Q1 26/27

Jul 15, 2026

Summary

Q1 FY27 PAT reached INR 155 crore as NIM recovered to 7.5% and credit cost held at 0.45%. FY27 guidance calls for 19%-21% loan growth and 23%-25% deposit growth, with secured lending and guaranteed unsecured exposure supporting resilience.

Ladies and gentlemen, good day and welcome to Q1 FY2027 earnings call for Jana Small Finance Bank, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in listen 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 star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference call over to Mr. Chintan Shah from ICICI Securities. Thank you and over to you, sir. Yeah. Thank you, Igra. Good evening, everyone, and welcome to the Q1 FY2027 results conference call of Jana Small Finance Bank. First of all, I would like to congratulate Jana for the very strong performance in Q1. From the management side, we have Mr. Ajay Kanwal, our Managing Director and CEO, Mr. Krishnan Subramania Raman, Executive Director, Mr. Abhilash Sandur, Chief Financial Officer, and other senior management team members. Now without further ado, I would now like to hand over the floor to Ajay, sir. Thank you, and over to you, sir. Thank you, Chintan. Let's move folks to our investor deck. I will speak off the deck. I will start with slide number 3. Before I start, apologies, I think we are slightly late. Our profit for the first quarter, which is back is INR 155 crores. Importantly, we have seen that our NIM is back up now to 7.5%. It is made up of two real important contributions, the NIM increase. One is the cost of fund, which has been declining. So it is a 50 basis point decline year on year. Second is the reduced slippage and NPA primarily on unsecured, which is why the interest and suspense is reduced and NIMs are improving. Of course, we have also seen our second quarter now sequentially of unsecured growth. We have got the NIMs back up to where it should have been had there been no microfinance stress. So 7.5% NIM is what we see. Though if you look ahead in the year, we would imagine our cost of funds would be flattish. Things have become a bit harder in terms of pricing of deposits in the first quarter, and we expect that to probably stay there for some time. In terms of our asset, we have seen most of the change, which is improvement in both NPA as well as growth in unsecured. Slippage is very important because it is not only lower year on year, it is also lower quarter on quarter. Especially as people who have been on this call with Jana every quarter will remember that our first quarter last year was really a difficult one for us. For us, there is an extra pleasure in seeing the first quarter come out well. Our net credit cost is flat to our quarter 4 at 0.45. Our secured assets grew at 29%. Slight increase in SMA, which we have pointed out here. More to do with the way the first quarter works than anything challenging that we can see in our books. Our deposits have grown strong year-on-year, though the first quarter has been flattish. CASA growth has been great, 31% year-on-year, and first quarter also has been very strong. Our retail deposit growth and CASA have been great in the first quarter, but overall deposit is flat. Folks who have been following us do know that we did raise some capital, out of which the first INR 103 crores have been received by the bank. Once the TVS Group is approved by the Reserve Bank of India, we will certainly be receiving the next 80 odd crores, and the balance 75% of the total INR 728 crores will come over a period of 18 months. Overall, a very important quarter for us. It kind of cemented quarter 4, because quarter 4 was a real MFI behind us. We have a very strong secured book, and first time we saw the PAT really come through. This is second quarter following that and it is a very important quarter from that perspective. Being the first quarter of the year where things get a bit difficult, that this is ending like this gives us great confidence. I will now move to page number 4. We have never addressed this holding company rating downgrade in the past in such an obvious manner, which I thought I will use the opportunity to. As you all must know or probably should know, because Jana Holdings and JCL have been our promoters for the longest period, they are the ones who hold the approvals. Their job of the holding company really is to invest in the bank, and they right now hold 16.9% stake. Their peak was at 44%. Last four years, they have been either mostly diluted because they have not been giving the bank capital. Bank has been raising capital since June 2022, either through IPOs or other private investors, but not through its holding company, which is why the 44% has been coming down. The last 4.99% they have committed to sell to TVS Motor. Again, that 21, 22% odd is down to a 16.9. We really do not have any other connection other than the holding our promoter vein. There are no board members which are common. There are no cross-default linkages, et cetera. However, India Ratings felt that since they had to downgrade the JSN and JCL rating, which fundamentally was a technical default to our minds, because the NCD holders wanted more time to sell the shares, and they have asked for six more months. There are no retail