Q1 has been a quarter of revival and reassurance. Our Gold Loan business has not just recovered post- embargo—it has surged to a new peak in loan AUM, reaffirming customer trust and branch-level resilience. MSME lending continues to present a strong structural opportunity, though we remain cautious and calibrated in our approach. With strengthened governance, sharper risk controls, and tech- driven execution, we are well-positioned for sustainable and compliant growth. We remain steadfast in our mission to enable credit access for India’s underbanked—responsibly, transparently, and at scale.

The year has started on a strong footing both on the top line and bottom line with the flagship business of Gold showing smart AUM growth of 30% q-o-q and 85% y-o-y supported by healthy LTV, improving yield and best in class asset quality. We continue to remain cautious on the MSME and MFI space given the current headwinds and would retain our focus on further strengthening the credit, recovery and collection process in this space. We also commence our journey towards Al with the formation of dedicated internal and external team to work with a time bound program to implement decisive transformation across business and customer facing processes.