Strong growth momentum, margin pressures ahead

Sanjay emphasizing succession planning and professional bench-building; leadership at Vivek, Yogesh, Uttam levels (ED/Deputy CEO); 10-year MD tenure signaling long-term leadership maturity

Management now cautious on NIM trajectory after -7 bps QoQ compression; declined directional guidance citing multiple moving parts; prior calls may have implied stable NIMs

Prior 3% credit cost (3 years ago) no longer applicable post-CGFMU guarantee; cost now 'around guarantee'; likely ~2.5% but business model shape fundamentally changed

MFI +5% QoQ (vs 6-8 quarters de-growth); PL +24% YoY from low base; credit card 1L issuances in Q1; industry MFIN guardrails driving discipline

Q4 seasonally strong for recoveries; Q1 normal SME book uptick. YoY comparison more meaningful—commercial slippages lower YoY.

Too early to quantify; refining LGD/PD models; strong Stage 3 provisions should offset Stage 1/2 incremental. Colors by Q3 end.

Credit card/PL still building, loss-making. Not right time to assess risk-adjusted yields; give businesses time to evolve.

Difficult to predict; cost of funds bottomed; deposit rates increased; asset mix drives yields. Stable-to-slightly-higher depending on rates.

Industry just revived post 6-8 quarter de-growth; MFIN projecting 17-18%; collection efficiency 99.5%; 96% CGFMU covered.

Pool-based annual; 6-month seasoning post-NPA; FY26 claims by Q2-end, realized by December; coverage lower on pre-CGFMU vintage pools.

No NIM guidance; scope in opex/credit cost vs FY26; other income contributed. Only 10 bps away, easily achievable.

Preliminary stage; models built with external agencies; too early; will share Q3-end. Comfortable due to low LGDs.

Hard to quantify; pan-India via Fincare, East, UP/Bihar; building all zones; huge 10-year opportunity; mix of products/states.

Project developers, KUSUM A/C, 2-5 MW projects; govt-supported; attractive PPAs and subsidies; Rajasthan, Gujarat, Maharashtra, MP.

99% existing bank customers (ETB); mostly liability customers; scorecard-based; new-to-bank share small, growing gradually.

Building sustainable leadership bench; Vivek, Yogesh, Uttam ED/Deputy CEO; Yogesh handling tech; professional leadership model.

Savings account ~5.05%; Term deposits ~7.25%.

Hard to guide on MFI; industry revived, sustenance unclear; grow for PSL; MFI cap 10% (SMA requirement); Fincare helps.

No FCNR target (leverage constrains); rates raised to 7.4-7.5%; industry benefit if $70-80B FCNR flows improve; exploring OFCB.

~₹1,000 Cr, ~12-13% of total opex.

May one-off; backend stable due to AI; front-end expansion in newer markets; AI helps risk and enables remote work.

3% was 3 years back; guarantee changed model; cost 'around guarantee'; likely 2.5% but range similar; contour shifted.

Acquired Fincare rural expertise; scaling from low base; >80% rural, avg ₹2.5L ticket, IRR 15.5%, granular book.

Reiterated; 10-year ambition; Q1 +21.1% revenue YoY supports if nominal GDP 10-12%

Cost of funds bottomed; asset yield mix to drive NIM; multiple moving parts acknowledged

AI, digital platforms, branch automation; expected to drive long-term operating leverage

NIM -7 bps QoQ; cost of funds at bottom; deposit competition high; rate environment uncertain; management declined NIM guidance

Cost-to-assets 4.0% vs <4% target; opex +26% YoY from disbursement growth and tech/HR investments; cost control critical

Universal license ECL Feb-Mar 2027; impact on credit cost and Stage 1/2 provisioning TBD; peers seeing 12-20 bps impact

MFI recovery early (5% QoQ after de-growth); credit card loss-making despite tightening; PL only recently breakeven

US leverage constraining FCNR for Indian banks; AU cannot leverage customers; FCNR rates raised to 7.4-7.5%