Thank you. In line with good corporate governance practices, please note this presentation may contain forward-looking statements regarding the company's future business prospects, strategies, estimates, and profitability.

It is important to note that these statements are based on certain expectations, assumptions, anticipated developments, and are subject to various risks and uncertainties. The actual results may differ significantly from what is stated in these forward-looking statements.

Risks and uncertainties related to these statements include fluctuations in earnings, our ability to manage growth, competition, economic conditions in India and abroad, changes in law, rules and regulations relating to any aspect of the company's business operations, general economic, market and business conditions, attracting and retaining skilled professionals, as well as government policies and actions. Now I would like to hand over to Mr.

Arvind Kapil, Managing Director and Chief Executive Officer of the company.

Thanks, Shabnam. Thank you.

Very good evening to all of you. I wish all of you and your loved ones a very happy New Year.

Let me open from an industry and economic perspective from our side, and the winds that are shaping the organization of independent ventureships. India's real GDP growth hit 8.2% in quarter two financial year, 2026, up from 7.8% in quarter one.

CPI inflation progressively softened to 1.33% in December, 25% from 4.26% in January. High-frequency indicators signal ongoing economic momentum, with inflation below the lower tolerance band, falling unemployment, and improved exports.

Financial conditions also remains supported with robust credit covers, while demand holds steady and strong consumption. Let me start with the performance update.

I'd like to give a quick update on the quarter three financial year 26 results. Our AUM, as all of you are well aware, is growing at around 77.6% year-on-year, 13.3% quarter-on-quarter, standing at around 55,017 crores as of December 31st, 25.

Total disbursements in quarter three financial year 26 grew by 84% year-on-year and 6.5% quarter-on-quarter. Our new product disbursements has reached a monthly run rate of approximately 950 crores in the month of December.

New products delivered a 25% quarter-on-quarter disbursement growth, demonstrating the tangible momentum and market pull which our new products are generating at a grassroots level to the ground. Yes, the new product contribution to disbursements in quarter three financial year 26 stand at 20% as compared to 17% in comparison to the previous quarter.

Our all-books secure mix stands at around 26%. Net interest margin, including fee and other income, stands at around 8.62% in quarter three financial year 26 versus an 8.4% in quarter two financial year 26.

It's increased by around 22 basis points from quarter two to quarter three. Our GNPA for quarter three financial year 26 stands now at 1.51% versus a 1.59% in quarter two financial year 26.

It's a drop of another eight basis points here. Our Stage 1 assets, which I think is an important indicator for any company, rose to 97.4% for quarter three financial year 26 as compared to 97.1% in quarter two financial year 26.

I think this is important from our efficiency improvement point of view, reflecting stronger asset quality and stable borrower performance. This improvement underscores our continued focus on prudent underwriting and effective risk management.

Our stated objective is to achieve one of the best-in-class credit costs, which requires a more balanced and mature portfolio mix, through which transition is already underway. We've already launched new businesses and they will pick up scale in different proportions over years.

Our cost of borrowing has reduced from 8.04% in quarter one financial year 26 to 7.6% in quarter three financial year 26. That's around 39 bps in three quarters.

One of the key levers for NCD contribution, it has substantially increased from 7% in March 25 to 27% in September 25 and now approximately to 33-33% as of December 25, adding strength to long-term capital funding. Our aim is to ensure stable and cost-efficient funding.

On AI, out of the total tally of 57 cutting-edge AI projects, now we have reached 30 projects are live. Let me start with how we think about credit costs and ROI.

Because this, I believe, sits at the heart of how we are building this company. It's important that we are on the same page.

We're designing a high-quality, stable, low-OCI credit portfolio, not accumulating a balance sheet. From inception, every product we scale is built to deliver sustainable, healthy ROE all through the cycle basis.

Growth is therefore a means to compound intrinsic value, not an objective in itself. Let's understand the role of individual products.

Their contribution design, higher natural provision impact, and the mathematical average of approximately 12 products and then one business of instant consumer loans, making a total of 13 products. We provide clarity on how total credit costs should be viewed, in my assessment.

It's very important to recognize that different lending products inherently carry different risk profiles. Instant loans, by design, carry a higher standalone credit cost, while the remaining approximately 12 lending products are more granular, diversified, and comparatively lower risk.

We expect credit costs across individual businesses should decline steadily over time, given by portfolio seasoning, a solid risk calibration, and strong collections. That's going to be a big focus area for us.

At the consolidated level, reported credit costs represents, and this is important, an estimated weighted average reflecting the proportional contribution of the instant loan business and the combined contribution of the other businesses based on their respective share of assets. Accordingly, on portfolio level, credit costs is a function of portfolio mix and not driven by any single product in isolation.

Accordingly, movements in consolidated credit cost should be viewed as a function of changing composition of the portfolio as different businesses scale at different times. As the portfolio evolves over time, it's important to note products such as gold loans, education loans, salary personal loans, and loans against property are expected to account for 50 to 60% of the portfolio.

These businesses have lower inherent risk profiles, lower credit costs, and their growing contribution will lead to a more balanced portfolio and an assessment with growing ROAs and a sustained reduction in overall credit cost. Let me share our perspective on growth from lending and accounting optics in the credit business.

Reported credit cost includes normal and regulatory provisioning and therefore reflects both realized losses and forward-looking buffers. Management remains focused on continuously improving credit calibration, underwriting discipline, and collection efficiency across individual lending products, with an objective of strengthening overall portfolio credit performance over time.

Improving ROE is a key focus area for the company, and alongside efforts to enhance credit calibration and collection efficiency within individual lending products, management is equally focused on achieving the right product mix to balance risk and returns and the objective of driving sustainable ROE improvement. We have shared meaningful insights and early risk indicators across products, which is quite important.

