Ladies and gentlemen, good day and welcome to the Capri Global Capital Limited Q4FY25 Earnings Conference Call, hosted by Go India Advisors. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hardik Doshi from Capri Global Capital Limited. Thank you, and over to you, sir. Hi. Good afternoon, everyone, and welcome to Q4FY25 earnings call for Capri Global Capital Limited. This is Hardik Doshi, Head Corporate Finance and Investor Relations. Let me read out the disclaimer for today's call. Today's call regarding Capri Global Capital Limited's earnings performance will be based on judgments derived from the declared results and information regarding business opportunities available to the company at this time. The company's performance is subject to risks, uncertainties, and assumptions that could cause results to differ materially in the future. Given these uncertainties and other factors, participants in today's call may observe due caution while interpreting the results. The full disclaimer is available on slide 41 of the earnings presentation. Participants are requested to take note of the same. With us today on the call, we have Mr. Rajesh Sharma, Managing Director of the company; Mr. Partha Chakraborty, Chief Financial Officer; Mr. Sanjeev Srivastava, Chief Risk Officer, and Ms. Divya Sutar, Director of Business Strategy. Let me now request our Managing Director, Mr. Rajesh Sharma, to present the opening remarks. Over to you, sir. Good afternoon, everyone, and I hope you all are doing very well. We announce our audited financial results for the fourth quarter and full year ended March 31, 2025, on May 5th. I trust you have had an opportunity to review the earnings presentation, which is available on our website. I'm pleased to report that Capri Global Capital has closed FY25 on a strong note, delivering our best financial performance backed by robust growth across our core segments while maintaining disciplined risk and cost management. Our strategic focus on underpenetrated customer segments, backed by a digital approach and operational excellence, continues to yield tangible results. We have expanded meaningfully across all our core businesses: MSME, affordable housing, gold loans, and construction finance. With over 1,111 branches and a growing base of more than 7 lakh customers, our reach into Tier 2 to Tier 4 markets has never been so strong. Alongside our lending business, we have also seen strong progress in non-interest income streams, which together contributed more than 27% of our net income for FY 2025, led by insurance distribution and car loan origination. These asset-like income streams enhance our capital efficiency and provide high ROE upside while enabling deeper customer engagement. Technology continued to be our core enabler. From loan origination to collection, our in-house developed end-to-end digital journey, including application for sales mobility called Pragati App, for customer app called Capri Loan App, collection app called Collect Express, and Loan Express for valuing a property, our technical app, is delivering faster turnaround times and deeper customer insights. In the gold loan segment, we have operationalized rapid sub-30-minute disbursal with fully digitized customer journeys and AI-powered security infrastructure. Our use of advanced data science, including AI and machine learning-based underwriting scorecards, risk-based pricing, and real-time collection dashboards, is driving sharper portfolio performance and enhancing operational productivity. I shall now move to the commentary on business and earning performance. We closed FY2025 with a strong momentum, delivering a consolidated AUM of INR 22,857 crore, marking a robust 46% year-on-year growth. This performance reflects the success of our diversified strategy across sector retail lending segments. The gold loan business continued to scale at an accelerated pace, supported by a strong branch network and a seamless digital experience, growing over 130% year-on-year. Our housing finance vertical also maintained its upward trajectory, driven by healthy demand in affordable housing across Tier 2, Tier 3 cities, posting over 24% growth during the year. Our disbursement for Q4 FY2025 stood at INR 8,389 crore, growing by 41% year-on-year basis. Notably, our portfolio remains largely retail and fully secure, with over 100% of the book backed by collateral, underscoring our disciplined approach to risk and our commitment to financial inclusion through responsible credit. Our co-lending platform continues to demonstrate strong momentum and strategic relevance. As of FY 2025, our co-lending AUM stood at INR 4,079 crore, accounting for approximately 18% of our total AUM, compared to 12% a year ago. We have meaningfully enhanced the acceptance ratios and throughput across co-lending programs by streamlining our onboarding and credit assessment workflows. Co-lending remains an efficient tool for high ROE generation, capital conservation, and liability diversification. We continue to build a well-diversified and secure retail portfolio, with MSME and housing finance together comprising 46% of our total AUM. As of March 2025, MSME AUM stood at INR 5,278 crore, while housing finance AUM reached INR 5,202 crore, growing 24% year-on-year. MSME growth is being supported by the scaling of MicroLabs across 84 branches. Both segments maintain an average disbursal figure size in the range of INR 2.2 million, ensuring granularity and asset quality. With