Ladies and gentlemen, good day and welcome to the Nippon Life India Asset Management Q1 FY 2027 earnings conference call hosted by Motilal Oswal Financial Services Limited. 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 call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Kartik A. Mohata from Motilal Oswal Financial Services. Thank you, and over to you, sir. Thank you. Good evening, everyone. On behalf of Motilal Oswal, I welcome you all to Nippon Life India Asset Management's Q1 FY 2027 earnings conference call. We have along with us Mr. Sundeep Sikka, Managing Director and CEO, and the senior management team. We are thankful to the management for allowing us this opportunity. I would now like to hand it over to Mr. Sundeep Sir for his opening remarks. Over to you, sir. Thanks, Kartik. Good evening and welcome to our Q1 FY 2027 earnings conference call. We have with us President and Deputy CEO, Saugata Chatterjee; CFO, Parag Joglekar; Deputy CFO, Amol Bilagi; Chief Digital Officer, Arpan Saha; Head AIF, Ashish Chugani; and Deputy Head AIF, Aashwin Dugal; and Matsui-san, nominee from Nippon Life Japan. I would like to share the key highlights of our performance, and post that, I'll hand it over to Parag to speak in greater detail on the recent industry trends as well as our performance. Post which, we will move to Q&A. Coming to the key highlights, I would like to start by mentioning that NAM India was the fastest-growing AMC in the top 10 AMCs in Q1 FY 2027 on overall and equity AUM, both on year-on-year basis as well as quarter-on-quarter basis. This led to continued increase of our overall AUM and equity AUM market share. We had the highest increase in AUM market share in the industry in Q1 FY 2027, both year-on-year and quarter-on-quarter. In fact, we even had the highest absolute AUM growth in the industry in Q1 FY 2027. Our market share continues to grow and touch 9.04%, which is the highest since June 2019. Importantly, both our equity net sales market share and SIP market share remained well above our equity market share. With SIP market share in high single digits and equity net sales market share in double digits for the quarter. Moving to our financial performance, NAM India achieved its highest ever quarterly profit after tax at INR 5.04 billion, a growth of 27% year-on-year, as well as the highest quarterly operating profit at INR 4.94 billion, a growth of 31% year-on-year. I would like to hand the call to Parag for further details on industry and our performance. Thank you, Sundeep. Good evening, everybody. Let me start off with the markets. Equity market in Q1 FY 2027 witnessed a rebound from prior quarter levels. The Nifty 50 was up 7% quarter-on-quarter, while the Nifty Midcap and Small cap indices were up 17% and 24% quarter-on-quarter respectively. The repo rate was flat quarter-on-quarter at 5.25%, while the 10-year G-Sec yield decreased by 29 basis quarter-on-quarter to 6.75%. Gold and silver prices declined 3% and 1% quarter-on-quarter respectively. Moving to industry AUM and flows. Industry quarterly average AUM grew by 15% year-on-year and 2% quarter-on-quarter in Q1 FY 2027 to INR 83.1 trillion. The share of equity in overall AUM increased by 0.8% quarter-on-quarter, ending at 57.2% for Q1 FY 2027. The equity category, ex of index funds and arbitrage, witnessed a gross inflow of INR 2.46 trillion and a net inflows of INR 1.13 trillion. Both were lower quarter-on-quarter. Categories with the highest inflows were Flexi Cap, Small Cap, and Mid Cap funds. The fixed income category, that is debt and liquid, witnessed a net inflow of INR 338 billion in the quarter after an outflow in the previous quarter. The ETF category had a net inflow of INR 291 billion, lower on a quarter-on-quarter basis. Quarterly unique investors in the mutual fund industry increased 12% year-on-year to 61.9 million. Moving to SIP. Industry SIP flows for the quarter stood at INR 939 billion, up 16% year-on-year and 1% quarter-on-quarter. Monthly SIP flows in June 2026 stood at INR 318 billion, near the all-time high levels. Contributing SIP flows for June 2026 increased 13% year-on-year and 1% quarter-on-quarter to 97.8 million. Moving to our business performance. We closed the quarter with total assets under management of INR 8.62 trillion. This includes mutual fund managed accounts, offshore funds, and AIFs. Our mutual fund quarterly average AUM grew 22.7% year-on-year and 3.7% quarter-on-quarter to reach INR 7.52 trillion. We were the fastest growing AMC in the top 10 in Q1 FY 2027 on overall and equity AUM, both on year-on-year and quarter-on-quarter basis, and had the highest increase in quarterly average AUM market share among all AMCs in Q1 FY 2027. I would now like to share a few key highlights for the quarter. Our mutual fund market share increased 54 basis year-on-year and 15 basis quarter-on-quarter to 9.04%. Our equity market share increased 34 basis year-on-year and 22 basis quarter-on-quarter to 7.38%. We achieved a double-digit net sales market share in the equity segment, ex of index fund and arbitrage. We continue to have the largest investor base in the mutual fund industry with 24.1 million unique investors. We are humbled to have over one in three mutual fund