Let me cover my perspective on ROAs, which is going to be a key focus area for the company. We reached an ROA of 1.2% this quarter, quarter three.

Of this, let me give you a sense of dispersal fee for quarter three, financial year 2023-24. I think this could be an important metrics.

The present dispersal fees, pricing of new originations for quarter three financial year 2023-24 is approximately 15.5%, reflecting the impact of new product launches and disciplined risk calibration across originations. The new products we launched have scaled well and are performing in line with external expectations.

This gives us confidence that growth is now coming from a more diversified and structurally stronger portfolio. On the risk side, credit costs are trending better quarter on quarter.

The new credit calibration is behaving well, early indicators are encouraging, and there is improving performance across vintages. As committed, we have increased our disclosure.

Whereas in this time, we are sharing product-level EWs across products. Hence, I think a very important indicator the risk team is sharing in this call today is a six-month early risk indicator, which in my view is a leading indicator for any finance company, in terms of what the new calibration looks like.

At the same time, I do believe that operating leverage is beginning to come through. Our operating model is built to deliver structural operating leverage as we scale multiple product distributions into the platform, distribution partners, and enhance customer franchise with increasing cross-sell strength, fueling the strength of operating leverage.

Pulling all this together, healthy disbursement fees, successful product launches, improving credit outcomes, and operating leverage, we believe that the structural levers are firmly in place now. As these trends continue, we see a clear progressive build-up over the coming periods.

On customer service front, let me share an important perspective. We are launching a next-generation conversational AI platform for omni-channel customer service, designed to autonomously resolve 80% of voice and chat interactions, significantly reducing cost to serve while improving customer experience.

Only high-empathy and exception cases are routed to human agents, driving operational efficiency and scale. Our industry-first contextual agent UI that delivers real-time intelligence, including customer history, loan risk flag, and sentiment analysis, leading to faster resolution, higher first contact closure, and improved compliance.

It is important to note the platform is powered by multi-agent AI orchestration and is currently in POC testing in Hindi and English and will go live by March 26. Subsequently, in phase, we will deploy AI voice agent across six regional languages in chatbot in 14 regional languages, unlocking mass market adoption across India, a linguistically diverse customer base.

This, I believe, in my limited view, should transform our customer service and make it really smart. Now let me talk about a quick sense of the debt strategy.

As part of our long-term debt strategy, we have never envisaged to be in the range of 35-40% of our total borrowings. We shall keep following the highest standard of governance and transparency with complete segregation of the outflow and liability management.

I shall share some of the key highlights to give you guys a sense. In line with the guidance provided during the last quarter, we successfully raised over 4,500 crore plan in crores by way of secured entities during quarter three, and a subset of around 12,330 crores during the nine months.

The share of entity in our borrowing stands at 33% as of December 31st and 37% as of March 31st. This increase in MFI borrowings also contributed to significant diversification of our...

Ladies and gentlemen, the line to the management has been reconnected. Yes, sir, please go ahead.

Can I just repeat the previous paragraph? We are endeavoring the AI initiatives is amplify our strengths.

We have initiated 12 AI projects in financial year 26 across credit, collections, servicing, and operations to reduce manual effort, improve decisioning, and enable higher volumes without commensurate increase in headcount or expenses. Crucially, this we have achieved with discipline risk management, and as a result, we believe our path is very calibrated AI flow, coupled with present runway, is expected to translate into sustained profitability, driving steady improvement in ROE.

Now I would like to hand over to the Chief Business Officer, Vikas Pandey, and then subsequently V. Raghavan, to give you a sense on the business updates.

Good morning and good evening to all of you. My name is Vikas Pandey.

I am Chief Business Officer for consumer business. Over the past few quarters, our new businesses have scaled meaningfully, with constant emphasis on high-quality growth, disciplined execution, and technology-led efficiency.

Our Prime Personal Loan business, launched in August 24, continues to gain strong traction. In quarter three, financial year 26, we delivered average monthly disbursements of nearly 440 crore, reflecting growing customer confidence.

What is particularly encouraging is the quality of the book. Over 70% of customers have bureau scores above 750, are salaried with category A corporates, and earn net monthly incomes exceeding 75,000 rupees.

This validates our risk-calibrated acquisition strategy. Digitally, we continue to raise the bar.

28% of disbursements from Prime Personal Loan in quarter three were processed fully straight through, with zero manual intervention, and that is scoring our focus on scalable, efficient operations. Alongside digital scale-up, we are also strengthening our secured portfolio, gold loans.

Our gold loan franchise is expanding rapidly, and we remain well on track with the planned rollout of new-year branches during the current financial year. In gold loans, monthly disbursements have nearly doubled from 110 crore in September to 207 crore in December 25, driven by strong branch productivity.

95% of our branches are in tier two and tier three markets, creating hyperlocal, multi-product distribution hubs. Early cross-sell traction from these catchments is very encouraging.

Our next product, consumer durable business, continues to scale efficiently, on track to reach 12,000 retail outlets by the year-end across 190-plus locations. During the festive month of October '25 alone, we disbursed 118 crore to 54,000 customers entirely through a seamless digital journey, demonstrating both scale and execution capability.

Ongoing partnerships are expanding across mobile and consumer durable segments, and the PFIN EMI card has seen strong market acceptance with pre-approval limits and availability across all touch points, and now live on our app and website. The card is becoming a powerful enabler of repeat usage and customer stickiness.

Our next product, commercial vehicle business, has delivered average monthly disbursement of 100 crore in quarter three, financial year 26, representing 35% quarter-on-quarter growth. UCV financing continues to anchor the business, contributing over 70% of disbursements.