investors and nobody going to court over it. It is just an issue of investors felt that the bank share price possibly has more opportunity in the future, next six months than they saw it currently, which is why they want six more months. They got the extension done. Because of extension, it was a change in the original condition of NCD issue, so it became a default moment. We have seen both our share price and our business, and we find that our investors and clients have understood it. We are very thankful to both. It is BAU for us. Following this action, which was on the 1st of July, CARE took their action where they said they are not putting us on watch. They are not doing anything. They obviously had anticipated this, that someday some challenge could happen, but didn't find that that should impact the bank's rating or put it under watch. So that is putting this promoter event behind us as a non-issue, but I have also explained it that there were really no challenge except people at the holding company level wanted more time to sell. I will then move on to our page number 6, and I will do that because I do realize you all have a lot of questions. On this page, you will find our credit cost at 0.45%, which is flattish to Q4. As you know, 0.45% credit cost was the lowest point of last year, and Q4 is always the best quarter. So I think that is a flat to Q4, which is great positivity. You can also see in the second box, additions during the year, where our additions to gross NPA has been 291. Again, it has been on decline, but this has been a very good number for us. And now our gross NPA now stands at 2.24%. Our net NPA is 0.5, this is in the gross loan book. PCR ratio is 62.4. So credit-wise, I think first quarter being strong gives us great confidence of what this year we can expect. Sometimes there are questions on branches, so let me share. We are planning to open 78 branches. Only 8 of them are new branches. 30 are split, which means the branch really has too many more customers, and we really need to split the branch for better management. So we will split 30 branches into 2 separate locations. This means there is only a premises cost and not a people cost, largely. There are 40 relocations, which means the branches are not in good spots. We think if we change them to better spots, then we will get more business. So the 40 relocations, 30 split, 18 new branches are planned with execution in 7. That is the plan for this year. In terms of product launches, we have been testing the credit line on UPI now for a little over a quarter. We think we have got all the bases right now. We should go public with the credit line on UPI in this quarter. We will also be launching our loans against shares. Our Nostro, et cetera, will be set up this month. We do not have an FCNR offering right now, but if we are able to put everything together and be comfortable with it, we may do a small one in August, September. But right now, FCNR, if that is a question on your mind, that is not something that we are ready to offer. So that is about the branches, what we expect and what is the plan and what products we are planning. I would like you to move on to page number 9. We always share the page. It tells you what is growing and what is not growing. The things which are really doing superbly well and giving us great confidence is our affordable housing book, our MSME book, our vehicle loan book, our gold loan book, and for last quarter, certainly the MFI book, which is the unsecured advances. All these businesses have immense strength in them. They have grown very well year-on-year. We certainly see them growing. By design, we have reduced our term loan to NBFCs. It probably will keep this flattish as we go into the year because our own product lines are so strong that we will be able to do our 22% growth rate purely from our own businesses. Our NBFC might end up being flattish. That is our current thinking. The one business which was not designed to not grow in the first quarter, which is Micro LAP. We have been slowly trying to amend the model more towards direct sourcing. It causes a blip in the first quarter. That is something that we are working on, and we will bring it to the positive growth rate second quarter onwards. That gives you a sense of what it looks like on the asset business, what to expect. Since we have affordable housing, Micro LAP, MSME, vehicle and gold loans, we have five product lines in secured versus one unsecured product, which is basically MFI and nothing else. It is natural to expect that we will always have more secured loan growth than unsecured loans every passing year. So our journey from a 73.6, what is that? 73? 72.7. 