a continued focus on underserved markets backed by tech-enabled credit underwriting and branch expansion, we expect sustainable growth ahead in these segments. Our gold loan AUM grew sharply to INR 80.42 billion in 2025, reflecting a robust 130% year-on-year increase, driven by strong customer demand and rapid branch-level scale-up. With a network of 803 specialized branches across 10 states, we have achieved an average AUM per branch of INR 100 million, where over 95% of our branches are passing INR 50 million of AUM. The business continues to benefit from a fully digital loan journey, AI-powered security system, and high customer retention, with repeat customers accounting for over 50% of the portfolio. As we deepen our geographic footprint and scale through co-lending tiers, we expect gold loans to remain a high-growth and high-yield contributor to our secure lending portfolio. Our construction finance AUM grew to INR 4,133 crore, marking a strong 58% year-on-year increase, supported by sustained demand in the residential real estate market and a healthy pipeline of affordable housing projects. We maintain a granular and well-diversified book, comprising over 282 live projects with an average sanctioned ticket size of INR 2.7 crore. The business continues to focus on mid-size residential developments in metro and Tier 1 cities, offering construction-linked funding solutions through a robust diligence and escrow-based repayment and monitoring mechanism. Let me now provide an update on our core earnings. Our yields and spreads expanded further in the quarter to 17.3% and 7.8% respectively, primarily on account of expansion in yields for housing loan and gold loan. Our net interest income for Q4 FY2025 reached INR 381 crore, marking a 49% year-on-year increase, and FY2025 reached at INR 1,332 crore, marking a 25% year-on-year increase, driven by margin expansion and robust growth in our loan book. Our non-interest income continued to scale meaningfully in FY2025, contributing nearly 27% of our net income. This growth was led by three strategically important verticals: car loan distribution, co-lending, and insurance. Our car loan origination business generated INR 96 crore in net fee, backed by disbursement of INR 10,700 crore. With a presence across 803 locations in 31 states and Union Territory, and partnership with 12 banks and NBFCs, we have established ourselves as a key sourcing partner in this space, offering speed, reach, and consistent volume. In insurance, we tied up with 18 leading insurers across life, health, and general categories, and closed the year with a net income of INR 73 crore. Our focus on digitally enabled embedded insurance journeys and cross-sell initiatives, especially in Tier 2 and Tier 3 markets, will drive this income stream going forward. Meanwhile, co-lending income stood at INR 165 crore, supported by rising disbursal volume and partner banks. Together, these fee-driven verticals are creating scalable capital-efficient growth levels, reverse and enhance operating leverage, and deepen customer relationships across the platform. Our distribution network remains a key enabler of scale and reach, with our branch count expanding to 1,111 and employee base crossing 11,400 by the end of FY 2025. Having made such significant upfront investment in physical infrastructure over the past three years, our current priority is to drive higher productivity per branch and extend benefit of economies of scale. This shift is already yielding results, with our cost-to-income ratio improving meaningfully from a peak of 70.5% in Q4 FY 2024 to 54.8% in Q4 FY 2025. We expect this trend to continue as our branch network matures, tech adoption, defense, and operating scale improve across core lending verticals. As a result, our pre-closing operating profit increased significantly by 132% year-on-year to INR 2.54 billion for Q4 FY2025 and by 61% to INR 7.34 billion for FY2025. Our asset quality continues to hold steady, supported by the secure nature of our portfolio and measured approach to risk. During the fourth quarter, credit costs remained well contained at INR 180 million, with full-year numbers at INR 1.01 billion, in line with our expectation. We saw a steady improvement in delinquency, with gross stage III assets at 1.5% ending Q4 FY2025 versus 1.9% year-on-year, and net stage III at 0.9% ending Q4 FY2025 versus 1.1% year-on-year. We have maintained a provision coverage ratio of 41.7% on stage III loans, reflecting our prudent steps. These outcomes are a result of consistent efforts in strengthening our collection system using sharper risk filters at origination and ensuring closer monitoring as we scale. We continue to maintain a strong liquidity position for more than INR 1,827 crore through cash and cash equivalent and interim credit lines across CGCL and CGHFL. During FY 2025, we got new credit lines of INR 7,625 crore sanctioned for CGCL and CGHFL. Our capital adequacy ratio for both CGCL and CGHFL remains strong and stood at 22.8% and 26.9% respectively. Our continued focus on scaling high-margin businesses and focus on cost efficiency is now reflecting in our bottom line. In Q4 FY 2025, our consolidated net profit rose to INR 178 crore, an increase of 115% year-on-year and 39% quarter-on-quarter. For the full-year profit, it stood at INR 479 crore, up 71% from the previous year. These gains also translated into improved returns ratio with ROE and ROA for the quarter at 16.9% and 3.6%, and of 