Paisalo Digital Limited (PAISALO) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to PESA Law Digital Limited Q2 F527 Earnings Conference Call, hosted by Ilara Securities India Private Limited. Before we begin, let me draw your attention to the fact that today's discussion may include certain forward-looking statements, which are predictions, projections, or other estimates about future events. These statements reflect management's current expectations about future performance of the company. And I subject the various risks and uncertainties that may cause actual results to differ materially. As a reminder, all participant lines will be in the lesson-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing start, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference call over to Mr. Manit Khimavad from Ilara Securities. Thank you whenever to you, sir.

Thank you. Hello and good evening, everyone. On behalf of Ilara Securities, I thank you all for joining the Q2FY27 earnings conference call of Paysalu Digital Limited. Today, from the management, we have Mr. Shantanu Agarwal, Deputy Managing Director, Mr. Harish Singh, CFO, and Mr. Gaurav Chaube, Chief Business Officer. I will now hand over the call to Mr. Shantanu for his opening remarks, post which we can open the floor for questions and answers. Thank you, and over to you, sir.

Good afternoon, everyone, and thank you for joining us today for Paisalo Digital's earnings call for the quarter ended September 2, 2026. I hope you have had the opportunity to review our earnings presentation, which has been shared earlier on the exchanges and is also available on our website. We are pleased to share that Pestalo has delivered another quarter of healthy performance with continued progress across growth, distribution, technology, and asset quality. More importantly, the investments we have made over the past several quarters are increasingly translating into operating outcomes, reinforcing our confidence in scalability and resilience of our business model. Let me begin with a brief perspective on the operating environment. The Indian economy continues to demonstrate resilience despite global uncertainties, supported by healthy domestic demand and broad-based economic activity. The RGI has maintained a constructive outlook, revising its FI27 real GDP growth estimate to 7.1% in its latest monetary policy, while the recent 25 base point repo rate increase reflects a calibrated approach to inflation management. At the same time, uneven monsoon conditions have affected sentiment in certain regions, and rainfall deficit pockets warrant continued monitoring. Against this backdrop, we remain focused on balancing growth opportunities with disciplined risk management. Our diversified portfolio provides an important degree of resilience in this environment. Agri- and allied segments account for approximately 15% of the portfolio, While the balance diversified across food and hospitality, street vendors, healthcare, education, technology, manufacturing, textiles, transport, and other semi- and micro-enterprise activities. Our geographical presence across 23 states and more than 10,000 pin codes provide significant diversification and granularity, reducing concentration risk, while creating access to a vast underserved market opportunity. Over the past several quarters, we have continued to strengthen our technology and risk management capabilities. Our proprietary underwriting framework combines on-ground engagement with geospatial intelligence, alternate data, and AI-driven analytics. While our AI-enabled portfolio monitoring platform provides real-time visibility, early warning indicators, and dynamic risk assessment. These capabilities are reflected in the hands of our portfolio with collection efficiency at 98.3%, gross NPA at 0.66% and net NPA at 0.46% at the end of the quarter. This gives us confidence in our ability to scale while maintaining disciplined asset quality. During the first half of this fiscal year, we have made significant progress in broadening and diversifying our access to capital markets. We have successfully raised approximately 294.9 crores through our public NCD issuance under the Rs. 900 crore shelf program, followed by a 124.47 crore listed dual-rated unsecured private placement of NCDs in September. We have also raised over 177 crore through commercial paper issuances during H1-F527, further enhancing our funding flexibility and liquidity position. A significant portion of this funding was raised towards the end of the quarter, which temporarily impacted reported yields. We expect yields to normalize and the incremental interest income contribution to progressively follow through. At the same time, the enhanced balance sheet capacity provides greater headroom for an improvement in ROE as deployment scales up. Supported by strong capitalization, increasing operating leverage, a rapidly expanding distribution network, and accelerating digital orientation, Pesalo is well positioned to capitalize on the strong demand environment. The festive season, resilient consumption trends, and continued execution across our platform provides a solid foundation for sustained growth. Let me now turn to our broadest strategy. Our growth is anchored around four reinforcing pillars, distribution, product diversification, technology and AI, and liability management. As each of these capabilities scale, they are reinforcing one another and strengthening the quality, efficiency, and resilience of the franchise. Distribution remains at the heart of our growth strategy. During Q2, our footprint expanded to 6,415 touchpoints across 23 states, comprising 426 branches, 4,299 distribution points, and 1,690 business correspondent touchpoints. Importantly, our expansion combines a branch-led presence with an increasingly asset-like distribution model, enabling us to deepen penetration in existing markets while expanding into new and contagious geographies. Our customer franchise has correspondingly scaled to approximately 20 million, providing a significantly larger base for future growth and engagement. Our business correspondent network is an important strategic component of this distribution architecture. Partnerships with State Bank of India, Bank of India, and Indian Overseas Bank give us last-mile connectivity across underserved markets and deepen our participation in the formal financial ecosystem. During Q2, the BC network expanded to 1,690 touchpoints and served approximately 1.93 million customers across services ranging from account opening, fund transfer to social security products, and microcredit. Importantly, we see this channel as more than a transaction network. Over time, it can create a broader customer ecosystem for Paisalu and strengthen the foundation of future credit acquisition and cross-fair. Our second pillar is product diversification. As the distribution franchise scales, the opportunity is not simply to reach more customers, but to address a broader range of financing needs within the ecosystems where we already operate. We, therefore, intend to progressively broaden our product suite around the core MSME and micro-entrepreneurs franchise through an increasingly partnership-led and asset-like approach. This should allow us to improve distribution, productivity, diversify our growth avenues, and deepen customer engagement while maintaining disciplined underwriting. Our third pillar is technology and AI, where we continue to make meaningful progress. During Q2, AI-enabled onboarding processed approximately 1,90,000 applications, while AI-driven outbound calling scaled to approximately 3,00,000 calls daily. We now have 25 live AI bots across the organization. More importantly, AI is increasingly embedded across the lending lifecycle from sourcing and onboarding to underwriting, portfolio monitoring, collections, and customer engagement. These capabilities are helping improve turnaround times, strengthen monitoring, and reduce manual intervention. We are also beginning to see these investments translate into operating efficiency. Despite 33% year-on-year growth in AUM and continued expansion of our network, our employee base declined by 11% year-on-year during the quarter. We see this as an early evidence of increasing operating leverage as technology and automation enable us to scale business volumes without a commensurate increase in operating resources. Our fourth pillar is liability management, where the focus remains on diversification, funding flexibility, and cost efficiency. The progress made through public and private NCD issuances, commercial paper, and proactive debt management has broadened our funding architecture during the first half. As Petalo scales, this increasingly diversified liability franchise should provide greater flexibility in funding growth while supporting balance sheet efficiency. Taken together, our progress across distribution, product diversification, technology, and funding is strengthening the scalability and resilience of our franchise. We believe PESOL is well-positioned for the next phase of growth. The platform we have built across distribution, products, technology, and funding is stronger and more scalable today, giving us the ability to pursue significantly larger opportunities while remaining disciplined on risk, capital, and returns. We thank our investors and stakeholders for their continued trust and support as we build a more resilient technology-like and financially inclusive company. With that, let me hand over the call to Mr. Gaurav Chauve, our CBO, to share his perspective on the operating environment before we move to the detailed financial performance. Thank you.

