Summary of quarterly results filing for Poonawalla Fincorp Ltd published on 16 Jan, 2026
1. Auditor’s Note
- The joint statutory auditors (Kirtane & Pandit LLP and MSKA & Associates LLP) have issued unmodified limited review reports on both standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025.
- No qualifications, concerns, or issues were raised.
- The auditors explicitly state that nothing has come to their attention to indicate material misstatements or non-compliance with applicable accounting standards and SEBI regulations.
- The review was conducted under SRE 2410, which is less extensive than an audit but sufficient for interim financial information.
- The auditors also issued a limited assurance certificate confirming that the security cover for listed secured debt securities is maintained as per regulatory requirements.
Conclusion:
No auditor qualifications or concerns noted.
2. Financial Performance
Consolidated Financial Results (₹ in crores)
| Particulars | Q3 FY26 (31 Dec 2025) | Q2 FY26 (30 Sep 2025) | Q3 FY25 (31 Dec 2024) | 9M FY26 (31 Dec 2025) | 9M FY25 (31 Dec 2024) | FY25 (31 Mar 2025) |
|---|---|---|---|---|---|---|
| 1. Income | ||||||
| (a) Interest income | 1,659.65 | 1,402.23 | 999.09 | 4,247.22 | 2,806.03 | 3,874.50 |
| (b) Rental income | 1.58 | 2.77 | 3.66 | 7.48 | 13.47 | 16.86 |
| (c) Fees and commission income | 115.73 | 102.45 | 54.28 | 281.00 | 125.20 | 192.26 |
| (d) Net gain on fair value changes | - | 0.03 | - | 0.03 | - | - |
| (e) Net gain on derecognition of financial instruments | 41.46 | 34.82 | - | 138.96 | 78.79 | 106.14 |
| Total revenue from operations | 1,818.42 | 1,542.30 | 1,057.03 | 4,674.69 | 3,023.49 | 4,189.76 |
| (a) Other income | 0.06 | 0.47 | 0.14 | 0.57 | 26.04 | 33.08 |
| Total income | 1,818.48 | 1,542.77 | 1,057.17 | 4,675.26 | 3,049.53 | 4,222.84 |
| 2. Expenses | ||||||
| (a) Finance costs | 738.71 | 637.81 | 385.02 | 1,922.61 | 1,056.71 | 1,515.09 |
| (b) Net loss on fair value changes | - | - | 8.31 | - | 15.03 | 13.72 |
| (c) Net loss on derecognition of financial instruments | 32.05 | 30.00 | - | 62.05 | - | 94.41 |
| (d) Impairment on financial instruments | 295.47 | 257.67 | 347.87 | 794.22 | 1,299.99 | 1,458.17 |
| (e) Employee benefits expenses | 284.94 | 256.36 | 148.45 | 754.46 | 462.78 | 636.22 |
| (f) Depreciation and amortisation expenses | 24.10 | 22.47 | 15.27 | 68.61 | 45.58 | 65.10 |
| (g) Other expenses | 243.00 | 239.57 | 127.07 | 690.77 | 385.06 | 575.53 |
| Total expenses | 1,618.27 | 1,443.88 | 1,031.99 | 4,292.72 | 3,265.15 | 4,358.24 |
| 3. Profit/(loss) before tax (1-2) | 200.21 | 98.89 | 25.18 | 382.54 | (215.62) | (135.40) |
| 4. Tax expense | ||||||
| (a) Current tax - Current period/year | 31.85 | 15.73 | (2.60) | 60.86 | 22.29 | - |
| - Earlier period/year | - | - | - | - | 0.26 | 0.26 |
| (b) Deferred tax | 18.14 | 8.96 | 9.05 | 34.66 | (77.50) | (37.32) |
| Total tax expense | 49.99 | 24.69 | 6.45 | 95.52 | (54.95) | (37.06) |
| 5. Profit/(loss) after tax (3-4) | 150.22 | 74.20 | 18.73 | 287.02 | (160.67) | (98.34) |
| 6. Other comprehensive income | ||||||
| (a)(i) Remeasurements of defined benefit plans | (1.24) | 0.36 | (0.37) | (3.01) | (1.28) | (1.96) |
| (ii) Income tax relating to above | 0.31 | (0.08) | 0.09 | 0.76 | 0.32 | 0.49 |
| (b)(i) Financial instruments through OCI | (0.12) | (0.67) | (0.39) | 0.12 | 0.08 | 0.10 |