12.6% and 2.8% for the FY 2025. In addition to enhancing our in-house development applications, we are making investments in implementing generative AI for better underwriting assessment, fraud detection, and cost efficiency. We continue to strengthen our collection process through using data analytics for channel location strategy based on customers' partial payment behavior, monitor real-time collection, optimize route maps for field agents, and use AI-based live tracking for higher productivity. This has resulted in robust average collection efficiency of around 99%. Lastly, we continue to focus on driving improvement in turnaround time, enabling us to meet our customers' expectations faster through hassle-free and timely disbursements. ESG continues to be a core enabler of our long-term strategy, embedded across operations, governance, and stakeholder engagement. This year, we were recognized with an S&P Global Corporate Sustainability Assessment score of 49, well above the investor average of 30, and ranked the 99th percentile globally on financial inclusion, with a score of 75, a reflection of our deep commitment to underserved markets. On the environmental front, we have adopted responsible e-waste practices, invested in low-carbon digital infrastructure, and aligned operations with the UN Sustainable Development Goals. Socially, we continue to foster the inclusive, safe workplace through training, wellness, and diversity programs. On the governance front, we have put in place robust oversight frameworks guided by a well-balanced board and external expertise, ensuring that our decisions remain transparent, accountable, and in the long-term interest of all stakeholders. With that, I conclude my opening remarks. We shall now take the questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sohail Kanalil from ULJK Financial Services Limited. Please go ahead. Good morning, sir. Very good. Congratulations on a good set of numbers. The first question I have is about our loan book growth. We have grown at a very high rate, and we've reached an INR 8,000 crore AUM in the last few years, from 2022. How would you say that the journey has been? How have we been able to accelerate this growth at this rate? You are seeing that we added the capacity and capability both. Capability by putting our collection processes automation and driven by data science tools and invested on our training and giving imparting how to use these tools to our 525-plus people in the collection. Investing on the technology side, we set up a tech center of 150 people on the technology side and 25 data scientists. On capacity-wise, we have expanded branch network and added the more product. Growth is coming because of all these reasons. I think our branches, which were, if you look at four years ago, it was just 120, which is now 1,111. Because of those expansion and upfront investment done, they have started yielding the results. Got it. Got it. Got it. Also, in terms of the business per branch, we are at around INR 9 crore per branch right now. That itself is much higher than the competition. Any comments on that? You mean the competition is having higher or we are having higher? We are having higher. Okay. So our per branch gold loan AUM is almost now March is in the range of about INR 10 crore. And I think it is because of that size selection in the branches and right way of servicing the customer. So he keeps coming to a repeat business by building the digital journeys. And also, our customer service, which is quite transparent, where without using pen and paper, entire business will happen. I think because of that, we are able to build this AUM, and I see there's a lot of potential still exists ahead on ground to continue to remain on this growth path. Understood. Thank you. That's also my side. Thank you. The next question is from the line of Shalin Kapadia from IIFL Capital. Please go ahead. Mr. Shalin, I will request you to unmute your line and speak, please. With no response from the current participant, we will move on to the next participant. The next question is from the line of Jay Mistry from Equirus Securities. Please go ahead. Thank you, sir, for the opportunity. Am I audible? Yes, sir. Okay. Thank you for the opportunity and congratulations on great set of numbers, sir. I had two questions. The first question was on the yields of the gold loan, which are now at approximately 22% levels. With competition increasing and there is some regulatory scrutiny also hovering, how does CGCL retain such yields in the current environment? To maintain these yields, would we be in any way compromising on LTV or asset quality front for the coming future? That was the first question. On the second question, we are seeing that our construction finance vertical has seen quite an uptick in the last couple of quarters. What would be the key drivers for this expansion? Are we adding new developers or is it because of pent-up demand or something? Those are my two questions, sir. Thank you. Regarding the yield of the gold loan, I think the more the retail portfolio we build, the yield can be around that level. Of course, it depends on the overall market as well as the demand and underlying interest rate scenario. In the near future, we do not see any sharp decline in our ROI of the gold loan offering. Whether these are high or will it impact our future growth? If you look at some of the competition, they are in the similar range. It depends on the company to