Ladies and gentlemen, good day and welcome to the Q4 FY 2026 earnings conference call of Aditya Birla Sun Life AMC Limited, hosted by InCred Equities. As a reminder, all participant lines will be in the 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. I now hand the conference over to Ms. Meghna Luthra from InCred Equities. Thank you, and over to you. Thank you, Rutuja. Good evening, everyone. On behalf of InCred Equities, I welcome you all to Aditya Birla Sun Life AMC's fourth quarter and full year FY 2026 ended earnings conference call. We have along with us Mr. A. Balasubramanian, MD and CEO, and Mr. Pradeep Sharma, CFO. We are thankful to the management for allowing us this opportunity to host them. I would now like to hand it over to Bala Sir for his opening remarks. Over to you, sir. Yeah. Thank you, Meghna, and good evening to everyone. Thank you for joining our Q4 FY 2026 investors call. I hope you all had the opportunity to read through the earnings presentation, which is available on both the stock exchanges and our company website. Let me begin by sharing our perspective on the current macroeconomic environment, followed by update on the quarter ending FY 2026 for our mutual business. The ongoing conflict, as is known in West Asia, and the view of global uncertainty are fundamentally changing the world order, and surging energy prices have changed the global macro perspective and are posing challenges for global economic growth. For India, the disruptions in the Asian market due to the geopolitical risk have driven energy costs higher and depreciated the Indian rupee versus U.S. dollar, which continues to remain a risk in the very short term. The risk of sentiment has prompted FII outflow and broad-based equity market corrections across emerging markets as a result of that. The IMF now projects global growth to moderate to 3.1% in 2026, down from 3.4% in 2025, with headline inflation expected to rise modestly. The peak of tariff-related uncertainty is behind us, and potential productivity gains from AI provide a meaningful structural tailwind over the medium term. India has demonstrated commendable resilience through this period. Domestic growth momentum remains fundamentally healthy, and I expect the GDP growth to be about 6 point 100% for the year, preserving India's position as the fastest-growing major economy. Weekly inflation is expected to rise modestly. However, it remained at a comfortable position within RBI tolerance bands, with subdued core inflation and healthy food stocks providing additional buffers. India's growth outlook continues to be underpinned by strong domestic demand, improving investment activity, a supportive monetary policy stance, and healthy bank and corporate balance sheet. Turning to equity market, the last quarter witnessed a sharp transition from optimism to caution, with market correcting from near record highs, driven by persistent FII outflows and global risk-off sentiment and rising crude prices. Encouragingly, sustained participation from domestic mutual funds and retail investors cushion the decline, underscoring the growing maturity of our domestic liquidity and reinforcing that disciplined long-term investing and trusted guidance have never been more valuable. Coming to an update on the mutual fund industry. The quarterly average AUM for the industry as a whole stood at INR 81.5 lakh crore as of March 2026, compared to INR 67.4 lakh crore as of 31st March 2025, registering a year-on-year growth of 21%. The industry recorded its highest ever SIP contribution, approximately INR 30,000 crore for March 2026, representing year-on-year growth of 24%. Total mutual fund folio stood at approximately INR 29 crore as of March 2026. During Q4 FY 2026, the industry saw total in NFO collection, approximately INR 11,200 crore across equity and debt funds, with the equity collection driven by predominantly Flexi Cap Fund, Multi-Asset Fund, and Small and Mid-Cap Fund. Despite equity market volatility, industry witnessed the continuous flows into various schemes, highlighting sustained investor confidence in the long-term growth potential of Indian equities. Individual average AUM for March 2026 stood at INR 47.4 lakh crore, contributing to about 60% of the total industry size. B30, with an average AUM of INR 14.4 lakh crore, accounted for 18% of the total AUM, growing by 19% year-on-year. Coming to the ABSL AMC performance highlights. At ABSL AMC, our overall average AUM, including alternate assets, now stands at INR 4.74 lakh crore, growing by 17% year-on-year. Our mutual fund quarterly average AUM stood at INR 4.36 lakh crore, representing 14% year-on-year increase. With this, our equity mutual fund quarterly average AUM stands at approximately INR 1.97 lakh crore, growing by 17% year-on-year. Our SIP contribution for March 2026 has seen reasonably good pickup to touch INR 1,204 crore, growing by 11% quarter-on-quarter. Where we closed about INR 1,080 crore-INR 1,204 crore, supported by INR 40 lakh contribution coming from SIP accounts. Building on this momentum, we are at the forefront of driving our SIP adoption through our Sabse Important Plan campaign, reinforcing the value of investing through the market cycles. Systematically, our ambition at ABSL AMC is to reach every household in India, making Har Ghar Mein SIP a reality. We're working in that direction, which will help us in improving the SIP number further. Total investors' folio for March 2026 stood at INR 1.1 crore, with the new SIP registration for the quarter approximately INR 6 lakhs, growing by 16% on a quarter-on-quarter basis. This is another area where we have