Hi, a very good evening to all of you. We have with us the entire management team of Muthoot Finance today to discuss their Q3 results.

From management side, we have Mr. George Alexander Muthoot, who is our Managing Director; Mr.

Alexander George, who is a Whole-Time Director; Mr. George M.

Alexander, who is a Whole-Time Director; Mr. George M.

George, Whole-Time Director; George M. Jacob, Whole-Time Director; and Mr.

Eapen Alexander, who is an Executive Director; K. R.

Bijimon, Executive Director; and lastly, Mr. Oommen Mammen, who is the CFO of the company.

Without further ado, I'll hand the call over to the MD, sir, for their opening remarks, and we'll follow that up with question and answers. Over to you, sir.

Thank you. Good evening to all.

This is George Alexander Muthoot, Managing Director. Along with me, I have the CFO, the COO, and some of the other directors also, because today we just finished our board meeting.

That is why we have the luxury of having some of the other board members also present here. We've just had the board meeting.

From our side, we feel that it was a good year for gold loan business. Our standalone AUM has achieved a historic growth of 50,000 crores, which is fueled by the robust 50% year-on-year growth in the gold loan portfolio.

Our core gold loan portfolio has grown by 50%, but over the 9-month period, the standalone gold loan increased by 36,700 crores, setting a new record for gold loan of 1,39,658 crores. This performance aligns with the accelerated demand for gold loan, especially evident during the festive season.

Consequently, our standalone profit after tax for the 9-month grew 91% to 7,048 crores. We see acceptance of customers for the gold loan as a convenient, trusted, and secure credit solution for a diverse customer base.

See, the customer base is very diverse, including salaried individuals, self-employed professionals, small business owners. Also, the higher price of gold has further empowered our customers to unlock greater value for their existing assets.

This has been the good performance from Muthoot Finance for this year. Overall, not only the gold loan business, other AUM has also definitely grown.

The standalone results is what I said about Muthoot Finance, and the Muthoot home loan portfolio or the home loan business subsidiary, it's a 100% subsidiary, the AUM stands at 3,380 crores in the 9 months, which shows a 24% growth year-on-year. The total revenue stood at 339 crores, registering a growth of 38%, and the profit after tax stood at 19 crores in 9 months 9 months.

The Stage 3 loan assets stood at 2.32% as of December '25. Belstar Microfinance, registered microfinance NBFC, is a subsidiary of Muthoot Finance, where Muthoot Finance holds 66.13% stake.

The loan AUM for the 9 months stood at 7,911 crores. The total revenue stood at 1,312 crores for the 9 months.

The microfinance, it achieved a significant turnaround in Q3, posting a profit after tax of 51 crores, particularly offsetting the loss incurred in H1 of 160 crores. The cumulative loss for the year stands reduced to 109 crores.

The Stage 3 loan assets stood at 4.93%, which has a provision coverage of 96.59%. The higher Stage 3 is also consistent with the industry peers.

Consequent to RBI allowing microfinance companies to have 40% non-microfinance portfolio, Belstar has opened 39 gold loan branches in the 9 months to diversify the loan product portfolio. Muthoot Insurance Brokers, a registered insurance broker, has also done well.

It's achieved a profit after tax of 23 crores in the 9 months. Asia Asset Finance, a listed subsidiary based in Sri Lanka, where Muthoot Finance hold 72.9% stake, portfolio stood at Sri Lankan 4,224 crores, which would be approximately about 950 to 960 crores of Indian rupees.

The total revenue stood at 703 crores, as against 494 in the previous year, increase of 42%. It achieved a profit after tax of Sri Lankan 68 crores in the 9 months ended financial year '26, as against profit of 50 crores in the last year.

Muthoot Money became a wholly-owned subsidiary of Muthoot Finance in October 2008 2018. Muthoot Money is a RBI-registered non-banking finance company engaged in extending vehicle finance and gold loans.

The loan portfolio for 9 months stood at 8,003 crores, as against 2,982 crores in the previous year, showing an increase of 168%. During the 9 months, the loan AUM increased by 4,001 crores, showing an increase of 105%.

