MGFL reported consol. PAT of INR2.2b in 2QFY26 (12% beat). NII declined ~16% YoY to ~INR13.8b (in line) and PPoP declined ~35% YoY to ~INR6.7b (in line). Operating expenses grew 6% YoY to ~INR7.4b (in line). Consol. credit costs declined QoQ to ~INR3.7b. Annualized credit costs for the quarter declined ~185bp QoQ to 3.3% (PQ: ~5.1%). Consol. total AUM rose ~4% QoQ and was flat YoY. Consol. Gold AUM grew ~9% QoQ and ~29% YoY to ~INR315b.
OutlookReiterate our Neutral rating on the stock with a TP of INR305 (based on 1.6x Sep’27E consolidated BVPS).
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