Yes. Thank you, Yusuf.

Good evening, everyone. I am Abhijit Tibrewal from Motilal Oswal, and it is our pleasure to welcome you all to this earnings call.

Thank you very much for joining us for the Manappuram Finance call to discuss their Q4 FY26 earnings. To discuss the company's earnings, I am pleased to welcome Mr.

V.P. Nandakumar, Managing Director; Dr.

Sumitha Nandan, Executive Director; Mr. Buvanesh Tharashankar, Group CFO; Miss Bindu A.L., CFO; Mr.

Manoj Pasangha, Co-CEO, Asirvad Microfinance; Dr. Roy Varghese, Co-CEO, Asirvad Microfinance; Mr.

Rajesh Namboodiripad, CFO, Asirvad Microfinance; Mr. Kamal Parmar, Head, Vehicle and Equipment Finance; Mr.

Rakesh Sharma, Co-CEO, Manappuram Home Finance; Mr. Suveen P.S., Co-CEO, Manappuram Home Finance; and Mr.

Robin Karuvelil, CFO, Manappuram Home Finance. On behalf of Motilal Oswal, we thank the senior management and the investor relations team of Manappuram Finance for giving us this opportunity to host you today.

I now invite Mr. Nandakumar for his opening remarks.

With that, over to you, sir.

Thank you, Abhijit. Good evening everyone, and thank you for joining us for Manappuram Finance Q4 and full year FY26 earnings call.

I sincerely appreciate your continued engagement and support. Today, I'll briefly share our perspective on the operating environment, key highlights for the quarter and the year, and our strategic direction as we enter FY27.

Amidst geopolitical tensions, the fourth quarter of FY26 marked a relatively stable operating environment for the NBFC sector. Though the macroeconomic indicators continued to show resilience supported by steady consumption trends, improving rural demand, and stable credit growth, it is tempered by the headwinds arising from the geopolitical tensions such as inflationary tendencies, likely firming up of interest rates, weakening of rupee, etc.

The lending landscape remained competitive with sustained focus on improvements in asset quality and prudent underwriting standards. The sector also continued to witness challenges in certain unsecured segments, particularly microfinance, albeit early signs of recovery.

Gold prices remained supportive during the quarter, reinforcing demand for secured lending products such as gold loans, which continue to offer liquidity, flexibility, and lower risk. Against this backdrop, our approach remained consistent: protecting asset quality and ensuring sustainable growth.

During the quarter, we also observed sustainable growth in our core gold loan portfolio with AUM improving sequentially after a softer phase earlier in the year. While competition remained unabated, higher growth, higher economic activities, rural demand, shift in the consumer spending pattern has supported our gold loan disbursements.

Across segments, trends remained divergent. While gold loan is largely instrumental to our growth, microfinance is still in a recovery phase with modest AUM expansion and improvements in asset quality.

The housing finance business remains stable, though portfolio growth is muted. We remain focused on asset quality, operating efficiency, and risk-adjusted growth.

We are taking a cautious stance in microfinance, aligning expansion with improvements in collections and borrower leverage, while continuing to scale other segments carefully and prudently. Looking ahead, we expect steady momentum in gold loans driven by consumer demand.

Along with this, our diversified portfolio will enable a balanced and resilient growth. For Q4 FY26, Manappuram Finance delivered a strong performance with growth anchored by our core gold loan business and supported by disciplined risk management across portfolios.

Consolidated revenue for the quarter stood at 2,614 crore, reflecting y-o-y, q-o-q growth of 10.7% and 11% respectively. Profit after tax stood at 405 crores.

For the full year FY26, we reported revenue of 9,509 crore, PAT of 993 crore. Our capital position, liquidity buffers, and provisioning coverage remain strong, providing resilience and flexibility as we move into next financial year.

Gold loan business, the core strength, our gold loan segment continued to demonstrate strong momentum in Q4, reaffirming its role as the cornerstone of our business. Gold loan AUM stood at 50,953 crore, registering 99.1% year-on-year and 31.5% quarter-on-quarter.

