Thank you. Good evening, friends from India and Asia.

A warm welcome to all of you. Greetings also to those who have joined the call from western part of the world.

To present our quarter three FY26 earning call today, I have with me Managing Director and CEO, Mr. Parag Sharma; S.

Sunder, Joint Managing Director and CFO; and Sanjay Mundra, who is our investor relationship head. It has been a good Q3 quarter third quarter for us in for Shriram under current circumstances.

I'll just broadly go through the economic indicators. As all of you know that India has been growing well and that 8.2% GDP growth have back on the 7.8% GDP growth previous quarter.

It indicates that the Indian economy is growing and have all the positive signals that it is likely to grow keep growing at the same rate for the next few quarters. The inflation is under control.

The consumer price inflation, which is at around 1.33, and wholesale price based inflation, which is at 0.83, helps the consumer to have more in hand and spend more. That is very positive for the consumer and for consumer spend.

Coming to the RBI policy, the repo rate cut by 25 basis points to 5.25 indicates that RBI feels there is there can be further opportunity for growth by giving lower rates to the customers. Policy stance remains neutral.

GDP forecast by the RBI also have moved upward to 7.3 from the earlier estimate of 6.8. CPI inflation forecast has is lowered to 2% from 2.6.

The rate transmission has been slower than the expectation, but we are able to see some progress in our borrowing cost coming down Q-on-Q, which we will touch upon later. The rural economy has been doing well.

If you observe the overall output, agri output and the numbers, we feel that agri the rural economy and consumption and the credit demand, all three things are likely to be continuing to remain very strong, and that is going to help us because we have a large presence in the rural and the semi-urban area, and we are witnessing a very good traction from these geographies. The GST collections have improved in December.

Post the GST rate cut, the progress is satisfactory is what we feel, and we believe more improvement in GST collection should help the infrastructure spend by the government. Overall, for auto industry, the GST cut has been very positive impact leading to very positive sales number.

The commercial vehicles have improved sales by 21.5% in Q3 '26 and stands at 2.9 lakh units against 2.39 sold in the previous year same quarter. Within CV, M&HCV sales recorded 21.6 in Q3 '26 and stands at 1.1 1,10,289 units against 90,667 units.

LCV recorded a growth of 21.5 in Q3 and stands at 1.8 lakh units against 1.48 lakh units sold in the previous quarter same period. Passenger vehicle have recorded growth of 20.6 and stand it stands at 12.76 lakh unit against 10.5 58 lakh unit in Q3 FY25.

Two-wheeler recorded a growth of 16.9 with a sales of 56.96 lakh unit in Q3 against 48.75 lakh unit in Q3 '25. Three-wheelers have recorded a growth of 14% in Q3 '26 with sales of 2.15 lakh unit against 1.89 lakh unit sold in Q3 '25.

Tractors have again witnessed very good growth. Sales has been recorded 28.8% increase with 3.15 lakh unit sold against 2 2.44 lakh unit sold in Q3 '25.

Construction is the only area where it is degrown at 14% with 30,776 unit against the 35,768 units. Overall, we feel that the government spent on the infrastructure has been at much lower than the expectation.

I personally believe that the when Finance Minister presents her budget on February 1st, we may see a a a a good progress or we we can see the progress what we would like to make in the infrastructure and allocation to the infrastructure, that should give us a long-term indication of the same. Right now, I'll ask my colleague Parag to take us through operational performance, and I hand over to Parag.

Thank you. I welcome all of you for our Q3 FY26 earning call.

I trust you had the opportunity to have a look at our quarterly results and also the related investor presentation, which has been posted on the website of the stock exchanges. We registered a disbursement growth of 14.17% Y-o-Y.

Our disbursement in Q3 FY26 this year aggregated to ₹48,645 crores versus ₹42,606 crores in Q3 FY25. Our asset under management as on 31st December 2025 registered a growth of 14.63% over Q3 FY25 and of 3.7% sequentially.

Our AUM stood at ₹2,91,709.03 crores as against ₹2,54,469.69 crores a year ago and ₹2,81,309.46 crores in Q2 FY26. Our net interest income in Q3 FY26 registered a growth of 16.17% Y-o-Y.

