Home First Finance (HomeFirst) delivered robust disbursements of INR 16.3bn (up 4% QoQ), despite the seasonally slow quarter. Spreads remained resilient at 5.2% (flat QoQ), with incremental spreads at 5.4%, while BT-out hit a multi-quarter low at 4.5% during Q1FY27, reflecting robust credit demand and HomeFirst’s strong market positioning.