shown improvement in the current quarter. The SIP registration actually higher than the previous quarter, reflecting on both the number of registrations happening in the quarter. Over the last year, we at ABSL AMC have made meaningful investment in strengthening the investment team and people and sharpening our portfolio construction processes and the reinvented investment framework in order to deliver consistent investment performance. This has in fact resulted in a sustained improvement in our investment performance in equity, directly translating to growing investors' confidence and distributors' confidence, and consistent flows across our core funds offering. In fact, in the current quarter, we continue to see momentum coming in our flows in our Flexi Cap Fund, Balanced Advantage Fund, Multi-Asset Income Fund, Small and Mid- Cap Fund, Gen Next Fund, and Multi-Cap Funds. Market expansion has always been a key priority for us and we continue to deepen our presence across our emerging markets. Today, we are present in about 19,000 PIN codes spanning across the country, reflecting our commitment to bring in quality investment solutions to every corner of India. Building on this foundation, we plan to add several new locations in FY 2027, further expanding our geographic footprint. In fact, during the current quarter, we have seen our retail productivity improving across all markets. This is reflected in the number of distributors getting added to our fold and the number of distributors getting activated across different markets in order to further drive our business. We have enhanced our technology platform and digital capabilities with a clear focus on delivering a seamless experience, including the launch of our new investors app. This is reinforcing our commitment to simple, transparent, and accessible investing. We also launched the new partner app with enhanced capabilities, and we remain focused on leveraging technology to drive smarter wealth creation and long-term value to our investors. In fact, in our digital platform, we added some of the features which will actually bring in the number of customer additions and having customers with multiple folios and so on so forth, and also improve the service standards in our app, which in fact help us in terms of adding more customer base as times to come. Moving to our alternative business, the PMS and AIF category has maintained a strong momentum. Complemented by a comprehensive suite of trade offerings, our PMS and AIF assets grew significantly from INR 11,300 crore to INR 30,000 crore, which again growth of about 3x, is also supported by IFSC mandate that we won last year. As you all know, Sameer Narayan, who was PMS head, managing the investments as the head of investment, now is taking additional responsibility of our offshore fund management, along with building the business and expanding our global investment capability as head of offshore business, both on money management as well as on building the business as AIF and PMS. With his deep commitment and passion, I'm sure these two asset classes will start building some more outcome as time to come. We'll continue to raise funds in some of the funds that we launched last year in India Advantage Fund run out of GIFT City, ABSL Flexi Cap Fund for inward remit and the GIFT City, and Global Bluechip Fund, which has given a huge experience for investors to provide globally competitive solution to our investors. We plan to launch ABSL Global Emerging Market Fund very soon through the GIFT City. Karan Dave, who was part of our Aditya Birla Capital talent pool, is now taking charge of debt AIF platform in order to provide fixed income credit oriented, performing credit oriented funds, where he leads our credit strategy with a focus on scaling our offerings in this space. The ESIC mandate accounted for about INR 20,000 crore as of March 2026. While PMS and AIF, excluding ESIC mandate, registered year-on-year growth of about 14%, reflecting healthy underlying momentum backed by strong performance coming from our PMS business as well. On the EPFO mandate, which last quarter I mentioned about, we won the equity mandate. This quarter we signed the formal agreement, and now we are ready operationally to get the inflows after fulfilling few other formalities in next few days. I'm sure in the current quarter, we'll get to finance the EPFO money in the fixed income space as per the mandate given to us for the next five years. We are currently in the fundraising plan in the Special Opportunities Fund Series II and Structured Opportunities Fund in Series II and money managers fund in the AIF space along with ABSL India Select Sector Fund in the equity space. On the real estate front, our AUM grew approximately about INR 740 crore, registering 14% year-on-year growth. We currently have a fundraising underway for Aditya Birla Real Estate Credit Opportunities Fund Series II, and focus on senior secured lending to post-approval brownfield real estate projects across Tier 1 cities. In our passive business, we continue to witness significant momentum with our quarterly average AUM crossing the INR 40,000 crore mark to stand at INR 41,200 crore in Q4 FY 2026, representing year-on-year growth of 25%, our customer base expanding about 16.9 lakh. ETF quarterly average AUM grew by over 68% year-on-year, significantly outpacing the industry ETF growth of about 40%. Our passive product suite now comprise 54 distinct offerings across equity, fixed income, commodities, and multi-asset solutions designed to address the diverse investment needs of our investors. During the quarter, we launched two new