| Effective portion of gain/(loss) on cash flow hedge | 1.02 | 12.00 | 3.68 | (7.18) | 3.68 | (16.95) |
| (ii) Income tax relating to above | (0.22) | (2.85) | (0.83) | 1.78 | (0.95) | 4.24 |
| Total other comprehensive income/(loss) (net of tax) | (0.25) | 8.76 | 2.18 | 1.78 | 1.85 | (14.08) |
| 7. Total comprehensive income/(loss) (5+6) | 149.97 | 82.96 | 20.91 | 279.49 | (158.82) | (112.42) |
| 8. Total comprehensive income attributable to owners | 149.97 | 82.96 | 20.91 | 279.49 | (158.82) | (112.42) |
| 9. Profit/(loss) attributable to owners | 150.22 | 74.20 | 18.73 | 287.02 | (160.67) | (98.34) |
| 10. Paid-up equity share capital (₹ 2 each) | 161.56 | 161.49 | 154.58 | 161.56 | 154.58 | 154.58 |
| 11. Earnings per share (Basic) (₹) | 1.86 | 0.95 | 0.24 | 3.65 | (2.08) | (1.27) |
| 12. Earnings per share (Diluted) (₹) | 1.85 | 0.95 | 0.24 | 3.64 | (2.08) | (1.27) |
Standalone Financial Results (₹ in crores)
| Particulars | Q3 FY26 (31 Dec 2025) | Q2 FY26 (30 Sep 2025) | Q3 FY25 (31 Dec 2024) | 9M FY26 (31 Dec 2025) | 9M FY25 (31 Dec 2024) | FY25 (31 Mar 2025) |
|---|---|---|---|---|---|---|
| 1. Income | ||||||
| (a) Interest income | 1,659.65 | 1,402.23 | 999.09 | 4,247.22 | 2,806.03 | 3,874.50 |
| (b) Rental income | 1.58 | 2.77 | 3.66 | 7.48 | 13.47 | 16.86 |
| (c) Fees and commission income | 115.73 | 102.45 | 54.28 | 281.00 | 125.20 | 192.26 |
| (d) Net gain on fair value changes | - | 0.03 | - | 0.03 | - | - |
| (e) Net gain on derecognition of financial instruments | 41.46 | 34.82 | - | 138.96 | 78.79 | 106.14 |
| Total revenue from operations | 1,818.42 | 1,542.30 | 1,057.03 | 4,674.69 | 3,023.49 | 4,189.76 |
| (a) Other income | 0.06 | 0.47 | 0.14 | 0.57 | 26.04 | 33.08 |
| Total income | 1,818.48 | 1,542.77 | 1,057.17 | 4,675.26 | 3,049.53 | 4,222.84 |
| 2. Expenses | ||||||
| (a) Finance costs | 738.71 | 637.81 | 385.02 | 1,922.61 | 1,056.71 | 1,515.09 |
| (b) Net loss on fair value changes | - | - | 8.31 | - | 15.03 | 13.72 |
| (c) Net loss on derecognition of financial instruments | 32.05 | 30.00 | - | 62.05 | - | 94.41 |
| (d) Impairment on financial instruments | 295.47 | 257.67 | 347.87 | 794.22 | 1,299.99 | 1,458.17 |
| (e) Employee benefits expenses | 284.94 | 256.36 | 148.45 | 754.46 | 462.78 | 636.22 |
| (f) Depreciation and amortisation expenses | 24.10 | 22.47 | 15.27 | 68.61 | 45.58 | 65.10 |
| (g) Other expenses | 243.00 | 239.57 | 127.07 | 690.77 | 385.06 | 575.53 |
| Total expenses | 1,618.27 | 1,443.88 | 1,031.99 | 4,292.72 | 3,265.15 | 4,358.24 |
| 3. Profit/(loss) before tax (1-2) | 200.21 | 98.89 | 25.18 | 382.54 | (215.62) | (135.40) |
| 4. Tax expense | ||||||
| (a) Current tax - Current period/year | 31.85 | 15.73 | (2.60) | 60.86 | 22.29 | - |
| - Earlier period/year | - | - | - | - | 0.26 | 0.26 |
| (b) Deferred tax | 18.14 | 8.96 | 9.05 | 34.66 | (77.50) | (37.32) |
| Total tax expense | 49.99 | 24.69 | 6.45 | 95.52 | (54.95) | (37.06) |
| 5. Profit/(loss) after tax (3-4) | 150.22 | 74.20 | 18.73 | 287.02 | (160.67) | (98.34) |
| 6. Other comprehensive income | ||||||
| (a)(i) Remeasurements of defined benefit plans | (1.24) | 0.36 | (0.37) | (3.01) | (1.28) | (1.96) |
| (ii) Income tax relating to above | 0.31 | (0.08) | 0.09 | 0.76 | 0.32 | 0.49 |
| (b)(i) Financial instruments through OCI | (0.12) | (0.67) | (0.39) | 0.12 | 0.08 | 0.10 |
| Effective portion of gain/(loss) on cash flow hedge | 1.02 | 12.00 | 3.68 | (7.18) | 3.68 | (16.95) |