investors invest with us. I would also like to touch upon some important aspects of our systematic book. I am happy to share that there has been a continued momentum in our systematic flows. Our monthly systematic book rose by 12% year-on-year to INR 37.2 billion for June 2026. This resulted in an annualized systematic book of INR 446 billion. SIP market share stood at 9.84% for June 2026, similar to March 2026. Moving on briefly to ETF segment. We continue to be one of the largest ETF players with AUM of INR 2.43 trillion and a market share of 21.35%, which increased by 159 basis points year-on-year. Our share of industry ETF volumes remains strong at 45%+. Our ETF category, ETF average daily volumes across key funds remain far higher than the rest of the industry. This quarter, the industry witnessed a decrease in gold and silver ETF volumes. Combined closing AUM in these two ETFs for NAM India was INR 827 billion, down 2.5% quarter-on-quarter. In quarterly average AUM terms, our gold and silver ETF represent 32% of ETF AUM and 12% of mutual fund AUM. Moving on to our digital franchise. Digital purchase transaction and new SIP transaction rose to 4.49 million in Q1 FY 2027, up 26% year-on-year. Digital business contributed 78% of the total new purchases transaction in the quarter. In Q1 FY 2027, NAM India Mutual Fund digital business sharpened its focus on long-term investor behavior by driving initiatives to scale business and central SIP habits, helping rebuild confidence in disciplined investing amid market volatility. I would like to briefly update you on our subsidiary and GIFT City. Starting with the AIF company. Under Nippon India AIF, we offer Category two and Category three AIFs and have raised cumulative commitment of INR 95.8 billion across various schemes, up 18% year-on-year. In Q1 FY 2027, we raised INR 2.5 billion of commitments across various asset classes. Fundraising is currently underway for our listed equity fund, private credit fund and direct mutual fund. Nippon India Equity Opportunities Scheme 10, which is NIEO 10, achieved its final close and is now fully drawn down. Nippon India Equity Opportunities Scheme 11 completed its second drawdown, and the fund is currently 50% drawdown seen. Nippon India Credit Opportunities Fund with second capital call in Q1 FY 2027 is drawn down to extent of 40%. On the offshore front, our managed AUM stood at INR 147 billion, up from INR 139 billion in previous quarter. Moving to GIFT City. As stated previously, we currently have two feeder funds, namely Nippon India ETF Nifty 50 BeES GIFT and Nippon India Large Cap Fund GIFT. The AUM in these funds stood at $48 million. Now on to our financial performance. For quarter Q1 FY 2027, revenue stood at INR 7.67 billion, up 26% year-on-year and 4% quarter-on-quarter. Other income stood at INR 1.7 billion, higher both YOY and quarter-on-quarter. Operating expenses stood at INR 2.73 billion, up 19% year-on-year and 11% quarter-on-quarter. Operating profit stood at INR 4.94 billion, up 31% year-on-year and flat quarter-on-quarter. Profit after tax stood at INR 5.04 billion, up 20% year-on-year and 31% quarter-on-quarter. With this, I would like to conclude my remarks and open the floor for questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on their 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. The first question is from Vahik, from techUK Global. Please go ahead. Hi, thank you for the opportunity and congrats on a good set of numbers. First question was largely on the other expenses. Other expenses have increased almost 17% quarter-on-quarter. Could you just highlight what would be the exact reason for the same? Thanks, Vahik. The other expenses increase, we continue to invest on the digital and brand and technology side. The other expense increase is mainly due to that. We are investing in the technology brand activities and on the digital platform. That has increased. We keep doing that. That is the idea that we need to build this over the period, maybe next six to eight quarters in the similar fashion. Secondly, sir, the employee expenses even as you've had Q1 hikes in the quarter. Should the employee expense be largely in the similar range for the coming quarters? The current quarter, there is an increase due to the increments which happen in the first quarter and slightly on ESOP side, which should remain similar. Whatever increase on employee strength will happen will have a slight impact on the increase side, but otherwise looks to be in similar range. Thank you. Lastly, sir, on the SIP flows, your SIP flows have been quite healthy. Could you just call out which funds are seeing large amount of flows on the SIP side? That would be my last question. Okay. Yeah. Hi, Vahik, this is Bhargava's side. Like in the previous calls, we have been communicating that we have been broad-basing our SIP book. Earlier, we had maybe one or two funds which was on getting the SIP book. Now we have diversified that reasonably well hence, even though the market is volatile, we continue to increase our SIP book. We are also seeing a lot of SIP inflows coming through the FinTech platform as well as through our B-30 initiatives which we are doing across India. The branding activity which