to opex drag since 24 branches and 939 employees were added in Q4FY25. AuM is guided to grow by 20% in FY26 (vs +18% in FY25). We are factoring an 18% CAGR in AuM over FY25-27E owing to likely increase in competition due to falling interest rates and a higher base. Company expects NIM to improve in FY26 (FY25 5.94%) led by lower competition from banks/HFCs and (2) focus on...