Jio Financial Services Ltd — Q4 FY26

Jio Financial Services Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=5vjziVacevE Published: 3 weeks ago

0:02 2 seconds Hello everyone. 0:06 6 seconds It gives me immense pleasure to welcome all of you to the Q4 FI26 and FI26 earnings conference call of Geo 0:14 14 seconds Financial Services Limited. My name is Deepak Daga and I head strategy and investor relations for Geo Financial Services Limited. On the call with us 0:22 22 seconds today we have Mr. Hitesh Seta MD and CEO of Geo Financial Services Limited. Mr. 0:27 27 seconds Mr. Wen Perry Group Chief Operating Officer, Mr. Ganesh AR, Group Chief Technology Officer and Mr. Abishek Patak 0:35 35 seconds Group Chief Financial Officer of Geo Financial Services Limited. The earnings presentation is uploaded on our website www.jfs.in and on the stock exchanges. 0:46 46 seconds A quick reminder that all the participants will be in a listenon mode in this call. Before I hand over the call, I would like to read out the safe 0:54 54 seconds harbor statement. This presentation contains forward-looking statements which may be identified by their use of words like plans, expects, estimates or 1:03 1 minute, 3 seconds other words of similar meaning. All statements that address expectations or predictions about the future including 1:11 1 minute, 11 seconds but not limited to statements about strategy for growth, product development, market positions are forward statement based on rational and 1:19 1 minute, 19 seconds data. Actual results may vary materially given the market circumstances. I will now hand over the call to hit to discuss the business in detail. 1:28 1 minute, 28 seconds Thank you Deepak and good evening everyone. I extend a very warm welcome to all of you joining our earnings call for the fourth quarter and full year 1:36 1 minute, 36 seconds 2026. FI26 has been a pivotal year for JFS. It marks the moment we move decisively from laying the groundwork to 1:44 1 minute, 44 seconds achieving meaningful scale and critical mass across our diverse businesses. Even as we continued to grow, our Northstar 1:52 1 minute, 52 seconds remained redefining the financial service landscape in India by pioneering a next-gen experience, one that is 1:59 1 minute, 59 seconds intelligent, intuitive, and hyperpersonalized to meet the unique needs of every Indian we serve. In 2:07 2 minutes, 7 seconds today's presentation, we will go through each aspect of our business and the significant financial and operational achievements for the year in great 2:15 2 minutes, 15 seconds detail. This slide illustrates the strong and sustainable growth momentum we have achieved across all our business 2:23 2 minutes, 23 seconds segments since our listing in August 2023. Our lending business Geio credit crossed an important milestone in FI26 2:31 2 minutes, 31 seconds with its assets under management standing at over rupees 25,700 crores as of March 31 2026. 2:41 2 minutes, 41 seconds This represents a remarkable 149x increase over FI24 and a 2.4x growth compared to F525. 2:50 2 minutes, 50 seconds Geopayment Bank continue to witness high frequency engagement with our deposit base reaching rupees 544 crores up 6.2x 3:00 3 minutes from FI24 and an 84% growth over FI25. 3:05 3 minutes, 5 seconds At Geop Payment Solutions, total transaction process volume or PPV crossed the rupees 50,000 cr in FI26 and 3:15 3 minutes, 15 seconds stood at over rupees 52,200 crores. A 4.1x growth over FI24 and a 2.5 times the TPV processed in FI25. 3:26 3 minutes, 26 seconds Our investment vertical has also scaled rapidly in a relatively short span of time. Geob Black Rockck Asset Management's AUM stood at over rupees 3:35 3 minutes, 35 seconds 15,200 crores at the end of FI26 within just 9 months of launch. 3:42 3 minutes, 42 seconds The total premium facilitated by Geo Insurance Broking reached Rs 982 crores for FI26 up from rupees 911 crores in FI24 and rupes 895 crores in FI25. 3:56 3 minutes, 56 seconds Underpinning this momentum is our unique user base of 23 million users across all our digital properties which grew 2.5 4:05 4 minutes, 5 seconds times year on year demonstrating the rapid growing appeal of our bespoke and intuitive offerings which have been 4:12 4 minutes, 12 seconds transitioned from being digital first to intelligent always. Overall we closed FI26 with strong sustainable execution 4:20 4 minutes, 20 seconds momentum successfully achieving several critical milestones. 4:26 4 minutes, 26 seconds The biggest highlight of the past quarter and indeed the entire financial year was the launch of new geo finance app. Leveraging agentic AI and neural 4:34 4 minutes, 34 seconds networks, the new app ushers in a new era where financial services are no longer complex and tedious but 4:42 4 minutes, 42 seconds intelligent, instant, hyper personal and truly unobtrusive. 