Parag did speak about, the digital infrastructure or support which we are getting, is definitely helping us to increase our retail penetration. Got it, sir. Just I wanted to squeeze in one more. Basically, given the volatility, are you witnessing any change in the behavior with respect to direct versus distributed AUM or distributed SIPs? If you could just give some color on that. What happens, any investor who is coming in in these volatile markets, the investor behavior remains similar. Okay? Yes, the trends when it comes, DIY investors do have a different trend. They tend to have shorter cycles. There is a lot of education program which is happening from our side to elongate their cycle. That's an ongoing process. What we have seen in the last two years, the quality of the digital native or the digital investors who are coming in is definitely improving. From the average ticket size, from the longevity of the SIPs, definitely there's an improvement happening. That's where we stand at this point in time. Got it, sir. Thank you so much, and all the best. Thank you. Thank you. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Prayesh Jain from Motilal Oswal Financial Services. Please go ahead. Hi. Good evening, everyone. A few questions from my side. Firstly, what has been the flows on the ETFs, especially on silver and gold? That's question number one. How do you see kind of this panning out going ahead? Question number two is on the equity inflows. What is the kind of ground or traction that you're seeing with respect to SIPs or any behavioral change in the last three months in the volatile environment that we've seen? Similar question on the debt front, where we have seen industry-wide flows weakening. Do you see any revival out there? Last question would be on SIF. What would be your plans there and product launches trajectory there? Those would be my four questions. Thanks. Bhargava this side. First question which pertains to the commodity side. I think both silver and gold, though at an industry level, there has been a moderation in the flows which we have seen. Of course, on the ETF side, most of the industry players have moderated or rather restricted flows of INR 25 and plus in the ETF scheme. It's an interesting trend. Even though moderation has happened, the industry continues to get net sales, which is positive. We also continue to maintain our market share as we had previously in both gold and silver, though volatile. The nature of investors who come in gold and silver are very different. That's the way the gold and silver is panning out. I think I missed your question after that. Coming to fixed income, I think the fixed income side of the business, though it has been volatile because of the interest rate movements. We have been trying to sort of broad-base the fixed income awareness amongst the investors. It is all purely asset allocation which we promote in our company, either through asset allocation funds or create a pure debt portfolio from a medium to long-term point of view. Maybe industry would have seen some volatility, but we are trying to de-risk the portfolio by bringing in more investors coming into the fixed income part of our business. Yes, there is definitely volatility in the fixed income from an industry point of view. When it comes to equity inflows, I think on the equity side if you break down the quarter gone by between April, May and June. April and May did see a moderation in the flow in the industry. June had seen a spike, rather it moved up. Net-net, the flows are SIP plus. It is not only SIP plus lumpsum is definitely coming into the industry and hence it continues to be robust. From our point of view, we continue to have higher double-digit net sales in the equity side, except index and arbitrage, and similar trend continues to be in the fixed income. From a behavior change point of view, what we are finding is that if the general performance of certain categories which are large-cap, multi-cap and the larger-cap categories continue to be stressful, then maybe there can be moderation in flows in times to come but we'll have to wait and see. As of now, there is no investor concern which we are seeing. Finally, on SIFs, as we have been articulating, I think we are in a state of readiness and as and when we get our approvals, we'll definitely launch the funds. We would like to have a wait and watch approach in this category. Thanks for all those answers. One bookkeeping question, I don't know if you've answered this, the asset-wise yields and what is the kind of guidance that you will have now? You've been guiding for a 1-2 basis points yields drop every year. Should we stick to that? Just extending that point, have you passed on the complete impact of the five basis points exit load in this quarter, or is there a partial impact there? Yes. Perhaps the yields are equity is 54 basis except arbitrage. Debt is 95 basis and liquid is 12 basis and ETF as a category, 25 basis. Overall, our yield remain constant at 38 basis currently quarter-on-quarter. On the ER changes which have happened, we have mostly passed on everything through the commission alignment and there is no impact per se on the financial. The equity yields, could you repeat or what