The segment continued to contribute the majority of our consolidated AUM and earnings. Asset quality in this portfolio remains robust, supported by conservative LTV norms, frequent monitoring, and strong operational controls.

Introduction of the new lending against gold collateral guidelines of the regulator has enabled us to broaden our product offering in a structured manner. We have introduced consumption loans, catering to the household and personal financing needs, and income-generating loans, designed for small business and livelihood purpose, allowing us to serve the differing needs of our borrower base more effectively.

Each of these products operate within defined guardrails on LTV, tenor, and customer eligibility. The new regulations requiring credit assessment of the borrowers will improve our customer due diligence, resulting in lower delinquencies, cross-selling of other products to our customers, thereby improving their wallet share.

Co-lending partnerships have added a further origination channel, extending our reach to geographies where we have limited presence. We also continue to invest in digital capabilities, analytics, and process efficiencies, which are enhancing customer experience, improving turnaround time, and driving productivity gains across our branch network.

Asirvad Microfinance continued to operate in a cautious environment during Q4 FY26. The strategic actions we initiated over the past few quarters, including tighter underwriting, calibrated disbursements, strengthened collections, and geographical optimization, are beginning to yield gradual improvements.

We expect the business to stabilize progressively with a sharper focus on sustainable growth and improved risk-adjusted returns. Across vehicle finance, MSME and allied lending, and affordable housing finance, we are pursuing a calibrated growth strategy that prioritizes risk-adjusted returns over volumes.

Underwriting standards have been tightened, exposure in select segments have been moderated, and collection infrastructure have been strengthened. These segments witnessed a moderation in portfolio levels, reflecting a calibrated approach that prioritizes portfolio quality and profitability over aggressive expansion.

Asset quality continues to remain the key focus area. Consolidated GNPA stood at 2.14%.

Provision coverage ratio remained at 27.34%. While stress persists in certain portfolios, our secured book continues to perform strongly.

Our balance sheet remains healthy, capital adequacy at 21.3%, well above regulatory requirements. Strong liquidity position with diversified funding sources across banks, capital markets, and securitization.

We continue to maintain a conservative provisioning stance and closely monitor early warning indications across businesses. As we enter FY27, our strategic priorities remain clear: strengthen leadership in gold loans through scale, technology, and customer-centric innovation; accelerate stabilization of microfinance and other micro-lending segments with a strong focus on asset quality; maintain balance sheet strength with disciplined capital and liquidity management; enhance operational efficiency through digital adoption and analytics; continue proactive regulatory engagement; and uphold best-in-class governance standards.

While near-term challenges persist in certain segments, we remain confident in the long-term structural opportunity in secured lending, particularly gold loans. With our strong brand, extensive distribution network, and disciplined execution, we are well positioned to deliver sustainable growth.

I would like to thank our employees for their dedication, our customers for their continued trust, and our investors for their unwavering support. We remain focused on building a resilient, future-ready franchise while delivering long-term value to all stakeholders.

With that, I will now hand over the call to our Group CFO, Mr. Buvanesh Tharashankar, for a detailed financial performance statement, after which we'll be happy to take your questions.

Thank you.

Thank you, Nandakumar, sir. Good evening, everyone.

Thank you for joining us for the discussion on our financial results for the last quarter and year ended March 31, 2026. Our consolidated AUM for Q4 FY26 was 63,798 crores, up 22.4% sequentially and higher by 48.3% year-on-year.

Gold continued to be our key growth driver with an AUM of 50,953 crores, up 31.5% quarter-on-quarter and higher by 99.1% year-on-year, supported by the gold price and strong customer demand. Gold loan business constitutes 80% of the consolidated AUM versus 59% in the prior year.

Consolidated PAT before OCI and minority interest was 405 crores for quarter four, which was up by almost 70% quarter-on-quarter. For FY26, our consolidated PAT before OCI and minority interest was at 993 crores, down 17.5% year-on-year.