4:47 4 minutes, 47 seconds We believe our new app truly represents a geo moment for the sector democratizing financial intelligence for 1.4 4 billion Indians. 4:57 4 minutes, 57 seconds Other significant achievements during the fourth quarter of FI26 included GEO credits quarterly disment crossing 5:04 5 minutes, 4 seconds rupees 10,000 crores and growing around 49% yearonear driven entirely by organic originations. 5:12 5 minutes, 12 seconds Geob Blackrock's asset management continued to expand its footprint having recently received inprincipal approval to establish a retail fund management 5:21 5 minutes, 21 seconds entity in Kip City. This will allow it to expand its offerings for Indian investors by allowing them to invest in 5:28 5 minutes, 28 seconds global funds. Final approval of this entity is awaited from the internal financial services center authority or 5:35 5 minutes, 35 seconds IFSA. Our payment business continued to expand product offerings with Geopayment Bank recently launching UPI based cash 5:44 5 minutes, 44 seconds withdrawal services and geo payment solutions receiving the payment aggregator crossber license enabling us to settle global payments. 5:53 5 minutes, 53 seconds Finally, our insurance partnership with Alian Group achieved its first operational milestone with Alian Jins Insurance receiving regulatory approvals and commencing operations in March 2026. 6:06 6 minutes, 6 seconds The strategic milestones and operational scale achieved during the year reflect in our financial performance with strong topline growth along with a healthy profitability. 6:15 6 minutes, 15 seconds Our consolidated total income excluding dividends grew to rupees 3,274 crores in FI26, a 78% increase for FI25. 6:25 6 minutes, 25 seconds On a quarterly basis, the total income for Q4 FI26 stood at over rupees,000 crores, a 97% year-on-year growth. As I 6:35 6 minutes, 35 seconds mentioned earlier, as a relatively new organization, a key metric that we track is the growth and contribution of income 6:42 6 minutes, 42 seconds from business operations. I'm happy to report that net income from business operations increased by 272% yearonear 6:50 6 minutes, 50 seconds to rupees,390 crores in FI26. 6:54 6 minutes, 54 seconds With new products and services being launched and scaled in the market at a rapid pace, income from core operations now firmly established itself as the 7:03 7 minutes, 3 seconds primary diver driver of our financial performance, contributing 54% to our consolidated net total income up from 20% in FI25. 7:14 7 minutes, 14 seconds This sustained trajectory validates our business model with core earnings being complemented by treasury income which provides the necessary capital to 7:22 7 minutes, 22 seconds continue nurturing our newer ventures that are currently in an incubation stage. 7:27 7 minutes, 27 seconds Moving to profitability, our reported pre-provision operating profit or POP excluding dividends for FI26 was 7:35 7 minutes, 35 seconds rupees,357 crores compared to rupees,353 crores in FI25. 7:42 7 minutes, 42 seconds For Q4 FI26, the POP stood at rupes 327 crores. There are a few factors that need to be considered by looking at our 7:50 7 minutes, 50 seconds POP for this period which are as follows. First, effective June 18, 2025, Geo Payment Bank became a 100% 7:58 7 minutes, 58 seconds subsidiary of Geo Financial Services after we acquired SBI's remaining stake in the JB. This means that the bank's operating financials are now fully consolidated on a lineby-line basis. 8:09 8 minutes, 9 seconds Previously, these were accounted for under share of profit from joint venture and associates. This accounting change brought the bank's operating losses 8:17 8 minutes, 17 seconds directly into our consolidated financials. Second, continued investment in scaling our growth stage ventures and 8:25 8 minutes, 25 seconds incubating new businesses. Third, we witnessed a steep increase in treasury yields in late March 2026 driven by 8:32 8 minutes, 32 seconds geopolitical tensions. This volatility impacted our treasury income, especially considering our high capital base at this juncture of our evolution. 8:42 8 minutes, 42 seconds Adjusting for the above, our POP would have demonstrated much stronger underlying growth. Driven by our shareholder support, we continue to 8:49 8 minutes, 49 seconds strengthen our position as a significant financial service player in the industry. True to our philosophy of returning value to all our stakeholders, the board of directors of the company 8:58 8 minutes, 58 seconds recommended a dividend of rupees.60 per equity share with a face value of rupees 10 each. 9:06 9 minutes, 6 seconds As I mentioned earlier, Geo Financial Services is pioneering a comprehensive 360deree platform designed to address the four core financial needs of a 9:14 9 minutes, 14 seconds customer. the need to borrow, invest, transact and protect. At the very core of this virtuous flywheel is our unified 9:22 9 minutes, 22 seconds digital storefront, the Geo Finance app, which acts as a single seamless gateway through which our customers engage with 9:30 9 minutes, 30 seconds our entire suite of offerings at different stages of their financial life cycle. 