We have significantly expanded our channel ecosystem to 700-plus partners, up from 450 last quarter, and now operate across 55 locations with strong momentum in Gujarat, Rajasthan, Tamil Nadu, and Maharashtra. Next product, education loan.

In just nine months since launch, the education loan business has launched 16,000-plus files, supported by a network of 325-plus consultants and partners. By financial year 26 end, we aim to expand our consultant network beyond 500-plus.

Our disbursement in the month of December has reached 118 crores. Our sanction journey in education loan has crossed 300 sanctions, valued at rupees 150 crores, year to date.

Now coming to our digital marketing strategy, it continues to evolve toward a diversified ROI-led AI-first model with five key focus areas. The first one, deepening our digital partner ecosystem.

We now work with 38-plus digital partners, driving 42% quarter-on-quarter growth in disbursements while reducing platform concentration risk. Second, driving cost efficiency through technology-led innovations.

Our paid campaigns have seen efficiencies from near real-time data sharing, and will continue to optimize and drive precision with the upcoming server-to-server integrations. Third, we have further improved our website performance through faster load times, better discoverability, and SEO-led enhancements.

We have also stepped up our presence off website through content presence across relevant external platforms. This has driven over 150% quarter-on-quarter growth in our visibility across Google AI-driven search and discovery results.

Fourth, our marketing stack now embeds AI across owned channels, allowing us to run at scale experiments on content, timing, channels to drive better retargeting, superior convergence, lower acquisition cost, and improved customer lifetime value. Fifth and the last, our contextual and AI-enabled brand investments are helping reinforce brand trust and salience while remaining closely linked to business outcomes.

Finally across businesses, the common thread is very clear: credit first compliance-first approach, disciplined execution, scale with quality, and leverage AI and technology as a force multiplier. We are building platform and portfolios designed not just to grow faster, but to grow better and compound over time.

Thank you. Now I hand over to V.

Raghavan to give you all a flavor on commercial business.

Good evening everyone. My name is V.

Raghavan. I am the Chief Business Officer of commercial business.

The commercial business basket of products consists of loan against property, business loans, loans to professionals, medical equipment loans, working capital loans, shopkeeper loans, and midmarket finance. Over the past 18 months, we have built the commercial business around three important vectors.

The first important vector is people. People are the key to success of any business, and we have meticulously worked on the same to build winning teams across verticals.

The second most important vector is distribution. In distribution, we have not only worked to increase our reach into new markets and channels, but also worked to penetrate deeper in existing markets and channels.

This we have done by closely working with our channel partners, using our decade-long relationship with them, and by providing them with superior tech and service. Also, we have invested in our in-house direct distribution channel, which will operate mainly out of gold loan branches launched, sourcing all commercial retail products in the catchment areas and locations.

The third most important vector is infrastructure. By infrastructure, I mean process infrastructure, policy, and product.

We have concentrated on the three Ps of process, product, and policy, redefined them, re-engineered them for customer delight, bringing in best-in-class techs by leveraging on our digital expertise. By doing this, we have succeeded in growing all commercial products with our risk-first, governance-first approach.

Here's the detailed breakup of the commercial business numbers. Commercial business AUM stands approximately at 33,700 crores, exhibiting a very robust growth year-on-year.

Our map AUM stands at approximately 15,100 crores and is a major contributor to the commercial business AUM. Our unsecured business loans, loans to professionals, and shopkeeper loan AUM stand at approximately 8,000 crores, growing substantially year-on-year.

Our medical equipment and machine loan AUM stand at 660 crores. We have now built the base to grow this book aggressively going forward.

Our risk market AUM, which includes NBFC and supply chain finance, stands at approximately 9,400 crores. Approximately 72% of the commercial business AUM is secured in nature.

As mentioned earlier, we started our in-house direct distribution channel, sourcing all commercial retail products around nine months back, and I am happy to announce that this non-BSA channel has started contributing approximately 22% of the overall commercial retail loan disbursements. We are on track to achieve 40 to 50% of the total commercial retail disbursement through the direct channel over a period of time.

As the share of the direct channel disbursement increases in the overall mix, it reinforces the strength of the direct distribution non-BSA channel, leading to sustainable profits of the commercial retail products. On the digital front, we are ready and piloting our straight-through digital business loan offering, which will be the first of its kind in the self-employed space.

We are also enhancing the product suite in the machine loan and medical equipment business by launching the lease business. Coming about, we believe that the commercial business has methodically implemented the plan with risk-first and governance-first framework and built the foundation for industry-leading growth in all commercial business products, as the commercial business remains one of the most important vectors in the overall BFSL strategy.

Thank you. Now I hand it over to Harsh to brief you on digital and AI initiatives.

Thank you, Mr. Good evening, everyone.

My name is Harsh Kumar, and I wanted to take you through what we are doing in AI. AI continues to be a central enabler of our operating model transformation.

In Q3, we advanced our AI initiatives, focused on lifting productivity, reinforcing governance, and streamlining customer and employee journey. These actions materially strengthen our ability to scale efficiently and deliver sustained performance as we transition towards a more intelligent and data-driven operating model.

We have built a governance framework for all our AI projects, incorporating the seven sutras as defined by the regulators. This has been adopted to ensure consistency of delivery along with safety and accuracy.

To give an update on AI landscape at BFSL, I would like to take you through a few of the major projects introduced across the organization in the last quarter. IT development team has taken significant steps to accelerate and optimize the application development lifecycle with the introduction of Build Buddy, an AI-powered assistant acting as a development buddy that aids in writing code and also suggests fixes before code is committed.