Total revenue of the 9 months increased to 862 crores, as against 268 crores in the previous 9 months. It achieved a profit after tax of 203 crores in the 9 months, compared to a loss of 2 crores in the corresponding previous 9 months.

Overall, we see good growth, good momentum for gold loan business. The gold loan business per se, as well as the other businesses are also doing well, but potentially today, it is a time for the gold loan business.

The gold loan business is going very well, and Muthoot Finance, with its almost 5,000 branches in Muthoot Finance, as well as about 1,000 branches in Muthoot Money, is well poised to take advantage of the opportunities in the gold loan sector. With the blessings of this business, the regulators, and the customers, we have been able to do well.

Okay. Recently, last week, Reserve Bank of India has sent out a circular, or rather a draft regulations for comments, where our long-standing request for permitting branch opening without prior permission from the Reserve Bank stands withdrawn.

Hopefully, these draft regulations will be made into proper regulations, and the impact to Muthoot Finance and also to Muthoot Money, which has about 1,000 branches today, would be that they would be able to open branches wherever we require. That is certainly a very positive attitude which is being shown by the Reserve Bank of India.

Of course, we feel that this will also help in growing the gold loan business all over India, and as well as we feel that this is one way or the best way for the government to put purchasing power in the hands of people and monetize the idle gold lying in the hands of people. By permitting Muthoot Finance also to open branches, I think it is a positive action for Muthoot Finance, and I'm sure we should be able to take advantage of that also.

With that, in the positive sides of the government and regulator looking at gold loan, we see good prospects going forward also. With that, I would like to end the initial remarks and throw open the floor for clarifications and questions from the investors.

Thank you.

Hello, good evening. Congratulations.

Sir, my first question is that our yields have been continuously rising, right, for the last four quarters. Is it that the new customers who are coming in, or the new loans that are being sanctioned, are being sanctioned at higher rates?

If you could call out separately the recovery interest in the quarter. Like last time you had said it was around 300 crores, what was it this quarter?

That's my first question.

I think thank you for the appreciation. Yes, we have been growing in the last four quarters.

The loan to value has been fixed by the regulator at 75%. Not that everybody takes the whole 75% of the permitted loans.

Today, if you look at today's price, the loans outstanding is only 57%. 57% of the total book is what is outstanding.

Whatever is the permitted LTV, we do not give anything more than the 75%, but average LTV today on the outstanding portfolio at today's price is only 57%. About the interest, yes, there have been churn in the NPA portfolio where the legacy NPA of about 950 crores has been closed by the customers, and the new NPA which has fallen is about 342 crores, so that net NPA reduction is about 556 crores.

The interest which we earned on the legacy NPA minus the interest on the derecognized NPA, it comes to about 500 crores, which is the old NPA we have received. Also we had some auctions during the quarter, and we realized about 120 crores through auctions also.

ARC also contributed to about 24 crores of interest, so that is why there is a bump in the interest.

Around 624 crore, like 500 from recovery and then 24 from ARC and 100 more, like that, right?

Yeah.

120 from

[unclear]. Probably, some interest rates here and there we have done, so that also—

Some interest rate tweaking also sometimes happens, yeah.

Got it. Sir, your new customers or your existing customers who've taken fresh loans with new collateral has grown, but your new customers haven't grown, right, this quarter, as in last quarter it was around 0.42 million and now it's around 0.4.

It'll stabilize at this level, is it, or new branch openings will help improve the new customers coming in? How do we see it in the next few quarters?

I think,

we have 4 lakh, 400,000 new customers coming, it is not that—

Probably it is not that it is stabilized there. It is seasonal also.

Sometimes more people come. If, as you said, more branches means some more new customers, but there is a steady flow of new customers.

Okay. Sir, how much was the auction during the quarter?

As I said, auction interest is about 120 crores.

Sir. Thank you.

Hi, sir. Congrats on a good set of numbers.

My question was on interest income front. Incrementally, do we expect some more such one-offs coming in from the net recoveries from NPA?