| (ii) Income tax relating to above | (0.22) | (2.85) | (0.83) | 1.78 | (0.95) | 4.24 |
| Total other comprehensive income/(loss) (net of tax) | (0.25) | 8.76 | 2.18 | (7.53) | 1.85 | (14.08) |
| 7. Total comprehensive income/(loss) (5+6) | 149.97 | 82.96 | 20.91 | 279.49 | (158.82) | (112.42) |
| 8. Paid-up equity share capital (₹ 2 each) | 161.56 | 161.49 | 154.58 | 161.56 | 154.58 | 154.58 |
| 9. Earnings per share (Basic) (₹) | 1.86 | 0.95 | 0.24 | 3.65 | (2.08) | (1.27) |
| 10. Earnings per share (Diluted) (₹) | 1.85 | 0.95 | 0.24 | 3.64 | (2.08) | (1.27) |
3. Detailed Notes / Management Commentary
- The results are prepared in accordance with Ind AS 34 and RBI prudential norms.
- The company is primarily engaged in financing business; hence, no separate reportable segments as per Ind AS 108.
- During 9M FY26, the company allotted 1,466,607 equity shares under ESOPs.
- During 9M FY26, the company issued 33,148,102 equity shares via preferential issue at ₹452.51 per share, raising approx ₹1,500 crore from promoter Rising Sun Holdings Pvt Ltd.
- The company has recognized an estimated increase in employee benefits expense of ₹6.42 crore due to new Indian Labour Codes.
- The company issued commercial papers and NCDs listed on BSE during 9M FY26.
- The company continues to classify its investment in joint venture Jaguar Advisory Services Pvt Ltd as asset held for sale.
- No material regrouping or reclassification impacting comparability.
- The company transferred 14,286 stressed loan accounts to ARCs during 9M FY26 with aggregate principal outstanding of ₹226.64 crore and net book value ₹104.41 crore.
- Additional 58,006 loan accounts were sold during 9M FY26 for ₹177.80 crore; these were already written off.
- Security receipts outstanding have various ratings from Crisil and India Ratings.
- No deviations or variations in use of proceeds from fund raising reported.
- Debt-equity ratio stands at 4.25 (Standalone) and 4.23 (Consolidated).
- Net worth stands at ₹9,995.76 crore (Standalone) and ₹10,046.44 crore (Consolidated).
- Gross Stage 3 assets at 1.51%, Net Stage 3 at 0.80% (Standalone).
- No defaults or delays in payment of interest/principal on debt securities reported.
4. Segment Information
- The company states no separate reportable segments as it is primarily engaged in financing business in India.
- No segment-wise financials or geographic breakdown provided.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Capital Work-in-Progress reported at ₹256.43 crore (book value of assets).
- Projects:
- No specific ongoing or planned projects disclosed.
- Writedowns/Impairments:
- Impairment on financial instruments: ₹295.47 crore in Q3 FY26; ₹794.22 crore in 9M FY26.
- Acquisitions/Disposals:
- Plan to sell shareholding in joint venture Jaguar Advisory Services reaffirmed; classified as asset held for sale.
- Fundraising:
- Approved raising up to ₹5,500 crore via equity shares through QIP or other permissible modes.
- Approved raising up to ₹20,000 crore via issuance of non-convertible debt securities (NCDs) on private placement basis.
- Restructuring/Cost-cutting:
- No explicit mention of restructuring or cost-cutting measures.
- Security Cover:
- Exclusive security cover ratio: 121%
- Pari-passu security cover ratio: 100%
- Assets offered as security include book debts, immovable properties, and other assets with total book value of ₹54,193.35 crore.