It does this by providing contextual feedback on logic, performance, and readability, along with automated refactoring. The rollout of Dart Genie, an AI-driven natural language insight engine, empowers internal teams to access data, insights simply by asking questions in plain language.

Currently available in the operations and HR teams, this capability reduces dependency on specialist support and accelerates decision-making at scale. With plans to extend its reach to other functions, including customer service and finance teams.

Within risk team itself, we have delivered an AI-driven solution that aids in post-transaction review for the personal loan product by enabling teams to operationalize a comprehensive risk hindsight process. The system automates document interpretation, field-level validation, and detailed audit logging, materially improving accuracy, reducing manual intervention, and strengthening the discipline of our risk curve.

The next step is to extend this contact framework, enabled by AI, across broader lending portfolio. To aid our strategy initiatives, we have created an AI-powered competition benchmarking engine that on its own searches for changes, analyzes market and competition, and delivers timely insight on pricing and product shifts.

By embedding AI into our strategic decision-making, we are not just benchmarking competitors, we are building a future-ready financial organization that leads with insight, urgency, and customer-centricity. We have our in-house employee support assistant, by HR, that has been enhanced with additional agent-driven capabilities.

This smarter AI-powered solution executes contextual actions, such as instant various employment-related document generation, with improved accuracy and intelligence. By introducing autonomous agent-driven workflows, the tool significantly improves employee experience and enables HR teams to shift their focus towards strategic initiatives.

We have introduced a centralized KYC AI platform, embedding upfront AI-driven checks into KYC workflow. This brings intelligent upfront validation of KYC data, reducing manual intervention by roughly 15% and materially strengthening both accuracy and turnaround performance.

Credit AI, our AI-enabled underwriting support engine, has achieved full adoption in personal loan underwriting, significantly enhancing productivity and enabling underwriters to concentrate on risk judgment over manual processes. We have started scaling this across our broader portfolio, and the upcoming launch of SARC will add a new layer of AI-driven portfolio intelligence.

We have also launched a multilingual AI-driven conversational agent that initiates call to prospective customer, screens them on key eligibility parameters, validates interest, captures required data, initiates the loan journey before connecting them to respective teams based on their requirements. This brings more contextual and consistent conversation and improves productivity and conversion rates in key customer acquisition units.

The solution is currently implemented for specific business units with plans to extend the same to other product lines. In conclusion, AI initiatives delivered in Q3 FY26 constitute a significant advancement in the organization's ongoing transformation.

They enhance the effectiveness of our workforce, reinforce the robustness of our governance framework, and enable a more seamless and intuitive experience for our stakeholders. More importantly, these initiatives further accelerate our long-term vision to become a digitally fluent, data-driven, and highly scalable financial organization.

The AI-first approach is adopted across functions. I would like to now hand over to Mr.

Sriram Iyer, our Chief Credit and Analytics Officer. Thank you.

Thank you, Harsh. Good evening, everyone.

I am wishing you all compliments of the season. The economic landscape has observed a series of monetary policy adjustments, including cumulative repo cuts of 125 basis points in February, GST to nationalization and tax reforms highlighting government's aim to support growth and enhance liquidity in the system.

An upward movement in the consumer vehicle sales in Q3 FY26 reflects positive momentum in domestic demand, resulting in improvement in credit offtake. India's outstanding loans grew at around 11% year-on-year and positive economic moments favor growth opportunities.

Poonawalla FinCorp is aligned with this positive momentum and focused towards building a resilient portfolio. Effective orchestration of risk-calibrated framework has supported growth trajectory, ensuring stability and predictability in business performance.

Risk, credit, and collections working in synergy are the backbone of a resilient and well-structured portfolio. Focusing on the asset quality, let me give you a glimpse of key trends.

The GNPA has improved to 1.51% in quarter three FY26 versus 1.59% in quarter two FY26. Over the last four quarters, there has been a sequential quarter-on-quarter improvement in stage 1, stage 2 and stage 3 composition of assets, which highlights our calibrated approach to portfolio expansion and strengthened debt management practices.

Stage 1 composition in quarter three FY26 is at 97.4% versus 97.1% in quarter two FY26. Stage 2 composition in quarter two FY26 is at 1.1% versus 1.3% in quarter two FY26.

The stage 3, the GNPA composition in quarter three FY26 is at 1.51% versus 1.59% in quarter two FY26. The quarterly credit cost has improved to 2.62% for the quarter three FY26 versus 2.67% for quarter two FY26.

For all products, other than the instant consumer loans, the quarterly credit cost has been a range-bound around 1.4% to 1.5% for quarter three FY26. Our endeavor is to be committed to our stated objective to hold best-in-class credit costs in the industry.

Let me highlight how we are aligning our credit philosophy into action. The first key aspect being credit by design.

We expect a structurally improving asset quality trajectory driven by deliberate choices in product mix and disciplined risk calibration. Portfolio will be focused on products and customer segments that have independently lower risk and more stable behavioral patterns.

Our focus is on salary, low-risk asset class. Loan against property book has a portfolio LTV of around 45 to 50% of market value, providing higher margin against outstanding principal.

17% of our exposures are extended against self-employed, self-occupied residential or self-occupied commercial properties. 85% of our customer profiles being gated to the segment that has a bureau score of 750 plus.

Earlier risk indicator of 6MOB 30-plus delinquency ratio for LAP portfolio remains strong at a sub 0.05% limit. Gold loans portfolio is built with a skew towards emerging affluent households, with strong import growth momentum, right customer profile selection gives them additional cushion to unforeseen market fluctuations.

