Ladies and gentlemen, good day, and welcome to Satin Creditcare Network Limited Q4 12 months FY 2026 earnings conference call hosted by Dolat Capital Market Private Limited. As a reminder, all participant lines will be in the listen-only mode, there'll be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone. Please note that this conference is being recorded. I now hand the conference over to Mr. Punit Bahlani from Dolat Capital Market Private Limited. Thank you, over to you, sir. Yeah, thank you. On behalf of Dolat Capital, I welcome all the participants on this call and thank the management of Satin Creditcare Network for the opportunity to host this call. For today's call, I have with me the members of the management and leadership team. This includes Dr. HP Singh, Chairman and Managing Director; Mr. Jugal Kataria, Group Controller; and Ms. Aditi Singh, Chief Strategy Officer. With this, I now hand over the conference to Dr. HP Singh, Chairman and Managing Director, to provide the opening remarks on the call. Thank you, and over to you, sir. Thank you. Thank you. Good morning, everyone. It is always a pleasure to speak with our investors, analysts, and partners who take time to engage with us on our journey. FY 2026 has been a year we can look back on with immense satisfaction. It has been a year that tested the sector, and in doing so, highlighted out the differentiated institution that are structurally sound. I am proud to say that Satin belongs firmly in this category. The numbers speak well, but what I find more meaningful is what they represent. The outcome of a long-term commitment to quality, discipline, and responsible growth built over 35 years and now clearly visible in our performance. Let me begin with where the sector stands because our performance will further benefit from industry green shoots. FY 2025 was by any measure a difficult year for microfinance. The sector navigated a confluence of headwinds, borrower overleveraging, state-level disruption, and a tightening of credit standards across lenders. The industry's gross loan portfolio contracted. Credit costs spiked. Several institutions saw significant deterioration in asset quality. The stress was real, but so was the response. SRO guardrails, the three-lender cap, and the INR 2 lakh borrower exposure ceiling have meaningfully reshaped the lending landscape. These are not just regulatory requirements, they are the building blocks of a more responsible, sustainable credit ecosystem for underserved India. By early 2026, the sector had passed its stress peak. Portfolio at risk for loans overdue between one and 180 days stood at 4.7% as of January 2026, down from its peak six to seven months earlier. Disbursement recovered sharply. According to CRIF High Mark's MicroLend report, microfinance originations grew 25.8% quarter-over-quarter to INR 77,555 crore in Q3 FY 2026. Average ticket sizes rose 18% year-over-year. The sector is healing. The credit guarantee scheme came with a timely and much-needed shot in the arm to help the sector accelerate towards a sustainable growth. What is equally important is how the sector is healing with tighter underwriting, reduced overleveraging, and a stronger focus on borrower outcomes. This is the kind of recovery, it is one that Satin is not just participating in, but leading. This year we completed 35 years. I do not say this to mark a calendar milestone. I say it because longevity in this sector means something specific. It means you have been tested repeatedly, and you have come back stronger each time. This becomes more relevant for an institution like ours, where I have a significant skin in the game and steering the institution with experience and outshining on every parameter. We navigated demonetization. We navigated COVID. We navigated the current MFI stress cycle. Each time we did not simply survive, we took the opportunity to improve. Assam which once represented a risk and a point of concern, today has a PAR 90 of just 0.7% and collection efficiency of 100%. That is what a 35-year institution does with adversity. It converts it into capability and opportunity. Our management team has been together through all of it. Our CXO team averages over 10 years of tenure at Satin. That institutional knowledge, that shared instinct for risk and opportunity is not something you can build quickly. It is built slowly over decades. It shows up in the diversified businesses which we do and the resilience of our numbers. Let me turn to the numbers. I will keep this short since the detailed presentation is already uploaded. At a consolidated level, our AUM crossed INR 15,174 