Good afternoon and thank you. Let me share our perspective on the operating environment, the areas where we are seeing some pleasure, and importantly, the actions we are taking to protect portfolio quality while continuing to capture attractive growth opportunities. The 2026 southwest monsoon ended at about 87% of the long period average, with considerable regional variation. Even so, Kharif sowing is downed only by about 1% year-on-year and covers 101% of normal acreage, as irrigation and stable reservoir levels have helped offset the rainfall hotfall in most regions. The pressure is concentrated in certain pockets. With Maharashtra, the most impacted state this season, and parts of Karnataka, Andhra Pradesh, and Telangana also receiving patchy, below-average rainfall. Certain districts have been declared drought-affected. Customer demand in these areas has been relatively muted, and we have responded by tightening underwriting guardrails, moderating rural disbursements in drought-related districts, and stepping up collection efforts in these locations. Bihar experienced higher-than-expected rainfall in the latter part of the monsoon, along with flooding in certain areas. Given our relatively limited portfolio exposure in the region, we currently expect the overall impact on our portfolio to remain manageable. For agri-equipment finance and agrarian wealth, repayments are typically structured at half-yearly installments around the end of ravi and khari season, so it is still early to draw definitive conclusions on portfolio performance. We have also moderated our B2B business in certain drought-affected markets across both urban and rural locations, acting proactively wherever early cohort indicators began to move. Looking ahead, rural indicators remain broadly supported, with vehicle registrations in rural and semi-urban areas growing at marginally higher pace than in urban and metro markets during the first half. The Kharif outcome should become clear by end of October or early November, and we expect rural cash flows to improve after the harvest. State and central governments have been proactive in drought-affected areas, which should help soften the impact on rural households. Early October business momentum has been encouraging, and the overall collection efficiency in our rural business portfolio continues to remain high. Despite seasonal backdrops, demand remains visible in mobility, machinery, and other movable asset financing in Maharashtra, supported by industrial and urban activity. In Uttar Pradesh, demand remains healthy across mobility and agricultural segments, while Haryana and Rajasthan are seeing opportunities in machinery and mobility financing, supported by manufacturing, mining, construction, infrastructure, and agricultural mechanization. Delhi and NCR continues to see broad-based credit demand across commercial, trade, transport, and service activities. More broadly, we are seeing an uptick in credit offtake among MSME and SME borrowers across several emerging markets, driven by working capital and business expansion needs. Overall, while we remain watchful in specific rural and agricultural pockets, the broader demand environment remains supportive. Our approach is to stay agile, calibrating growth at the cohort, and geographical level while preserving underwriting and collection discipline. Let me hand over to Mr. Harish Singh, our Executive Director and CFO, to take you through the financial performance in greater detail. Thank you.

