LICHF saw a good quarter as PAT was a 7.2% beat since (1) NII was 8.5% ahead due to 16bps QoQ increase in NIM driven by reduction in funding cost and (2) provisions were lower due to 28bps QoQ reduction in stage-3 to 2.5%. Reported NIM for FY25 was 2.7% (3.1% in FY24) and despite likely repo cut of 75-100bps company sees NIM for FY26 to range between 2.6-2.8% as PLR would be trimmed only after repo cut translates to lower funding cost. However, we are factoring a NIM of 2.55% in FY26 given increased competition from banks in a falling rate...