crore, growing 19% year-on-year. Total revenue came at INR 3,161 crore, up 23% YOY. Our PPOP grew 23% to INR 928 crore. Consolidated PAT for FY 2026 was INR 330 crore, a 79% growth year-on-year. In Q4 alone, the momentum was even sharper. Consolidated PAT grew 640% year-on-year and 125% quarter-on-quarter. This is not just a recovery. This is one of our best quarterly performances in recent memory. On a standalone basis, our AUM stood at INR 12,853 crore, up 14% year-on-year, backed by disbursements of INR 11,202 crore. Standalone PAT grew 39% for the full year and 234% year-on-year in Q4. PPOP was INR 856 crore, up 16%. Our key ratios tell a similar positive story. Consolidated NIM stands at 13.2%. ROA improved to 2.6% and ROE to 12.3%. The cost to income ratio came down gradually and our loan loss ratio improved meaningfully year-on-year. We achieved exceptional ROA and ROE in Q4, standing at 4.71% and 23.31% respectively, which is higher than the industry average. The value creation from our wholly owned subsidiaries, SGAL and STL, is expected to act as a key catalyst for further improvement in ROA and ROE in the coming years. On funding, we raised INR 10,826 crore during FY 2026. Our marginal cost of borrowing declined 43 basis points to 10.82%. We maintain a healthy balance sheet liquidity of INR 2,092 crore and undrawn sanctions of INR 2,235 crore. The ALM is positive across all buckets. We are also well-capitalized with a standalone CRAR of 25.4% and 75 active lenders, underscoring our strong institutional relationship. Asset quality is rightly the area of greatest interest in this environment. That is also where I believe we have the strongest story to tell, since Microfinance is not merely a disbursement business, but the business of collection. Our standalone GNPA stands at 3.1% as of March 2026. Our ex-bucket collection efficiency is 99.9%. Stage three coverage has improved to 73% from 67% in December 2025. We carry sufficient on-book provisions of INR 273 crore, which is 2.9% of the on-book portfolio, well above the RBI required INR 172 crore. We also maintained a management overlay of INR 20.5 crore as an additional buffer. Our credit cost for FY 2026 stood at 3.8%, a 77 basis point improvement from the 4.6% we recorded in FY 2025. In Q4, credit cost came down further to 2.5%. Our FY 2026 average credit cost to 3.8% compares very favorably to the numbers seen industry-wide during the stress period. I want to draw attention to a particular strength in our portfolio, the geographic spread of our asset quality. All our top states have ex-bucket collection efficiency of 99.9% or 100%. Uttar Pradesh, our largest state at 23% of the portfolio, has a PAR 90 of 3%. Assam, as I mentioned, is at 0.7%. Punjab is at 1.5%. These are not just acceptable numbers, they are among the best in the sector. What underpins this performance is a combination of tighter underwriting. Our sourcing to disbursement ratio of 39% reflects genuine selectivity. Our borrow and leverage policy, no client has more than three MFI lender or exposure above INR 2 lakh disbursement. Our NatCat insurance program, which has now covered INR 5,800 crore in disbursements since September 25, de-risking our portfolio against natural catastrophe defaults. On diversification, our juggernaut gains momentum. Our diversification story is, I believe, one of the most underappreciated aspects of our equity story. We set out several years ago to build not just a microfinance company, but a diversified rural financial services platform. Today, 17% of our consolidated AUM comes from non-MFI businesses. Our target is 30% by 2030. The promising performance of our subsidiaries has given us the confidence to raise the target of consolidated AUM by 2030 to INR 32,000 crore from the earlier target of INR 25,000 crore. Let me give you a brief update on each subsidiary. Satin Housing Finance Limited. Our housing finance subsidiary now has an AUM of INR 1,267 crore, having grown at a three-year CAGR of 36%. GNPA stands at a healthy 3% and CRAR at 53.8%. ICRA has assigned A- stable rating. Our thesis here remains consistent. The natural next step for a borrower who has repaid unsecured MFI group loans with discipline is a home. Satin Finserv Limited. Our MSME-focused subsidiary has emerged as a standout performer this year with AUM of INR 1,054 crore, a 92.5% year-on-year growth. The three-year CAGR stands at 66%. SFL operates across 14 states through 121 branches and is building a meaningful presence in green finance, having disbursed INR 255 crore across 34 green loans. This business represents the natural graduation pathway from microfinance