company what strategy they drive and how they want to do it. It has no direct impact and bearing in relation with the asset quality or LTV. LTV is about 71%, which is overall ceiling of 75% and within that. With regard to asset quality, you are seeing that now our gold loan portfolio average maturity is not more than six months. Every loan is getting closed within that period of time, and those impact is coming if there are any asset quality issues. We have seen that asset quality has been very stable. There are no surprises on that part. Coming back to construction finance, the book is still in the about INR 4,100 crore. In a couple of last quarters, we have seen that there was a lot of good demand in terms of realization and the sale of those projects. We have seen the good traction. With overall construction finance, we always remain at a conservative level, not more than 20%. By following that, while the growth has been good, so is the collection, so is the asset quality. That gives the confidence that overall, if the economy continues to grow, this construction finance will also continue to grow by maintaining a healthy book. Thank you, sir. Those were my questions. Thank you. The next question is from the line of Mayank Mistry from JM Financial. Please go ahead. Hi, sir. I had two questions. First is that our geographical presence seems more focused on north. Is it because the competitive intensity is high in south or our only focus is on north? Should we see the company expand its wings in south going forward? My second question is that in the gold loan book, how much would be our consumption led and how much would be income generation? As per latest guidelines, I think there would be some more difficulties in the consumption led loans. Would you throw some light on this? Yes. So with regards to our expansion strategy, it is very clear that we have so far been very active in north and west. Recently, we have entered in the south by opening MicroLabs branches. This year, we will be entering in the south by adding more housing finance and MSME gold loan branches. In the second half, you will see that these segments will have the branch network in southern Andhra Pradesh, Tamil Nadu, Karnataka. We grow in that segment also, that geography as well. Now, coming to bifurcation of the gold loan between the self-employed non-professionals or for the purpose of consumption or for the purpose of business. While exact data, I may not be able to give you right now, by and large, these people who borrow money, they are running some kind of a business. Now, at the moment, we are tracking that whether he is using the money for business purpose or consumption purpose. Of course, now the new guideline has come, but essentially, all these loans are taken by some micro entrepreneurs. How many% going to business, that is not yet trackable. Now, once the guidelines which are draft finally get notified, we will adopt in our underwriting norm and underwriting standard as well as the customer onboarding process, noting that for what purpose he is borrowing the money. That time, probably we'll get the precise numbers. Okay. Okay, sir. One more question is on the card origination. I would like to know how is the risk split in this business? I mean, does CGCL take the whole risk in its book while the fund is being disbursed by the bank? How does this business work exactly? This is a pure fee vertical where we just originate the lead and share. There is no capital involved. There is no risk involved. There is nothing. You purely get the fee income. The loan disbursement is decided by the bank, their underwriting rule. Our job is to just generate the lead and share with them. They say sanction or they reject it, it is up to them. Every case which is sanctioned and disbursed, we get to get our fees on that origination. It is a pure DSA argument. Okay. Okay, sir. That clears a lot of my questions. Thank you. Thank you. The next question is from the line of Satyap rakash Pandey from Haitong Securities. Please go ahead. Hi. Am I audible? Yes, sir. Yeah. I have two questions. First is, your spreads improved quarter on quarter due to higher yields, but cost of fund is gradually rising, approximately 9.5%. What's your view on the spread sustainability if systemic liquidity tightens further or if credit rating does not improve multi-value? The cost of fund, I think, is already this year we've seen that Reserve Bank of India has started releasing the liquidity. Rates have gradually, reporate have come down. We clearly see there's no scenario of interest rate going up based on these indicators. We believe that rates will soften on our incremental borrowing. In regards to the rating upgrade, now annual results have come out. We'll approve the rating agency and they will take you what is where it fits into. Interest rate going up, there is no scenario. In case we get rating upgraded, of course, then there will be risk-weighted change. Of course, incremental borrowing on immediate basis will get our cost of funds come down on existing borrowing. Whenever the interest loan get reset happens, that is the time when the interest rate is reset for the lower side being upgrade of the rating happens. Okay. That's helpful. My second question is, can you break down the internal movement of accounts between stage I, II, and III over the past three quarters? What sector or geographies are seeing higher migration risk? How are you addressing underwriting spill tests