Q1 disbursement growth was flat YoY with a weakness in the CV/ PV/ SME segment; AUM grew 15% YoY to Rs 1,220 bn. Expect NIM to improve in subsequent quarters aided by a boost in fee income/Used Vehicle mix and lower CoF. Expect opex costs to be elevated as the company invests in business transformation. Asset quality saw a seasonal weakness in the quarter; we continue to be watchful of collection efficiency trends. We value the standalone business of MMFS at 1.3x FY27E P/ABV. Our SOTP ascribes a valuation of Rs 269 for the standalone business and Rs 16 for subsidiaries, with...