Good afternoon, and thank you. Let me take you through Pesaro Lister's financial performance for the second quarter of financial year 27. Q2, financial aid 27, reflected continued scaling across the franchise. Asset under management reached $72,659 million as of September 30, 2026, representing growth of 33% year-on-year. Disbursements increased by 42% year-on-year to 15673 million during Quarter 2 and reached 32982 million for H1 financial aid 27, representing 77% year-on-year growth. This reflects healthy underlying credit demand and the increasing scale of our distribution and origin capabilities across customer segments, products, and geographies. Total income for the quarter increased by 24%, year-on-year to $2773 million, while net interest income grew by 17% to $1476 million. For H1, initial 27, total income increased by 21%, year-on-year to $5376 million, and net interest income grew by 17% to $2923 million, reflecting the continued scale-up of the loan book. Profit before tax for Q2, financial aid 27 increased by 27%, year-on-year to 874 million, while profit after tax grew by 27% to 656 million. For H1, financial aid 27, profit before tax increased by 28% to 1696 million, and profit after tax grew by 29% to 1270 million. Our return ratios also remain healthy, with return on assets at 3.3% and return on equity at 13.4% for quarter 2 financial year 27. Importantly, return on equity improved from 11.8% in the corresponding quarter last year, reflecting our continued focus on delivering profitable growth while scaling the potential. Asset quality to improve, supported by discipline, underwriting, proactive portfolio monitoring, and our collections architecture. Gross NPA improved by 15 basis points year on year 2, 0.66% as of September 30, 2026, while net NPA improved by 19 basis points to 0.46%. Collection efficiency stood at 98.3%. Credit cost declined to 0.4% in Q2, financial aid 27, compared with 1.1% in Q2, financial aid 26, while H1, financial aid 27, loan losses and provision declined by 47%. Year-on-year to 155 million, from 295 million in H1, financial aid 26. Turning to the balance sheet, total borrowings stood at $54,808 million as of September 30, 2026. Our cost of borrowing declined by approximately 15 basis points, year-on-year to 10%, reflecting the continued diversification of our liability franchise. Debt to equity stood at 2.89 times, while capital advocacy remained healthy at 30.7%, including tier 1 capital of 25.2%, our alien position remained comfortable with a positive gap across buckets. As we enter the second half of Financial Aid 27, our priorities remain focused on sustaining growth, improving funding efficiency, maintaining asset quality discipline, and translating the increasing scale of the franchise into sustainable returns and long-term value for all our stakeholders. Our balance sheet and capital position provide us with the capacity to support this next phase of growth while maintaining financial discipline. Thank you. With that, let me hand the call back to the moderator.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Sandy Mehta from Evaluate Research. Please go ahead.