for entrepreneurial customers. Satin Technologies Limited. This is a newer business, but one with significant long-term potential. STL builds enterprise technology across HRMS, loan management systems, core banking, and cybersecurity with agentic AI as a horizontal capability across the product suite. Within two months of incorporation, STL has acquired its first two clients. In January 2026, we acquired a strategic stake in Katrino, an IIT Patna incubated deep tech cybersecurity firm focused on post-quantum cryptography. With representative offices in Toronto and Dubai, STL is already establishing an international footprint. We are early here, but we are building something that can compound significantly over time. Satin Growth Alternatives Limited. SGAL received its SEBI license for a INR 200 crore Category II AIF, a first of its kind gender lens impact fund focused on rural MSMEs. The fund is led by an all-women team, combined financial discipline, impact orientation, and deep field presence. SGAL has signed a strategic MoU with the State Bank of India for co-investment, which is a powerful validation of the model. We are progressing towards the first close with strong soft commitments. Together, our subsidiaries add a fee income and asset management dimension to our business model that goes well beyond the traditional NBFC MFI construct. This is the architecture of a truly future-ready financial services platform. Underlying all of our business progress is a significant investment in technology and data capabilities. We use AI tools across underwriting, portfolio monitoring, and risk assessment. Our data-driven approach to credit decisions has been a key contributor to our superior asset quality. We have now established presence in over 64% of India's pin codes, and technology is what allows us to operate with efficiency and consistency at that scale. On ESG, we received a debut score of 59 in S&P Global's corporate sustainability assessment. Assessed across a comprehensive range of environmental, social, and governance parameters and benchmarked against global peers, this score reflects our ability to translate policy frameworks into consistent execution. It is not a number we celebrate passively, it is a baseline we intend to build on. Our social impact is embedded in our portfolio. 100% women clients serving below poverty line households, with all lending to the lowest strata of the Indian economy. Moody's has rated our social impact at SQS 2 amongst the highest globally. FY 2027, the outlook is focused and confident. For FY 2026-2027, our standalone guidance is AUM growth of 15%-20% YOY, implying an AUM of approximately INR 14,800 crore-INR 15,100 crore. Credit cost target of 3%-3.5%, a meaningful improvement from 3.8% in FY 2026. What underpins this guidance is not optimal, not optimal, it is execution capital. We have 392 new branches added in FY 2026. Our seasoned field team present in over 1 lakh villages in and 550-plus districts, a robust ALM and a track record of 19 consecutive profitable quarters. We are not growing blindly, we are growing into our infrastructure with the discipline that has defined Satin. As mentioned earlier, we are also revising our long-term AUM target upward from INR 25,000 crore to INR 32,000 crore by 2030, with a non-MFI AUM target of 30% by that date. This reflects both the strength of our core franchise and the emerging potential of our diversified business. Before I open the floor, let me acknowledge our people. At Satin, we serve 34 lakh customers across 2,015 branches in 577 districts. None of that is possible without 18,265 employees who show up every day in the field, in every weather, with every kind of customer. They are the reason why these numbers exist. We were recognized this year as one of the India's top 50 best workplaces in the BFSI 2026. We received the Elaben Award for Best Women-Friendly Organization, the BW Social Impact Award, the Watson Financing Award, and a Silver SKOCH Award. These recognitions matter because they reflect values and not just performance. Our vision of being a differentiated rural financial services company is not a tagline. It is a purpose that has guided every decision we have made over 35 years. It is this commitment that will guide every decision we make over the next 35. Thank you. I will now hand back to the moderator to open the Q&A session. Thank you very much. We'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone 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. Participants, you may press star and one to ask a question. The first question is from the line of Anil Tulsiram from Bestp