As of quarter three FY26 there are no accounts that have crossed 30DPD. Education loan exposures are driven towards students opting for top-tier universities, post-graduation international courses and well-progressing onwards.

Students’ credibility, along with backing from strong parental credit history provides alignment towards financial resilience. Repayment performance is showcasing robust portfolio buildup.

Commercial vehicles business offers secured and income-linked finance. 75% of our portfolio is built by used commercial vehicles.

60% of our customer segment is largely operators providing long-term stability. As of quarter three FY26, there are no accounts that have crossed 30DPD.

Unsecured personal loans to salaried professionals is skewed towards higher bureau scores. 70% of our customers have a bureau score of 760 plus.

75% of our portfolio is working with top corporates. The 6MOB 30-plus delinquency remains range-bound at around 0.4%.

Houston consumer loans is driven by existing-to-credit profiles, non-credit hungry and skewed towards former credit-eligible cohorts. Even this is a digitally sourced book.

The 3MOB 30-plus delinquency metric serves as a more reliable indicator of digital acquisition quality. We are pleased to report that this metric has shown consistent improvement quarter on quarter basis, with a Q3 FY26 reflecting a 70% improvement compared to Q3 FY25.

This positive trend underscores the effectiveness of our risk strategies and continued focus on portfolio quality. As we were disciplined, funding is skewed towards existing-to-credit, along with sizable influence of credit diversified borrowers within EDC segment.

Right cohort selection and customer-driven business also sets precedence to control and minimize cash funding and fraud risk even prevalent in this product. Our PD is a lower tenure book.

The early vintage risk are tracked at a 2MOB 1 plus, which is at 0.15%, and 3MOB is at 0.06%. This metric has also been showing encouraging trends over the last three months.

Business loan portfolio growth is driven by customer segments with controlled letter provision, credit history over five years, controlled unsecured leverage, non-credit hungry profiles, profiles with around at least two business cycles seasoning. The 6MOB 30-plus delinquency trend is range-bound for around last two quarters.

is 1.15%. Clean loan mix is driven towards profiles with comparatively of exposures built, seasoned credit history for over five years plus.

The change in the mix of our portfolio has reflected encouraging reduction of 15% in 6MOB 30-plus performance in quarter three FY26 versus quarter two FY26 and around 30% reduction as compared to the same quarter of previous year, quarter three FY25. DSL continues to manage risk in alignment with banking standards as reflected in our traditional delinquency figures, which benchmark favorably against peers.

There has been a sequential improvement in the 6MOB 30-plus for the last four quarters. The 6MOB 30-plus sourcing of quarter one FY26 is 1.34%.

This demonstrates the improved quality of our new acquisition. We expect credit cost across each of our individual businesses to decline steadily over the coming years, driven by improved portfolio and disciplined risk calibration, to strong collection efficiency across products.

In addition, we have consciously invested in products that combine high ROA potential with structurally lower credit cost, which will further support improvement as our portfolios mature and their cycles increases. At a consolidated level, reported credit cost represents a mathematically weighted average of our portfolio comprising of four business lines and one instant loan business.

The consolidated figure primarily reflects the portfolio mix, particularly the relative weight of the instant loan portfolio versus the rest of the portfolio. Accordingly, movements in the consolidated credit cost should be viewed as a function of the changing composition of the portfolio, as different businesses scale at different rates.

Over time, products such as gold loans, education loans, salary personal loans, and loan against property are expected to contribute an increasingly larger share of the portfolio. These businesses have lower inherent risk profiles and lower credit costs, and their growing contribution will lead to a more balanced portfolio with growing ROAs and a sustained reduction in overall risk cost.

Overall, our focus is to build the company on a strong ROAs and for which we will mix them calibrated instant consumer loans with the rest of our products. The mathematical mix of well-calibrated portfolios builds a stronger value proposition.

The key aspect as we grow the book is calibration, quality and pace. The calibration drive is focused on optimized cohort selection via multi-source inputs.

Information captured is not just limited to existing relationship behavior with PFL. We also look at bureau- overall credit exposure history, ranking via the account aggregators, GST, salary, and partner data.

Augmentation of risk strategy via in-house proprietary models at product and cohort level are used as levers for optimizing risk metrics across the modern lifecycle, from design to development to post-deployment monitoring, the models have their accuracy rigorously tested. This is augmented with real-time through-the-board monitoring to control the expected PD against the benchmark.

As we speak, the decisions across credit lifecycle are supported by 50-plus AI/ML models and designed risk for 5,000-plus feature evaluations. Further, given the portfolio build-up phase, dynamic model calibration with four months to twelve months supports continuous improvement.

As I conclude, together, this step-by-step execution across origination, risk, underwriting, and collections is translating into a structurally stronger portfolio. This approach is delivering cleaner incoming cohorts, lower embedded volatility, and sustained improvements in collection efficiency over the cycle.

Thank you, and now I hand over to Mr. Sunil Samdani.

Thank you, Sriram, and good evening, everyone. Let me quickly take you all to the financial highlights of the quarter.

The asset under management stood at 55,017 crores, representing a growth of 37.6% year-on-year and 15.3% quarter-on-quarter. As part of our debt strategy and projected AUM growth, we continue to diversify our liability book, focusing on long-term borrowing.

Hence, the share of long-term borrowing has gone up by about 4% from 82 to 83-84 in overall borrowing. The share of variable rate borrowing stood at approximately 50%, with another 9% of capital market borrowing with an average tenor of approximately three months.

Judicious use of short-term borrowing has helped us maintain our cost of borrowing at competitive levels. Our net interest income, including fees and other income, continued to grow healthy, standing at 1,080 crores for Q3 of FY26, which is up 90.3% quarter-on-quarter.