products in the passive segment. It is the ABSL MSCI India ETF Fund. This will be based out of GIFT City, feeding into our fund in India. Hopefully we get inflows from FIIs invested in this fund and for which we'll launch this fund. The same day, we also launched BSE Top 10 Banks ETF, wherein we have started seeing some inflow of investments, especially for those who make dedicated investments in the financial services index. We are happy to announce that we have incorporated our wholly owned subsidiary, Aditya Birla Sun Life AMC International (IFSC) Limited GIFT City, and have successfully obtained the retail license to further strengthen our presence. Our earlier presence in GIFT City was in the form of a branch as an extended arm of Aditya Birla Sun Life AMC. Now it has become 100% wholly owned subsidiary company. With this, we'll be able to launch product for inward remittance and outward remittance for as small as a ticket size about $3,000, as even as low as $2,000. We launched our SIF vertical under the ABSL SIF brand with our first offering, the ABSL SIF Hybrid Long Short Fund. With the evolving investor's needs and the rapid expansion of India's AIF segment, this category represents significant growth lever for us. Building on this momentum, we plan to introduce a pipeline of new offerings as guided by SEBI new circular in the near term to further strengthen and scale this platform. In line with this, we have further enhanced our investment capability with addition of two specialists bringing deep expertise in long short as well as derivative-based strategy using options and futures market. Moving to the financial numbers. Q4 FY 2026 revenue from operations is at INR 428 crores as compared to INR 429 crores in Q4 FY 2025. Our Q4 FY 2026 operating profit was about INR 252 crores as compared to INR 233 crores. Our Q4 FY 2026 profit after tax was INR 187 crores as compared to INR 228 crores. This is actually on account of reduction in other income due to the mark-to-market actions for the quarter. Revenue from operations for the full year FY 2026 was INR 1,845 crores as against INR 1,683 crores. FY 2026 operating profit was INR 1,014 crores as compared to INR 944 crores. FY 2026 profit after tax is INR 970 crores as compared to INR 913 crores in FY 2025. We are pleased to announce that the board has proposed a dividend of 25.5% per share, being somewhat equivalent to about 78% of our profit distributions for the full year. With this, I would like to open the floor for any questions. I'll be joined by Pradeep Sharma to take any other questions that you may have. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone 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 Mohit Mangal from Centrum Broking. Please go ahead. Yeah. Good evening, everyone, and thanks for the opportunity. My first question is on the regulatory impact. From the 1st of April, we see that there will be a five basis impact on the equity AUM. How do you intend to mitigate the impact and what would be the net impact on our books? Yeah. See, I think this is the broad impact generally, post the regulatory changes is in the range of about 3-4 basis points, roughly. Otherwise, given the fact that the way the industry has been operating, the way we have been operating, we will try and do the structures in such a manner that it does have least impact as far as the P&L are concerned, given the fact that the reduction is actually quite marginal and suitably making the structures that we have both on the commission structures and other expenses. Keeping all those things in mind, we'll try and make it neutral to everyone and win-win for the overall business without having any kind of deep impact either for the distribution community or for our AMC business. Okay, you intend to pass on to the distributors basically and there'll be 1 or 2 basis point impact, that is what you intend to say? No, we have not quantified any kind of exact number. I think we will of course roll it out the current quarter. As of now, the assumption that we are making as far as the AMC impact concerns will be very marginal. We would look at from all angles, how do we maintain the overall profitability. At the same time, when we also look at passing on optimizing the entire thing, we'll also of course, since it goes across the entire distribution community, we also feel even from a distribution point of view, even if it is marginally passed on, the impact will be the least. Understood. How has been the flow market share versus the book market share this quarter? In line with the market only. In terms of market share you are saying? Yeah. Market share. Flow market share versus book market share. It's in line with our market share. In line with our market share, yeah. Okay. Yeah, in line with the market share. We have seen improvement in terms of our flows. I think if we have to give you some kind of color, one, we actually this quarter is better than the previous quarter in terms of flow of funds coming into the funds that we have been promoting, backed by reasonably good acceptance. More and more approvals are also coming in from the banking channel. That certainly is good news. Second is the way we looked at it. As you're aware, we've been saying for the last one and a half years, we'll continue to focus on reducing the fall in the market share before we start rising. That's something again has happened this quarter too. I think the overall reduction is very marginal. Very, I think narrowed quite significantly. With improved flows, broadly, I would say, it should come reasonably close to the market growth momentum very soon. Understood. My