FY27-FY28 base-case growth 13-15%

VNB Margin — Margin peaked in FY23 with maximum non-PAR mix benefit, normalised through FY24–FY25 as non-PAR caps tightened, and has held near the 27–28% range despite the FY26 GST 2.0 input-tax-credit headwind that mechanically removed roughly 150–170 bps — underlying margin (ex-regulatory disruption) is roughly 29%, signalling the company has refused to chase volume into margin-dilutive product structures.