We earned a net interest income of ₹6,764.09 crores in Q3 FY26 this year as compared to ₹5,822.69 crore in Q3 FY25. Our net interest margin in Q3 FY26 was 8.58% as against 8.48% in Q3 FY25 and 8.19% in Q2 FY26.

Our profit after tax grew at 21.21% in Q3 FY26 over Q3 FY25, excluding one-time gain of sale of our stake in subsidiary Shriram Housing Finance, which has been renamed as Truhome Finance now, and by 9.3% over Q2 FY26. We registered a PAT of ₹2,521.67 crores for Q3 FY26 as compared to ₹2,080.37 crore in Q3 FY25, excluding a one-time gain of ₹1,489.39 crores net of tax for sale of our stake in subsidiary Shriram Housing Finance, and ₹2,307.18 crores in Q2 FY26.

Our earning per share for the quarter stood at ₹13.40 as against ₹11.07, excluding one-time gain, in Q3 FY25 and ₹12.27 in Q2 FY26. On our asset quality, gross stage 3 in Q3 FY26 stood at 4.54% and net stage 3 at 2.38%.

These numbers does show an improvement over the corresponding period of 5.38% gross and 2.68% net in Q3 FY25 and was 4.57% gross stage 3 and 2.49% net stage 3 in Q2 FY26. Our credit cost on total assets for Q3 FY26 stood at 1.62% as against 1.85% for Q3 FY25 and 1.68% for Q2 FY26.

Our cost-to-income ratio was 29.66% in Q3 FY26 as against 28.59% recorded in Q3 FY25. Our cost-to-income ratio in Q2 FY26 was 27.76%.

The increase of cost-to-income was mainly due to incremental impact of ₹196.95 crores on gratuity and long-term compensation expenses representing increase in past service cost because of definition of wages under new Labor Code. On the liability front, the total liabilities as of 31st December '25 was ₹2,51,732 crores vis-a-vis September, which was ₹2,34,309 crores.

The total cost of liabilities on balance sheet has come down by 14 bps basis point from 8.83% to 8.69%. The incremental cost of borrowing is now at 7.73% versus 8.12% in the previous quarter.

The liquidity coverage ratio is well above the statutory requirement; it is around 335%. We maintain a liquidity which is equivalent or slightly more than the three months of our next three months liability.

The leverage ratio is at 4.05 versus 3.88 in the previous quarter. Overall, this quarter, we have also seen a rating benefit, that is rating upgrade by CARE and positive outlook by CRISIL and ICRA.

S&P has also upgraded our rating to BBB- and Moody's and Fitch have put us on a positive watch. With this, we will open the forum for question and answers.

Thank you.

Hi, thank you for taking my questions. I have got three questions.

The first one is the equity raise is about 12.5% of your assets, you are going to get a lot of cash on your balance sheet. How should we assume this cash runs down?

I assume that you will want to keep the debt investors engaged, but your pace of new issuance could come down and then, of course, growth will pick up. If I think about how fast this cash can be used up, could you give us some timeline on that?

See,

yeah. You want to ask the second question or?

No, I can ask them all. Or we can take it one by one.

Yeah.

You can finish your questions.

Okay. The second question is the profile of the customers that you lose, if you could give us some sense of that profile.

What yields do they pay when they leave you and go to somebody else? Whether their risk-adjusted NIMs are similar to your current risk-adjusted NIMs, assuming that there'll be a cost of funding benefit now that you accrue, or is that business we lose is at a slightly lower ROA compared to your current business, again assuming that your credit spreads will come down?

If you can give us some sense of what that customer profile looks like. Then the third question, a little strategic, if I look at your credit spreads, they have already converged with Chola's credit spreads, and when I compare your metrics after the capital raise, your Tier 1 ratio is going to be in the 30s, your ROAs is going to be closer to 4%, it looks more and more like Bajaj is.

I would assume your credit spreads will tighten much further. As a management team, I'm sure this is exciting, but what are the ambitions in terms of what other product areas you could get into given that your traditional cost of funding disadvantage is reducing now?

Thank you. See, basically I'll answer all the questions.

