Transcript of Investors Earnings Call for the second quarter ended September 30,2026.

AI summary - Q2 FY27 disbursement 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 around 2% with temporary 30-40 bps elevation - Growth guidance revised to 15-17% for FY27; cautious due to weak monsoon and geopolitical risks - Cost of funds stable at 8.4%; incremental borrowing cost ~8%; NIM expected to normalize to 8.5-9% medium term - Gold loan book growing fast; EMI product causing temporary asset quality pressure - MSME segment expanding geographically with higher ticket sizes; unsecured MSME at 28% - Liquidity coverage strong; borrowing resumed to support AUM growth - Management confident of better performance in second half despite macro headwinds