Yes, good afternoon. Congratulations on a very strong set of results across the board, and well-done job on investor relations with your presentation in this conference call. My first question is with the RDI now raising rates, can you comment a little bit on how that will impact you In terms of lending and borrowing yields and your net interest margin, you mentioned that you had some borrowings at the end of the quarter and you expect your yields to normalize. But how do you think this plays out over the next few quarters, please?

Thank you, Sandy. So in terms of the RBI raising rates, as you might have heard in the recent statement also by the Honorable Governor, he said that he's not expecting any more rate cuts going forward for the next couple of quarters. And there should be an incremental impact. I mean, if you see the morning today, GSEC also was up about 50 basis points. So we definitely expect that there is going to be about a 25 to 30 basis points increase, which we have already priced in. By the way, if you remember, in quarter one, we gave our full year guidance of finishing our cost of funds at 10.5%. And, you know, we are currently at the end of quarter two or half year one, we are standing at 10%. So that cushion is definitely built into the system. Thank you.

Okay, and so you do expect your net interest margins to rebound a bit over the balance of the year?

Yeah, net interest margins will be range bound within the expectation which was provided, which was about 6% on an annualized basis. We are currently at 5.7%, so definitely irrespective of whether we go from 10 to 10.25 or 10.5 in terms of the cost of funds, We are definitely expecting the names to close at about 6%. Also, when you look at Q2 in general, you see that there have been other activities also where you see that due to the carry factors and the drought affected areas, there have been certain issues that propped up on the portfolio in terms of growth. And all the capital raise, which took place along all the debt and everything, was towards the end of the quarter, which on a transient basis created a denominator effect which reduced the yield.

Okay. You mentioned that the headcount was down 11%, which is just, I think it's remarkable given the overall growth of the organization. So can you, do you expect more operational efficiency going forward? Are there any metrics or any quantification of that going forward?

No. So as I continue to state that all the reduction in the workforce that you even saw in the last quarter, we reduced the workforce by about 3% despite an AUM growth of about 27, 28 odd percent, was a factor of our existing distribution network which we have been working for the last few years, maturing and spewing out incremental disbursement, And the product diversification that is taking place due to the asset light expansion of the touchpoint franchise. So, on a short-term basis, yes, it looks like it's going to sustain, but as we move into the festive season of Q3 and towards the end of quarter four, we are expecting it to normalize. So, what you are seeing is an impact of what we have been spending our time and energy on for the last two fiscal years in terms of our distribution strategy and product diversification strategy. I still continue to maintain the same, wherein in the medium to long term with everything that we are doing with AI and all the new systems which are coming in place, in fact, as guided in the last quarter, we are also releasing our app by the end of this Q3 to be targeting in Q4. We are going to have a little bit of a jump in our operating framework. Thank you. Okay.

And one last question. Any update on the State Bank SBI co-lending business from their side in terms of approvals? And are there any other government regulations or changes in regulations that might impact your co-lending business? Thank you.

So, you know, we're pretty much on the co-lending side of the business, wherein that we are doing a little bit of co-lending here and there with all the banks. But most of us, we have complied, like I always say, that we are in compliance with the entire circular. We are just waiting to go ahead from the respective banks as to whenever they are able to comply with their side of the circular, they have to create a safe structure, they have to place it in their CBS. It's a long policy, long compliance site from their side. So, we are good to go whenever they are ready with the same. So, it's status quo right now from their side.

Okay. All the best. Thank you so much.

Thank you. Next question is from the line of Mana from Antic Stock Broking Limited. Please go ahead.

Yeah, thank you for the opportunity, Harad. Two questions. Firstly, how much of the yield moderation is purely the timing of disbursement versus the, you know, changes in product mix or competitive pricing? And secondly, our headcount has declined 11% year on year despite the 33% EVM growth. So just checking how much further efficiency can tech deliver without Thank you, Manav.