Coming to the standalone business, our standalone AUM MAFIL for Q4 FY26 was at 55,952 crores, up 26.6% sequentially and 69.4% year-on-year. Gold loan AUM in standalone business was 48,814 crores, up 31.4% quarter-on-quarter and higher by 98% year-on-year.

Gold constitutes 87.2% of our standalone AUM versus 75% in the prior year. For the quarter, our standalone PAT before OCI and minority interest was at 376 crores, marginally down 1.5% sequentially and 49.4% year-on-year.

Standalone PAT included impact of a one-time write-off on vehicle loans amounting to 84 crores. For the year, our standalone PAT before OCI was 1,525 crores, down 14.5% year-on-year.

Standalone GNPA as on 31st March 2026 was at 1.81% versus 2.61% during the previous quarter, and the credit cost in the standalone entity for the quarter was 1.2%. Standalone borrowing cost has gone down by 17 bps in Q4 FY26.

Coming to the gold loan business, during the quarter we were able to add 3.16 lakh new customers, and outstanding number of customers stood at 25.2 lakhs. Tonnage grew by 3.82 tons in Q4.

Our average gold loan LTV was at 57% in Q4 FY26, and the online gold loan book accounts for 92% of our total gold loan book. Coming to the microfinance business, positive trends emerging in Q4.

There was a growth in the MFI AUM of 176 crores during the quarter. Disbursements closed at 1,086 crores versus 680 crores in the prior quarter, and the new book constitutes approximately 59% of the MFI portfolio as at March end.

Asirvad AUM stands at 6,794 crores, which includes gold loan AUM of 2,139 crores, up 11.9% quarter-on-quarter and down by about 17% year-on-year. PAT before OCI was at 13 crores in Q4 FY26 versus loss of 156 crores in Q3 FY26.

Adjusted for one-offs, losses were flat quarter-on-quarter. GNPA is at 4.85% with net NPA at 1.6%, down sequentially versus the prior quarter.

Asirvad CRAR currently stands at 20.2%. Coming to the vehicle finance business, in vehicle finance business, we have reported an AUM of 2,991 crores, down 16.8% quarter-on-quarter and 37.3% year-on-year.

The focus in the vehicle finance business is collection improvement. Several actions, including having separate collections teams handling soft and hard buckets, focus on digital reminders to improve NACH clearance, and focus on NACH bounce collections to improve current bucket resolutions.

Total GNPA showed a slight improvement sequentially. GNPA percentage AUM was at 10.4% versus 13.7% in the prior quarter.

Loans to MSME and allied businesses stood at 3,351 crores with a disbursement of 254 crores in Q4, and GNPA was at 7.1% versus 6.1% in the earlier quarter. The home loan business with a total book of 1,852 crores was down 2.6% quarter-on-quarter, but higher year-on-year by about 1.5%.

The board has declared an interim dividend of 50 paise for this quarter. Company is well capitalized with a capital adequacy ratio of 21.32%, and consolidated net worth stood at 16,051 crores as at March 31, 2026.

Book value per share stood at 170.9 paise. We can now go for the Q&A session.

Thank you.

Hi, team. Congratulations on the quarter.

My first question is for Bindu. Out of the 215 crore standalone provision, how much of a gold versus non-gold?

Can you break that up, please?

Okay. I'll share the exact details separately, but majority of it is from non-gold only.

In that, if you see the notes to accounts, almost 136 crore is the right-off from vehicle finance book. That has elevated the bad debts in this quarter.

Okay. You said 136 crore right-off?

136.

Okay. Because I think in the opening comments I heard 84 crore one-time right-off.

Or was that 84 crore is one-time and 50 is business as usual?

Is that the interpretation?

Out of 136 crore, 84 crore is net of provision.

Net of provision. Understood.

Secondly, when y'all disclose your gold loan average ticket size of 1.27 lakhs, that's on disbursements or on AUM?

AUM.

AUM. Okay.

Fair enough. Just thirdly, I wanted to understand this LTV thing.

Now, gold prices are up 8% q-o-q, 8%-9%. Your tonnage growth is 6%-7% q-o-q.

