CANF saw a stable quarter as disbursals were in-line leading to AUM growth of 9.0% YoY, while NII was a beat at 3.7% due to lower cost of funds. Despite repo cut of 100bps, company expects NIM of 3.5% in FY26 (3.6% in FY25) as (1) certain portions of bank and NHB borrowings would be repriced lower due to their floating nature and (2) only 5% loans shifted from annual to quarterly reset (67% still at annual reset). Hence, we raise FY26E NIM by 9bps to 3.46%. While both Karnataka and Telangana are stabilizing in business terms, recovery has been slower due to state-specific issues. Disbursal and loan...