9:36 9 minutes, 36 seconds As we now look at the group structure, we are managing a portfolio of businesses at different levels of maturity. are lending, insurance broking 9:44 9 minutes, 44 seconds and payment businesses are in a phase of sustainable growth and highfrequency engagement. While the asset management company though in its first year of operation is fast gaining momentum. 9:56 9 minutes, 56 seconds Even as these businesses scale up, other ventures such as geo finance platform and services which manages the geo finance app and the wealth management 10:04 10 minutes, 4 seconds and reinsurance joint ventures are in an incubation stage. 10:10 10 minutes, 10 seconds Building upon this proprietary foundation, our distribution model has evolved into a sophisticated three-layer architecture designed to cater to the 10:18 10 minutes, 18 seconds needs of all Indians. The first layer of our distribution pyramid is our core comprehensive suite of proprietary products which continue to expand and 10:27 10 minutes, 27 seconds cater to customers across their diverse financial needs. At the same time we recognizes we recognize that the modern customer demands choice choices and no 10:36 10 minutes, 36 seconds single financial service provider may have the risk appetite to cater to every subsegment of financial services. This led us to build the second layer where 10:45 10 minutes, 45 seconds the geo finance app has transformed into a comprehensive digital marketplace for intelligent financial services. 10:53 10 minutes, 53 seconds By integrating a curated set of third party products including fixed deposits, personal loans and credit cards from a 10:59 10 minutes, 59 seconds plethora of trusted finance brands, we ensure our users find the best fit for their needs. 11:07 11 minutes, 7 seconds This strengthens our role as a trusted partner while maintaining our risk discipline. And this approach is particularly powerful as we leverage 11:15 11 minutes, 15 seconds synergies within our group ecosystem to reach their expansive customer base. 11:20 11 minutes, 20 seconds Sitting on top of these two layers is the intelligence layer where our new and state-of-the-art neural agentic marketplace delivers a hyperpersonalized 11:28 11 minutes, 28 seconds conversational and customercentric experience for every individual customer making the geo finance app a trusted 11:36 11 minutes, 36 seconds advisor for the financial needs of all Indians. 11:40 11 minutes, 40 seconds Moving on to our distribution reach, we have established a robust omni channel footprint that covers the length and breadth of India serving customers 11:49 11 minutes, 49 seconds across more than 19,000 pin codes. Our strategy is centered on meeting our customers and their needs through 11:56 11 minutes, 56 seconds whichever channel they prefer. Ensuring we are present where they wherever they are, combining a digital native core with strategic physical touch points. 12:07 12 minutes, 7 seconds On the digital front, our reach is anchored in our primary proprietary channels for customer acquisition, Geo 12:14 12 minutes, 14 seconds Finance and MyJio app. This digital presence is further augmented by intuitive web portals across all our 12:22 12 minutes, 22 seconds businesses and strategic partnerships with external fintech platforms wherever relevant. 12:28 12 minutes, 28 seconds We recognize that to serve the diverse needs of India, our digital journeys must be complemented by a strategic physical layer for last mile fulfillment 12:37 12 minutes, 37 seconds and accurate credit assessment. To this end, Geocit has expanded its onground presence to 24 offices across 18 cities. 12:47 12 minutes, 47 seconds The scale of our payment and protection network is equally significant in driving financial inclusion. Geopayment Bank has scaled its business 12:54 12 minutes, 54 seconds correspondent network to over three lakh 78,000 touch points. This network which includes our own as well as corporate 13:02 13 minutes, 2 seconds VCs is vital for reaching underpenetrated regions where we serve our customers through assisted digital channels. 