SG Finserve an Interesting NBFC in MSME Space with huge TAM , Q2FY26 Concall Decoded

Описание: How many NBFCs in India can say this ₹52,000 crore disbursed in just 36 months with ZERO NPAs?

SG Finserve claims exactly that.
But Q2 FY26 wasn’t just about growth numbers.

This earnings call marked the most crucial transition phase in the company’s journey

✔️ Slowing macros
✔️ FY26 guidance cut
✔️ Founder CEO exit
✔️ New CEO appointment
✔️ Shift towards retailer finance
✔️ Strong reaffirmation of FY27 growth

In this full concall deep dive, we break down:

Q2 FY26 performance and AUM growth

Why management cut FY26 PAT guidance

What “Zero NPA” really means in supply chain finance

Leadership changes and governance concerns

New retailer finance strategy and margin upside

Yield, NIM, ROE and funding outlook

Why FY27 could be the real inflection year

This video is for serious investors, not headline chasers.

📌 Key Highlights:

AUM: ₹2,878 crore (+15% QoQ)

₹52,000 crore cumulative disbursements

Zero NPAs reiterated repeatedly

FY26 PAT guidance cut to ₹120–125 crore

FY27 PAT guidance reaffirmed at ₹190 crore

Retailer finance could lift NIMs by 100–150 bps

Target AUM: ₹6,000 crore by FY27

Is SG Finserve’s Zero-NPA model a real moat or just cycle-dependent optimism?
Watch till the end for the full risk reward picture.

👇 Comment your view:
“Zero NPA Sustainable moat or marketing narrative?”

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