If my LTV is stable, AUM growth should be 14%-15% q-o-q, not 30%. What am I missing here?

Has the LTV gone up or what's wrong in the calculation here?

Actually, gold price increase is around 20% during the quarter

and

7% tonnage growth, and the total growth is 31%.

Sir, you're saying from 20th December sorry, 31st December to 31st March, you're saying 20% gold loan growth?

Gold price.

Gold price, yeah. Or are you taking an average of some periods?

This is on actual basis. The actual gold loan price has gone up by 20%.

Okay. Okay.

Okay. That's it from my end.

Thanks and wish you all the best. Operator, I'm done.

Hey, am I audible?

Thank you for the opportunity. Just want to understand how should we look at profitability versus growth?

Because if I look at either q-on-q or year-on-year, our AUM on a standalone basis has grown materially, but then the profit is down q-on-q and year-on-year. Despite a 70% year-on-year AUM growth, our profit is down year-on-year.

How should we think about the trade-off between growth and profitability going forward?

If you see the P&L, the NIMs improved during the quarter, but the main impact is on account of higher provisions, especially from the non-gold portfolio. That impacts profitability.

Otherwise, if we adjust this one-time write-off, our profit would have been 430 crores.

Got it. On the Asirvad, this quarter our credit cost is almost a minimum.

How should we think about the credit cost here for FY27?

The credit cost has improved primarily on account of enhanced collection efficiencies, and it's also been complemented with an increase in our book. As in the opening remarks you would have heard that the run-down is reduced from how it has been doing in the previous three quarters.

Last quarter we've increased our book and simultaneously increased our collection efficiencies. That way we've had our credit cost in control.

To add...

How should we think about

FY27,

because I don't know whether the fourth quarter credit cost is a sustainable level, because it's almost close to zero like that, 9 crores.

Completely sustainable.

Okay. Then, I just want to understand why is there positive ECL revision change in the fourth quarter for Asirvad, given that generally in the industry we see negative ECL revision or no change because of the a tougher environment in the previous 12 months?

I'll take that. Asirvad Q4 the provision was about 9 crores was largely on account of certain MTM credits that we got on the security receipts, and the change in terms of the ECL provisioning that we took on the new pool, because the new pool is performing significantly better than our best performing cohorts that we had in our portfolio.

Basically, therefore, we took a write-back on the provisions, especially on the new pool. The impact of the MTM change and the ECL contributed to a much lower provisioning in the fourth quarter.

How much is the MTM change plus ECL provision works together?

MTM plus the ECL change on a pre-tax basis is about 128 crores. Post-tax it would be about 96 crores.

Sequentially, if you look at quarter three versus quarter four, and given that there were some noise in Q3 as well, adjusted PAT for Asirvad Q3 versus Q4 was approximately around 100 crores loss sequentially Q-on-Q. Got it.

That's very clear. Sir, just one last question on that.

On the previous quarter's Q3 slide, the impairment of financial instruments or the provision cost on Asirvad was 240 crores 110 oh sorry, 217 crores. It seems to become 249 crores on the slide for the fourth quarter.

Just want to understand what's the difference.

Sorry, I didn't get you. There's

a reduction in... We will get back to you offline

if... You just to clarify your question, you wanted to know if there is a reduced provision being taken in the fourth quarter?

No, no. I'm talking about for Asirvad, third quarter impairment of financial instruments, your credit cost was 249 crores, right?

I'm looking

at the fourth quarter slide. Then in the previous quarter slide, that number was 217, 217.

Just want to understand what's the difference.

We'll have to get back.

We will get back to you. Okay.

Thank you so much.

Hi, sir. Thank you for giving me the opportunity and congrats on a good quarter.

My question firstly was on the MFI portfolio. In that segment, what is the current bucket collection efficiency and also wanted to understand what is the ECL 1, 2, and 3, while we do give a gross Stage 1, 2, 3 for that franchise, but also wanted to know the ECL 1, 2, 3 percentages.

Okay.