13:10 13 minutes, 10 seconds Jio insurance broking has established a digital point of salesperson or POSP agent network across 22 states and two 13:18 13 minutes, 18 seconds union territories while geo payment solutions now actively serves a merchant network spanning 26 states. By building 13:25 13 minutes, 25 seconds the span India infrastructure, we are ensuring that simple, secure and intelligent financial solutions are always within the reach for every Indian. 13:34 13 minutes, 34 seconds Moving to the core of our competitive strategy, this slide illustrates what we believe is our right to win as a financial services group. Our approach 13:43 13 minutes, 43 seconds is anchored on five strategic pillars. A well-established brand synonymous with trust and the country's digital transformation. A strong capital base 13:52 13 minutes, 52 seconds with a consolidated net worth of rupees 1.3 lakh cr which provides us the necessary firepower to scale and fund growth strategies. 14:02 14 minutes, 2 seconds A legacyfree technology stack which is modular, cloudnative, fit for purpose and costefficient. 14:08 14 minutes, 8 seconds Relentless focus on cost engineering at scale by optimizing our four C's. Cost of funds, cost of acquisition, cost of servicing and credit cost. 14:19 14 minutes, 19 seconds [cough] We are conscious that we are one of the latest entrance in a in a crowded market that has several entranced financial service players. We have 14:27 14 minutes, 27 seconds turned this into a significant strategic strategic advantage by analyzing the current market dynamics and emerging trends and utilizing those learnings to 14:36 14 minutes, 36 seconds identify exactly what works and more importantly what does not work in the current market. This allows us to bypass legacy inefficiencies and deploy 14:45 14 minutes, 45 seconds pre-optimized fitfor-purpose solutions that enables us to scale much faster than traditional players. The tangible outcomes of this cost engineered model are evident across all our entities. 14:56 14 minutes, 56 seconds While Geocit delivers one of the fastest turnarounds in the industry through end-to-end digitization, Geob Black Rockck Asset Management is bringing 15:03 15 minutes, 3 seconds affordable institutional quality investment solutions to the retail market. Geopayment Bank is redefining the banking paradigm for both urban and 15:12 15 minutes, 12 seconds rural India with innovative products like Savings Pro, an industry first bank account which auto invests a customer surplus liquidity into overnight debt 15:21 15 minutes, 21 seconds mutual fund enabling them to earn higher return on their idle money. Jop payment solution provides merchants with 15:28 15 minutes, 28 seconds seamless one on-time settlements and Jio insurance broking simplifies the protection journey through segmented 15:35 15 minutes, 35 seconds retail journeys and advisorydriven institutional solutions. 15:40 15 minutes, 40 seconds We will now take a look at the detailed operating performance of our individual business verticles beginning with our lending arm Geio credit. Last year, the 15:49 15 minutes, 49 seconds NBFC reached an inflection point with its assets under management or AUM growing to over rupees 25,700 crores as 15:56 15 minutes, 56 seconds of March 31, 2026. A substantial 156% increase over the previous year. The growth is underpinned by a highquality 16:04 16 minutes, 4 seconds diversified AUM mix where mortgages, home loans, and loan against property constitute 45% of the book complemented 16:12 16 minutes, 12 seconds by corporate loans at 44% and loan against securities at 11%. 16:17 16 minutes, 17 seconds The dispersements in Q4 FI26 of over Rs 10,600 crores, representing a 49% year-on-year increase were completely 16:26 16 minutes, 26 seconds organic and stand as a testament to the connection we have been able to build with our customers through our tailored products and superior loan journey experiences. 16:36 16 minutes, 36 seconds This strategic expansion was supported by a balanced mix of capital. The holding company infused rups 2,000 crores as equity during the quarter to 16:45 16 minutes, 45 seconds maintain a strong capital adequacy ratio while external borrowings increased 34% sequentially funded through a well diversified mix of instruments. 16:55 16 minutes, 55 seconds Despite a volatile market environment, our average cost of borrowing has remained resilient quarteron-quarter at 7% reflecting our proactive liability 17:03 17 minutes, 3 seconds management and the market's confidence in our credit profile. As your credit continues to scale, it will further diversify its asset portfolio by 17:12 17 minutes, 12 seconds entering new credit segments and strengthening both physical and digital touch points to capture a larger share of the Indian credit market. 