Muthoot Finance (MUTH) reported robust gold loan growth at 40% YoY vs 41% YoY (FY25) led by higher gold prices and new customer additions. Overall AUM growth stood at 42% YoY vs 43% YoY (FY25). Management maintained guidance at 15% gold loan growth for FY26. We revised upwards gold loan growth to 15% vs 12% CAGR (FY25-27E) earlier. NIMs improved QoQ led by increase in yield on advances. NII grew strongly by 51% YoY led by rise in margins; PPoP grew by 63% YoY led by higher other income (up 135% YoY). Further, provisions declined by 81% YoY due to recovery from NPA accounts; thus PAT grew by 90% YoY. Stage...