For the Stage 1, the ECL is at 1.47%. For Stage 2, it is 19.24%, and for Stage 3 it is 68.50%.

Okay. Got it.

Sir, what is the X bucket or current bucket collection efficiency for the franchise or for the microfinance portfolio?

Overall for the both the new book and the old book put together, it stands at 95%. That's for the old and the new book put together.

If we look at the new book collection efficiency alone, which in the opening remarks it was said it was at 59%, which is our current old book, we have an astounding percentage of 99.41%, which is the collection efficiency in the new book.

New book, you said it's closer to 58% 59% of the portfolio?

That is right.

Got it. Got it.

Sorry.

New book is 59%

and

old book is 41%.

New book is 59%. Got it.

Got it, sir. The other question, sir, was on the gold portfolio.

In that, now we have this LTV monitoring as a new regulation as required under the new regulation. What are the changes have we made to adhere to that guideline?

The new regulation applicable from 1st April 2026, and we are adhering to the regulation. Based on ticket size, interest accrued for the contracted period will also be added.

That will be the loan amount. There are two types of loans: consumption loans and income-generating, and there will be a credit assessment in case of high-value borrowers.

We have implemented since 1st April 2026.

For the customer who's highlighting that he will be making a bullet repayment, in that case, what is the LTV that we are sort of giving at the time of disbursement?

There will be a reduction in the LTV because under the new regulation, we have to factor the interest accrued,

and

it is his option to choose the tenor. If his preference is a better LTV, he can choose shorter-tenor products also.

Sir, he can choose the last point?

A 3-month scheme or 6-month scheme is also available.

Okay. Got it.

What is the incremental yield for the gold business? Because we continue to see that the net yield for the portfolio or for the standalone business has been coming off.

Have we further taken a price strategy downward?

Last quarter, there was a dip of almost 100 basis points, but with that, I think it is the bottom, and this quarter it will be similar or slightly better.

All right. Incrementally, we've not taken any price strategy change, but at a book level, that is where we are in terms of reduction.

Yeah.

Got it. Thank you so much for answering my question, and good luck for the next quarter.

Thank you, sir.

Hi, sir. Thanks for the opportunity.

Sir, could you clarify what's the quarterly profit or loss number for Asirvad?

Q3 Asirvad reported 156 crore loss, and Q4 it is 13 crore profit. I think the one-time adjustments, all Bhuvanesh sir already explained.

The new portfolio behavior is much better, and the ECL is adjusted accordingly, and there was a write-back from the ARC valuation. Against 249 crore Q3 impairment of financial instruments, this quarter stands at rupees 9 crore.

That helped to report a profit of 13 crore for Asirvad in Q4.

Okay. If you could help us understand how much of this improvement is driven by structural factors like new book mix and collection efficiency versus any one-off reversals, and how confident you are in sustaining profitability always over the next few quarters?

Yeah. As I explained, I'll just once again give you a brief.

I think this question will come up again. Our new book stands at 59% of our overall book, and our old book is at 41%.

The overall collection efficiency for the total book stands at 95%. If I were to look at the old book separately and the new book separately, in my X bucket for the old book, which is 41%, in the old book itself in my X bucket is 98.65%.

In my new book, which is 59%, my X bucket collection efficiency stands at 99.83%. If I were to take the overall collection efficiency for my new book, and the reason I want to start talk about this new book again is because as I'm talking to you, at every quarter, my increase in the new book is going to go such that by the beginning of the third quarter, I would have got rid of almost the entire set of old book, save for about 10% which might be remaining.

From the third quarter you're looking at an entire pristine book governed entirely with the MFIN guardrails and the collection efficiencies, if I'm standing at about 99.4% in the overall new book, this will reflect something similar in the entire book post two quarters as well. These are things which is going to be helping us in ensuring that our profits can be maintained whilst ensuring that our disbursements also keep moving up.

Our disbursements both in MFI and our AUM increase in gold, because that's something which we tend to forget quite often because we have also a very good performing gold loan book in the Asirvad book. More than 2,000 crores of my book is actually gold as well.