als Research. Please go ahead. Yeah, thank you for the opportunity. Am I audible? Yes. Yes, yes. Yeah, yeah. Sir, the first question is on your subsidiary, Satin Finserv. What I'm trying to understand is the customer profile, what sort of collateral you get and the underwriting, whether it is manual, technology-based or template-based. If you can help me understand these three things. Satin Finserv does graduated microfinance customers also who need a higher ticket sizing. That's one vertical. The other vertical is that they do green finance and emerging microenterprise businesses. The underwriting is cash flow based. It's also based on certain scores which they have validated internally for themselves. It is not just pure, you know, manual, you know, as what you said, you know. It follows a lot of data analytics based on that, various mechanisms of underwriting through looking at how we are able to generate cash flows, look at the businesses there. It is secured by receivable. It is secured by equipment. It is secured by any kind of, you know, I think, you know, appropriate immovable property as such. This is not unsecured lending which we do. This is secured lending which we do across it. I hope I have answered all the three questions which you had. Yeah. See, What percentage of loan is against the, means property, collateral is property? LTV normally resides between 40%- 45%. That is what the LTV they work upon, you know. Not LTV. What percentage of total book is against property? Out of INR 1,000 crore, what percentage is against the property security? That way we will not have it. It is secure. There would be some immovable property. There would be something which is on receivable, something which will be on hypothecation to equipment. you know, I will not be able to give you a percentage, but everything is secured. Okay. What is the overlap with the MFI customers for this, Satin Finserv? Zero overlap. There is no, absolutely no overlap on this. What we have as a policy is that if there is a customer who has a microfinance loan, he will have to forego his microfinance loan and take a loan from anyone, one of our group subsidiaries, you know. One loan per customer in any one of the three subsidiaries they can probably take it. That is how it is. Got it. Is it fair to say that the customer household income has to be more than INR 3 lakh? It cannot be less than INR 3 lakh. It can be more in both the subsidiaries basically. We follow that norm in microfinance because that is where the terms and conditions which have been specified in the guidelines. Okay. Sir, the last question is the customer profile in the housing subsidiary. Is it self-employed, salaried, and what is your typical income profile, if you can help me with that as the last one? It's a mix of both. It's self-employed professionals as well as salaried class also. Let me ask you differently. Over the next three to five years, our focus will be more on the self-employed customers or more on the salaried customers? I think, you know, it'll be more on the self-employed customers, going forward across. Thank you, sir. That's it from my side. I'll join back the queue. Thank you. Thank you. Next question is from the line of Saumil Shah from Paras Investments. Please go ahead. Hi, team. Good morning, and congrats on a very good set of numbers. My question is on our X-bucket collection efficiency for Q4 was at around 99.9%. What is that number for the month of April? It is holding on. It is holding on. I think, you know, I will not be able to give you specific, but it is. Holding on same similar level. Practically the similar state, you know. Okay. Are we not seeing any stress currently due to the ongoing geopolitical issues? Just wanted your views on the same. No. No, no, not right now. There's no stress, because of the geopolitical crisis across in any of our states or any of the places where we work upon. Okay. What was the overall collection efficiency for last quarter? 