last question is on few bookkeeping questions. First is what is the SIP AUM? Secondly, if you could quantify the ETF AUM. Your fixed income includes the ETF AUM. If you can give me the ETF AUM, and lastly, the PMS and AIF revenue for financial year 2026 and Q4 financial year 2026. Sure. As well, I'll take the second question, which is the ETF equities rather than out of INR 47 crore. Roughly about Yeah. crores is the ETF, which includes gold and silver. Roughly about INR 11,500 crore. Okay. The balance is actually fixed income, target maturity fund we can call it. As far as the- What was the first question? The other question, SIP book is about. INR 76,000. INR 76 crores is SIP book. With respect to revenue. One second, just Yeah. As far as the PMS and its revenue, I just tell you. Yeah. Revenue coming from PMS and that. Revenue share from PMS and AIF alternate is around 6% on gross basis, Mohit. On net- Okay. basis, it will be around 3.5%. Yeah. Okay, understood. Sir, just one follow-up. You said SIP AUM is INR 76,000 odd crores. Last quarter, it was around INR 87,000 crores. It's- Yeah. Just the MTM movement, right? Yes. Yes. Yes. Understood. It's a pure MTM model. Yeah. Pure MTM. Right. Okay. Thanks for the additional information. Yeah. Thanks. Does that answer your question, Mr. Mohit? Yeah. Please. Thank you so much. Thank you. Participants who wish to ask a question, please press star and one. The next question is from the line of Deepanjan Ghosh from Citigroup. Please go ahead. Hello. Good evening. Just few questions from my side. First, you mentioned, in your previous comment that your flows in the funds that you have been pushing or funds or performance is good. There has been improvement in flows quarter-on-quarter. But if I look at the overall active equity as a cohort for you and look at, let's say, 4Q versus 3Q or 4Q versus last year 4Q, how would the quarter-on-quarter and YoY look like for the entire active equity basket as a whole? My second question is on the expense side. You mentioned in your commentary that you kind of have expanded your team on the SIF side. You also have ambitions to continue to scale up your alternatives and PMS businesses, offshore businesses. When I look at the employee expense growth, how should one think of, let's say, for the next one or two years in terms of the growth? Finally, I have a few data-keeping questions. One is SIP flows for the quarter. The second is ESOP expense for the quarter and year, and third is the number of employees outstanding as of March 31st. Sure. As far as the flow is concerned, Deepanjan, I think the last quarter also I mentioned, and this quarter also. The way I look at it, what we're trying to build in addition to Arbitrage Fund, which also considered as active equity. We have seen good pickup in the first half of this year in terms of our Arbitrage Fund. We started seeing pickup coming in Flexi Cap Fund, Multi-Asset Allocation Fund, Multi-Cap Fund, and the Balanced Advantage Fund. That's why I think we continue to see inflows and even we are also promoting these kind of five, six focus products. The thematic side, we continue to see flows in Gen Next Fund. Now we are seeing good pickup in the Small and Mid-Cap Fund. We are now seeing flows in the Small and Mid-Cap Fund. That is the way we are pushing it. Third, of course, where we're also losing some assets in the early part of the year is ELSS schemes. Thanks to the significant improvement that we have seen in the performance. In fact, our outflows has come down quite. Though the asset as a category is not getting flows. We had a little bit of excess outflow initially for underperformance of the schemes. That got narrowed quite significantly. This year we have seen a significant pick. In fact, I must also share with you the number of funds we have delivered Q1, Q2 performance in equity now has gone almost about 85%. In fact, current quarter, we have almost insignificant portion of our funds is in the Q4. That is something it's being accepted. In fact, during the current quarter, we got our products approved, part of the banking channel, which is also another piece we are working on it. Now wherever we got one product added, now two products got added from the list of funds that I just showed to you. I think each quarter-on-quarter basis, we are improving it. Hopefully, this year we'll see that momentum continuing as far as the flow is concerned. That's why we are pushing the team for improving the productivity point of view. Other two questions, I'll ask Pradeep to just give you insight there. Yeah. The other one was on the employee expenses you were talking about. Basically, we launched a new employee ESOP scheme in Q4, which we had the impact in the current quarter, and that will continue in the next year in coming quarters also. However, that impact is not that really visible in the Q4 numbers. If you see, there's no increase from Q3 to Q4. Largely on account of, there were some employee-related reversal because of the variable pay performance. That has been offset during Q4. However, going forward, there would be an impact of around INR 8 crores-INR 10 crores per quarter in next year. Next year? Yeah, in next year. This would be on account of ESOP and all. As far as you said on the employee, the two new employees, I think that should not be much impact. That is only a running employee cost and normal inflationary employee cost should be there. Yeah. As far as your employee cost and additional everything Pradeep mentioned, I think from a team point of view, we are more or less there, except we will add. We have an ETF passive gentleman