• AI efficiency gains: Deploying agentic AI across repetitive operational tasks has lowered the opex ratio from 5.5% to 3.5% over the last two years, driving a 2 percentage point increase in ROA.
• AI cost strategy: By relying on open-source software and building in-house small language models, the company contained token cost growth to 50% despite a fivefold increase in token usage over the past year.
• AUM growth targets: The company is guiding for 25% AUM growth this year and expects a similar rate next year, projecting to grow from over ₹1 lakh crore to more than ₹1.5 lakh crore by the end of next year.
• Interest rate trajectory: Management expects domestic interest rates to remain stable through January before potentially seeing an RBI rate hike starting around February.
• Credit risk pockets: While MSME and consumer lending remain strong, pockets of stress persist among lower-end salaried IT sector workers, particularly in Bangalore and Hyderabad.