97. It was little over 97%. Okay. On a standalone basis, we are guiding for an AUM growth of 15%-20% and credit cost of 3%-3.5%. Can we know what this number could be for the on a consolidated basis? On a consolidated basis or a standalone basis? On a consolidated basis. Because standalone is only the JLG model, right? Just on a consolidated basis, what this growth can be? The growth would probably we are looking at 15%-20% across over there, but as per the previous testing, you know, SFL grew by about 90% YOY, and housing grew by about 38%, you know. Keeping a mix of both that, you know, if we add up to what, 15%, that's the baseline which we are taking, the bare minimum for microfinance. I think it'll be closer to about 25%-30%, you know, for our consolidated basis. Okay. Okay. Sir, is there any one-offs in our Q4 numbers because our PAT has moved up significantly? There's no one-off. It's on account of reduced credit cost and growth that came. Okay. There is no one-off, no, in the foreign exchange or something? No. No, there's no one-off. No, there's no one-off. Okay. How shall we look at FY 2027 numbers in terms of ROA and ROE? I think you guided for credit costs, so if it would be better if you can guide for ROE also. See, I will not be able to give you a clear guidance on ROA. I think you can calculate with the AUM growth as well as the credit cost, you know. I think it's a function of that. Our senses will be better off in terms of our ROE even as per our current year as such, you know. Okay. For the current year, I think we did around 2.6 ROA for full year. Yeah. Okay. at least for FY 2027 base case scenario, can we see upwards of 3% ROA? Is that doable? Yeah. Yeah, I said, you know, the, it's a function. We don't want to give a guidance, to be very honest, you know, I think, you know, we'll be positive from where we are right now. That's for sure. Okay. Okay. If may I ask the last question? When I am checking our presentation, our consolidated net worth is INR 2,868 crore, and our standalone net worth is more than the consolidated. Why is that? I mean, standalone it is showing INR 3,129 crore. Long ago, you know, post demonetization, et cetera, we did some revaluation, because of which in the, you know, the amount that we have invested in the subsidiaries were revalued. There were gain, and then that is why the standalone net worth is more than the consolidated. Sorry, I didn't get you. You know, the investment that we have made from the parent company in the subsidiaries, that in Housing and that in FinServ, that was revalued just for some five, six years ago. Then, you know, that profit was booked and that is why the standalone net worth has gone up. On a consolidated basis, that revaluation impact is removed and net number is INR 2,868. Okay. Hope that's clear. Okay, understood. That's it from my side. Thank you and all the best. Thank you. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Darshan Jhaveri from Crown Capital. Please go ahead. Hello. Good morning, sir. Thank you so much for taking my question. Hope you're doing well. Yeah, yeah. We are. Good morning. Hi. Hi. Firstly, congratulations on the great set of results, sir. Just wanted to know, like, effectively we are planning to, you know, double our AUM in four years, right, sir? The growth can be faster than the 15, 20%, right? Because that's how like we have to plan it. Is it more towards the high end, sir? How? It's not gonna be linear. I think your voice is not very clear. I think what. Just one second. Just one second. Before this. Hello. Yeah. Is it better, sir? Is it better, sir? Yeah, yeah. This is better. This is better. Yeah. Just wanted to understand that, like we've guided to nearly doubling our AUM, right? And yet in FY 2027 you're saying around 15%-20% growth, but to double we might need to move a bit faster. Is it going to be a linear growth or is it going to be towards the, you know, high end? How do you look at it, sir, in terms of AUM, long-term AUM growth? Let me clarify. This 15%-20% AUM guidance is only for standalone microfinance. When we do a consolidated, we said, you know, it will be probably an average of about 25%-30% is what we will grow on a consolidated basis. That's the reason for us, the guidance which we have given for 2030, we revised it from INR 25,000 crore-INR 32,000 crore, looking at this scenario across in the next four years. Oh, okay. Fair. Fair enough, sir. As we are moving to more non-MFI, right? Will that impact our yield? Should our NIMs, you know, slightly moderate or, and our ROA should also be near the same level? How do you look at that, sir, in terms of profitability? I'll tell you. There are two aspects to it, you know. When we say that the NIM are stable, I think, you know, both our subsidiary companies, housing as well as works in the rural atmosphere or the rural financial services space. Over there also we are better in terms of our lending rates as compared to the normal, you know, housing finance companies and MSME lending companies. We have a higher yield over there. That translates into, you know, when we do a consolidated, you know, NIM, it consolidates into about 13%, you know, average, you know, 12%-13% is what it is. You know, it'll remain stable as that. On the ROA front, the profitability which will