were the equity yields? Equity was 54 basis except arbitrage. Fifty-four? Yeah, 53 with arbitrage number. Okay, got it. Got it. Thank you so much. Here you ask, we continue to bring back to this pricing as a thing will drop on equity as the size goes up, which will be one, two basis on year-on-year. One to two basis points on overall yield, not on equity, right? Again, just clarifying that. Yes, correct. Okay. Thank you so much. Thank you. Participants who wish to ask questions, please press star and one. Ladies and gentlemen, to ask questions, you may press star and one. The next question is from Madhukar from JP Morgan. Please go ahead. Hi, sir. Congratulations on a good set of numbers. First, we had restricted flows to the bullion ETFs. What's the update on that? Do we still have the restrictions? What are the restrictions and were there any changes or what's the plan? When can we see that being lifted? Second, what is our basic expense ratio on the bullion ETFs and arbitrage? Third, I am not sure whether you covered this, but what have been the trends in terms of net equity inflows market share? You give a rough sense of what that number is. If you could give that. Final question, sir, other income has shot up very strongly this quarter. Can you give some explanation in terms of debt, equity? What has been the big driver over there? How much is it? Madhukar, basically the commodity ETFs are more or less comparable with the equity numbers. They are in more or less similar line with the equity numbers. What is the second question? Net equity. No, the bullion inflow restrictions. Where are we with that? Madhukar, on the restrictions, I think Sundeep is right. I think it was done with the backdrop more as in from a country point of view, because I think gold imports were higher and it was more from a national cause point of view. If you see what we had done was also we had restricted inflows in excess of INR 25 crore, and in our gold fund, which is not ETF gold fund, above INR 10 lakh. Broadly the retail flows still continue. It is only some people, investors who should take trading calls and other things for short term, I think we restricted that. Our idea is from a retail franchise point of view, our retail investors continue to have an access to commodities. To your question on when will we open it, I think it will be difficult to give a date or the thing. I think looking at the overall environment. Good thing is because this was voluntarily done by the company, we continuously keep evaluating and may sooner than later open it. Got it. Coming to equity flows, Madhukar, as I mentioned earlier, the equity flows continues to be, rather for us quarter-on-quarter there's an improvement. Last quarter it was higher single-digit. This quarter it has been in the double-digit range, ex of index and arbitrages. Good part is the NFO market has shrunk because of less euphoria in the market. That is good for the industry and that's how we would like to continue, that we don't launch NFOs. Coming to BR. Yeah. Any other point which is pending? The other income bit for assets. Madhukar, the other income is mainly driven by the market movement, mainly on equity side and softening of interest rate on debt. Yeah, when I look at your investment book, equity is not very large in the investment book, right? That was what my confusion, or maybe I'm missing anything else. Sir, we have a large portion of small and mid cap, Madhukar. Okay. The portion of mid cap in our book is higher than the C capital, so which has given the benefit to us. Understood. Final thing, just coming back on the gold ETF index fund. See, these are normally supposed to be backed by physical gold. Given the current environment, how are you sort of arranging for gold? Is there enough supply in the domestic market or do you import it? How does that work? As per SEBI rule, I think you're right, everything has to be backed by physical. Yes, we have not seen any disruption during this period. Otherwise we would not be able to take any inflows. The fact that the inflows continue and every incremental rupee that comes in is backed by gold, we do not see any disruption in supply chain. Got it, sir. Congratulations on a great set of numbers and all the best, sir. Thank you. Thank you. Thank you. A reminder to participants that you may press star and one to join the question queue. The next question is from Rohan Nagpal from Helios Capital. Please go ahead. Hi, thanks for taking my question. Just a clarification on the other expenses. I gathered that you're investing more on the technology front and certain other investments. Is this a run rate that one should expect from this point onwards or are there certain expenses that you anticipate continuing for a certain period of time before they go back to an earlier level? Just wanting some clarity on that. No, Sir Rohan, we will keep on investing for some time because we think that there is a requirement to do investment on these. Maybe for six to eight quarters, we will keep on investing in the range of, you can see a rate of 18%-20% of other expense increase in the next six to eight quarters. Yes. Overall expenses, other expenses. Understood. Okay. That's it from my side. Thank you very