accordingly? I will ask my colleague Rajesh to take this question now. In stage I and II, gross is around, numbers are in millions. It is 1,849.070. If you refer to the slide number. Slide number 26 of the earnings. Yeah. Should I call up numbers? No, thanks. I will refer to that and take it from there. Okay. If you refer to the slide number 26 of the earnings presentation, there is a detailed breakdown of stage I, II, and III, along with the ECR provision for each of the stages for the last five quarters, including PCR and yeah. Okay. Thank you so much. That's it for me, sir. Thank you. Thank you. The next question is from the line of Shalin Kapadia from IIFL Capital. Please go ahead. Mr. Shalin, I would request you to unmute your line and speak, please. Hello. Am I audible? Yes, sir. Please continue. Okay. Yeah. Sorry about that. I have two questions, please. With increasing digitization, how are you addressing the emerging risks such as algorithmic bias in the credit scoring model or cybersecurity threats in loan disbursal and repayment ecosystems? Secondly, sir, in a scenario where RBI further tightens the norms on LTV or co-lending exposure, what contingency frameworks are in place to preserve margins, liquidity, and disbursal momentum without raising the risk thresholds? I'll take the second question first. In regards to the co-lending, essentially, RBI has come out with a draft guideline. It talks about how the LTV should be calculated and what are the other measures in terms of whether the end use of the loan and other aspects is to be done. If you talk about LTV-related norms in the gold loan, I think that is going to benefit the overall sector, everybody, where LTV will become a little conservative for the bullet repayment loan. In regards to other aspects, I think that is only improving the compliance. That is not going to reduce the demand or the cost part of it. Of course, initially, once the new guidelines come on the technology side with our banking partners, some alignment between the two organizations about the technology platform of API and other has to be done. That is not going to change the earnings and the rate of interest and how the customer is serviced. That is more on the compliance and more on the customer being given the joint statement and the common deal and all that. In regards to increased digitization and cybersecurity threat, I think we already have engaged our consulting partner, which includes KPMG and BCG on the technology side. We are using a few vendors to meet those requirements on a continuous basis. Recently, we have appointed internally EY as the accounting firm and assignment to strengthen the overall system. That is ongoing. Now, technology is going to be not a one-time affair. It is on a continuous basis, getting changed, getting upgraded, and keep on going. I think if you see that we are spending close to INR 90 crore-INR 100 crore a year on our technology, data science, and other teams on this aspect. We are heavily invested on this, and that becomes a part of it. No need to especially focus that something has to be done. It is an ongoing affair about upgrading based on the recent trend, guidelines, and regulations. Thank you, sir. That was very clear. Thank you. The next question is from the line of Shreepal Doshi from Equirus Securities. Please go ahead. Hi, sir. Thank you for giving me the opportunity. I joined a little late, so I had this question on LTV. I do not know if you have already answered. Within gold, there are a couple of trends that are emerging. Firstly, the ticket size that we are targeting is inching upward. Secondly, also the LTV. Now, typically, with this new regulation coming in, wherein the regulator is asking to have a 75% LTV being monitored throughout the loan tenure, yet our LTV has increased during the quarter. I just wanted to understand the implication of these LTV norms by the regulator and also our strategy on ticket size within gold going ahead. Our ticket size of the gold is going to demand more or less so granular that it will be in the range of INR 100,000 only. It is not going to change dramatically. Second thing is that about LTV norm, the RBI is saying that in bullet repayment cases, these are the guidelines. You must calculate the interest, which is going to accrue as a part of LTV. Thereby, it means that your loan amount will be on the lower side. LTV will get effectively reduced to that extent. Overall, it is a positive for while the gold has not depreciated in a drastic manner, but whenever in the future it happens, it will create an extra safety buffer LTV for these kind of loan-to-value loans. Since it is being applied to overall everyone, the entire gold loan lending sector will adjust to these regulations. It is not going to have a long-term impact. Maybe initially, you have to adjust it. Since these loans are always getting reset in four to six months and loaners getting foreclosed because tenures are not longer, it is not going to have a longer impact. Had these loans been 10-20 years you have to adjust, it creates a case of recovering that kind of amount to bring that LTV down. Being these are shorter tenure of loans, it does not pose a risk. I believe that sector will adjust to these norms. Got it. Just to unfollow here, with respect to, what percent of our book would be gold book, would be this bullet repayment book? I do not have exact numbers as of now. In case you require, we can take it out and give it separately. We