- Debt Securities Outstanding:
- Total secured NCDs outstanding: ₹14,176.60 crore (principal + accrued interest).
- Total debt securities outstanding (including other secured and subordinated debt): ₹44,197.59 crore.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided.
- The figures for standalone and consolidated are almost identical, indicating limited impact of subsidiaries/joint ventures.
- Joint venture Jaguar Advisory Services Private Limited is classified as asset held for sale; equity method discontinued.
- No non-controlling interests reported.
- Auditor’s review reports issued on both standalone and consolidated results with unmodified conclusions.
Summary Tables
Key Profit & Loss Items (₹ Cr)
| Particulars | Q3 FY26 Standalone | Q3 FY26 Consolidated | Q2 FY26 Standalone | Q2 FY26 Consolidated | Q3 FY25 Standalone | Q3 FY25 Consolidated | 9M FY26 Standalone | 9M FY26 Consolidated | 9M FY25 Standalone | 9M FY25 Consolidated | FY25 Standalone | FY25 Consolidated |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest income | 1,659.65 | 1,659.65 | 1,402.23 | 1,402.23 | 999.09 | 999.09 | 4,247.22 | 4,247.22 | 2,806.03 | 2,806.03 | 3,874.50 | 3,874.50 |
| Rental income | 1.58 | 1.58 | 2.77 | 2.77 | 3.66 | 3.66 | 7.48 | 7.48 | 13.47 | 13.47 | 16.86 | 16.86 |
| Fees and commission income | 115.73 | 115.73 | 102.45 | 102.45 | 54.28 | 54.28 | 281.00 | 281.00 | 125.20 | 125.20 | 192.26 | 192.26 |
| Net gain on fair value changes | - | - | 0.03 | 0.03 | - | - | 0.03 | 0.03 | - | - | - | - |
| Net gain on derecognition of fin. instruments | 41.46 | 41.46 | 34.82 | 34.82 | - | - | 138.96 | 138.96 | 78.79 | 78.79 | 106.14 | 106.14 |
| Total revenue from operations | 1,818.42 | 1,818.42 | 1,542.30 | 1,542.30 | 1,057.03 | 1,057.03 | 4,674.69 | 4,674.69 | 3,023.49 | 3,023.49 | 4,189.76 | 4,189.76 |
| Other income | 0.06 | 0.06 | 0.47 | 0.47 | 0.14 | 0.14 | 0.57 | 0.57 | 26.04 | 26.04 | 33.08 | 33.08 |
| Total income | 1,818.48 | 1,818.48 | 1,542.77 | 1,542.77 | 1,057.17 | 1,057.17 | 4,675.26 | 4,675.26 | 3,049.53 | 3,049.53 | 4,222.84 | 4,222.84 |
| Finance costs | 738.71 | 738.71 | 637.81 | 637.81 | 385.02 | 385.02 | 1,922.61 | 1,922.61 | 1,056.71 | 1,056.71 | 1,515.09 | 1,515.09 |
| Net loss on fair value changes | - | - | - | - | 8.31 | 8.31 | - | - | 15.03 | 15.03 | 13.72 | 13.72 |
| Net loss on derecognition of fin. instruments | 32.05 | 32.05 | 30.00 | 30.00 | - | - | 62.05 | 62.05 | - | - | 94.41 | 94.41 |
| Impairment on financial instruments | 295.47 | 295.47 | 257.67 | 257.67 | 347.87 | 347.87 | 794.22 | 794.22 | 1,299.99 | 1,299.99 | 1,458.17 | 1,458.17 |
| Employee benefits expenses | 284.94 | 284.94 | 256.36 | 256.36 | 148.45 | 148.45 | 754.46 | 754.46 | 462.78 | 462.78 | 636.22 | 636.22 |
| Depreciation and amortisation expenses | 24.10 | 24.10 | 22.47 | 22.47 | 15.27 | 15.27 | 68.61 | 68.61 | 45.58 | 45.58 | 65.10 | 65.10 |
| Other expenses | 243.00 | 243.00 | 239.57 | 239.57 | 127.07 | 127.07 | 690.77 | 690.77 | 385.06 | 385.06 | 575.53 | 575.53 |
| Total expenses | 1,618.27 | 1,618.27 | 1,443.88 | 1,443.88 | 1,031.99 | 1,031.99 | 4,292.72 | 4,292.72 | 3,265.15 | 3,265.15 | 4,358.24 | 4,358.24 |
| Profit/(loss) before tax (PBT) | 200.21 | 200.21 | 98.89 | 98.89 | 25.18 | 25.18 | 382.54 | 382.54 | (215.62) | (215.62) | (135.40) | (135.40) |