much. Thank you. Participants who wish to ask questions, please press star and one. The next question is from Prayesh Jain from Motilal Oswal Financial Services. Please go ahead. Mr. Prayesh Jain, you may go ahead with the question. Yeah. Thanks for the opportunity again. I think on the overall expenses trend, how should we think about the overall expense growth? You've been guiding for about a 15% growth overall expenses. Is that the guidance that you would like to stick to for the next one or two years? Sorry for that. Second question would be again on SIF. You just mentioned that you have other applications for products being filed with regulator are just still in the process. There's quite a few things that are developing in the industry with regards to SIF. There are some distributor regulations also, examination regulations also that have been changed. Mutual fund and SIF examination to be merged. All those regulations are also being changed. Definitely, I think the industry is seeing this as a decent opportunity. Is it that we are just still waiting and observing or the pipeline is very clear for us? Again, on the international front, any new developments or any new geographies that you're getting into or any scale-up or new launches that you're going to look at in the near future? Thanks. I think regarding SIF, I think as my colleague Saugata mentioned earlier, I think we're in a state of readiness. I think rather than getting into the nitty-gritty of what stage we are with the product and all, I think we are overall in a state of readiness. We ourselves believe, like you, we remain very optimistic on this space. We also feel typically a lot of products which have been launched initially by the industry, they're the me too kind of a thing. Most of them are very similar. I think they're just mutual fund plus. I think we believe that this is a category because we have a very big retail franchise on the mutual fund side. We want to be very clear that the products we are going to be launching are very highly differentiated and from pure mutual fund play. You'll see us. I think we already have our senior colleague, Andrew Holland, and his team on board. They're working on various things. You will see us launching and for us, this will be a very important business strategy going forward. I think that's the only thing I can mention. I think for point number one. To your second question on international, there are a lot of things are happening. I think both for us, two markets remain critical. One is Japan being our home country there, and on the other side, a recent JV that we have announced for our AIF business with DWS. There are a lot of things happening starting from launching of funds and also approaching institutional investors. Some of these things are binary, they take time to happen. Maybe in the subsequent earnings call, we'll have something more concrete to share. I think specifically, I'd like to touch on the JV with DWS, we believe from Europe a lot more money can come to India and DWS is the largest asset manager of Europe and the JV has been done with that in mind. Yeah. Parag, just to correct my earlier thing. The overall expenses we are expecting to go in the range of around 18%-20% because we do the investment on our technology and brand which will be ESOP and any one off if there are. Hello? Yeah. Sorry. Thanks for that. Just the extension to that question on ESOPs and ESOP should be declining Y-o-Y on FY 2027? As we go, the present ESOPs, going by that logic yes, it will decline year-on-year. Just the unit economics on DWS, if you can highlight something, whether what kind of yield and what kind of money that we can make on this, anything that you can share right now, or it's too early to comment on that? I think it's a bit too early. I think we see a very big opportunity there. We are awaiting regulatory approvals because as announced by the stock exchange I think we have gotten to that DWS will be taking 40% stake in our AIF subsidiary. From our point of view, the key to that is basically I think we are very strong domestically in India. We have very strong Japanese access. Europe access was, and we will become one of the unique asset management companies in India, where on one side it will be Europe and one side it will be Japan and India. This is also going to be a function of as India becomes more important for global investors. I think we believe we have a better edge compared to others to get this foreign money into India. Okay. Got that. Thank you so much for all the detailed answers. Thanks. Thank you. The next question is from Abhijeet Sakhare from Kotak Securities. Please go ahead. Hi. Good evening, everyone. Sir, I had a couple of questions on flows. If you could highlight the incremental flows in terms of channels, if there is any skewness towards direct versus the other intermediated channels. We've generally seen for the industry, the banking channel has been relatively weaker. Anything to read across that you're seeing at a broader industry level and specifically for Nippon? Yeah. I'll answer the second question first. From a channel perspective, the banking channel, see what happens, to manage the banking channel, you need the right experience and the