Those upside in my business in both gold and MFI will continue to help us in ensuring that our profits are maintained. With regards to our liquidity to ensure fund flow is there, because now the problem is not about building a book, the problem is also not about ensuring our collection efficiencies, proof of the pudding, you've seen it already, liquidity is by and large something which the industry would be talking about.

The recently announced CGFMU scheme, we have banks chasing us, asking us how much do you want us to lend to you in that particular CGFMU scheme. At this moment we are spoiled for choice.

We'll be choosing two, three banks that we will want to ensure our liquidity is taken care of as well.

Thanks, sir. Sir, the last follow-up on this: so do we expect on a consolidated basis our ROEs improving to 13% to 14% over the next two years?

If you look at the way the business is going, I wouldn't be able to give you a spot-on answer for that, but the trends definitely show good results.

We are expecting the consolidated ROE to improve because for gold we are growing. Our opex with the last one year has come down by 2 percentage opex to AUM.

The borrowing cost, yes, at this stage is as you heard, in the last quarter it has come down by 17 basis points. We don't expect much increase in the overall borrowing cost, and the yield is expected to remain at this level of 17.5% to 18%.

The NIM we expect to be maintained at this level will definitely improve the profitability. Gold, we continue to grow at a more or less at a pace of better than the last year now.

We expect to stabilize somewhere around 13% to 16% in the next one or two years' time, ROE.

Thank you, sir, for this. All the best.

Yeah. Hi.

Good evening. Thank you for good numbers.

Sir, any thoughts or any steps taken to pull back the gold loan yield? Because I think we have seen a consistent fall in this quarter.

Also, we saw further fall. Have we taken any corrective actions in terms of slightly adjusting pricing come March, April onwards?

Second is the mix of the gold loan book in terms of ticket size. Can we control the mix so that we don't have further dilution of the yield?

Can we have that control over how the incremental growth will come out in terms of the ticket size mix? I'm just wanting to understand how the yields will play out basis the action that you are taking on the ground.

See,

we expect the yield to remain between 17.5% to 18%. We believe that it will not go down.

The strategies are taken shaped in such a way that to maintain at this level. It will not go down.

Because you are getting a lot of growth from the higher ticket sizes at the lower rate. If you don't control that growth on the ground or if you don't increase the rates, how will the yields stay at the current level?

We are targeting the lower ticket size also. It is improving.

The trends are even in the coming quarters, you will see that trend remains at this level. What our expectation is, the yield somewhere stabilizing between this 17.5% to 18%.

Okay. On the asset quality in the non-gold businesses, just wanted to understand where are we in terms of the credit cycle?

Are we seeing structural improvements now in especially in the vehicle finance book, if I were to remove the write-off of 136 crore, and still there is a reduction of gross NPA? Can you just give some color about over and above write-off, the NPA reduction that we have seen?

Have you taken control of NPA resolution? Have the flows stopped from the intermediate bucket into NPA?

Can you give that confidence? Second is also in case of housing, we've seen reduction in NPAs.

Is there any structural factor there? Third is MSME and allied portfolio, we've seen an NPA increase.

How are we controlling the situation there? Would we need to do some write-off one-time in the coming quarters in MSME and allied portfolio, just like what we did in vehicle finance in this quarter?

I'll take that. As far as vehicle was concerned, we had taken the one-time write-off in this quarter.

There are a number of steps that we've taken in the vehicle finance business in terms of focusing on collections. One is in terms of the enhancements of the teams into soft bucket and hard bucket.

There is, as I covered earlier also, there is a lot of focus on the digital route, especially on the follow-ups on the NACH collections and in terms of focus on the NACH bounce cases. There's a lot of focus around that.

Due to all these actions, which were initiated sometime in Q3 of last year, we've seen a sustained improved trend. We see both in terms of the collection efficiencies and the collections on the NACH bounce cases going up from 75% to 90%.

Overall, as you said, adjusting for the write-off also, there is a marginal decline as far as the GNPA is concerned, by about 15 crores. As far as flow into NPA is concerned, what we have observed in the last few months is broadly flat.

