AUM grew 25% YoY to Rs 4,414.5 bn; we expect a similar run-rate in FY26E as the company adds new verticals (Cars, Gold, MFI) and customers (~14-16 mn). Expect NIM to improve by ~10 bps in FY26 supported by a lower cost of borrowing. Credit cost continues to be elevated in the quarter (at 2%) on account of higher stress in the auto/ MSME portfolio. Expect a moderation in FY26, factoring a healthy trend in early-stage delinquencies. We make minor changes to our FY26/FY27 estimates and assign a multiple of 3.9x (unchanged) on Mar'27 ABV with a TP of Rs 900. While we are positive on the growth outlook...