17:22 17 minutes, 22 seconds The financial results of our lending vertical reflects the scale we have achieved over the past 12 months. For the full fiscal 2026, Geio credit 17:30 17 minutes, 30 seconds recorded a total interest income of rupes,469 crores, a significant increase from rupes 255 crores in the previous year. 17:39 17 minutes, 39 seconds This growth is a direct result of the rapid increase in our base of interest earning assets and our ability to maintain healthy yields even as we 17:47 17 minutes, 47 seconds diversified our product mix. Our net interest income for the year reached rupes 625 crores. In the fourth quarter 17:56 17 minutes, 56 seconds specifically, we saw NI grow sharply to rupees 202 crores, up from rups 81 crores in the same period last year. 18:04 18 minutes, 4 seconds Geio credit's pre-provision operating profit nearly doubled yearon-year to rupes 366 crores. This consistent upward 18:11 18 minutes, 11 seconds trajectory underscores the inherent profitability of our core lending operations as the book matures along with the synergies of cost engineering at scale kicking in. 18:21 18 minutes, 21 seconds Profit after tax for GEO credit for FI26 was rupes 224 crores a little more than double the net profit reported in FI25. 18:29 18 minutes, 29 seconds For the fourth quarter the profit after tax stood at rupees 70 crores compared to rups 18 crores in Q4 FI25. 18:38 18 minutes, 38 seconds As of March 31, 2026, the total shareholders equity in the NBFC was over rupees 7,100 crores while the debt to 18:45 18 minutes, 45 seconds equity ratio remained comfortable at a little over three times even as we continue to maintain a very robust capital adequacy ratio of 25.91%. 18:54 18 minutes, 54 seconds This strong capital base combined with our AAA rate credit rating ensures that we have a solid runway to continue our growth journey with confidence 19:02 19 minutes, 2 seconds maintaining the right balance between risk and return. 19:07 19 minutes, 7 seconds Turning to our payments vertical, Geop Payment Bank continues to serve as a vital engagement layer for the group, driving highfrequency transactions and 19:14 19 minutes, 14 seconds customer stickiness. In fiscal 2026, the bank became a wholly owned subsidiary after the acquisition of SBI's remaining 19:23 19 minutes, 23 seconds stake in the JB in June 2025, allowing for deeper integration into our financial ecosystem. 19:31 19 minutes, 31 seconds The payment bank showed robust and steady business momentum through the year. Its total income reached rupees 87 crores in Q4 FI26 representing a 11fold 19:40 19 minutes, 40 seconds increase over the rupees 8 cr reported in Q4 FI25. 19:44 19 minutes, 44 seconds This growth was supported by a 61% year-on-year increase in our Kasa customer base which now stands at at 3.7 19:51 19 minutes, 51 seconds million customers. Correspondingly, our deposit base grew to rupees 544 crores up 84% from 294 crores in the previous 20:00 20 minutes year. Average deposit per customer increased 20% year-onear to rupees,439 in Q4 F526 indicating the rising acceptance of our value propositions. 20:13 20 minutes, 13 seconds Geopayment Bank saw significant traction in transaction banking throughput which increased 66% sequentially. 20:20 20 minutes, 20 seconds We have also successfully diversified our revenue streams through infrastructure linked digital financial services with the bank's toll processing 20:28 20 minutes, 28 seconds operations now live across 18 toll plazas in eight states. 20:33 20 minutes, 33 seconds Our strategic priority is to continue increasing customer stickiness and diversifying fee income from both business correspondent throughput and toll processing. This focus on 20:42 20 minutes, 42 seconds highfrequency utilityled service will be the cornerstone of our effort to drive sustainable profitable growth for the bank. 20:50 20 minutes, 50 seconds At Geopayment Solutions, our focus remains on providing a 360deree omni channel payment stack for merchants while maintaining healthy unit level profitability. 21:00 21 minutes In the fourth quarter, our total transaction process volume was around rupees 15,000 crores representing a 145% increase compared to Q4 FI25. 21:12 21 minutes, 12 seconds This volume growth translated into a significant uptick in gross fee and commission income which grew close to 5x 21:19 21 minutes, 19 seconds year to rupees 84 crores. Net fee and commission stood at rupees 17 crores for the quarter. A near six-fold increase year on year. 21:29 21 minutes, 29 seconds What is particularly encouraging is the expansion of our margins. Our net processing margin improved to 12 basis points in Q4 FI26, up from six basis 21:38 21 minutes, 38 seconds points a year ago and 10 basis points in the preceding quarter. 21:42 21 minutes, 42 seconds This improvement reflects our focus on driving margin accrative volumes and the growing adoption of our bespoke enterprise solutions. 