left. We'll be adding one or two member team to build our passive business. Of course, we have an existing team, no doubt. To head that business, we have some serious plan in order to bring in higher focus on passive growth as well. That's something which we'll do. Second, of course, some people have left, and of course some people are coming in. Largely, if I look at it from employee cost point of view, there will be a marginal increase, not big time increase. Also simultaneously, we also will keep looking at optimizing the existing resources, what additional responsibility they can take, and therefore this will remain somewhat under control. As far as the ESOP concern, while he mentioned about next year's impact will come, in fact, I must mention, we rolled out our ESOP plan this year well on time, at close about INR 845 price. In fact, this also boosted the confidence and motivation of our people. Almost about 110 employees we covered. Therefore, I would probably say that with the improvement in performance, and our team also got motivated post issuance of our ESOPs. This also should add to the overall positivity for the fund. Got it. If I can get the data point that I asked for, SIP flows for the quarter, number of employees, and yes, those were the two questions. Yeah. Sure. SIP flows are INR 1,204 crores. Sorry, I- One second. Just give me a second. INR 1,208 crores is for the March, and if you see for quarter, it is INR 3,600 crores. Employees are 1,615 employees as of March end. Sorry, 1,615 you said, right? Yeah. 50. Yeah, 1,650. 1650. Okay. Just one follow-up maybe. If I look at your this year, you started with around 1630 employees, you went up to around 1700 plus, and now you're back to 1650, despite the business momentum picking up. What is really getting captured in this employee count number? We always see there will be always some ongoing vacancies at RM level, et cetera, at the bottom of the pyramid. As well as we always keep on optimizing our employee strength, and also keep on improving the productivity levels by way of implementing the new tax solution, et cetera. I think 30-50 employees, plus minus, will keep on happening always, depending on the optimization. We also onboard certain segment of the business, off-role people, then they come under the onboard. Roughly about 80-100. Got it. Thank you and all the best. Yeah. Thanks. Thank you. Participants who wish to ask a question, please press star and one. Next question is from the line of Sarna Mukherjee from 360 ONE Capital. Please go ahead. Hi, sir. Good afternoon, and thank you for the opportunity. Three questions from my side. First one, sir, on this regulatory impact. I just wanted to understand, and will we be getting some clarity on what is the full extent of the impact? Because we are already in the third week of April. Would it be like that we will have an idea as we close April or would it be like that optimization will continue for few months as we move in there? If you could give some clarity on that. Secondly, I think in terms of customers, how has the movement been during the quarter? The reason why I ask you, sir, that in the SIP slide, growth that we are seeing in terms of loans as well as new SIP registration, that is not reflecting so much in terms of the contributing SIP accounts. I just wanted to understand the dynamics there. Are our existing customers opening incremental SIPs or how is it playing out in terms of onboarding the new-to-ABSL AMC customers? If you could help us understand that in terms of this incremental SIP flow growth that has happened during this quarter, which channels are providing that? Is this coming from online channel or any other kind of distribution partners who we have added? If you could give some color on that. Lastly, sir, also if you could share the yield by asset class, that would be very helpful. Yeah. As far as your first question is concerned with respect to the optimization running, see, this is after a multiple round of discussion when the first circular came and the final circular came. All of you would have known, and as an industry, we worked with SEBI and brought it to a scenario where it will have least impact, including the broking firm with whom we deal with on the equity side. In fact, I was personally involved in working with the other team members of the industry to see to it that it has least impact. That's the broader approach in which we did. Whatever the final that has come, the way we have worked out at this point in time is from AMC profitability point of view, we will try and make it neutral, if not positive. As far as the distribution is concerned, in any case we are in a scenario where we have always been ensuring that the distribution partner should work with us very closely. Therefore, we kept the commission structures in a manner that it remains somewhat attractive for them in order to grow our business. There will be some marginal reductions that could come. That way broadly I will see it without having too much impact as far as they are concerned. The way we are currently working out is from our profitability point of view, somewhat neutral kind of model. That's why we're working on it. That way we are looking at building the whole plan. As far as the SIP is concerned, of course, we have seen a bit of cancellations this quarter, maybe I would say increased cancellations during the period of volatility. It used to be somewhere around about 40%-50% for the industry, I'm talking about. It went up to as about 92% for the industry. In fact, our SIPs cancellations were actually lower than the industry, I would say. At the same