72.7, sorry. Towards 80% will happen every passing year. Sure, because we have got more secured product lines versus a single unsecured line. I want to talk about page number 10, and this is a very important page. November 2024, we decided that given some of or rather many of the elements in MFI could surprise us or be out of our control. While we will take all precautions, we will also take an additional precaution of putting it under a guarantee program. I am happy to report that 79.8%, which is nearly 80% of unsecured book, is under guarantee program. I also want to highlight to you in the last two columns where net NPA is at 214. This is a net NPA as of June 30 for unsecured. Out of this 214 net NPA, 196 is under the guarantee program. We may have a year, which year will the money come into the bank? That is the only question now, but we are largely now covered from a net NPA, what to expect. Also remember this, if unsecured business is under guarantee program and performs well and the rest is secured book, we are moving to a nearly a secured bank by itself. That gives us a lot of positivity of what this future will be because our missteps, whether it is a MFI stress or COVID, has already unsecured. If we are putting a floor to unsecured now, I think the future will be much more resilient and stronger and better. I will now take you to slide number 13. Slide number 3 is our favorite slide because it tells us what we are trying to do as a bank, and it is an anchor bank where we want customers to have multiple relationships across all our products. I think we have not rounded this up to 4, which you normally do. So 3.9 is an active product. It does not include property and life insurance. I can see some changes now where our gold penetration is now up to 3%. I remember many years, I mean, last year we were struggling at 2. We have slightly seen our 2-wheeler penetration reaching 1.1 even though the business has grown, and we think this will now be a better growth engine. When I look at this chart, it also tells me that we need to launch a few more products to get the average relationships better. So credit line on UPI when it goes live this quarter, I think we should expect the average relationships to improve from here. But clearly something that has been working very well for us and we remain focused on driving this harder. I will now move on to the liability page, which is page number 15. 97% of our retail and 83% of bulk deposit of 1 year and above. I think if you look at our CASA has gone very healthy in the first quarter at 7.1%. Our TD is minus 1.6%, mainly due to less growth in bulk. We have not given our retail- Line here last. Retail term deposit growth of 30%. Right. Sorry. Abhilash, finish. So we have our retail term deposit growth year-on-year is 31% and quarter-on-quarter is 2.3%. While we have reduced the bulk deposits, the growth has come in retail term deposits. I just wanted to add that. Yeah. No, thanks. One is that we are seeing stable because of our focus even on bulk. Wherever we have bulk is one year and above our retail continuous one year plus. We have some work to do here because we would like to continue to maintain our 23%, 24% year-on-year growth in the total liability franchise. We will have to work harder in quarter 2. I think April and May were a bit difficult quarters from a liquidity perspective when prices went up on the deposit side, which we tried to kind of hold against. Now we have kind of decided, and in June we kind of increased our deposit rates. That brings me to the cost of funds. If you see quarter 1 2027, there is 7.4%. This represents a drop of 60 basis points from quarter 1 FY 2026. I do expect that 7.4% will remain nearly 7.4% plus or minus 5 basis points at best during this year. I think the possibility to drop cost of funds is now over. Yes, we will be reporting a much healthier growth in our deposit business in the next quarter. I want to take you to the page number 18 where we will do a quick scan. I think the most important thing here is our ROA is at 1.4% and our ROE is at 13.6%. Something that we have been wanting to bring back to normalization for the last two years. We struggled a bit and now we are back to where it needs to be. As you can see on this page, 64.9% is retail deposits, it is the second column. There was 60.2%, so it is really a good jump here of 4.9% on retail deposits. I will then move on to page number 20. I just wanted to glance at two things here. One is net interest margin. It is at 7.5%. It has moved up well. We expect it to be steady around there. Page number 21, I think the key highlight here is there is a drop in the borrowings. More to do with the overnight repo calls or long-term institutional finance from NABARD, SIDBI, and NHB continue. We thank the institutions for supporting us at all times, and that doesn't change at all. In the P&L statement, I really want you to focus on expenses. We have grown expense quarter 4 to quarter 1 by just INR 10 crores. It is a very important focus for us. We expect to continue reporting very nominal growth in cost through this year. And by the virtue of a 20% asset growth and very nominal cost increase, I do want to bring cost income back to much lower levels before the year is over. Finally, I just want to finish with page number 23 and reiterate our guidance of gross loan growth of 19%-21%, a deposit growth of 23%-25%, and a PAT of 80% plus for the year. Thank you so much, and I am happy that me and the team here can answer your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jay Chauhan from Trinetra Asset Managers. Please go ahead. Good evening, and thank you for the opportunity. Am I audible? Yeah. Yes, you are. Yeah. Sir, could you please provide more insight on the slippages trend in the unsecured portfolio, and also do you expect the improvement