Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 disbursements grew 25.7% y-y to INR54,079 Cr; AUM up 17% y-y to INR3.29 tn - PAT rose 59.4% y-y to INR3,677 Cr; NIM expanded to 9.52% from 8.19% - Gross Stage 3 at 4.65%, net Stage 3 at 2.31%; credit cost guidance maintained at 2% with temporary 30-40 bps elevation - Growth cautious at 15-17% for FY27 due to weak monsoon and geopolitical risks - Cost to income improved to 22.5%; capital adequacy strong at 33.2% - Incremental borrowing cost ~8%, overall cost of funds stable; liquidity coverage ratio at 303 - Gold loan disbursement INR5,443 Cr; LTV stable at ~72-73%; unsecured MSME at 28% - Management confident of outperforming in second half despite macro headwinds