Diversified ABG financial services platform — all 4 moat sources apply (rare); per-segment depth gaps cap call below STRONG.

FY27 base-case growth 12-15%

GS2+GS3 ratio (NBFC) — Sustained and sharp improvement in delinquent asset stock, driven by proactive tightening in unsecured segments and a shift towards secured SME lending. The pace of improvement accelerated from Q2 FY26, reflecting portfolio recalibration benefits.