witnessed this quarter is sustainable? And should we expect slippages to continue moderating over the coming quarters? Okay. So in terms of unsecured slippages, quarter-on-quarter, it has reduced by almost 20%. So that is expected to continue on the downward trajectory. So that is the question on slippages you had asked, which is almost from INR 155 crore, it has reduced to INR 125 crore in terms of slippages. On unsecured. On unsecured. The question was on unsecured. Got it, sir. I am just trying to understand the trend. How do you expect slippages to continue over the coming quarters? I will answer. See, listen, we are at a good point now where we are doing 99%, plus or minus 0.1%, since December. We have seen a slight uptick in our SMA book, nothing significant. I would expect that this quarter 2 slippage will be probably flattish to quarter 1. Yeah. Then we may see small drops in quarter 3 and quarter 4. Got it. That makes sense. Also, sir, could you share your outlook on credit cost for FY 2025? Sure. I just want to add one thing to my earlier thing so that for all the folks who want to put this in Excel spreadsheet, it will be important. The other piece we should all know about is in the first quarter, we all focused on collections, which is why our slippages were low and SMA, though it was seasonal in nature, did not go up anything significantly. We couldn't spend too much time in recoveries. While we might see a flattish slippage in quarter 2 or even a marginal uptake, we should also see an uptick or a better recovery in the quarter 2. I think those would happen together. On your question on credit cost, it was at 0.45% for quarter 4. Okay. It remains at 0.45% in quarter 1. It gives us great confidence because typically, first quarter is a bit more of a shocker than quarter 4, and quarter 4 is always the best quarter in terms of performance. One can expect that the 0.45 cost will at the minimum be maintained at the same levels in all the remaining quarters. Got it, sir. Also, a factor in the provisioning requirements too, right? Absolutely. On the provisioning side, listen, gross NPA has reduced quarter-on-quarter, year-on-year for sure. Net NPA under GLP is at 0.85%. Even if you look at our provisioning expectations, it's pretty much flattish to downish because the big change has already happened, which is the unsecured book is no more a problem. Secured book was never a problem. As long as we just keep our head down and execute, we'll absolutely be fine. Got it, sir. Are you observing any emerging stress in any Micro LAP or affordable housing segments? Nothing. See, listen, Micro LAP, like I mentioned, we are trying to move more towards direct, or rather percentage of direct contribution of the business needs to go up, which is why we had a blip in growth. It had nothing to do with performance of the book. Affordable is doing absolutely fine, and MSE is doing fine. We haven't seen any El Nino impact. We haven't seen any El Niño impact. Today is already the 15th of July, so all the NACH, NSI and the collections for the month, the majority percentage is already in. We can't see that visibility even in July, touch wood. So I must say that right now it's all going as on the health of the book. We continue to be very positive. Got it. One last question. We are seeing a drop in Micro LAP and NBFC book. Do we expect this drop to continue? See, NBFC was by design because we really thought that, given our projections on two-wheelers, gold, MSE, affordable, we would achieve the 20%-21% growth rate more comfortably. So NBFC would probably be the business that we slow down on. So we probably will remain slow in that business through the year. Micro LAP was our design in not to remain slow, so we have some work to do to get this whole direct versus DSA percentage right. We think we have kind of sorted that out, and we are expecting July to kind of give us a different number than we have seen in the first quarter. But no, Micro LAP will be on the growth path and we're focusing on it to go back to growth. Got it, sir. That is it from my side. Thank you for the insights. Thanks so much. Thank you for your questions. Thank you. Next question is from the line of Pranav from Kotak Securities. Please go ahead. Good evening, sir, and thank you for the opportunity. I have couple of questions from my side. First one is, the gold loan portfolio has delivered strong growth this quarter. Given the recent correction in the gold prices, how do you see the impact on portfolio growth and asset quality going forward? Hi, this is Raman here. Let me answer this question. The book grew about 13.5% quarter-on-quarter. We are sitting at about INR 2,678 crores. We grew over 100% year-on-year. While gold loan prices have witnessed some correction, I mean, from a risk management standpoint, we are comfortable because on an average across the portfolio, our LTV is about 60%, 64% to be precise, which is well within the regulatory limits. Besides, what we also have is a pretty robust collateral monitoring mechanisms where we do daily price feeds and appropriate margin call mechanisms which are in place. All of these we believe will mitigate the impact of any movement in gold prices. Therefore, we don't expect any material impact on asset