Piramal Finance · tone and specificity signals across the available quarters.
Language signals
I don't want to make too big a fuss about this point. It's a new and emerging insight in our minds as well. It's just in the last few weeks that we have noticed this. So take it as kind of breaking news rather than as some foundational shift.
Despite the exploding token usage, we have been able to keep our token cost flat with shifting the mix more in favor of homegrown SLMs versus purchased LLMs and also towards strong open-source models.
What is true though is that organically the demand levels are low in small ticket housing and hence you're seeing all the small ticket oriented housing kind of companies either struggle a little bit for growth or look for growth in LAP or in larger ticket.
Our company delivered a strong performance in Q3, making it a strong 9-month period of FY26 with robust progress across all our important parameters. All this is without any major one-off gains in the last nine months.
The stability and predictability are also visible in our credit risk outcomes with 90-day delinquencies stable quarter-on-quarter and credit costs down 10 basis points quarter-on-quarter.
The upgrade by Crisil to A+ credit rating. This we believe has the potential to lower our cost of borrowing by 50 to 80 basis points once we churn our current borrowing stack out and replace it with new borrowing.