This is despite maintaining a healthy share of secured asset book at 56%. The cost of borrowing reduced to 7.65% for the quarter versus 7.69% in Q3 of FY26.

This is on account of overall reduction in the interest rate environment in Q3 of FY26. Operating expense for the quarter was at 4.41%, a reduction of 40 basis points quarter-on-quarter, primarily on account of improved productivity and efficiency.

Further, this reduction is despite continuous investments in new businesses and distribution. We had expanded our branch network to 320 branches as on date and increased employee strength to 5,264 as on 21st December 2025.

The pre-provisioning operating profit during the quarter was 528 crores, which represents a 36.5% increase quarter-on-quarter. The asset quality improved quarter-on-quarter, with gross NPA at 1.56%, which is an eight basis point reduction quarter-on-quarter, and net NPA reduced to 0.8% against 0.81% in the previous quarter.

Our profit after tax stood at 150 crores for the quarter, representing a 102% growth quarter-on-quarter and 702% growth year-on-year. We can now see the benefits of AUM growth and investments in the new businesses coming in.

The debt to equity ratio stood at 4.25 times, which gives us headroom for growth. The capital adequacy ratio continues to remain healthy and comfortably above the regulatory requirement at 18.17%, of which the Tier 1 capital is at 17.15%.

The liquidity coverage ratio at 156 as on December 31st, 2025 is well above the regulatory requirement of 100%. On the liquidity front, we remain comfortable, with a surplus liquidity of 6,488 crores as on December 31st, 2025.

Thank you, Happy New Year, and I would now like to open the floor for question and answer sessions.

Thank you for the opportunity, and congratulations on the strong set of numbers and crossing the 1% ROA mark. My first question is on the asset quality.

If I look at the provision coverage ratio for stage 1, stage 2, as well as stage 3, it has been coming off since the last four quarters. Since December 24, the stage 3 PCR is almost down 10 percentage to 48, now working 47.

The stage 1 and 2 PCR combined is now less than a percentage, was 2.8% a year ago. Considering that 44% of our book is currently still unsecured, where do we see this number settling on a steady-state basis?

That's the first question.

Hi, this is Sriram here. Please.

As I said, there is a change in the product mix, and if you see, your stage 1 book has increased from 97.12 to 97.4. If you look at even prior to four quarters, it was closer to 95 points something.

We are seeing that the stage 1 asset itself has increased. In terms of overall stage 1.

Another important point to note here is the stage 3 book has also reduced from 1.59 to 1.55. Cannot explain the reduction in the PCR, right?

Also, you have to note that the reduction in the PCR is also on account of a rundown of the old SDPL, which had a higher provisioning. As the product mix changes, and then you have lower-risk kind of asset, the ACL also kind of changes accordingly, and that's the reason your PCR is lower.

In terms of a steady state, something around 50% PCR on stage 3 could be considered from a one- or two-year perspective. Not beyond that because these products, as the mix changes and we start scaling up, we may look at a time horizon is something we'll have to look at, and based on which the provisioning will be made.

I think on the calibration, let me just add, since we've, this time, disclosed very precise. I think if I'm not mistaken, a year and a half approximately, six quarters of data for six MOBs, which will give very good insight into how we are underwriting and what's the base information in terms of the quality on our entire book.

I think that could be very, very, other than stage 1, that's another very strong first time we disclosed that should give you a complete insight and confidence into the solid credit calibration underwriting that we have been speaking about.

Sure. If you could just tell me with the write-off policy for our unsecured products, what would be the write-off policy on that?

180 DPD. Over all the products, whether secured, unsecured?

Yeah. Unsecured is 180 DPD, vehicle secured is 365 DPD, and immovable property is 730 DPD, which actually is case-to-case basis.

Sure, sir. Just one more thing, on this 294 branches and currently 320, as you recently mentioned.

Apart from gold loan, what other products would you be currently offering? What's the plan there?

Just wanted to understand that area.

I think our branches that we are talking about are focused, our gold loan branches are going to be fairly dire, gold loan branches. That's the plan right now, and that's what I mentioned last time.

We are very focused product on the branches. There will be some benefit of cross-sell, but I think it's going to be a very bold, kind of branch, highly focused.

Understood. On this new disbursement, which is 20% of the overall disbursement,

cross-sell might happen, but traditionally it's a very focused gold loan branch for us. You asking question?

No, got it. Basically dedicated gold loan, but some other benefit from cross-sell, and we won't deny that.

Cross-sell might happen,

other cases won't happen, but we are focused. Branch is designed for gold.

That's all as a minute point. Over your question.

Understood, sir. Also, on the disbursements from the new products, which was currently around 20% for the quarter and 11% of the AUM.

Any ballpark targets here? What kind of percentage in the overall AUM mix are we looking for the new product, by the time we reach a lakh crore of AUM?

I think, see, the plan on these new products are very calibrated. We're servicing a very distinct objective.

Personal loan is a very salary; we're getting fantastic. We're very happy with the way it's building up, acceptability of corporates.

You will have that in FY40 asset. If you look at the zero, we're investing behind the customer franchise.

If you look at commercial vehicles, it's picked up very good momentum. If you look at gold, I think it's continuously quarter-on-quarter building up fantastic.

Objective is going to be, we will keep investing behind these businesses to increase, but remember bulk of the heavy lifting investing has been done, and I think it will be probably fair to say that operating leverage will start kicking in now, and that's the whole original plan. We had said that the first 18 months we would be probably biased to a little more AUM and investments.

I think all that heavy lifting done, you're starting to see probably operating leverage starting to kick in. You can start seeing the sparks now in terms of probably robust profits.