arise from there, we've got two kickers also across over there, which will probably add enhancement in terms of our ROA, and that these two kickers are the Satin Technologies, which is not a capital intensive as well as a leverage business in terms of financial services. Similarly, Satin Growth Alternatives, which will also disperse, which doesn't again have, you know, intensive, you know, capitalization structure. Both these, revenue items or revenue, in these subsidies will probably be a foray to enhance our ROA in the long-term basis. Oh, okay. Okay. Fair enough, sir. Sir, just wanted to understand in terms of like our cost of funds, what are the measures that, you know, we are doing to reduce that? I think it's a bit on the higher side. Do we see any kind of, you know, competition in terms of, you know, our cost of funds like increasing? How do you see that, sir? See, I think it's again a function of, you know, how the whole sector is evolving out to be. Based on that, we've still been able to reduce our cost of funds by about 50 basis points. Now that is pretty significant if you look at the current scenario emerging out of in the microfinance business. Our own sense is that the way we've been able to operate, I think we will probably be stable or for us, there is no cost of, there is no enhancement which will happen in our cost of funds. In fact, it would probably be fair to say that, you know, it will further go down whenever the need arise, whenever the repo rate goes down, I think, you know, looking at that. I think this is the function of all these factors put together. Okay, fair enough. Just last question from my end, sir. Right now due to the geopolitical condition like, is there a chance of, you know, maybe inflation creeping up and then RBI has to come in and set up some measures? Right now even our prime minister has had a speech in terms more of austerity measures. Is there like a problem where we see that, you know, credit growth can be impacted for a few quarters? Not on a long-term basis, but a near-term, you know, jerk can come or a speed bump can come, right, sir? What is your thought process on that, sir? Our thought process is kind of a slightly different, you know, from there, you know. Yes, fuel prices increase and all this could lead to maybe some kind of an inflation uptick. When an inflation uptick happens across over there, the justification always has been whenever there's a slight uptick in the entire economy as such, the credit disbursements grow up. Income levels will definitely probably be shortened by in terms of inflation spikes. What happens is normally the borrowings adds up at that point of time, you know. For us, demand will pick up, which I feel probably will be the reason why we've been able to say that we'll be able to grow by 15%-20%. Income levels will definitely go down a little bit, but in the end, ultimately the demand picks up, you know. That's what the analogy which works upon on this, you know. Okay, fair enough. Fair enough. That's it from my side, sir. Thank you so much. Yeah. Thank you. Thank you. Participants, you may press star and 1 to ask a question. Next question is from the line of Raghav Bhutoria from Lindsay Securities. Please go ahead. Hello, sir. Am I audible? Yes, yes, you are. My first question is that, you know, in our results, there is a line item, net gain on de-recognition of financial instruments, something around INR 144 crore. What is this exactly? INR 144 crore. You're talking about the consolidated numbers? Yes. Our standalone is INR 129. That's the big number. You're talking about this is the, you know, gain on the Forex, you know, the borrowing that we have done in the foreign currency and the corresponding expense item is the effect of change in the foreign exchange rates. There is a INR 92 crore effect of foreign exchange rate, and then there are two line items, net gain on fair value and net gain on derecognition. Derecognition. So- Derecognition is a gain income. Derecognition is a gain income. The net gain on fair valuation is the treasury income on mutual fund and the Forex contract that we have taken. This treasury income in a environment where yields have gone up so much, is this something that can continue? I think this is sort of helping your profitability for this quarter. No, no. Treasury income is what we actually do when we have got sufficient liquidity or more liquidity be there in the system. It is not relatable in terms of the business expense. Normally we carry a two-month liquidity with us, you know, and that is always invested in mutual funds for a shorter period of time. That is there. It