quality. GNPA will remain around half a percent and will be fully covered by the collateral realization. Besides, I think we continue to see a healthy demand for gold loans. I mean, those are really the few things that I would comment on as far as the gold loans are concerned. The other piece in gold loans I'll add to Raman. We are at about 568, 570 branches now. Yeah. Our total branches are 820. We will be increasing our branches another 50 to 75 in the next two quarters. These branches are in locations where we know we have potential to do gold. We've been just phasing out our growth in different buckets. We'll be adding a few more gold branches. We certainly are increasing gold headcount in terms of people. Our bias is to keep increasing gold and we don't see a market issue. Customers do like this idea of getting a gold loan quickly and able to get the gold back when they pay the money. As long as you can do that basic good service model in an institution they can trust, I don't see any issue with gold loan growth. Got it. So a couple of more questions from my side. In this quarter, also I've seen growth in MFI segment. What is the percentage of growth that we are targeting for FY 2027 in MFIs? This quarter we grew 2.8%, I think, quarter-on-quarter. We grew 18% year-on-year compared to first quarter last year. So book sits at about INR 10,240 crores. Book is stabilizing. We've seen five continuous quarters of decline in slippages. We do believe that we are at a place where it is stable. For FY 2027, we are targeting the portfolio not to be very aggressively growing to about 10%-12%. That's really the targeted growth year-on-year. Pranav, do you have more questions for us? No. I'll fall back on the queue. Thank you. Thank you. Okay. Next question is from the line of Harshit from CBSF Management. Please go ahead. Hi. Good evening. Am I audible? Yeah, you're audible. Good evening. Yeah. Hi, sir. My first question is, I would like to understand how was the outcome of branding with RCB team during this IPL season, and did we see any major uptick in the number of deposit lead or CASA growth in April? Yeah. Our CASA grew very strongly in the first quarter, 7% quarter-on-quarter. I would attribute a lot of that to, A, of course, good work at the bank of doing the advertising. Also, to be very honest, we were a bit lucky that RCB won the championship. We could advertise till the very last match and also use that winning moment to kind of get more customer clicks and views. It worked out very well for us. Because it was largely an official banking partner with a lot of advertising rights, it wasn't expensive realistically, also. It ended up being one of our best programs. It's the first time we ever did one, but it gives us great confidence in probably doing more programs like this, and certainly with RCB, in the future. Okay. That's great, sir. My other question is, have you made any claims to CGFMU yet? What can we expect in terms of recoveries from them during current financial year and, can you explain your slide 10 in terms of INR 214 crore NPA and guarantee cover of INR 196 crore? Sure. In slide number 10, if you go to slide number 10, we have mentioned that we will claim INR 65 crore in Q3 itself. Okay. What we are trying to explain in the slide is basically our NNPA, if you see, is INR 214 crore, against which the covered portion, which is the guaranteed portion, is INR 196 crore. Which leads to uncovered portion of only INR 18 crore, even though there'll be timing difference of the claim of the INR 196 crore, of which only INR 65 claimed now and subsequently we'll claim balance. We are mostly covered in terms of either we have provided or it is covered. That's what we wanted to show in this slide. Okay, sir. Okay. My other question is, how is your used car business performing? Any new product launch expected during current year? Our used car business is doing very well. We launched it in October 2025. We have now reached roughly about 45 crores of volume and- 190 crore. Book size is 190 crore. I am not talking book size. Okay. Sorry, sir. Sorry. We are talking of used cars. Sorry. Apologies. Some confusion here. Used car, October 2025, we launched. We have reached a monthly disbursement about 45 odd crores. We are present in roughly about 50 50 cities. 50. I have mentioned this in the past. Our potential to grow number of cities about 240 because affordable housing and Micro LAP is present in 240 cities. We have enough and more cities to grow. Our plan is to first consolidate in the first 50 cities. The first 50 cities that we are focused on cover about 70% of the market. We are largely in used car finance. We don't have a BT program, and we haven't launched our refinance program in used car. It is largely the best part of the used car business, which is actually financing, buying and selling of used cars. That's on the used car side. On any other products, credit line on UPI goes live this quarter, that is the second quarter. We have a lot of expectations from it because the product is designed to be a mass scale product and fulfill the needs, which is a small ticket need of either buying a consumer durable or having an education loan or an emergency medical or giving a small line of credit to your