Because it's been going on for the last at least three quarters now. Incrementally, how do you see this trend emerging?

When we, when there is a, increase in the NPAs, certainly there is an interest derecognition happens. Those loans remain for some time in our books, interest accrues.

When it is collected, the entire amount is getting recognized. That is a regular process, because there is a, significant decrease in the old NPA accounts, there is a churn, you know.

This is not, regular affair, but whenever it happens, there'll be an additional income recognition which happens.

Right. Okay.

Such clarity will not emerge for how things can evolve in future.

Yeah. As I said, when around 900 crores of deep NPAs got recovered, another 300 crores fresh NPAs got booked in that bucket.

Yeah. On that account, if it remains for some time, later on, when it is recovered, it gets recognized as interest income.

That's why this happens. It is a regular phenomenon, but it all depends on how long these accounts remain in the NPA bucket.

Especially when there is a decrease in the net NPA figures, this is bound to happen.

Got it. Sir, second question was on the pricing front.

Incrementally let's say last one quarter, while we have seen such cycles in the past as well where the competition has increased, where the gold prices have been volatile, but have we tweaked our pricing strategy in the last let's say two, three months' time period? See,

there is nothing like a pricing strategy. We try to maintain our net interest margins.

If the cost of funding is low, our yield also would be lower. We try to maintain our net interest margins and spread.

Got it. We would have passed on at least the cost of fund benefit, because even during the quarter, the cost of fund has actually gone up.

What explains that?

If our borrowing cost goes up, it's the function of the banks or the lenders increasing their rates, we just pass on some of them to the customers.

No, sir. As in, the rate environment is declining, why has our cost of fund—

Shreepal, see, in case of banks, we are not seeing much of a decrease in their MCLR, and especially, whereas in the bonds we have seen a decrease, and especially in this last couple of months, interest rates have been volatile. It has been going up and down.

That creates a paused environment in terms of interest part. Especially it is because the banks have not significantly reduced their MCLRs.

Sir, we've not seen any rate benefit coming in our cost of fund as such from the bank borrowing that we have.

It will take some time, one quarter, two quarter. Probably after some time, the MCLR will come down.

Today they have not really reduced the MCLR.

It is not like 50 bps. No, I don't think we have seen a 50 basis points reduction in the MCLRs of banks, most of the banks.

Okay. Sir, the last question was on the branch expansion.

Since the RBI has changed that policy, now from our end, how do we see the strategy changing? Because we were doing business from our subsidiaries as well on the gold finance side.

Now incrementally, would we sort of focus on standalone entity itself, or would we continue with this strategy of doing gold from all of our NB subsidiaries as well?

No, no. It is only Muthoot Money which is doing the gold loan business.

Probably they will also be doing. Muthoot Finance usually asked for permission.

Today the benefit we see from this is that we don't need to go and ask permission. We can open the branch and probably inform them that the branch is open.

That's a big convenience factor. Not that just because it is open, we are going to open 10,000 branches.

No, nothing like that. We have to open branches calibrated growth that we will continue.

The advantage is the two things: one, we don't need to go after Reserve Bank for a permission. The most important thing is the comfort or the message which we see from the regulator is that they're supportive of the gold loan business.

That is the message, that's a positive we see in this.

Got it, sir. All right.

Thank you so much, sir, for answering my questions, and good luck for the next quarter.

Yeah. Hi, team.

Many congratulations on the quarter. Just before my questions, want to go back to the previous participant's question on branch opening.

We take it that branch openings will be business as usual. It will not be accelerated next year?

It can be accelerated if we need to, but it will again depend on the business environment and whether we need to open branches. Not that, as I said, not going to open 1,000, 2,000 branches tomorrow.

It's not that easy to open branches.

Understood. That is clear.

Sir, secondly, just wanted to understand the opex growth trajectory, because while I understand AUM growth has picked up, our opex growth, two years back it was 13%, 14%, last year it was 20%, now we are running at 25% growth. Now given that most of our costs are fixed costs, why is our opex growing so fast?