The equity infusion when it comes in, it is around ₹40,000 crores, and our normal quarter disbursement is around anywhere between ₹45,000 to ₹50,000 crores. Cash, as it is, will not remain for very long time.

It gets consumed. Hello.

Yeah. That's the first point.

The second is what we are planning to do is our existing customers who are likely to move or most of the time we have seen customers who after remaining with us for around two cycles, six to eight years, then they upgrade themselves with good track record and move to the either bank or captive finance companies. Our competition here is with the customer who are moving to the banks or captive finance company, and where we would like to retain them.

These customers, since they have a very good track record and past performance indicates that their risk profile of these customers are very good, we can pass on the rate benefit to them and retain them. On an average, around 30% of our customers, they upgrade and move to the banks, and we would like to retain them.

That's one point. Typically, they would prefer to remain with us rather than getting introduced to a bank with a credit profile because it takes a longer time for them to get introduced to the bank.

By offering them a reasonable, a fair pricing, we should be able to retain them even with some basis point higher than what bank could offer to them. That is one.

The second is You're talking about

Rate expectation by the customer.

That, I think, I already answered. The expectation of the customer is as long as we are within 100 or 150 basis points of the bank offering, they would prefer to remain with us.

Since this people already have proven with their track record, the credit cost is likely to improve, and overall benefit to our credit cost, which is around 2%, could be 10 basis to 20 basis point as a total book.

On the new book, it will be much lower because this is 10, 20% 10, 20 bps on the total book, correct?

You're right.

Okay. Just one follow-up on that point before we go on the ambitious question.

You will have now a challenge of kind of one customer getting one rate, another customer getting another rate. How do you kind of manage this risk that doing business with better quality customer actually lands up reducing your rate offering to the new customer like the subprime customer?

How do you manage this risk? Like other banks have got multiple brands and ways to do the segmentation.

Are you planning to do some segmentation here to manage this risk? See,

we have an internal rating of the customer, and our pricing is dependent on the internal rating, not exactly based on the credit score

what is Sorry to interrupt the management team. Chintan, sir, there is a lot of background noise coming from your line, which is interfering the conference.

If you can self-mute your line when the management is answering your questions.

Of course. Of course.

Thank you. Yeah.

Yeah. Sorry, sir.

Please go ahead.

Yeah. See, what I was trying to tell you is that we have our internal rating of each of our customer, and our pricing is dependent on that.

We are not pricing it as per the credit score what is publicly available. Therefore, we'll always differentiate between our existing customer with a good track record and the new customer who walks in with a credit score elsewhere.

That makes sense. Then in terms of your kind of product ambitions, like what if your cost of fund disadvantage reduces versus some of the better rated NBFCs, what other areas could you get into?

See,

basically, we would like to remain in our core strength. That is the vehicle financing, both commercial vehicle and passenger vehicle.

Plus, in addition, in MSME, we feel that we can increase our ticket size by getting into a little larger enterprises, which we have been on average lending average ticket size of around 10 to 12 lakhs, that we can increase by doing more secured lending, which is basically on the mortgage of property. We believe that we can have a better pricing to these customers, and based on the cash flow, we can increase the ticket size.

I think within this two, we'll be able to grow and use the capital which is coming in. Also, we have to understand that the Indian GDP growing at 8%, we expect the vehicle sales to continue to grow anywhere between 12 to 15% for next three years.

If you are able to capture both the deeper rural market and the urban market who are upgrading to new vehicle, we should be able to consume the capital very efficiently.

Thank you.

Good evening to the team. I have two forward-looking questions.

The first question to Mr. Sharma is, as Shriram Finance continues to expand its lending portfolio across retail, MSME, and vehicle finance, how do you see the asset mix evolving over the next 1 to 2 years?

In particularly, how will digital lending platforms, branch network optimization, and customer analytics be put into practice to improve disbursement efficiency, maintain asset quality, and align your guidance on sustainable growth? That's my first question.

I'll ask my second question after this. Thank you.

On the asset mix, I think other than commercial vehicle, which is our core strength, and only shifting some focus for new commercial vehicle, there is not much of change in the mix with what we are looking at. We have taken sufficient measures when it comes to the digital usage, particularly for our two-wheeler lending and also when it comes to some of the other asset classes, particularly gold.

