He noted that the NBFC-MFI (Non-Banking Finance Company – Microfinance Institution) has returned to normalized disbursements.
The company paid out ₹2,492 crores in the third quarter, which translates to an average monthly payout of around ₹830 crores. Previously, it was paying around ₹650 crores per month.
“..And by Q4, we will be back to around ₹1,000 crores of payouts per month. So we are looking at healthy payouts,” Sayeed told analysts.
At the end of December 2025, the company’s assets under management stood at ₹13,078 crores, growing at around 5.4 percent year-on-year (yoy) and 4.1 percent quarter-on-quarter (qoq).
Portfolio diversification
At the end of December 2025, the composition of JLG (joint liability group) loans and non-JLG loans accounted for 88 percent and 12 percent of the total loan portfolio, respectively. In March 2025, the share of JLG loans was 97 percent, with the balance being non-JLG loans.
“So it is good progress, and we are confident that we could achieve, as we expected, a ratio of approximately 85:15 in terms of our JLG and non-JLG mix. And over the long term, as we have indicated, we would like to maintain a ratio of 65%-35%. This will help streamline risk in the existing portfolio,” Sayeed said.
JLGs are informal groups of 4 to 10 people, usually women, engaged in similar economic activities. The members provide mutual guarantees for loans from lenders. JLG members avail collateral-free loans to farmers, tailors, small dairies, small vegetable sellers and tea shop owners, among others.
Non-JLG loans include secured products such as gold loans and micro-loans against real estate.
Published on February 16, 2026
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