Our NPA GNPA is broadly flat in terms of the overall stock. Yes, from a percentage standpoint, obviously there is amplification because my overall AUM is coming down, but the stock of NPA is essentially flat.

There are further actions that we will take and that will kind of play itself out in the coming quarters. That's as far as the vehicle finance is concerned.

On the home portfolio, Rakesh?

Hi. See, we continue to monitor the portfolio closely, leveraging on early warning system, data analytics.

We are also identifying stress accounts sooner and we're taking corrective steps to curtail that. We have intensified recovery efforts through dedicated team.

We have also hired collection agencies in few locations and faster legal escalations, structured one-time settlement in difficult accounts, wherever it's so appropriate. We expect slippages to moderate over coming quarter with gradual improvement in overall efficiency, asset quality.

MSME and allied portfolio? Yeah.

Right.

On the MSME and allied portfolio also, similar kind of actions are being initiated. We will see the results, the improvement in the numbers in the subsequent quarters.

Again, in terms of enhanced collection teams. There's a lot of focus in the non-gold portfolio with regards the enhancement of the collection team and leveraging of the digital means to improve collection efficiencies.

The trends will play out. Early reads on these trends are very encouraging.

They're moving in the right direction. We will see sequential improvement as we see in the coming quarters.

Then, if I were to look at this quarter's absolute credit cost, you had a one-time impact of 84 crores because of the write-off in the vehicle finance portfolio, but you also had the benefit of SR write-backs and some other kind of a write-back in the Asirvad portfolio, which was about 120-odd crore. If I were to eliminate both, then would it mean that the current run rate of credit cost should be maintained, right, in Q1, Q2?

Then, of course, the growth of the book will obviously have its impact, but otherwise, on a collection and recovery effort basis, the current run rate of credit cost should be maintained?

See, the way I would look at it, it depends on whether you're looking at console or on standalone MAFIL.

No, console. Consolidated numbers, yeah, of all the one-offs.

Console,

for Q4 console number, if you look at, yes, there were credits that we got on the Asirvad side offset by the build on the one-time write-off on the vehicle finance, largely canceled out each other. If you were to back out these two elements, adjusted PAT, we still had a improvement in our adjusted PAT by approximately 50 crores quarter-on-quarter.

That was largely on account of the volume growth that we saw on MAFIL. Coming quarters, as Manoj had just alluded on in terms of the improved numbers and the change in the portfolio mix on old versus new on MAFIL, we will see continued improvement on the Asirvad portfolio, and we will see continued improvement in the non-gold portfolios as well.

Overall, if you see sequentially, I think the cost of credit, we will see an improvement in the subsequent quarters. That will basically help in terms of accretion as far as PAT is concerned.

Thank you. Thank you and best of luck.

Hello, sir. Thank you for the opportunity.

I just wanted to confirm that is there any restatement done in the interest income line, because if I'm comparing the same with the release of December, I can see some 100 crore restatement done for Q3. Could you please advise on the same?

Bindu?

You are talking about console financials?

Yes, console financials. In the Q4 release, I'm able to see the interest income as 2,304 crores, but in the last quarter's release, it's roughly 2,244 crores.

There is some difference which I'm able to see. Is there some restatement being done?

I will share the exact details offline, but there is some regrouping.

Okay. Cool.

Thanks. Secondly, if you could just guide on the overall console AUM growth which we are planning for FY27, and how much would be driven by different segments, like how much should we expect from gold loan, and how should we see the Asirvad AUM growth for FY27?

We are seeing good opportunities to grow gold loan because now with a new regulation, two types of products: consumption loan as well as income-generating gold loan. Income-generating gold loans are targeted towards MSMEs, etc., which gives a good opportunity where there is no LTV cap for good customers with good underwriting higher score, etc., underwriting score, etc.

We'll be able to offer slightly higher LTV. Another scope for this year would be to expand our branch network.