geographical reach. From our perspective, we have seen incremental flows are only steady in the banking channel. We have a widespread of banking interfaces, which we have across PSU, private sector and the MFDs. From our perspective, we have not seen any sort of trend lines which is showing any moderation. The other question was on percentage share of direct to regular. The direct flows have inched up a bit because of the fintech platforms having a very high inflow of SIPs coming in from the fintech platform. Definitely the direct inflows, new inflows coming to our funds on the equity side has started inching up. The distribution piece also continues to be strong from our end. We are able to balance out the distribution of flows both into direct and regular plan. I think I'd just like to add one more thing since we talked about the banking channel. While I think for us, we have always stated as a risk management, we have always a very strong de-risk business model. Same is true for distribution. No distributor for us, no single distributor is more than 5% and we have a very high percentage which comes from MFDs. I think it is a very well-diversified distribution for our portfolio mix. Got it, sir. With the digital channel, generally the perception is that it's a channel which is always saving performance relative to other channels. When it comes to, let's say, the market volatility, is there a different trend in the sense that the digital channel is more sort of buy the dips versus the intermediated channel? Is there a color there? Hi. Thanks for your question. I'm Arpan. I think it's all about the way you would want to run your campaigns across your digital channels because it's also one of our imperatives that we educate our customers. In a time of dips, it's not that everyone comes to buy because if you see the digital infrastructure is mainly visited by the Gen Z more than anybody else. The trust, process and the confidence that we've been able to build up across our infrastructure, be it digital distribution or through user growth, that helps us to educate the customers in the right way. Volatility while it might have its own measures, but we put the countermeasures in place so that every year, every month or every day, it has to be on the basis of trust and process. Absolutely. Which is long-term investing. We help them through digital platforms, by nudges, by campaigns. We are there 360 across the customer. We have also incorporated such stuff. If an investor comes in for redemption, we actually make them realize that redemption is not right. That education process is very robust at our end. That actually protects the stoppages to quite an extent. That's correct. Just, sorry, one more to follow up on the flows. In terms of the funds which are attracting strong inflows, those continue to be the same funds, primarily small multi and large cap? Because is there a difference? Yeah. We have small cap, we have large cap, we have multi cap, we have mid cap, we have multi-asset allocation fund. We have a large and mid cap fund. We have the sector funds which are giving us inflows now because the NFOs are not coming. Now the traffic is moving to the secular funds, which we have for 15, 20 years in our company. We have a very well-diversified flow which is coming to our funds. Got it, sir. Then one data question, if you can quantify the absolute revenue or the contribution from non-MF products in this quarter. It is in the similar range, around 88% gross. 8% gross. Okay. Just one follow-up. Mainly on the AIF products, do we incur management fee on the commitment amount or the investment invested amount? Hi, this is Aashwin. This depends on the strategy that you are running. In a typical PDDC fund, mostly you charge the management fee on catch-up while when we do a private credit kind of a fund, okay, or a tax-free fund, that's mainly on the drawdowns. Understood. Okay. That's all from my side. Thank you. Thank you. The next question is from Shreyas Bhimle from The Banyan. Please go ahead. Hi, team. Thank you for the opportunity. I had a question on performance. Obviously, we have had a good performance in last one quarter. Probably that is why we have seen a better quarterly average AUM growth versus peers also. Can you highlight some metric that can be tracked in order to see and track the performance of the funds that we have? I think I'd like to take this question a little differently. I think first, that the performance has been there over a longer period of time. I think performance remains a very important parameter. I think the way we see ourselves, for us, there is a lot of input matrices that we, I think, try to monitor closely, which we believe give these kind of results. There are 17 factor analysis, which I think the PDCA process, which was started about seven, eight years back by Nippon Life from Nippon Life Risk Management. That has been helping. When I say help, it's making it more consistent because otherwise, this performance is not a flash in the pan. I think it's more, if you see it's been a very long, sustainable. As we talked today, I think Prayesh told you a number, 90%-95% of the AUM is in quartile one and two. That is one. B, I think we'll also like to touch, as