow: −₹27,999.15 Lakh.
• Financing cash flow: ₹35,427.55 Lakh.