has probably no relation technically to, you know, your business as such. You know, the better way to see is the NIM. NIMs are broadly stable at 13.5% to 14%. These gains because of timing difference in the exchange rate fluctuation, et cetera, impact the top line and the corresponding finance cost in different periods. That will get neutralized. If you see the NIM over a long period of time, they are, so to say, broadly stabilized between 13.5%-14%. Okay. My other question is on your cost of borrowing. We've seen a sharp increase quarter-on-quarter and year-on-year. Is it just because of the Forex impact or has it actually gone up? Actually gone up. That also impacts the, you know, quarter-on-quarter number. It is better to see the annual numbers, and then over a period of time. This gets neutralized because all the foreign borrowing is fully hedged. There is no long-term impact on the, you know, bottom line because there is no Forex risk. Quarter-on-quarter number, depending upon the, you know, dollar movement, et cetera, this marginally impacts the profitability. Both sides, positive and negative. Okay. Thank you. Last year, there was an overall INR 25 crore of negative impact on the bottom line in the whole year. Okay. Thank you. Thank you. Next question is from the line of Subhanu Bangal from 3 Head Capital. Please go ahead. Yeah. Thank you for opportunity. Hope I am audible. Yes, yes, you are. Yeah. Sir, can you tell me what was the Q4 credit cost consolidated level? Q4 credit cost? Sorry, I didn't get. Console level Q4 credit cost. You want the absolute number? Yeah, yeah. You want the-. Percentage. No, no. No, no. It is the percentage. You want the percentage? Yeah. For here this was 3.5. See, for Q4 you are saying, no? Yeah, yeah. You're saying for the quarter or Q4? I want both, but first I want to understand the Q4 credit cost. Voice is breaking up, you know. It's not audible. See, credit cost at consolidated level for quarter four was 2.2% in terms of percentages. In terms of absolute amount it was INR 79 crore. Is this consol basis? Yeah, this is consolidated. Yeah, consolidated. Okay. What was the FY 2026 credit cost consol basis? Consol basis. 3.55% Yeah. 3.55% was the FY 2026 consol credit cost. That's correct. Okay. Sir, as you mentioned, our non-NII mix will be increased, FY 2027 and up to FY 2030. Overall yield will be reduced. That's my understanding. Correct? No, we didn't say that. He's assuming that the yield. No, no. There's no assumption, you know, which we've given across or crossover end. You know, for us, we said we've got a very stable NIM across, and this will probably hold true for us in the future, you know. There's no area where we've said that there will be a drop in the yields or the NIM, or the NIMs. Okay. Normally housing finance and MSME business has lower yield than NII. That's why I was saying this. What was the NII and housing finance yield in our subsidiary? We work majorly in the rural platform. We work majorly in the rural space. Over there, the yields are much better than the normal traditional housing finance which you look at. Over here, for us in housing finance, our average yield is close to about 15.5%-16%, and this will remain stable across because the constituency which we serve in is very different from the normal constituency which our housing finance company serves across. Just to add, you know, in spite of both housing and MSME business going up, our NIM was 12.42% for FY 2025, which has gone up to 13.23% in FY 2026. In spite of their share going up, the NIM has also improved. Okay. Thank you. Thank you, and that's all from my side. Thank you. Best of luck. Thank you. Thank you. Thank you. Participant's email address star and one to ask a question. Next follow-up question is from the line of Anil Tulsiram from Best Pals Research. Please go ahead. Yeah. Thanks a lot for the opportunity again. This question is on the standalone MFI business. Many of your peers are shifting to the individual, high-ticket individual loans. What's our strategy there? We are doing pilots on that. For us, JLG will remain our mainstay. That is very clear. We are doing pilots. You know, we've done very small disbursement in terms of our individual loan. We're getting very good results in that, you know, but we will not shift to just one as such, you know. There will be a hybrid of JLG, but predominant is gonna be JLG. JLG will be only for the new to company customers or even for the credit customers who have done two, three, four cycles through the MFI already? No, it's for everyone, you know, basically. It's not We don't distinguish between a new to