children when they're studying in other cities, et cetera. It's very handy, very easy to operate. The second product in addition we are launching is loans against shares after the Reserve Bank of India has approved the INR 1 crore limit. We would like to add it to our wealth management portfolio of offering. That product will also go live in second quarter. Thirdly, we are really fast pacing our Nostro, et cetera, so that we should be able to offer trade forex and certainly our first attempt would be to get at least the tail end of those FCNR product if we could. Okay, sir. Understood. Just one last question from my side. The key growth drivers this quarter has been affordable housing, gold loans, and vehicle loans. Do you expect a similar portfolio mix to drive your asset growth in FY 2027, or do you anticipate any change in the growth mix across segments? I would add MSE to that. MSE would grow very strongly. It has grown about 2% odd in the first quarter, but I can see the buildup in MSME. We should have very strong MSE Quarter 2. Affordable shall continue its growth rate, probably see some acceleration. Two-wheeler, absolutely yes, it will continue growth rate. We may see some advantages of really our strategic tie with TVS Motor coming up. We will certainly see a growth in gold. No change there. Micro LAP has seen negative in the first quarter, but I would expect it to get to positive in the second quarter. Those are the primary growth drivers. Somebody's already asked about unsecured, where Raman has clarified that he expects to see Q1 is never a big quarter for growth, so I think Q2 should be slightly better than Q1 for unsecured also. Okay, sir. Thank you, sir. That's it from my side. Thank you. Thank you. Next question is from the line of Suraj from YES Securities. Please go ahead. Hello. You are audible. Yeah. Am I audible? Yes, Suraj, go ahead. Hi, sir. My first question is that deposit growth remained flat during Q1 FY27. Could you please elaborate on the key factors behind this performance? Okay. Deposits, while it remained flat in terms of growth, Suraj, it is mainly because like we explained earlier, there was a reduction in the bulk deposits. Our focus continues to be on CASA and retail. That is where we have seen the growth. Okay. While for the quarter, the CASA has grew by 7.1%, retail term deposits have grown by 2.3%, bulk has a negative growth of approximately around 6%. That has led to a flat growth in terms of overall deposit. What it has also done is it has ensured that there is a reduction in cost of deposits and cost of funds. That has happened over the quarter. While bulk at a reduction of 6% has reduced our cost of funds as well. Okay. What are your forecasts for FY27? I was just going to say that. Listen, I think we were slightly challenged in April and May because deposit prices hardened a bit, money available was a bit tight. We had to raise our deposit prices, which we did in June, which is why I expect cost of deposits to kind of plateau out at these levels. We have already given a guidance of 23%-25% growth in deposits this year. We have maintained that kind of a growth rate always in the past. Something that we are used to doing in the past, something that we strongly believe we will do it this year also. We will of course, try and make sure that when we finish the first half and give September results, then we will have better growth on the deposit side available for everyone to see. Understood, sir. Suman, second question is, the cost of funds has declined again in this quarter. Do you expect this trend to continue over the coming quarters also? Cost of funds, we have seen decline for, I think, last four, five quarters now. It is on a decline trajectory. I think it will stabilize to reduce moderately only from now on. It will remain around 7.4%, 7.3% range. It will be in this range because there will be also growth which will come through bulk deposit, retail will also grow. We have also increased slight bit of rate, as I mentioned. There is a slight increase in rate. All those factors will contribute to either it will be in the range of 7.3% to 7.4%, in that range, the cost of funds will be at. Understood, sir. Sir, one last small question. What are your guidance on cost of income ratio for the financial year upcoming? I think it was covered during the opening remarks itself by Ajay. Cost to income ratio, we are currently at around 66.7%, 67% range. While over the period, like we also mentioned that our cost has grown only by 1.6% during the quarter. The cost is now plateauing out around the growth is very nominal, which is expected over the year. Cost to income ratio will not go below 60%. However, it will reduce. It will go around 63%, 64%, 65% range during the year. Okay, sir. Thank you so much. That is all from my side. Thank you. Next question is from the line of Gulshan Singh from Sunidhi Securities. Please go ahead. Hello. Am I audible, sir? Yeah. Go ahead. Good evening, sir. My first question is, do you see any kind of impact on your portfolio due to Iran war or El Niño? How do you intend preparing for the prolonged war? Let me answer this question. This is Raman here. At this stage, we're not really seeing any material impact on our portfolio. We are obviously