time, this normally happens in any such kind of volatile period. We do see SIP cancellation increasing. That in my view is not generally a worrying part, because SIP registrations have not come down quite significantly. SIP registration remains somewhat strong. When our number for the quarter SIP is about 6.71 lakh as against 5.4 lakh on the previous quarter, is the trend that we see. Therefore, this is something, one good big achievement I would say as an industry all have done, including ourselves, making SIPs oblivious to the market volatility. In fact, I myself was during the volatile period keep harping on the importance of not canceling SIPs. In fact, I came with a mantra, which is called, "If you have an SIP, continue SIP. If you have canceled SIP, start your SIP. If you have never invested in SIP, start SIP." Something like we actually came out with the campaign during that period. It's also being appreciated by people because during the volatile period, giving guidance to the investors is extremely important. In fact, we are the one house where all around the place we're re-emphasizing importance of SIP. In fact, that has been appreciated by a lot of our partners and investors that Birla is actually batting on the front foot in promoting SIP, which hopefully should help us in building our SIP. That's one. As far as the channels are concerned, in fact, we have seen digital, of course, remains the dominant component, no doubt. MFDs we have seen improvement during the current quarter due to the high engagement coming from our sales team, because improvement on performance, the narratives gives a more confidence for them to actually go out in the market, not having a fear of reaching out. That's something helping our sales team actually go out in the market, talk about with a lot of pride that, yes, we are doing well. So that is helping us in improving our contribution coming from MFDs. Of course, a long way to go, no doubt. Secondary product coming as part of approved list of banking channels also is improving the contribution, both the flows and SIPs. Third, of course, is the ND channel. Before the ND channel, our direct team channels also we are seeing an improvement on the direct team channels, both the HNI space as well as the PF and trust. We also have channels coming in the institutional space. That space is also we are seeing STPs now contribution is coming in. In fact, last quarters, some of the even institutional customers who probably invest in equity as well had an equity when the market fell. That way broadly I see it. As far as the yield concern, I'll just give it to Pradeep to give you insight. Yields in equity category are around 62-63 basis points, and debt side it is around 24-25 basis points. Liquid is around 12-13 basis points. ETF is around 6 basis points. Okay, sir. Understood. Thank you for the detailed answer. Yes, sir, I think really great set of numbers on the SIP side. Just one follow-up, if I may. In terms of the month of April, so just wanted to understand that how are we seeing the month of April now that the volatility has kind of reduced a bit, and the markets have also s tarted to show some encouraging signs. Just wanted to understand how you are seeing incremental offtake in the month of April. Sure. I think March quarter, I think there was also pressure on fixed income side due to the rupee volatility as well as interest rates. Banks were under tremendous pressure to raise deposits. That did have an impact as far as the fixed income flow is concerned. In fact, post RBI giving more liquidity and the borrowing calendar is more skewed towards the short run rather than the longer run. As again, bond markets have come back to normal, liquidity has come back to normal, flows have also come back normal. In fact, as I speak, our number has come back now close to about INR 445 in terms of running number. That's something that's an overall picture, I would say. As far as equities concerns, we did have a conference. Normally, we have in the beginning of every year, we run a conference, taking all our distribution partners to one location. We lock ourselves to talk about what we have done last year and what we intend to do next year. In fact, we got a reasonably good response coming from our distributors from across the representation of India. That's something. I got a feeling that everyone wants to actually add and accumulate during the fall period rather than reducing the exposure. That's one feeling I got. Therefore, this is my view, assuming there are about 400 distributors participate in our conference, assuming I take that as a voice of representation of the whole industry community, probably we should see the flows not getting impacted. Given the fact the market has also come back quite nicely. From our side, we are seeing improved contribution, though it's too early for me to give that number, but I'm seeing an improved traction. In fact, I must mention post our conference in Hyderabad that we had last week, entire my sales force have become extremely confident in order to improve their own productivity in every market. That's the way I would put it. Understood, sir. This is all very helpful. Thank you so much, sir, and all the best for FY 2027. Thank you. The next question is from the line of HT from Premji Invest. Please go ahead. Hi, sir. Am I audible? Yes, you are, sir. Yes, you are audible. Yeah. Hi, sir. Harshit here. Sir, just wanted to. I joined a bit late. Maybe you covered it, but, what was the equity yields which you mentioned, sir? Equity segment yields? Yeah. [inaudible] Equity yields were 62-63 basis points, and debt it was 