You can start smelling that, and I think we are very excited from here on. I think

thank you for patiently answering all the questions. I have more, but I'll fall back in the queue.

Thank you, and all the very best. Thank you.

Thank you for taking my question. First question is on the gold loan and the CV business.

What we heard, why is it not audible? You have to be slightly louder.

I can't hear you. Is this better now?

Better now, please. The first question I had was on the gold loan and the CV business.

What I heard during the opening remarks is we have crossed 300 gold loan branches. When I see our presence, it is predominantly the Western India, Gujarat, Rajasthan, Maharashtra.

If you could just help us understand this idea to first capture Western India, Central and Northern India, and then move to Southern India. Consumer durable also I kind of heard that 90% of our dealer presence is somewhere in tier-2, tier-3 cities.

What is the playbook which will be there in each of the regions?

I could hear your full questions, but gold loans, I think, if you're asking effective quarter three, I think we should be in the relative approximation 91, 92, somewhere there. We have all the LOIs identification, all that has been done.

The remaining branches, we should be on track in this quarter, and we should be in a position to build a very solid franchise. Like I said earlier, with a focus on gold and giving us good yields, good asset class, and it's in line with plan.

On consumer durable, whatever little I could hear, and please correct me and add to the question, whatever I understood you said, what's the momentum, please, on tier-2, tier-3 cities? I think if I'm not mistaken, we already have close to 10,000-plus outlets, and our strategy is a mix of consumer durable, and because we've got as a company strong strength on unsecured digital.

We don't need additional manpower. We are finding that that experiment started as an experiment project.

Now along with consumer durable, we could be the first company that our resources are not only doing consumer durable, but digitally. We have a certain proportion of origination, which is coming with the same team on unsecured digital loans, and very successfully so.

Remember, just to give you a sense, the consumer durable might have an average ticket size of, let's say, 28,000 approximately, but unsecured loans, the throughput could be 4.5 to 6 lakhs. The throughput and productivity of the team with the yields, even at the point of origination, not as cross-sell.

We could be the first company to successfully pull it off. That itself gives us a huge advantage on the consumer durable reach as the business model being more robust.

In a conventional pure only consumer durable model, it's the same team. I hope I'm able to get across.

Perfect, sir. Is the line better now?

We could not hear me earlier?

Between, suddenly your voice goes clear and suddenly we can't hear you, something like that, but please go ahead, I can hear you clearly.

About that. I think that answers my question.

The only other follow-up I had on gold loan was, right now it seems the branch presence is predominantly in Western India. Is that the core process to first capture Western India, Central and Northern India, and then move to Southern India?

We,

Yeah. We are going to be, actually we have covered already Gujarat, we are Maharashtra, Rajasthan.

We are going state by state because gold loan is a product where you have to have a supervisory depth when we're opening branches. The next geography which we are picking up now is Karnataka and some part of Odisha.

That is how we will spread our branches. The whole idea is that you don't want to just spread yourself in gold.

It's important. We've done this business in the past.

Very important to have density pockets with supervisory depths, because one of the biggest advantages and risk is you need very solid controls when it comes to gold branches. You establish that.

That's the background.

Perfect. Then the second question I had was on credit costs.

Just trying to understand while in the opening remarks I said that our instant loans, which have higher credit costs, most of the products are showing very low credit costs of about 1.4 to 1.5%. I had three parts to this discussion, A.

First thing is, what are the credit costs that we see right now? Are they all attributable to the newer and the existing product that we earlier had?

It has nothing to do with any activities I talked, which you have called out in the presentation. These are all business as usual credit costs, right?

16-6 percent credit costs that you are writing?

I think let me explain that point again. It's very high, again raise it.

I think the point that I and Sriram are highlighting is that whether it's instant loans, whether it's the remaining 12 products, all individual credit costs are showing consistent improvement so far. That's point number one.

I think the limited point we wanted to share with you that is part of our desire to optimize, when you look at our credit costs, you must keep in mind that you should treat it as, in simplistic terms, a mathematical average of instant loan consumer loans and the remaining 12 products. While explaining I said instant loans relatively by design is higher yield, higher credit cost, whereas the others are normal yields and normal credit cost, more as a reference point.

I think the larger point I wanted to say is that when you look at credit costs, look into important things. It's a mathematical mix of the 12 products and instant loans.

Let's say the contribution is 15, 18, or 20, because individually all products might actually land up reducing in our credit costs. We could have a great opportunity for ROA buildup.

It's a very limited point just to understand. Also looking at our growth rate, please remember as NBFCs you have a higher natural provisioning.

That also, often, if you grow at a higher rate, becomes part of your total credit costs. Just sensitizing the total picture.

That's about it.

Can we say that credit costs will reduce in the coming quarters and years? The primary driver is going to be the improvement in product mix in favor of gold loans, LAP, education loans, right?

Rather than the seasoning of this product. Because once the seasoning, maybe the credit costs will start inching up.

The primary driver is going to be primarily the improvement in product mix.

Let me repeat. All 13 products with seasoning are expected, and calibration and strong collections are, in our assessment, expected to constantly improve every quarter.

That's point number one. Point number two, it's in our hands.

How do I mix it for respective total credit cost to optimize the ROAs of the company as from here on? ROAs will become an important thing.

Let's say, for example, hypothetically saying you have an X product at a credit cost of, hypothetically let's say, 2%. You have another credit cost at, let's say, 3%.

Now either you take 50-50 and have a credit cost total, or you can have a 60-40 and do it. Similarly, when you have a mix of approximately 12 to 13 businesses, all we are saying is that the mix will be optimized.

