• Rural portfolio resilience: The company's rural and semi-urban book is 100% secured, with AI- and data-driven collection systems preventing any alarming increase in delinquency despite below-normal monsoon expectations.
• Gold AUM growth: Gold loans are expected to cross 50% of total AUM and drive overall company growth of 30% plus, supported by plans to add 300 to 400 branches this year to its existing 999 gold branches.
• Gold yield expansion: Yields are projected to expand by 40 to 50 basis points by September and by 75 to 100 basis points by year-end, driven by stable gold prices, smaller ticket sizes, and semi-urban, rural, and agri-gold branch expansion.
• Loan-to-value cushion: The live gold loan portfolio carries an average LTV of 63% to 64% against the regulatory ceiling of 75%, providing sufficient cushion to prevent credit losses through auctions in the event of default.
• NIMs and profitability: Net interest margins and spreads are expected to improve year-on-year as the gold loan proportion rises and more branches cross the ₹20 crore AUM mark to deliver higher return on assets.