• Growth guidance: The company maintained its standard conservative Q1 guidance of 15% for FY27, with potential revisions in Q2 supported by strong demand as unsecured credit and microfinance lending tighten.
• Customer and tonnage trends: Sequential declines in gold tonnage were driven by higher gold prices requiring less collateral per loan, alongside a drop in sub-₹30,000 ticket customers offset by growth in higher-ticket borrowers.
• Yield outlook: Following a 50 to 100 bps lending rate hike that pushed recent yields to nearly 21%, management expects sustainable yields to settle between 19% and 20% going forward.
• Market opportunity: Management sees strong industry runway as less than 5,000 tons of gold are currently pledged in the organized market out of roughly 30,000 tons held across Indian households.