Narrow moat from gold loan branch network, but constrained by weak historical returns and competitive pressures.

FY27 base-case growth 20-25%

Gold tonnage growth (YoY%) — Gold tonnage growth has been a consistent core driver, decelerating in mid-FY26 due to seasonal withdrawals and new branch ramp-up, then rebounding strongly in Q4 FY26 driven by festive demand and branch productivity. The FY25 surge of 18% and Q4 FY26 rebound