a company, performance remains important, you will never see us talking about performance. For us, all our advertisements are about trust and processes. The reason why I'm trying to touch this point is I think we are trying to build a franchise where performance will remain important but may not necessarily be the selling point. Understood, sir. The second question was on the ESOP expense. As far as I remember, there are two ESOP expenses. The first, the old one and the new one. Could you please quantify if there are any changes in the ESOP expenses that we would have or are they the same? The ESOP expense for the quarter is around INR 13 crore. Over the period, it should be in the range of around INR 60 crore per year. For FY 2027, you're saying INR 60 crore? INR 60 crore for the full year. Got it. Yeah. Those were my questions. Thank you. Thank you. The next question is from Mohit Mangal from Centrum. Please go ahead. Yeah. Good evening, everyone, and congratulations on your set of numbers. My first question is on this distributed network. We saw corporate accounting for around 37%. Now, if I look this number five years back, this used to be around 50% or 10%. It is fair to assume that retail has overcome corporate and this trend is expected to continue? I think your reading is correct. The way I would like to see it is, I think because of our reach today, I think the retail part is becoming bigger day by day. I think the fact that 100% districts of India, 99% of PIN codes of India, I think we have been able to reach both whether physically or digitally. I think which is the reason that the corporate looks to be shrinking as a percentage. The good thing is both in the retail and corporate in absolute terms continue to grow. Understood. This is helpful. Coming to flows, I think your opening comment says that Flexi Cap is one where we have received very good flows. This is very young schemes at our portfolio level with AUM also being low. Whereas large and multi-asset kind of schemes are more than INR 500 or INR 1 billion. Just wanted to know how have been the flows in this scheme as well? You're right. The Flexi Cap Fund from our side is relatively new and last two, three years, the markets have been volatile. The other categories, the large and mid-cap categories are more stable category. We have a very unique positioning of our Vision Fund in that space, hence we have been able to now incrementally build our flows in the large and mid-cap. Flexi Cap, it'll take us some time because we would like the market to be more stable, and therein the ability for the fund manager to have a nimble-footed approach towards Flexi Cap strategy really helps. For us, it will be Vision Fund and then maybe Flexi Cap in times to come. We also would like to share that even though that category is large, most of the players in that category are large-cap biased. Hence probably from our perspective, we would like to be true to the label. Even though it may lead us to be lower in the performance rankings, we would not like the mandate of the fund to change to attract flows. We have enough funds to play the large-cap space. Understood. This is very helpful and all the best. Thank you. Thank you. The next question is from Ramesh Sharan from DF Financial. Please go ahead. Hi, sir. Thanks for the opportunity. I essentially wanted to double-click on the AIF PMS, please. First, hygiene. The entire thing except the offshore business comes in the standalone? No. AIF is a different subsidiary and offshore is a different subsidiary. The PMS, but it comes in the. PMS is a part of the. In the standalone. Okay. At, say around INR 60 crore of revenue in a quarter. I assume half of that would be going towards fee and commission expense. Are we breakeven, and what is the path to breakeven there if we are not? Sir, in your view, when does it really become a significant contributor to bottom line? No, it is a profitable company. It's a profitable franchise. Yeah. It's a profitable franchise. It's a positive number. Yeah. You can see our financials are posted on the website also. Yes, it is. Okay. Secondly, on the Fintech, like the largest Fintech player without its flows. Over there, how does our market share trend and is it very volatile or is it stable at, say, somewhere around the 10%, which is our true market share across the board? No, Hi, Arpan over here. I think we have been able to spread our distribution across the digital ecosystem where Fintech is just a part of it. That is how we want to be. All right? We ensure that there is kind of an equitable distribution even across Fintech. Market share, yes, we tend to stay on the top three on the Fintech space. I think that's the way it's going to be in the times to come. Okay, sir. Thanks for the answers. Thank you very much. That was the last question. I would now like to hand the conference over to Sundeep Sikka for closing comments. Thank you all for taking out the time to join us on the call today. If there are any queries, we will be happy to address the same post this call. Thank you. Thank you very much. On behalf of Motilal Oswal Financial Services, that concludes the conference. Thank you for joining us, ladies and gentlemen. You can now disconnect your lines.