run various schemes where the interests are also offered monthly by choice or by options or by design. Some of the cases are on a bullet repayment basis. That bifurcation is not available because we are not segregated that way. If you require specific, we can carve it out and give it to you. Got it. Just from the trend perspective rather than from numbers perspective here, the question is that at system level, would you say that majority of the loans that the NBFCs are doing would be more or less bullet repayment as an option? One more clarification that I needed here. When they say bullet repayment, is it like anybody paying interest component at, let's say, even if it is a 12-month tenure product, and if the customer makes interest repayment to me, let's say, at the sixth month end, even that will be classified as a bullet repayment only, right? To give precisely your answer, there are various options and schemes the customer has to choose. If the loan has been given on a monthly repayment basis and he does not pay, and if he has the bullet, that will not classify as a bullet repayment scheme. Bullet repayment scheme, on day one it is decided that you will not pay any interest, then you pay at the end of the repayment and interest together. Somebody paying quarterly interest or monthly interest will not qualify in the bullet repayment nomenclature. There are various lenders also who follow the process, and the customer has an option to switch. Initially, they take the bullet, but they end up paying monthly or quarterly as and when. They are allowed to switch from one scheme to another by paying nominal charges of INR 500 or something like that, depending on what the design of that scheme is. To pinpoint who is doing what and what everybody's percentage is is difficult to say at the moment. I think when common regulation comes, this is not something that will affect one player or another, and everybody will adjust. Ultimately, in the gold loan market, if you see, growth is coming from the informal segment to the formal segment. The gold loan segment you are talking about, if you look at it, new players are coming, old players are continuing to grow 20%-25%, and new players are also growing. Thereby, it means there is a clear-cut market opportunity gap existing. It is not that four new players have come in, and the new player, the old player market share has gone down, or absolute AUM has gone down. Even some of the largest players are growing at the pace of 18%-20% year after year. Our tenure is also solid, right? At system level also. I'll take that question separately. Just one question here was that now incrementally, we have to classify a loan from day zero. It says that it will be bullet repayment or it will be monthly repayment, and then accordingly decide the LTV. However, that switching option which industry currently had, typically at the time of disbursement, you give him a monthly repayment option, and then the customer moves to bullet repayment, and then the interest rate changes. Typically, at the time of disbursement, if it is 11% per annum, it gets shifted to probably 20% if he's going for bullet repayment as an option. You believe now the incremental policy will be that on day zero, you have to decide monthly or bullet repayment, and he's going for monthly, and then trying to switch to bullet, he cannot do that. Is it so? He can do that provided he adjusts to the new norm LTV as and when they are declared. Okay. Suppose put your question straight. Suppose you have INR 100,000 of loan. If it is given at the 14% rate of interest for six months, then 7% is the interest. LTV will get adjusted. It is set up 75%, INR 75,000 of loan. You are supposed to be only INR 68,000 of loan per year. Only that much adjustment has to be done. Right, right. Got it. So that was principal repayment that the customer will have to do if he wants to switch. Yes. Got it. This is very helpful. Thank you for answering my question, Mr. Jiken. Thank you. Thank you. The next question is from the line of Bhavin Pandey from Athena Investments. Please go ahead. Hi. Good afternoon. Thank you for the opportunity. I hope I'm audible. Sir, I would request you to please use your handset. Oh, yeah. Am I audible now? Yes, sir. Yeah. Thank you for the opportunity. If we look at slide 17, non-interest income has moved up significantly sequentially, almost 2x of last quarter. What are the components that have contributed to this kind of a bump up? Also, what was the share of the insurance distribution business in this? Pavin, you take this question. Yeah. In the fourth quarter, you see the bump up in the other non-interest income. There is a component of insurance income also in that. I will give you the exact number, how much it is. Yeah. Around INR 340 million out of those INR 1.01 billion or INR 1.02 billion that you see, INR 340 million is coming from the insurance. As you would have known, we started doing insurance selling from the fourth quarter of last financial year. Since then, the insurance income has been kind of on a strong upward trajectory. For the full year, we have a net fee from the insurance of around INR 730 million. Okay. Are there other sources that also contributed apart from insurance? If you could expand on those. Yeah. So in total, our non-interest income is comprising of three components. One is net car loan origination fee. That was around INR 24 crore for the fourth quarter, FY 2025. The other component is co-lending