Sir, opex, I don't know the exact number of growth, etc. Salaries are going up, rents are going up, all costs are going up, inflation is there, we are not insulated from all these things.

Naturally—

Sir, but all these things are like 10%, 12%, right? Not 25%.

I don't know this number you are saying. I will have to check that number first.

To me, our opex—

If it is a 25%— —growth, I didn't get this number properly. Yeah.

How should we think about it? If your gold loan growth next year is 15%, which is your steady-state guidance, how should we think about opex growth in such an environment?

Piran,

we can always discuss this. If you look at employee expenses, there is a regular increase which happens, and especially when there is a larger business growth, certainly the variable part keeps on growing.

Probably that is one aspect. Rent also generally there is an increase every year.

One item where we spend more is on the advertisements. As being a large volume business, our advertisement budget has been keep on increasing.

Of course, we take some outside help in terms of consultants, etc. That also plays another reason why there is a increase in opex.

Primarily it is because of the employee benefits and the advertisements.

Understood.

Of course, the business promotion expenses.

Okay. Oommen sir, just a couple of more number questions for you.

Now cost of funds we should not expect further reduction. It has stabilized here

if the repo rate is flat? No, that is not the impression I wanted to give.

It all depends on how the rate environment moves in the country. One side, RBI has been keep on reducing the benchmark rates, whereas the banks are not being able to pass on that—

Banks are not passing on freely the MCLR, they are giving lesser loans to maybe home loans and other individuals, but when it comes to borrowers like us, they're not really passing on that benefit. That's the sum and substance of it.

Probably—

It's already there in the public domain, how far banks have reduced their MCLRs, in spite of the reduction. That is one reason why we are not seeing, because almost 50% plus of the funding comes from the bank, naturally the—

No, sir, I think, sir, maybe I didn't explain my question well, but MCLR also happens with a lag, right? Like 6 months, 1 year.

If a bank cuts their MCLR, let's say in October last year, it might come up if it was 6-month due, it will come up in April this year, like that. We will get that benefit only in April.

My question was that way. There will be mismatch in terms of timing.

Should we expect some further downside in cost of funds?

That is true. That is true.

You look at how far that reduction has happened in terms of all the banks. Has any bank reduced by 50 basis points?

I don't think so.

Understood. Okay.

Okay. Sir, lastly, just 500 crores of interest recovery on 900 crores of NPA recovery, so that is more than 50%, which means these NPAs were on the books as NPAs for more than two years.

Is my understanding correct? Yeah.

We give lot of time to the customer, sir. When the customers request, we give them time.

That is one of the reasons we get more business also. We don't just aggressively auction the gold.

See, March '25, our NPA was 3,700 crores. Right now it is 2,300 crores.

That much of NPA was there at the beginning of the year. Definitely 9 months has accrued this year, and probably the earlier accruals also now we have received.

Understood. Understood.

Yeah. Sir.

That was it. Wish you all the best.

Yeah. Hi, thanks for the opportunity.

The first question was on the yields. I just wanted to know why the yields have increased YoY.

What was the recovery number this quarter? Then second question was on the competition.

We've seen some tonnage decrease QoQ, and the active customers have also reduced, I just wanted to know how the competition is panning out. That's

it. Competition is there from everybody.

Banks have big competition. Banks have a very big portfolio.

Banks have about 13 lakh crores of portfolio. NBFC has about 3 lakh crores of portfolio.

Everybody's portfolio is increasing. Competition is increasing.

We are also growing. We grew by 50%.

I think that is decent enough.

Prithviraj.

Yeah.

Yeah. Sorry, and the second question was on the recovery amount

in the interest. We just answered that question.

We just explained it, but there has been a recovery of the old NPA accounts, which has translated to an additional interest of around 667 crores. There is a fresh NPA of around 110 crores.

Then there is an auction income of around 100 crores. Then there is a recovery from the ARC sale of around 25 crores.

All these have added on top of the regular interest collections, and a little bit of a interest increase also on the regular loans also has happened. That is the reason why there is a jump in the yield.