Those initiatives are very much there, and we are looking at some traction there. On the overall mix, we don't expect a substantial change.

The focus continues to be commercial vehicle and passenger vehicles. The only other asset class where we are looking at enabling more branches infrastructure is for the gold lending piece where we can look at some volume growth and some AUM growth also there.

Other than that, we are not looking at any new asset class or change in the mix.

My second question is to Mr. Subramanian.

With strong capital adequacy and steady cash flow, how do you plan to sustain net interest margins while managing funding cost and credit risk? From a financial process point of view, how will you structure working capital cycles, manage liability diversification, and apply hedging or cost control measures to ensure ROE remains strong and the balance sheet keeps on growing in the coming quarters?

Thank you.

See, with the partnership of MUFG, the credit rating has been upgraded, and we believe that the rates will come down by around 100 basis points over a period of two years. We also intend passing on some benefit to the customer.

We believe that the net interest margins will be maintained at the current levels, if not slightly improving it. The credit quality improving, the credit cost also should come down.

We expect the ROEs and ROAs to improve.

Thank you for the guidance, and I wish the entire team best of luck for the next quarter.

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

My question was pertaining to CV firstly. In that segment, sir, if you could throw some light and give us some insight on which segments are doing better in terms of business momentum in the current quarter and also in January, how are these trends shaping up, especially in the HCV, MHCV segment, and also how is the LCV and SCV segment doing?

Thank you. I'll ask the second question after this.

Basically what we are observing is the LCV and the SCV, that's small commercial vehicle, last-mile distribution, there is a better traction because the rural consumption pattern has changed and it is improving, and there is more investment or more people are wanting to buy newer vehicle and upgrade their existing ownership. If you observe even in the last quarter, there was big demand for tractor financing.

I believe overall the demand for the LCVs, which is likely to come from the industrial hub plus the rural market. Also, we are witnessing the demand for small commercial vehicle because e-commerce activities are moving into smaller towns.

Hitherto, the e-commerce was restricted to metro and the Tier 1 city, but now penetration is going to almost every what do you call the smaller towns and the rural area. Therefore, I believe small commercial vehicle also do well.

The heavy demand will be more dependent on the infrastructure development or infrastructure activity, infrastructure spend, which has slowed down in the last two quarters. I believe if FM is allocating more for the infrastructure spent in the budget, that will kickstart the urban spend or urban requirement, mostly heavy commercial vehicle.

Otherwise, the growth will be mostly in the LCVs and SCVs for last-mile and the agriculture transportation.

Got it, sir. That is helpful.

Sir, of course, 3Q was a very good quarter on the volume growth side also, given the OEM numbers that have come out. How is it shaping up in Jan as well?

Just that was a follow-up question there.

See, Jan first 15 days the business volumes were little low because in India if you are observing that it is not so auspicious time. Normally, the people who buy new vehicles or even new assets, they wait for 14th and 15th January to start buying new.

We saw first 15 days little slower credit growth, but post 16th, we are witnessing higher credit growth.

Got it, sir. Sir, the second question was pertaining to an aspect so basically we also have multiple products and we do have cross-sell as an business strategy.

Have we seen any co-borrower related provisioning being guided by the regulator to be created for us for our exposures in the co-borrower category?

No. See, we are required to make a provision classification at the borrower level.

If he has any default in any one segment, he is classified as an NPA.

That was already a practice that we were already following it, or there was

Yeah, yeah. We have been following this for past many years.

Right, right. Sir, this is only for, let's say, the customer defaulting in one of our products, or we also track it if that customer is defaulting somewhere else?

No, as far the current regulations are concerned, we are required to classify a customer as NPA only if he defaults within our system, not elsewhere.

Right, right. We've been following this as a practice for very long period, you mean.

Correct.

Got it. Got it.

Perfect, sir. Thank you so much for answering my question, sir.

Good luck for the next quarter.

Good evening, Umesh sir. Good evening, Parag sir.

Two or three questions. The first one is, I read through a newspaper report about some concerns around the payouts to the promoters.

There's been a lot of investor concern around it as in construed as an exit amount which has been paid to the promoters. If one can give some clarity around it.