You actually might land up with quarters going to 2% might become 1.8, and the 3% might become 2.8. The mix could be in such a manner which could reflect the total credit cost.

You might actually land up making very healthy ROAs, despite individually improving thanks to collections, thanks to product seasoning, and our credit calibration. That's why I said you must check our 6-month.

Because normally if you check our 6-month, you will get the pulse. Not only is the stage one improving, which is one part of the story.

Not only is the GNP improving, that's another part of the story. If you see carefully, six-month normally in any banking or finance business is a very solid indicator of what is the quality of calibration that you are doing across the portfolio.

You get a firsthand sense of how we do to for us will be fairly solid.

Got it, answer. This is very useful, and thank you so much for your enhanced disclosures in this quarter.

Lastly, this board approval for 5,500 crore of fresh equity issuance in this quarter, we plan to consummate it this quarter or after the end of this fiscal year? Am I audible?

Please louder, sir. Yes, sir.

Just last thing I was asking is whether we have taken board approval for raising 5,500 crore of fresh equity. We plan to consummate it this quarter or after the end of this fiscal year?

Sir, then maybe I'll come back in the question again. Thank you.

Thank you. Can I ask, are you talking about a capital raise, if I get you right?

If you are, then I think we've taken a 12-month approval and taking approvals, but I think you're well aware of our growth rates. Thank you, sir.

Am I audible?

audible. Please go ahead.

Sir. No, I just wanted to double check whether the management line is connected.

Yes, sir, they are connected. Go ahead with the question.

Across these 13 products, how do you think about the duration of the book? Let's say across short, medium, and long tenors.

How are you really thinking about balancing this? In that sense, is there a little bit of a scope to play the yield curve?

I believe you have reduced the duration of the liabilities in the last three quarters. Duration of the liabilities?

We are. First, how are you thinking about the contribution of short, medium, and long tenors?

What could be, are we targeting a particular average duration of the book? In that sense, how do we play on the liability side?

If you, across these 13 products, these are into different tenor buckets, right from fair term loans, something like loans against property, to consumer durable, okay, which is a shorter term. I think the products are now there in this space, okay, of division which we want to be.

Arvind, I did, if you look at how these products ramp up and which gives us better risk-adjusted return. You said, I think we are pretty fine with the duration being six months here and there, because we have a very diversified liability profile and have the capability to raise money in every single tenor bucket on the liability side.

Right now also if you look at our ALM, it is positive across each of the buckets except that three to five years, which anyway with capital, can only be taken there. I think we are fine, we are flexible on duration.

It's no specific.

What's the current duration of the book? On the asset side?

Current duration of the asset, okay, would be somewhere between two and a half to three years.

Okay. Does this kind of change, maybe a year or so when the contribution of new product goes up?

Or is this kind of…?

Why? Why you cannot change?

Definitely, but I said, it will depend on the evaluation of each of the products and the way they scale up. This is… But I think we are pretty… raw and should be there.

We’ll take care of it, whichever way it goes.

Thank you so much for taking my question. Am I audible?

Yes, you are audible. Yes, sir.

Congratulations, good quarter, and thank you so much for the increased disclosure. I think they will be useful.

My question is more on the operating leverage. I think you already pointed out that we have seen signs of improved operating leverage, and do you think this trend can continue, or there is still some investments that are left to be done at an overall aggregate level, which can keep the cost-to-income ratio for…?

I think, see, the way we are designed, and to be honest, a lot of investments, strategic investments, which we did over the last financial year. If you ask me, the trade-off is complete trade-off operating leverage.

Now that you won’t need incremental sales teams, and now that you won’t have new branches, you’ll have a certain proportion of that investment which are going on, but I think it's hugely in favor of operating leverage from now on, and I would term this as we would be excited from here on operating leverage side. Actually, the operating percentage?

Yes, and that we have said every direction. I think you mentioned cost-to-income, and I think probably it will be, I think to see similar trends there as well as we, as the years go by.

Perfect. My second question was on the medium growth front.

It has been far ahead of our long-term aspirations. Do you think near-term we would like to raise our guidance from the growth aspect, especially next year?

Or we would still like to stick to what we…

Can you speak a little louder, if you don’t mind? I can hear you, but I am not clear what you said.

Sir. On the growth front, would you like to reiterate the targets?

Because we’ve been growing slightly higher than our long-term averages. Near-term will we continue to grow higher, given that the new products are firing much better than expected?

See,

our focus is going to be completely biased to the retail products, the full bouquet of retail products, especially the new ones. I think a broad guidance of 35 to 40 percent is what I would like to say is a good guidance.

There could be some movements where we may have done better than that, but I would probably hold that broad approach directionally to be 35-40 is what I would like in today’s economy.

Can I have a quick question on the credit cost. Credit cost for this quarter was around 2.16 percent.

Going ahead, what can be this? You said it will go down.

What can it be? Any thoughts around that?

We are not giving any forward guidance, but we kind of, as the contribution of the new products such as gold loan, education loan, tier prime, and all of the new products keep growing and gain full-scale participation in the product market. The share of the credit-calibrated book will be normalized at a normal level, and this will have a favorable bias on the overall credit cost.

Okay. Just the last question on the front part, I think maybe I missed the voice.

Can you repeat? We have taken the amendment for 12 months.

What is the timeline which we are looking to close, since we are growing at a much faster pace? Yeah.

We, basically, get the notes from here on, and this is that, which will, we’ll do that every day. We don’t have a specific timing in mind.

I think, the partners that we have taken, the approval gives us the strategic flexibility now, and it’s in our control, and we’re well, well on top of it. I think that’s the limit point.

There is no particular guidance we are giving on the timelines.