income, which was around INR 55 crore. The co-lending income is proportional to the growth rate. The higher the disbursement, the higher the loan book growth. Also, the percentage of AUM that is under the co-lending. If you see from third quarter FY 2025 to fourth quarter FY 2025, our percentage of co-lending AUM has remained flat. This increase that you see from INR 29 crore to INR 55 crore is largely coming from the higher disbursal and the growth in the loan book. The third component within the non-interest income is the insurance fee income, which, as I mentioned, is INR 340 million for the fourth quarter FY2025 and INR 730 million for the full year. Apart from that, there are other components like treasury income, which is more like an investment income. Okay. That was really helpful. Sir, when we look at MicroLabs and solar rooftop kind of businesses, how have they performed specifically in this quarter? Also, we have seen some sort of subdued performance in the MSME portfolio as compared to other segments. What would be the strategy around these two segments and overall MSME book from a strategic vantage point going forward? Our focus was on MSME that we have grown. MicroLabs have been added. Since we are more focused on the gold loan, and we wanted to contain our growth within the 50% range, there is a matter of bull direction. We have diverted all our credit line towards the high-yield product, which is the gold loan. However, this year, we are going to add more branches in MicroLab and MSME. This year, we intend to grow that segment again, the normal growth of about 15%-20% kind of a growth in that MSME segment. That segment will yield a good amount of profit because that we understand very well. We are doing that segment for the last almost 13 years. This year, you will see a lot of branch additions happening in that, and growth will be back. Okay. That was really helpful, and good luck. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Varun Kumar, who is an individual investor. Please go ahead. Hi. Congratulations for the good numbers. I just wanted to ask what will be the outlook for FY 2026 regarding growth? You wanted to know overall outlook or only gold? Growth outlook. Okay. Growth outlook, we will continue to grow our book in all segments. I think what we are aiming, earlier also we told, the next three years we are going to be growth in the range of 27%-30% kind of range. We intend to reach INR 50,000 crore of AUM book by FY2028. We already have invested in technology and connection. Now, since our network and our tech center is already built on the technology, we are keeping the pace ahead of others. I think INR 50,000 crore reaching by FY2028 should be feasible. We are working on that. Okay. Thank you. If it's about our ROE, while we will remain in the growth phase, but 1.5-2% ROE we intend to generate from pure fee income play. And about overall ROE, we should be in the range of about 16% despite these new branches or better we get absorbed. On a steady state, our ROE could have been higher, but just since we wanted to grow, a couple of 200 basis points kind of impact of that will come. We'll maintain the steady state ROE in the range of 16% in the next three years. Thanks. Ladies and gentlemen, you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Arup, who is an individual investor. Please go ahead. What kind of leverage ratio are you comfortable with? And do you have any QIP plan in mind for the next one year? We have been taking this question. Yeah, sure. I think in terms of the leverage, currently, we are around 3.5x on a debt-to-equity basis. We will not go above 4x kind of a leverage, and that is something that we have maintained historically also. In terms of the fundraising plan, we have taken the board resolution, as you would all of you guys know, for the INR 2,000 crore. The timing of the fundraising would be based on the market conditions. We continue to evaluate that, but I think the exact timing would depend on the market conditions and how things play out from here onwards. Okay. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Yeah. Thank you. As we move into FY 2026, we believe our core strategy focuses on secure granular retail lending. Positions us well to capture sustained demand across MSME, affordable housing, MicroLab, gold loan, and construction finance. Each of these segments offers large underpenetrated opportunities in our distribution footprint. Combined with the disciplined underwriting and deep product expertise, it gives us a clear advantage. We will continue to invest in technology analytics, not only to improve turnaround time through risk assessment, but also to drive better productivity and customer experience across the board. With a fully secured book, improving operating metrics, and healthy asset quality, we feel confident in managing trade costs even as we scale. On the liability side, we are seeing strong engagement from lenders and remain well-positioned to secure diversified and cost-effective funding as we grow. As the Indian economy continues to grow strongly and the market for retail lending continues to expand further, we are confident of capturing the huge opportunity available to us to grow strongly at 27%-30% CAGR and deliver sustainable ROE of 16%+ by FY2028. Thank you once again for your continued support, and we look forward to continuing to engage in the quarters ahead. Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your line.