Second is the SCV LCV growth that you just spoke about, the senior financing earlier was speaking about various asset quality stress due to overcapacity in SCV and LCV. Again, if you can speak about the asset quality as well as the demand in this particular space and what's really driving it.

Third part is on the infra. There are a lot of contractors who are still awaiting their payments from various sorts of local body governments or state governments.

How do we see this changing post-budget? Thanks.

See, basically, the resolution three is approved by shareholder with 92%. I think it is a shareholders' call.

They have already done. I don't want to comment further on that.

Coming to the commercial vehicle demand, that demand is sustained, plus the rentals have improved over the period. There is no decrease in rentals.

That means the utilization levels are high, and also their repayments have been on time. As of now, we don't see overcapacity anywhere because we have been in this industry for more than four decades.

We have never seen utilization level of a vehicle so high. Earlier, the utilization level used to be anywhere between 19 to 22 days.

Nowadays, the utilization level for vehicles are anywhere between 21 to 24, 25 days. That has been one of the highest.

I think this is very encouraging for all the vehicle owners, and we are not seeing any part of the country any kind of a default kind of a scenario.

Sir, government infra and the payouts to various state operators and contractors being slow, if you can speak on that.

No, no, there are some state government where there are challenges. There has been little slowdown in the payment by the state government, but central government payments have never been delayed.

In fact, they have been always on time all the time, there is no challenges. Some state governments, yes, we do observe that some minor work done in the state government level, there are some challenges in certain states.

That customers, they understand, and they quickly move from that situation to different situation. Even otherwise, the works done at a local level have come down, and I don't think my customers are anywhere dependent on state government works.

Understood. Thank you so much.

These were my questions.

Good evening, sir, and thank you for taking my question. Sir, just two, three questions.

First is, while your disbursement numbers have continued to remain strong even this quarter, but earlier during maybe October, we had heard that there was some slowdown that was being seen in used PVs and CVs and that there was not enough change of hands happening because the new vehicle prices have come down, particularly in PVs, while the used customers perhaps were maybe not willing to come in terms of that reality. What have you seen in the used vehicle market, both PVs and CVs, in maybe months of December and January?

See,

as far as the passenger vehicles are concerned, I see the demand is quite good, and most of them are buying the vehicle for the first time, especially in the semi-urban area and rural areas. I see a very good demand for used passenger vehicles.

In commercial vehicle, yes, there are customers who would like to upgrade to newer vehicle. They're not able to upgrade because prices have remained very high.

They are continuing with their older vehicle, which in normal circumstances would have changed the hand. The customers, they make their own viability report or viability of their business, and we believe that if the prices correct to some extent, then there'll be more churning of hand, which anyway will increase volume for us, but it will not make a big material difference for us as far as volume is concerned because we lend only 60% of the value of the asset.

For us, there is no change as far as the what you call credit asset quality or credit cost is concerned.

Got it, sir. Then one question for Sunder sir.

Sir, employee expenses, even if we adjust for this 197 crore on account of the new Labor Code, we've still seen employee expenses go up by about 100 crores Q-o-Q sequentially. This despite our employee count saying that they have declined by about 1,000 employees again Q-o-Q.

What really led to this sudden increase in employee expenses during the quarter?

There were some incentive schemes running, and those were paid in the third quarter, and that has contributed to the increase in the salary cost.

These are incentive schemes aligned with the festive season?

Correct.

Got it. Then, sir, lastly on some of these segments, MSME, two-wheeler, personal loans, and then construction equipment, there, for the last two, three quarters, we have continued to see your stage 2, stage 3 continuing to inch up.

Is there anything in these segments, some nuances that you can add around some of these product segments?

The construction equipment portfolio has come down a little because our lending also has come down because opportunity for lending has been little less. That's one of the reason.

PL also, our portfolio has slowed down a little. As a percentage, there would have been little higher, but there is no nothing to really mention about it.

We believe that as volume goes up, things will become much better. Got it.

Sir, lastly, on the NIM guidance, I remember Sunder sir saying that NIM will be maintained at the current levels, if not improve. Suffice to say that whatever improvement in margins you were expecting from that liquidity normalization has already happened in the third quarter.