credit customer as well as an existing customer in JLG, you know. Got it. Sir, from the disclosures, it looks like the incremental yield on microfinance is around 25%-26%. Is my understanding right? Broadly, yes. Broadly, yes. You know, average is. Around 25. around 25, yes. Now the question is on from the RBI side. In the past, RBI has looks I don't know whether my understanding is right or not. Something like 20%-23% and then they started making lot of comments about the interest. This time, you think it is again a problem going forward after one, two years or these are sustainable yields? You'll have to understand the context on this. You know, it's very easier to say this that it is being done by the regulator. The regulator is appreciative of the effort that we are doing financial inclusion to a large extent. It's a doorstep delivery. Our credit cost as well as other stuff has been elevated in the last few years. Looking at that, the cost of funds as well as the operating costs for delivering such a small ticket size loan and a risk-based pricing was fixed, which I think, you know, everybody's aware of. There is no question where I think it could be singled out as in terms of that. It's a interest rate, you know, it's an interest rate play, you know, which is going to be there. You have to look at the complete ecosystem onto that. Got it. Sir, can you help me understand these green finance loans? It's not very clear to me which you're doing your subsidy. What exactly is the nature, customer profile? Sorry? Green finance customer profile. The green finance loan which you have spoken about. Yeah. These are micro-enterprises to a large extent, basically, and it could be green renewables energy, it could be green finance, it could be solar, it could be EVs, it could be enterprise EVs. It's a combination of all that. Got it. Sir, the interest, the interest yield in the Satin Finserv, is it closer to the MFI customers only or is it far lower, like housing? It's closer to the MFI, you know, yields as such. Got it. Sir, the last question is on the industry. The guardrails have been implemented because of the current issue. Do you think these are currently here to stay or going forward, individual players will be left on their own whether they want to follow or not follow? Ours is 0. We don't have a customer which is flouting any kind of a guardrail. I think, you know, looking at the industry, it is here to stay. Got it. Thank you. Thank you so much for all the detailed answers. That's it from my side. Thank you. Thank you. Next question is from line of Varun. Sorry. The line for the participant dropped. Ladies and gentlemen, we'll take that as a last question. I'll now hand the conference over to the management for closing comments. Sure. Thank you, everyone. This year was a great year where proof met pro-promise for us. Our consol AUM grew 19%. We crossed INR 15,000 crore. Our disbursement grew. Our Q4 alone disbursement were 43% up. The credit cost came down 80 basis points for the whole year. I will say, ex-bucket collection efficiency is holding on. These aren't just metrics. They are the outcome of decisions we made long before the results arrived. It's for the years we are doing the consistent performance. Subsidiaries are no longer a passing reference in our overall scheme of things, if you see. They are forces in their own right. Both Satin Finserv and Satin Housing have crossed INR 1,000 crore AUM each. They are a move for the future. Satin Technologies has its own USP, and then it again made a bold bet on deep tech cybersecurity, which is signaling that our intent to build infrastructure-grade capabilities is, for financial services, is beyond parallel. Satin Growth Alternatives, the women-led AI fund with a sharp focus on women entrepreneurs and sustainability, is not just a new business line. It's a statement of purpose. It is deepening the impact that we do on ground. What FY 2026 ultimately tells us is simple: discipline at the ground level, clarity at the strategy level, and patience at the management and board level. This combination wins every single time. To our investors, lenders, and the millions of borrowers who place their confidence in us, this year's performance belongs to each one of you, and thank you for all your support. If you have any queries after this call, you can reach out to Valorem Advisors, our IR advisory, or you can reach out to me. My name is Aditi Singh. I'm Chief Strategy Officer at Satin Creditcare. Thank you everyone. Have a great day. Thank you very much. On behalf of Dolat Capital Market Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.