So, with regard to your point on yields, it was mostly that yield factor was coming because a majority of the disbursement that took from the transition of quarter 1 to quarter 2 happened towards the end of the quarter of the quarter 2, which created a denominator effect temporarily affecting yields. Towards quarter three and quarter four, yields will be back to normal, they will be normalized, and we continue to maintain the same yield levels across our products and geographies that we are expanding into. So there is nothing that we are doing in terms of yield reduction just to enter a specific geography or a product. So this is just a temporary transient measure that took place on the same, as told to you, wherein a significant amount of funding and deployment was done towards the end of the quarter. So this is just a temporary impact on the reported yields. In terms of your headcount reduction point, we did reduce our headcount last quarter also about 3% on a year-on-year basis, despite giving about a 28% growth in the AUM. Obviously, this time we have reduced it by 11% on a year-on-year basis and giving a 33% AUM growth. This you are seeing because of the investments that we have been doing in the last two years towards diversification and diversification of our touchpoints, wherein we have been able to scale doubling of our touchpoints every year, and in fact, one of these years, we were able to double it every quarter, right? So what you are seeing is those operating leverages which were laid in the last two years now maturing and spewing disbursements for us. On a medium to long-term basis, as we release our application this quarter end also, which is quarter three end, and we have the new AI framework and franchises kicking in, we will see an increase in the operating leverage. And this is just a temporary transient impact on a short-term basis. Thank you, Manav.

Thank you. Thank you. All the best.

Next question is from the line of Dhruvi Shah from Altamount Advisors. Please go ahead.

Hi, thank you for taking my question. So, my first question is, management has previously spoken about leveraging AI and digital initiatives. So, when should investors expect a measurable impact on the cost-to-income ratio and other efficiency measures?

So, you know, if you look at the AI framework that we have been investing in into, we processed roughly 1,90,000 applications this quarter, We took care of roughly 6,60,000 calls. We have now 25 AI bots that are live, and we did about 3,00,000 outbound calls on a daily basis. Now, if you compare it with what we were doing in quarter one of this fiscal year, we were at about 1,80,000 applications. We were at about roughly 3,00,000 checks, which include manual intervention. We had basically zero bots. Our outbound calls were about 2 lakh. We had basically zero text bots. Then we had seven, and now we are at 15. We have gone to about 65,000 facial recognition, facial matches, about 3,50,000 OCR scans, and we have moved to a 100% AI-assisted journey for our legacy maintenance, and almost 100% code review and 100% test kit generation for the cases. Now, as a coil on the operating leverage, if you see, most of what you are seeing is, again, maturing of our distribution network and our product expansion that we've been doing in the last two years. But a lot of it is also based on these AI frameworks that we have deployed and which is causing that 3% reduction in the headcount and 11% reduction in the headcount. But obviously, unlike a lot of other technologies which have matured over the last couple of years where the cost of technology has become cheap, AI is still a relatively new technology where the cost of creating an AI framework on a short-term basis remains high or elevated. As the technology progresses and compresses, the cost of running these AI frameworks is also cheapened. But right now, what is happening is we are having an AI framework also and we are having our touch framework also, which is the human operating leverage that we have running on a combined basis where we are shifting a lot of load to AI, but there is still a maker-checker framework which is in place to ensure that AI is not on a standalone basis taking over the operations of the company, which is causing that blip in the operating leverage. So on a short term basis, you will see that growth will outpace what we are doing here. But on a medium to long term basis, that is when we approach quarter one of next fiscal year, you will see that these frameworks have now started to align. And that impact will be seen. So, on a three-year cycle, perhaps towards the end of the three-year cycle that we are running on, where we are doubling our AUM revenue impact by the end of next three years, next three fiscal years, you will see towards the end of that third fiscal year is where we are closer to the downward trajectory of our operating leverage. Thank you, Dhruvi.

Okay, got it. And what are the long-term ROA and ROE aspirations?

On our ROE framework, I think we'll target somewhere around the 15% to 18% range on a sustained, annualized basis. On our ROE basis, we are at about 3.3%, 3.4%, so anywhere between 4%, 4.5% is a good level on an annualized basis for us. I don't know if you saw, but we also doubled our ROE and ROE in the last two fiscal years from about 1.5% and 7% to now 13.3% and 3.5%.

Okay, all right. Thank you.

Thank you.

Thank you. Ladies and gentlemen, before we take the next question, a reminder to all, anyone who wishes to ask a question, may press star and 1. Next question is from the line of Ramesh Rehzada from Apical Capital. Please go ahead.

Hi. Congratulations on a good set of numbers. I have only one issue or maybe one flag which I am observing. Your, you know, finance cost, rate of change in the finance cost is about 33% when we compare on a consolidated basis on a year-on-year, whereas the revenue growth in terms of income is growing only at about 24%. Many times there could be a mismatch of liability and the asset which is yet to be created, but yet the gap is too wide. What are the steps you think you should be taking to bridge this gap or the growth has to be higher than the financing cost? Thank you.