From here, we should look at more steady state or is still some room for improvement in the margins? No,

we feel that it should be more or less in the similar lines going forward also. Around 8.5% is what we expect.

Got it, sir. This is useful.

Thank you so much for taking all my questions, and I wish you and your team very best.

Hi, team. Congratulations on strong numbers.

Just going back to Abhijit's question on MSME, even there last few quarters, stage 3 has been going up. This quarter, we also slowed down growth.

Anything you need to call out in MSME out here? See,

nothing to really worry. In fact, maybe four, five months back when tariff was looming and we were having some kind of anxiety on the same.

The way our customers have progressed, they have moved into the new market. One is they also have focused back on Indian market and moved into new market.

See, some of the industries which were dependent on US market like the fisheries and prawn, the leather industry, textile industry, they were little anxious when the tariff went up. Now I think there is a new understanding, and they have gone into the new market.

The temporary increase in stage 3 will not converted into NPA is what we strongly feel because we have been meeting these customers individually, and we are quite confident that things will be under control.

Understood. Sir, regarding your outlook on heavy commercial vehicles, I'm a bit confused because it does not sound like you're quite bullish.

You were saying last two quarters CapEx has been lower and you're hoping that in the budget some investments are announced. Really, what's your outlook on new HCV sales for next year?

See, people will buy new vehicle only when there is a scope to utilize these vehicles. As I was trying to tell you that since the infra spend has come down, on the heavy vehicle, we are little cautious.

Unless the infrastructure spend increases, further growth in heavy vehicle may be less because most of the heavy vehicles are used for cement and steel transportation other than the normal activities. It is dependent on the government infra spend.

Therefore, we are a little cautious on the growth in heavy CV, but we are equally positive on medium, LCVs, and last-mile reach, which is the SCV, small commercial vehicle.

HCV growth may be in single digits according to you?

Yes. Yeah.

Understood. Just lastly on cost of borrowings, I missed what is the outstanding cost of borrowing this quarter and versus last quarter.

Secondly, on the incremental cost that you mentioned of 7.73, this is after the few rating upgrades we've had, or you're just talking about last quarter's incremental? Just these two questions.

The cost of liabilities is 8.69 as of December versus 8.83 for the previous, that is September end number. Incremental cost is 7.73% without factoring in the rating benefit.

Okay. After the rating benefit, it should be another maybe 30, 40 bps, according to you, sir?

Because the rating upgrade happened only in January and only CARE did it in end of December. That benefit will be, yeah, maybe 30, 40 basis point will be there.

Understood. Understood.

Okay. That's it from my end.

Thanks and wish you all the best.

Yeah. The first question is on liquidity again.

When we look at it on the balance sheet size, cash and investments put together, that's again closer to 32 odd thousand crores. We got it down to 23 odd thousand crores in September.

Is it more a period-end phenomena, or even on the average, we are again seeing the increase in liquidity on the balance sheet, which can have some drag on margins, and that's the reason you are suggesting that margins will still remain at the current levels?

It's only a period-end phenomena. It's not the liquidity which is there for the full period.

I don't think that will have any impact. The excess liquidity is not there.

We are very conscious of maintaining three months liquidity only. It's only a period-end which has disbursement during the end of the quarter which has shown up, but that will not have any impact for the Okay.

Ideally, shouldn't the benefit on margin should still continue, be it particularly from the borrowing side because the incremental cost of borrowing is still significantly below the outstanding borrowing, while maybe immediately we are not planning to switch to new vehicle till the time the money come in, and the near-term outlook on margins should be relatively better than that of Q3?

I think it will depend upon the asset mix as long as we are focusing upon commercial vehicle, particularly newer, I'm not saying new per se, newer commercial vehicle where the lend rates tend to be lower or even the new passenger vehicles where rates tend to be lower, the full benefit may not be there. If you are able to

How's the proportion now on the new side in the disbursements? Sir,

new is around 10% of the total disbursements.

See,

what happens is we will definitely pass on some benefit to retain our customer. That's one thing.

In between, as we get the faster benefit of the borrowing cost coming down, there may be some increase. There will be definitely an increase in the margin, but that will not a permanent increase.

There will be some kind of a movement anywhere. We believe anywhere between 8.5 to 9 is going to be the net interest margin.