| Tax expense | 49.99 | 49.99 | 24.69 | 24.69 | 6.45 | 6.45 | 95.52 | 95.52 | (54.95) | (54.95) | (37.06) | (37.06) |
| Profit/(loss) after tax (PAT) | 150.22 | 150.22 | 74.20 | 74.20 | 18.73 | 18.73 | 287.02 | 287.02 | (160.67) | (160.67) | (98.34) | (98.34) |
| Earnings per share (Basic) (₹) | 1.86 | 1.86 | 0.95 | 0.95 | 0.24 | 0.24 | 3.65 | 3.65 | (2.08) | (2.08) | (1.27) | (1.27) |
| Earnings per share (Diluted) (₹) | 1.85 | 1.85 | 0.95 | 0.95 | 0.24 | 0.24 | 3.64 | 3.64 | (2.08) | (2.08) | (1.27) | (1.27) |
Summary of Key Financial Ratios (Standalone & Consolidated)
| Particulars | Standalone | Consolidated |
|---|---|---|
| Debt-equity ratio | 4.25 | 4.23 |
| Net worth (₹ Cr) | 9,995.76 | 10,046.44 |
| Net Profit/(Loss) after tax (₹ Cr) - Q3 FY26 | 150.22 | 150.22 |
| Net Profit/(Loss) after tax (₹ Cr) - 9M FY26 | 287.02 | 287.02 |
| Earnings per share (Basic) - Q3 FY26 (₹) | 1.86 | 1.86 |
| Earnings per share (Basic) - 9M FY26 (₹) | 3.65 | 3.65 |
| Gross Stage 3 % (Standalone) | 1.51% | N/A |
| Net Stage 3 % (Standalone) | 0.80% | N/A |
| Operating margin (%) | Not Applicable | Not Applicable |
| Net margin (%) - Q3 FY26 | 8.26% | 8.26% |
| Net margin (%) - 9M FY26 | 6.14% | 6.14% |
7. Capital Structure and Debt Securities
- Equity shares outstanding:
- 161.56 crore shares (face value ₹2 each) as of 31 Dec 2025.
- Fundraising approved:
- Up to ₹5,500 crore via equity shares (QIP or other permissible modes).
- Up to ₹20,000 crore via issuance of non-convertible debt securities (NCDs).
- NCDs outstanding as of 31 Dec 2025:
- Total secured NCDs: ₹14,176.60 crore (principal + accrued interest).
- Total debt securities outstanding (including subordinated debt, commercial paper, etc.): ₹44,197.59 crore.
- Security cover:
- Exclusive security cover ratio: 121%
- Pari-passu security cover ratio: 100%
- Assets offered as security:
- Book debts, immovable properties, loans, inventories, cash & bank balances, etc. with total book value of ₹54,193.35 crore.
- No defaults or delays in payment of interest or principal reported.
8. Other Key Points
- The company has transferred stressed loans to ARCs during 9M FY26 with principal outstanding ₹226.64 crore.
- The company has also sold previously written-off loans amounting to ₹177.80 crore.
- No material changes in accounting policies reported.
- No segment-wise or geographic revenue breakdown as company operates primarily in financing business.
- No restructuring or cost-cutting measures disclosed.
- Appointment of Mr. Vikas Pandey as Whole-time Director effective 16 January 2026.
Summary
Poonawalla Fincorp Limited reported strong growth in Q3 FY26 with consolidated and standalone PAT of ₹150.22 crore, up from ₹18.73 crore in Q3 FY25. The company’s total income rose to ₹1,818.48 crore in Q3 FY26 from ₹1,057.17 crore in Q3 FY25. Expenses increased but were well managed, resulting in a positive PBT of ₹200.21 crore for Q3 FY26.
The company continues to maintain strong security cover for its debt instruments, with no defaults reported. Fundraising plans include up to ₹5,500 crore via equity and ₹20,000 crore via debt securities. The company remains focused on financing business with no segmental diversification.
The auditors issued unqualified limited review reports on both standalone and consolidated results. No material concerns or qualifications were noted.