Moneyview Q2 FY27 Earnings Call: Guides 40%+ Top-Line Growth, Margin Expands To 23%

Moneyview Ltd held its Q2 FY27 earnings call on November 05, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

First Post-Listing Quarter: Broad-Based Acceleration

• Disbursements of Rs.7,701 Cr (+7% QoQ) — with managed AUM of ~Rs.23,900 Cr at September-end and total income of Rs.1,145 Cr (+8% QoQ) in Q2 FY 2026-2027.
• Profit of Rs.201 Cr (+16% QoQ) — pre-tax margin expanded from 21% to 23% of total income in Q2 FY 2026-2027, driven by higher partnership-business margin, lower NBFC cost of capital, better credit costs, and operating efficiency.
• ROE of 27.8% in Q2 FY 2026-2027 — with IPO capital included in equity; normalized ROE (excluding IPO equity) improved to 31% from 29%.
• H1 FY 2026-2027 PAT of Rs.375 Cr — the company has been profitable since FY22, with ~15 Cr registered users and ~65% of AUM from repeat customers.
• Capital-light model — ~75% of loan capital comes from lending partners, with ~25% on the own NBFC book as of FY 2026-2027.

Management Guides 40%+ Top-Line, Rs.800 Cr+ PAT

• FY 2026-2027 top-line growth of at least ~40% — management guided that healthy H1 FY 2026-2027 disbursal/volume growth will continue into H2 FY 2026-2027, with disbursal growth and operating-leverage efficiencies as stated priorities.
• FY 2026-2027 profit growth in excess of 100% — over FY 2025-2026 normalized profit, which management said would mean actual profit above Rs.800 crores in FY 2026-2027.
• Margins at ~23.5% expected to continue and improve — for the remainder of FY 2026-2027, supported by good disbursement volume momentum; management expects current growth rates to continue through the rest of FY 2026-2027.
• Margin levers cited for FY 2026-2027 — lower cost of capital at the NBFC, technology-led reduction in operating costs, and a continuing decline in customer acquisition costs.
• ROE expectations — management expects to deliver the ~31% normalized level once IPO capital is fully deployed (period unspecified), and expects ongoing ROE closer to ~30% (period unspecified).

Borrowing Costs Falling; IPO Treated as Growth Capital

• Average cost of borrowing fell to 14% in Q2 FY 2026-2027 — from 14.8% in Q2 FY 2025-2026, driven by a significant reduction in the NBFC's borrowing cost since its last rating upgrade.
• Incremental borrowing at 12.5-12.8% in H1 FY 2026-2027 — ~2% cheaper than earlier; P&L translation lags due to repayment of old borrowings. Management expects the average cost to keep declining over FY 2027-2028 toward that incremental range.
• Rs.750 Cr IPO proceeds (FY 2026-2027) — available only after the October 1, 2026 listing; a Rs.250 Cr downstream investment into the NBFC was completed in October 2026 (Q3 FY 2026-2027), with the balance retained at the platform level.
• Proceeds not earmarked for debt repayment — management plans to lever the Rs.250 Cr NBFC infusion with additional debt to enhance shareholder returns, treating proceeds as growth capital.
• Rating discussions ongoing — management is in discussion with rating agencies to get the new equity capital reflected in its rating (timeline not specified); the FY 2025-2026 upgrade from BBB to A- with a positive outlook had significantly improved cost of capital.

Credit Costs Improving YoY; AI Voice Bots Handle Majority of Calls

• Credit cost of 4.9% annualized in Q2 FY 2026-2027 — improved YoY from 5.3% in Q2 FY 2025-2026; QoQ, provisions rose ~10 bps from 4.8% in Q1 FY 2026-2027, which the CFO attributed mainly to an annualization factor (absolute quarterly movement only ~2 bps) plus some seasonality.
• Management targets credit cost around/below 5% of AUM — as a standing business-model principle (period unspecified), and expects it to hold at ~4.9% for the remainder of FY 2026-2027. No specific end-FY 2026-2027 or end-FY28 figure was provided despite the analyst's ask.
• Collection efficiency of 98.64% in Q2 FY 2026-2027 — (September 2026), with October 2026 (Q3 FY 2026-2027) tracking at similar levels; Stage 1 assets stood at 94.6%, similar to Q1 FY 2026-2027, with no material stress seen.
• AI voice bots handle almost 65-70% of collection calls — as of Q2 FY 2026-2027; models score every customer monthly on bounce likelihood and auto-route customers to specialized queues, with recorded calls feeding a feedback loop.
• Bounce-rate data unavailable — the CFO did not have exact Q1/Q2 FY27 bounce rates; the disclosed metric is collection efficiency up to 30 DPD.

Diversified Partner Base; Embedded Channel at 20-25% of New Business

• ~17 lending partnerships live (FY 2026-2027) — no single partner contributes more than 13-14% (largest at ~10-12%); management's stated strategy is to add 2-3 new partnerships every year to reduce single-partner concentration risk.
• Sourcing partnerships with Airtel, Super Money, PhonePe and Thread — among others; combined they contribute ~20-25% of new business disbursements, equating to ~10-12% of total disbursements. Management does not disclose partner-wise contribution.
• One bank onboarded in early FY 2026-2027 — with integration underway with a few more banks; management noted bank partnership integrations take longer to complete.
• CAC at 1.6% of disbursals in Q2 FY 2026-2027 — vs ~1.9-2% in Q2 FY 2025-2026, attributed to rising direct/brand-led acquisition, fixed-CAC embedded partnerships, and a growing repeat mix; lead-level CAC is broadly unchanged. Management declined to disclose CAC in absolute rupees.
• ~65% of business is repeat customers (FY 2026-2027) — of new customer acquisition, ~75% is sourced directly (roughly half organic, half paid) and ~25% via embedded journeys with large consumer internet partners.
• Margin share with partners improved ~7-8 percentage points — in absolute terms in FY 2026-2027 vs FY 2025-2026, driven by new partnerships and commercial renegotiations as the NBFC's cost of capital came down.

OpEx Leverage From AI; Structural Tailwinds Cited

• OpEx as% of total improved to 34.5% in Q2 FY 2026-2027 — from 35.9% in Q1 FY 2026-2027; H1 FY 2026-2027 ran at ~35% vs ~39% in H1 FY 2025-2026, driven by lower collections cost, lower CAC, and tech/team efficiencies. Management expects continued improvement through H2 FY 2026-2027.
• ~80% of code engineers write today is AI-assisted — per CEO Puneet Agarwal, who said OpEx will grow significantly slower than income/AUM as AI is embedded across the business, including collections and servicing.
• Average customer interest rate of 24-25% — with rates starting as low as 14% (set by each lender via risk-based pricing), plus processing fees averaging an additional 3-4%; pricing was largely flattish between FY26 and H1 FY27.
• Revenue outpaced AUM growth QoQ in Q2 FY 2026-2027 — management attributed this to an increase in margin share with partners; separately, on-book AUM grew 7% QoQ while interest income grew 4% (analyst observation), which the CFO attributed to late-quarter AUM concentration and a deliberate shift toward better-quality customers.
• Industry context cited by management — India's personal loan market is expected to grow to "33-36 lakh crore by FY31"; digital loans made up about 15% of unsecured personal loan balances in FY26, and digital personal loans are projected to grow "26-27% a year through FY31" — third-party projections, not company commitments.
• Rs.160 Cr one-time bonus paid to CEO Puneet Agarwal — ahead of the IPO, decided by the board and shareholders, accounted for before the IPO and disclosed in the DRHP and RHP as one-time in nature, with no plans for similar payouts in the future.