Otherwise, I think you should see around 18.5% to 19% as the regular yield.

Yes, sir. Thank you.

Hi. Good afternoon, everybody.

Thank you for the opportunity. My question is that gold has seen a bull run in the past few months, and now it is sort of stabilizing.

How do you see that impacting the AUM growth going forward? Is there any guidance on that?

No, our AUM growth is not based on the price of gold. AUM growth is based on the demand for loans.

As I was saying in the beginning itself, our AUM or the loan to value today at today's price is only 50 57%. That means, although we can lend up to 75%, people have not borrowed 75%.

It's only 57% is the today's total value. That also shows that just because the price is increasing, people don't take money.

It also is a factor, because when price increases, people generally feel that their collateral, the gold with them is quite valuable, and probably some of them may think of monetizing it by taking a gold loan, etc. Price increase is there, but of course price is volatile.

It has gone up very high in the last one year, and sometimes we feel that it is stabilizing, and probably it may not stabilize, we'll wait and see. Having said that, it's not just the price rise, it is the demand.

We feel that the demand is coming because unsecured loans, etc., are not easy to get, and even the microfinance sector is degrown. People need money, and they are increasingly starting to use gold collateral to get money.

I think that is the reason for this.

Sir, what I actually meant was that the tonnage that Muthoot Finance holds, and that being part of assets, how would that get impacted with the price— No,

okay. I think I'll answer this question by saying that the gold loan remains only for about 3 to 4 months.

So 3 months back somebody has to pledge 4 bangles to get 1 lakh rupees. Today he has to bring only 3 bangles.

I cannot ask him to bring all the 4 bangles which he gave 3 months back. We have to do with the 3 month 3 bangles only.

Definitely for the same or the similar loan amount, new loans, they need to provide only lesser quantity. When the old 4 bangles get released and the same loan gets priced at the 3 bangles, the weight has to come down.

It is a function of the gold price also. The gold price goes up very high, the tonnage has to come down.

See,

every day we are doing fresh loans of around 50 to 60,000 numbers. Similar number also comes back as repayments, redemptions.

There is a regular churn which happens, so— Because

the cycle is short, so—

Yeah. We cannot expect the new customers to bring the same 4 bangles.

Right, right, right. Of course.

Naturally. Thank you, sir.

Sir, compliments to you for delivering excellent results. Sir, I have a few questions.

Are we revisiting guidance, as you indicated in one of the media interviews some time back, I think last month? Sir, you indicated that probably you will revisit the guidance when you hold the Q3 concall or something.

That is one question. Secondly, sir, we are emerging as one of the top 50 most profitable companies in India.

With a 10,000 crore profit annually, we'll be in the top 50. We request you to hold quarterly board meetings earlier, like Reliance, TCS, they hold normally in the first month itself, rather than holding in the fag end of the season when it ends.

I request you, it's a request. Third question is, we request you to appoint a Big Four auditor, because that will help in creating more wealth for the investors, because it gives a lot of foreigners, they want a Big Four auditor as a auditor.

Not that we do not like the current auditor. They are also very good.

Last question is what are we doing to reward investors, sir? Bonus issue, increase in payout, stock split, because our 3% equity held by only retail investors, 70% by the promoters, and 23% by institutions, only 3% is held by investors, retail investors.

Kindly it's another way to reward investors by splitting the stock or by increasing the value of number of shares, by increasing the number of quantity of shares, by splitting the stock split. We request a stock split also.

These are the questions.

Board meetings, I think we'll have to request the board members to come early. I think some of them are— You finished?

Can I reply?

Yeah. Please, please.

Go ahead.

Board meetings, we'll request them next time to start to do it earlier also. Okay.

On the lighter side only. Splitting shares and bonus shares, etc., is something, again, which we will, since you said, we will take it up with in the next meeting and ask the board their opinion on that.

Your next question is about the guidance. You said we have already grown by 36%, you said we have to give a guidance.

I thought I will give the guidance tomorrow at the TV interaction.

Okay. Yeah.

Sir, you can give it to investors also here.

