• Three-year growth guidance: The company aims to double its AUM, revenue, and PAT over the next three fiscal years while maintaining strong asset quality, with current non-performing assets at roughly 0.67%.
• Margin and funding dynamics: Net interest margins of 6.5% are supported by cost of funds decreasing to 10.3% against a 10.5% guidance, alongside yields rising by 10 basis points to 17.04%.
• Capital structure and dilution: Capital adequacy stands at 35% with a 2.2x debt-to-equity ratio, and promoter open-market share purchases have pre-empted the expected 5% to 6% dilution from the remaining $44 million in convertible bonds with a strike price of ₹48.
• AI integration and opex: In-house investments in AI models and automation across onboarding, debt servicing, and multilingual calling will keep operating expenditure ratios elevated or steady in the medium term before driving long-term cost efficiencies.