24-25 basis points, liquid 12-13 basis points. Sir, when I look at the equity yields, at least if I back calculate broadly, there is around 2-3 basis points yield reduction, which would have happened this quarter. I think if I take every other thing constant, then probably a 3 basis points decline in the equity segment. Is it anything particular to do here? No. There's no specific reason. I think this is the function of telescoping pricing as well as the mix of products. Both these things will have impact on this. Versus if you see for last year, actually, in the earlier calls we have said last year we had some reversal because of the regulatory changes. If you see from last year to this year, there is a marginal drop of 2-3 basis points. I think otherwise and it will continue. Sorry. Sir, just on the sequential part itself and wanted to check that probably it looked like. It's a product mix. Decline. Yeah. There's no exposure. Okay. Yeah, continue, Harshit. Within equity you are saying there could be more passives or basically index funds, et cetera, would have led to that yield decline? Yes. Product mix, yeah. Yeah. Otherwise, in the core product, there is no fall. Of course, as we mentioned about, see, some of the funds are also a bit growing in size to the extent the telescoping pricing impact that we mentioned. That I would say that is one component of it. Otherwise, even growing our passive will also get added to that segment. Got it. Sir, just the other point you mentioned that the impact of the TER revisions, you would want to keep the distributor also. You would want the distributor commission not being impacted. Then you said that we also want to ensure that our business is neutral in terms of the economics. How can that really? Do you expect that we will have to take some hit? No. Just to clarify that, Harshit, we did some kind of math. Just back of the envelope math we just did. Let us assume a scenario that if we're able to make it somewhat neutral or negative, say, let us assume for the distribution partners, what's the impact it will come? Given our current brokerage structure we have. We have current distribution structure that we have. I would say we would be in the, I would not say too high, I'll not say not too low as well. I think we are little above, say, median, I can say compared to the industry people. Therefore, we felt that what the impact will come, that is assuming that 2, 3 basis points is actually comes at the cost to the distribution side. We felt the impact is very marginal from the people who get a larger AUM versus smaller AUM. For us also, given the fact this has come, we also re-looked at some of our cost structures, how we can improve this. Therefore, we looked at, across the board, how we can actually ensure that impact is less. It is also coming from the fact that, as I mentioned earlier in the call, that all said and done, the initial fear which was there when the first circular came, when the final circular then came, in that call as I mentioned, it will be more or less neutral, if not slightly positive. We continue to maintain that. This has to get evolved in my view. Therefore, we can't say this is the way exactly it'll work, because anyway, once this is done, implemented, we'll come back to a normal distribution structure, which normally we keep about 60%-70% is the distribution structure. We'll come back to the model. Therefore, we should not get confused in terms of who will get impacted and who is getting benefited. We have ultimately come back to the distribution model. Understood, sir. Sir, one last question. If I look at my net equity flows across all the active funds, basically, I think last year, if I assume that in the interim, we had some higher redemptions from the older schemes, then we had some higher redemptions in the online, basically. Are we, because of the performance now being much more stable and a larger track record of stable performance, at a stage that on a monthly basis, we are getting INR 250 crore-INR 300 crore of net inflows as a bare minimum right now? Just trying to understand have we reached a point that net of redemptions, we are right now at a point that INR 250 crore-INR 300 crore monthly inflows are more predictable inflows which we can get every month? Yes. I think the trend is there, Harshit. I think clearly you articulated it nicely in terms of how we are shaping up. In fact, so I can normally say last year our flows actually is two times higher than the previous year flow in terms of flows. That's again, nothing but an effort that we are doing it. As I mentioned in my opening remark, whatever steps we have to take in order to bring in the talent side, where we have to improvise it, and responsibility is changing and so on, so forth. Each of the areas, the focus that we brought in, all of them started paying. Even it take some time for people to get adjusted and start delivering. In fact, when I mentioned about 88% of the funds today is in Q1, Q2, is all I think is the outcome of what we see. When the product is coming part of approved list, is also the function of how now it's coming in the radar with the rest of the competition, so on and so forth. I think we are going in the right direction, I would say. Is INR 200 crore-INR 300 crore number, which we have already now at a stage there now that is the base minimum monthly flows we are there at? Or do you think that still we are not at INR 250 crore-INR 300 crore, it's still maybe few months we get it, but it's not that number which we have reached on a more steady state basis as of now? Yeah. I would probably say the number would be much higher