Let me give it to CFO. Let me tell you, we are not given a guidance of 10,000 crores.

That is a number which you have put it.

No, no, no. 10,000 crore profit will occur.

Now, I'm not saying you give the guidance. No, sir.

Our MD came on the CNBC and they were asked a question that, our MD said that we probably revisit the loan growth guidance when we hold our next board meeting for the quarterly results. That is my question.

My question is not on the profit guidance. I am not saying profit guidance.

Profit, that we analysts will calculate. On the basis of the quarterly results, we will do our analysis, right?

I am just asking a pure question on gold loan guidance, yeah.

We were just clarifying. We don't give a guidance on the profit, just to clarify for everybody's interest.

No, no, sir. We are not asking a question on the profit guidance, sir.

Your misunderstanding, yeah.

Not for you. Not for you.

Oommen is saying for everybody, all the listeners.

Sir. Okay.

Sure.

I think we have grown by 36%. We should grow a little more.

I'll be able to give some number tomorrow, sir.

Okay. No problem.

Thank you very much.

Hello. Sir, just follow up on the question of a previous participant.

Given the gold price volatility that we are seeing recently, how should we think about both AUM as well as earnings and margin growth in a scenarios like let's say gold prices decline significantly given the higher volatility? Just overall outlook I wanted to understand.

I think it's a hypothetical question whether what will happen, but from our experience, again, I am repeating, gold price is not the factor for gold loan growth. Gold loan growth depends on the requirement of the customer.

Gold is there with everybody, and people come with the gold if they need money. If the people feel that gold loan is easier, better than other types of loans, we will get loans.

Today, the environment is good for a collateralized loan, because unsecured loans, etc., are difficult. Unsecured personal loans, unsecured business loans, and maybe even microfinance loans are difficult.

That is why we see a good demand for gold loan growth. Probably there will be some people who may think that the price is falling, gold loan business may not grow, but I don't agree to that.

I don't agree to that.

Understood. Got it.

Thank you, sir.

Good evening everyone. Congratulations to Mr.

George Muthoot and the entire management team for coming out with fantastic results. I just wanted to ask a question especially regarding the growth this year, but since Mr.

George has already told that you want to give it out in a TV interview tomorrow, Okay, sir, but at least subsequent to the December months, that is in the Jan, Feb months, are we seeing similar kind of growth?

I think we are not supposed to answer that directly, but anyway, business is as good as earlier.

Okay. All right.

I have another question that's we recently we have seen very volatile prices for gold, gold bullion. What kind of safe guards do we have in our system because if there is a fall of 15%, 20%, do we have some safeguards?

I think I answered that question a little earlier also. Today our average loan to value is only 57% or lesser than 57%, we have such a big margin that that is one side of the price.

Again, most importantly, we give finance only gold ornaments on which there is a making charge, which is again a 15%, 20%. The replacement cost for a customer is not 100, it is 115 or 120.

We have sufficient margin. Finally, because it's an ornament, it has a sentimental value also, just because the price falls, people just don't abandon the gold.

We have seen this happen in the last several years. There have been fluctuations in the price.

Just because price has fallen or price has fluctuated, nobody abandons the gold. In the last 10 years, 15 years after listing also, we've never had such instances, I think we are definitely insulated from that.

Sir. Thank you.

Thank you very much for your answers. Thank you.

Hi, sir. Thank you for giving me the opportunity once again.

My first question was on what is the accrued interest sitting right now?

It will be around 800 crores plus.

Got it. Got it.

Sir, with respect to the incremental disbursements, what is the LTV that we are sort of seeing in the last let's say couple of months or let's say last quarter? What is the incremental LTV that we are able to do for the fresh disbursements?

See,

we are allowed to give 75%, right? Sometimes because of the gold price, we may not entirely give the entire 75%.

Whatever is the limit which we have fixed, some customers take the full amount, some customers take a lower amount, depending upon the scheme he chooses.

Like at an average level, what would it be like? Because since you would be looking at it from the macro point of view, from that point of view, have you seen—

Generally, on a stable gold price scenario, I'm not talking about last one or two quarters, the normal disbursement LTV in the past we have seen is that though we give 75%, average tends to be around 71%, 72%. That's the average LTV.