So this is primarily due to the cause of late deployment of funds. As we transition from quarter 4 to quarter 1 and quarter 2, there is always a transient quarter where the funds are coming towards the end of the quarter, whether it was our public issue that we did or whether it was the unsecured 10-year paper that we raised, wherein all of these funds typically come in towards the end of the quarter, And the company is doing a transition from a quarter-on-quarter basis. So this is primarily on account of the late deployment of funds, where you see some extra surplus money being passed on the treasury side of the business. So as the quarter three and quarter four comes, this automatically normalizes, and what you say will automatically happen. This is typical of our trend in a finance company in quarter one and quarter two for us. I don't know about the remaining of us, but in quarter three and quarter four, this will be resolved when you look at it. Thank you.

Thank you. A reminder to all the participants, if you wish to ask a question, please press star N1. We will take our next question from the line of Sudha K from TNA Advisors. Please go ahead.

Hi, sir. Can you hear me?

You are audible, ma'am.

Yes, Sudha. Yes. Yes, sir. Congratulations for the great set of numbers. Sir, I have two questions. The first one being, what is the expected timeline and the business impact of our consumer-facing app launch?

So, Suda, as, you know, as guided in quarter one, wherein we gave the entire framework for doubling of AUM revenue and impact over the next three fiscal years, we are targeting the app to go live in quarter three, which is ongoing right now by the end of this quarter three, and probably start sharing the metrics on the strategy by quarter one of next fiscal year because we are targeting somewhere around, releasing it around Christmas or towards the New Year's part of it, creating a marketing scheme around it on the omnichannel strategy that we are working on, using quarter four to stabilize the infrastructure of the distribution point, business correspondent points and our branches on it, plus starting the activities on it. So towards quarter four is when you will be able to see the app as well as starting the metrics on it. With a quarter one, you start seeing quarter-on-quarter comparison on the metrics of the same. Thank you.

Okay, sir. Sir, I have one more question. Sir, how much customer acquisition is expected to come through digital channels over the next few years?

So, our original acquisition strategy that we run on currently is called a high-tech, high-tech strategy, Where we are basically using a combination of services spread between branches, distribution point, and business correspondent points for our touch part of it. And the tech is used basically to onboard through these distribution points. So what we are targeting in our first zone is that we are targeting that branches will continue to run on the internet application while our acquisition framework through our business correspondent and OEM and dealer tie-ups We are going to start pushing the application in quarter one of next fiscal year once we have about quarter four to scale and stabilize the app. So I would say on this year, a standalone basis, if provided the app is stable and is able to take care of the demand in terms of what we are targeting, we'll have a relatively small chunk of acquisition coming through the app. But by the end of this three-year strategy, we can definitely expect anywhere between 40% to 50% of acquisition coming directly from this consumer-facing gap. Because we will maintain that growth-to-risk ratio that we maintain across all the products and franchises. Thank you.

Understood, sir. Thank you, sir. Sir, I have one more question. So, given the recent liability raises and the Captain Mark's activities, so what reduction in cost of funds can investors expect?

So, on a last, I would say, five-year basis, the company was able to reduce its cost of funds from roughly 13% to 10% as of quarter two of fiscal year 27. Our guidance for a full year is about 10.5%. So, we are currently sort of ahead of our guidance of 10.5, we are at 10% right now. So, I think we are fairly comfortable in terms of our cost of fund because with our growth strategy that we have in place right now, all the calculation we have done, we are projecting about 10.5 cost of fund for this full year, fiscal year.

Thank you, sir. I'll join back in the queue.

Thank you. Ladies and gentlemen, that was the last question for today. I now hand it back to the management for closing comments.

We thank our investors and stakeholders for

continued trust and support as we build a more resilient, technology-led, and financially inclusive company. We believe Pesalo is well positioned for the next phase of growth. The platform we have built across distribution, products, technology, and funding is stronger and more scalable today, giving us the ability to pursue significantly larger opportunities while remaining disciplined on risk, capital, and returns. Thank you, Ilara, and thank you, everybody, for joining the call today.

Thank you very much. On behalf of Ilara Securities India Private Limited, that concludes this call. Thank you all for joining us today, and you may now disconnect your line.