Dominant in used CV financing with deep rural network, but commodity lending limits pricing power.

FY27 base-case growth 18%

Gross Stage 3 (%) — Gross Stage 3 percentage saw a notable decrease from Q3 FY25 to Q4 FY25, indicating an improvement in asset quality, likely influenced by technical write-offs. Subsequently, it remained relatively stable across FY26 quarters, fluctuating slightly but consisten