than what you are indicating. I don't want to say it right now, but we would probably push for higher than these numbers. Understood. Very well. Yeah. Thank you. Thanks a lot. Yeah. Thank you. Thank you. Sorry. The next question is from the line of Meghna Luthra from InCred Equities. Please go ahead. Yeah. Hi, thank you, sir. Just one question is, sir, you mentioned on the banking front, we've got some approval from some products. Can we get some more color on that, and how do we see the strategy in the banking channel changing? I understand it's still small proportion of the overall channel mix. Sure. See, I think the way we look at our banking channel is, those were the large key partners for Aditya Birla Sun Life AMC. It's basically starting from HDFC Bank, Kotak Bank, Axis Bank, and ICICI Bank, Standard Chartered Bank, and the other smaller bank, we can say IDFC Bank and others. Bank of Baroda is large distributors. While we used to always presence, but I think each one have to generate in terms of volume coming in. That we are seeing it across each of the channels. Second is, like HDFC Bank, they have tightened their product recommendation after the 2019 financial market crisis. They don't promote more than three or four products in part of the list. In fact, I'm happy to say two of our products is part of the recommendation list. That's something that is also helping us, because our engagement is good, connectivity is good, and product coming on recommendations will lead to increase in flows. That's something we are seeing. We have seen Kotak Bank is also part of our wealth management team and retail team of Kotak Bank too. In fact, two of our products are part of the recommendations list. They can't give more than two products [inaudible]. I'm happy to say [inaudible]. The recommendation list we learnt a bit of performance improvement, engagament on reaching and understanding of what we are doing would deliver the much desired outcome. Actually we are pushing it and this is something on the hypers in keeping the momentum continuing. Got it. On the flows part, would the banking contribution be materially different than the past specifically on the equity assets? I would say materially different from the past. There were flows that came down quite significantly from this channel, because the product was not part of the recommendation list. Now with the engagement being there, that product coming in part of recommendation would lead to actually increased flows. Of course, even pushing the sales team to take full advantage of high engagement with the team, which I think the team is also doing it. On MFDs, they have the regular flows because we have deep connections. Even MFDs, when we connect, we don't look at them only as distribution alone. We actually add a lot of value addition we give by providing guidance, and we run a program called Legacy Leap. We run a program called Fulcrum in order to encourage the next generation of the distribution partners who have long association with distribution partners for 30 years. Old generation wants to develop the next generation. In fact, we as a fund house take a lot of leaps in helping the next generation to build the business. All such things we are doing it in order to ensure our traditional channel, MFD channel improves, while the alternate channel continues to get better. Direct is something we have made an investment. Last one and a half years, we're making investments in direct team, but also we bring in more sharpeners in terms of improving the numbers. Then the last piece actually is the digital channel. Last year, I still remember we got close to about 1,500 customers added to the online channels in some of our funds like PSU Equity Fund and few others. That segment also, we are pushing ourselves as to how we can increase the contribution from the digital channel as well. All around, this kind of sharper focus, I'm sure each of the channels will start contributing better than the previous year. That should help in terms of keep building the momentum. Great, sir. Lastly, on the product pipeline, what would be on the equity side? Yeah. One, of course, the SIF we have already filed. That's something which we'll launch very soon. Second, under the new category, we have looked at some of the merits for having what is it? Life-cycle kind of funds. We are also looking at some of the reasons why funds SEBI gives approval. That's something we are looking at it. That is the part of our regular exercise. In fact, we're also looking at our GIFT City. GIFT City product. MS mentioned that we were to launch in GIFT City product investing in emerging markets, without knowing how the emerging markets are going to do. In fact, that fund has done exceedingly well, giving good experience to investors, giving about 35% dollar return on a one-year basis. That's something. It was a close-ended fund. We are now looking at launching the open-end fund in the GIFT City. We have this plan also is in place. As for the domestic funds, in addition to life cycle fund, what I mentioned about, I think fund of funds well, but we're not seeing much growth. Decent growth, I would say. That's something, again, we are pushing it. Got it. Got it, sir. Thank you. That's all from my end. Yeah. Thank you. Ladies and gentlemen, that was the last question for today. I now hand over the conference to management for closing comments. Thank you. Thank you everyone for joining for this call. With this, we conclude our Q4 FY 2026. Thank you. Thank you. Ladies and gentlemen, on behalf of Aditya Birla Sun Life AMC Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.