closely monitoring it, neither due to the geopolitical situation nor even due to the El Niño weather-related developments. The good thing for us is our portfolio is reasonably well diversified across geographies and customer segments. We are monitoring the MFI portfolio, which is about 27% of our total book. We strengthen our portfolio monitoring through early warning indicators and stress testing, the vintage curves and so on. If the geopolitical situation continues or if the weather conditions deteriorate, we believe that we are well-positioned to respond through calibrated underwriting and tighter portfolio monitoring, plus enhanced collection efforts. Therefore, we do believe that we will be able to preserve the asset quality and the balance sheet will remain resilient. Okay, got it. Second question is, there have been comments in media about the merger of the bank. Is the bank in the talk are the same? Listen, no comments on market speculation. Okay. And sir, your CASA growth of 7% quarter-on-quarter is sustainable? And what do you expect your CASA ratio for FY 2027 whole year? So 7% every quarter extrapolated, that is slightly unrealistic. It cannot grow 7% every quarter. Having said that, so year-on-year, we have grown around 31%. Okay. We want to have a CASA mix of close to around 20% CASA ratio for the year. That is the projection which we have. So growth will be higher than the term deposit growth, so that is for sure. And we have put in all the efforts to increase CASA ratio to around 20%. Okay. Got it, sir. And one last question. You had mentioned in the last con call that CASA decrease in Q4 due to government accounts also, have you received it back? No, the government deposits which were CASA-led haven't come back. However, I must add that particular state government that has issued impaneled lists of banks, our name is very much there in that list. So I do expect that we should start getting the business again. When can we expect it? I would think we've been trying. We've got some fixed deposits. I suspect we'll start seeing either some flow in quarter 2 or maybe a bigger flow in quarter 2. Tough to predict. But listen, the positive news is that since our management of all the accounts and fixed deposits was perfect for them, and they did put us back on the list. Yeah, tough to say whether we'll get a big flow this quarter or next quarter, but positive side is we'll definitely get the flow. The flow has started marginally. At what pace will it grow? Tough to say. Okay. And sir, one last question. What is the impact of your promoter company's liquidity on your performance? There's no direct financial or operational impact on the bank. Like we mentioned during the opening remarks, there's no cross-default linkage, and there's no liability on the bank to pay the debt of the promoter. Also there's no obligation on the bank to pay the debt of the promoter. Bank is independently governed. There are no directors who is representative of the promoter. It's fairly independent, so we don't operate together. It's an independent entity itself. The only relationship is currently, which is the 16.95% which they hold in the bank, and they have been named as the promoter. Okay, great, sir. And I wish you all the best for the entire FY27 year. Thank you. Thank you. Thank you. Ladies and gentlemen, in the interest of time, we will take that as the last question for today. I would now like to hand the conference back to the management for closing comments. Thank you so much. Again, thank you for all investors for your confidence and for your time coming here today. For us, Q1 was a very critical quarter, like I mentioned. It was reaffirming the direction of what to expect from the bank in quarter 4. Last year where we had declared a INR 140 crore PAT. Very importantly to me, the number of 80% secured now has even more meaning because not only we are traveling to a book of 80% secured, our unsecured book is also 80% under a guarantee program, which kind of puts a floor to future losses, if any event risk occurs. I think we have taken the guarantee commission, which is not a small number in our stride. It continued to pay a lot of commission this year and still achieve a PAT of 80%. That guarantee commission has now become part of our BAU costs. Imagine that a 1% guarantee commission, managing that would at least take us between INR 80 to INR 100 crores this year. That is part of our cost base and we will like to do that because it gives us and all of you certainty of what to expect in terms of credit costs in future. The third piece, which we spoke a bit about, it will be our first year where in quarter 3 we can anticipate some recoveries from the CGFMU program. That will be a first again for us and a very important one for us. We are committed to our costs being very slow growth. We have done a lot of investments in the last two years, and we also see a decline in our collections staffing in MFI, which is also helping our costs. All in all, I do think we have got largely everything aligned, and we will continue just executing and we should probably see our best year ever in this year. Thank you. Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you all for joining us today and you may now disconnect your lines.