We plan because recently the regulation has removed the requirement of prior approval for regulatory approval for opening new branches, that has been removed now. We plan to open some 500 to 550 branches in gold loan during this year so that the places have been identified where the growth prospects are good.

This also will be a boost for the gold loan growth. Regarding our other portfolios, already the CEOs have already explained the growth.

In microfinance, already it has been mentioned by Manoj the disbursements, quality disbursements with guardrails, it is steadily improving, where the this new book is steadily increasing, which has come to now 59%. In another one quarter, Manoj, the expectation is...

75%.

75%.

In that, the collection efficiency stands above 99% and hope to maintain that with the guardrails, etc., etc. This definitely gives scope for improving that.

Rakesh also has said actions have been taken for the shifting from the micro home to the slightly larger ticket affordable housing, the teams have been onboarded with a shift in the focus area of lending where the asset quality is expected to be good. With all this, we expect the overall console AUM to grow at a reasonably good level.

We expect that to be maintained much more than the during the current year with regard to volume. That is our expectation.

Sir. Thank you so much for that, and I will take the details of the restatement offline from you.

Thank you so much.

Sure.

Yeah. Good evening, sir, and thank you for taking my question.

Just wanted to understand the going forward guidances in terms of AUM growth, AUM mix, and what are the ROA, ROE profiles that we are targeting for the next two years?

That is already told. With the opportunities with our new gold lending norms, etc., new products are coming in.

Our products, we are opening branches also. About microfinance also, the asset quality is steadily improving.

There the gold loan portfolio is also improving. They are also targeting more and more quality.

Similarly, with the product shift, etc., home finance also is expected to fare well. That as I said, this year's volume growth in gold loan is expected to be more than what we have achieved during last year.

For other products also, as a new face has come, a new leadership has taken the charge, who have the expertise for a long number of years in leading large companies, etc. We expect that growth to be good.

We don't give any number, but we expect that to be good.

Got it. Okay.

Thank you so much. Sir, any number for the FY28 ROA, ROE that we're targeting?

We are targeting over 15%.

Okay. Sure.

Thank you so much, sir.

Yeah. Hi.

I just had one question. I just wanted to know the auction number for this particular quarter.

Yeah, 29 crores.

15 crore during the quarter.

Okay. Thank you.

Thank you for the opportunity, and congrats on a good set of numbers. You mentioned one point that new leadership has come in.

Can you talk about that, which areas new persons have come in? Also the second question is on the status of Deepak Reddy.

Is he planning to join in earlier or how is it? If you can just, on that also, two things.

Deepak Reddy is undergoing treatment in Singapore. We are not very sure when he will join, but his health is improving, but we are not able to say when the exact time of his joining.

Regarding the new leadership, etc., in microfinance, Manoj Pasangha has taken the charge as CEO. Similarly, in Home Finance, Mr.

Rakesh has taken the charge. They have long experience in running large portfolios, etc.

The actions taken by Manoj the positive results are already evident, and he has taken the charge three months back. In the next one year, you can expect dramatic change.

Similar is the case with Rakesh also in leading Manappuram Home Finance.

Okay. Anyone else?

Are we also considering if Deepak Reddy...

At the group level, Buvanesh has joined as the group CFO. Similarly, Ashish has joined as the group CCO.

Then Sanjeev Nambiar as the group legal counsel. Then Sreekanth as the COO.

We expect some more leadership to join for the positions of CIA and head of risk, etc. Collection head also.

Now collection head has joined in Manappuram Home Finance, and CTO also have joined. These are all senior leadership who has proven their capabilities in leadership in their previous organizations.

Okay. Sir, just the last question: so if Deepak Reddy come back gets delayed, are we looking at anyone else to fill in the role or something like that, or we'll just wait it through?

No, we will wait for his to see his health is improving, and also we are hopeful that he will have the healthy situation to take on the charge of the company.

Okay. The best and wishing him a speedy recovery.

Thank you.

Yeah.

Thank you for your questions. I hope we have answered your questions.

Any clarification, any details required, we are available. Thank you.