It may vary in every quarter.

Got it. Secondly, with respect to the growth, when we look at it, the momentum on the MSME is slightly coming off.

It's now, say, 18 odd percent, two-wheeler it's coming off, and post the equity, I think these two would also continue to be the growth segments. You indicated you would be increasing the ticket size and getting into maybe the upgraded segment as well by doing the secured lending.

Otherwise, maybe at this pace, where do we see the overall growth settling? With the equity infusion, earlier also you indicated that you would be targeting 18 to 20 odd percent growth over next couple of years.

That still sustains even with some slowdown in both of these segments?

No, the slowdown is mostly in construction equipment. Rest of the segments have grown.

I was just talking about deceleration in pace. Now MSME, it's down to 18 odd percent.

We have seen it growing 25, 30% as well. Gradually that pace is coming off.

Yeah.

See, we were a little cautious because of the US tariff impact on the MSME because some of the MSME segments were dependent on US. Now, since we are comfortable and we have seen our customers are able to have a new markets, we will start growing in MSME.

It is not that coming down from 25 to 18 with that means further will come down. We will definitely be able to go back to more than 20%.

Got it. Sure.

If you can just share some regular data points on disbursements, PD, LGD, and write-off number?

I'll ask Sanjay to share with you offline.

Okay. Thank you.

Hello, sir, and thank you for the opportunity. Sir, most of my questions have been answered.

Just one question I just wanted to check upon that in southern region, especially in Tamil Nadu, we have seen that freight rates are inching up. Do we see stress going there in that region, like freight rates going up and diesel price is also inching up to ₹95 a liter?

Do we see any stress pockets there?

What I can say is Tamil Nadu now normally market picks up post Pongal, and we are seeing good demand coming from Tamil Nadu. Freight rates have been steady there.

We have not seen freight rates have come down. I believe things will become much better going forward.

We have not come across freight rate coming down significantly in any part of Tamil Nadu.

Sir. Fine.

Sir, my follow-up question on farm equipments. We see that farm equipments had around 38% growth year-on-year.

Where do we see this book going up? Currently, we are at around 2.3% 2.25%, 2.3%.

Where do you want to see this book going ahead?

I believe there is a huge opportunity for us because since we have a large rural presence and we have not focused much on the farm, there is an opportunity to grow, and we'll be definitely growing at a higher rate going forward. See, only thing is the farm equipment lending, there are some earning fluctuation because of seasonality, and therefore, there'll be some adjustment to be made in the way we lend, which we are planning, and we are confident of growing that farm equipment lending and increasing the book to around 5% of the overall AUM.

Great, sir. Sir, is it possible to share the month-end date for farm equipment?

What would be the disbursements month-end date there?

We'll ask Sanjay to give it offline.

Sure, sure. Thank you.

Thank you, and best of luck.

Hello. Hi, everyone.

Most of my questions have been answered. If the management can touch base upon any asset quality stress, early stress that you are seeing across any of the segment as you highlighted there were some stress earlier in MSME.

Are there any segment that you are seeing any early stress that can come up in the future? See,

I don't call it as a stress because whenever there is uncertainty, then there'll be relook into any business. Even though, yes, there was some increase in stage 3, it was a very uncomfortable situation to us because we were able to meet the customers and understand the situation.

As of now, I don't see any stress building in any of the portfolio, and we believe that going forward, things will only improve from the current situation.

Got it. Secondly, on the gold loan side, as you have mentioned that you want to grow the segment a bit higher going forward, but this quarter, it was pretty slower than other segments growth in terms of Y-o-Y.

Any reason for that, or

No, our disbursement have grown sharply, but only thing is the portfolio growth was little less than what we expected because of large maturity.

Understood. Got it.

Thank you.

Thank you for joining us today's call. As you know that Q3 are normally a safe quarter, and Q4 will be more exciting because we will have one is the budget announcement, plus normally Q4 are the higher growth quarter every year.

We expect this Q4 to be much bigger than the Q3. As I expect the asset quality to only improve from now because things are fundamentally very strong.

We will definitely come out with a good numbers of the next quarter. Wish you all the best and hope to see you all again in the next quarter call.

Thank you very much.