Last quarter it would have been like—

For last quarter, I will not be able to comment, because we have restricted, though we were eligible to give 75%, we had restricted because of the volatility in the gold price.

It would have been lower than at least the broader average that you drew of 71%, 72%. Okay.

Okay. Sorry?

That is also one of the reasons why the tonnage tends to come down, because when you give at a higher price, the gold people tend will be lower.

Right. Right.

Right. Sir, the last question was on the growth front.

While sir highlighted that the growth has come in from the credit demand, which has increased at the customer level and not purely linked to the gold price rally, just wanted to understand that is that this reason could have also been a function of MFI segment seeing dry out of business momentum or let's say disbursements were sinking there as well? However, with that segment bouncing back, do you see that that can impact our sort of lenders who are into gold finance incrementally, since that vertical is now available at the customer's level?

What I said is microfinance is one factor. The overall unsecured lending is also very difficult today, not that people are not getting it.

Very difficult, especially to non-salaried people, unsecured loans. Also the business loans are also very difficult.

That is why you would have seen yesterday's newspaper, which says that RBI has said for business loans, you can even take gold as a collateral. That goes to show that people are not getting unsecured business loans also easily.

Third factor is microfinance. You said bounced back.

I haven't seen any big bounce till now. Some small growth only I've seen.

Nothing big bounce has come. That is my feeling.

Sir, if it comes, that can have some rub-off effect on our growth

momentum? See, if you look at our growth in the last one decade, that's a period when microfinance sector has also boomed.

In spite of that, we have grown, probably you can exploit—

Extrapolate.

Extrapolate from that.

Fair. Fair.

Just the last question was on the customers taking agri PSLs loans from PSU banks. Have you seen any increase let's say from customers moving away from us and taking the agri PSL loans from PSU banks?

Have you seen such leakages happening from our end?

It's not some leakage, because we are also growing. You saw we grow by 36% in the last 9 months, our business is also growing.

In the last one year, we grew by 50%, business is growing. People don't tell us that they're going to take a gold from us and take an agricultural gold loan from a PSU bank.

They don't confide that to us. Anyway, all these things happens.

Such a big market. Today the banks, with all the agriculture and non-agriculture loans, hold about 13 lakh crores of portfolio.

It's a huge number. NBFCs, gold loan NBFCs hold only about 3 lakh crore.

They are still big there, and people continue to take gold loans, they will continue to take agri loans from the especially from the PSU banks. It's always there.

Right. Sir,

that— Everybody is growing. They are growing.

We are growing.

Right. Sir, that question was coming like I was coming from let's say the pricing point of view as well, because there the pricing is much lower at 8%, 9% 8% to 10% sort of a range.

Yeah.

It is nothing new. This has been there for the last 10, 15 years.

People banks have been doing agricultural loans, PSL loans, etc. It's always there.

People who come to us come to us for some other reasons also. They are our customers.

They come to us for convenience, etc. They'll still continue to come.

Got it, sir. Got it.

All right, sir. Thank you so much for taking up my questions.

Thank you.

Am I audible?

Yes.

Congratulations on a great set of numbers, sir. What I want to understand is RBI has allowed lending on silver, I think so from April 1, 2026.

How do we look at it and how it can drive a growth?

You mean to say whether we are planning to give loan against silver? We have not considered it as yet, sir.

We have not considered it as yet.

Sir. Okay.

Thank you. Good evening from my side.

It was quite an interesting interactions with the investors, I think. We are thankful to the investors for participating in the concall and also guiding us, helping us, and also probably getting their doubts, etc., clarified.

Thank you for your support. I think I thank all the others who participated also.

From our side, from Muthoot Finance, from the management, we will see we will always ensure that the interests of the investors, that investors, our all stakeholders, with the borrowers, lenders, etc., protected, and we will do a good job of growing the company of growing the company both in quality and quantity. Thank you, and good day to good day to all of you.