21:52 21 minutes, 52 seconds Our well- diversified distribution strategy is yielding results beyond our own group ecosystem with TPV from external merchants growing over 15 times 22:00 22 minutes year in FI26. As we move forward, we are sharpening our focus on scaling the enterprise, small and medium business 22:07 22 minutes, 7 seconds and crossber verticals. By tailoring our payment stack for these diverse merchant segments, we aim to capture a larger 22:14 22 minutes, 14 seconds share of the digital commerce landscape and deliver profitable growth consistently through our invest vertical. Our joint 22:23 22 minutes, 23 seconds venture with BlackRock is successfully democratizing world-class investment solutions through a digital first approach. 22:29 22 minutes, 29 seconds By the end of FI26, Geob Black Rockck Asset Management reached an AUM of over Rs 15,000 crores while its quarterly 22:36 22 minutes, 36 seconds average AUM grew 21% sequentially to cross rupees 16,700 crores in Q4 F526 22:44 22 minutes, 44 seconds reflecting the continued trust of our 400 plus institutional investors and 1.1 million plus retail investors. 22:53 22 minutes, 53 seconds While we are pleased with the momentum since our launch in June 2025, it is important to note that our AUM in the fourth quarter was impacted by the 23:00 23 minutes overall decline in the markets due to prevailing geopolitical tensions. 23:05 23 minutes, 5 seconds At Geob Blackrock, our mission is to grow with expanding access to new age investment solutions for the people of India. We did this with around 20% of 23:14 23 minutes, 14 seconds our investors being new to mutual funds and 40% of our retail AUM originating from beyond the top 30 cities. 23:22 23 minutes, 22 seconds We continue to expand our product suite to meet the diverse investor needs. 23:26 23 minutes, 26 seconds During the quarter, we launched funds in four additional category, short duration, low duration, thematic and large cap and enabled instant redemption 23:35 23 minutes, 35 seconds feature for our overnight and liquid funds. In a notable development, we have also secured a no objection certificate from SEBI to launch specialized 23:44 23 minutes, 44 seconds investment funds. Our focus remains on offering a diversified portfolio of investment avenues including ETFs, SIFS 23:51 23 minutes, 51 seconds and gift city funds alongside our core mutual fund offerings and evolving into a full service investment platform that 23:59 23 minutes, 59 seconds simplifies the financial landscape for every Indian investor. 24:04 24 minutes, 4 seconds This comprehensive suit along with our wealth management offering which was launched in Feb 2026 and upcoming broking services enables us to offer a 24:12 24 minutes, 12 seconds holistic suit of investment solutions to the people of India aligned with their diverse risk appetite and level of maturity as investors. 24:21 24 minutes, 21 seconds Through our protect vertical we are building a comprehensive insurance platform that leverages deep digital distribution and institutional 24:28 24 minutes, 28 seconds expertise. Our insurance broking entity Jio insurance broking facilitated a premium of rupes 273 crores in Q4 FI26 a 24:37 24 minutes, 37 seconds 15% increase yearon year total fee and commission grew 124% to reach rupes 45 crores in the same period which was 24:45 24 minutes, 45 seconds primarily due to the favorable mix of retail versus corporate insurance policies issued during the year our retail business retail business gained 24:54 24 minutes, 54 seconds significant momentum due to further strengthening of our direct to customer or D2C channel and scale up of our highly productive digital POSP model. 25:04 25 minutes, 4 seconds Business volume through the B2C channel grew 11 times year on year supported by optimized digital journeys and higher conversion rates. Our digital POSP 25:12 25 minutes, 12 seconds channel facilitated over rupees 100 crores in premium in its first year alone and also launched industry first solution such as a dedicated portal for commercial vehicles. 25:23 25 minutes, 23 seconds On our joint venture with Aliance, we received regulatory approval for our reinsurance joint venture in March 2026. 25:29 25 minutes, 29 seconds We have also signed a non-binding agreement in July 2025 for general and life insurance, ensuring that we are well positioned to serve the complete 25:37 25 minutes, 37 seconds protection needs of our customers. We are confident that with Aliance's global insurance expertise and geo financial service, deep digital reach and 25:45 25 minutes, 45 seconds understanding of the local market, we will be able to bring timely, tailored and diverse protection solutions to the customers in India, which remains an underpenetrated market for insurance. 25:57 25 minutes, 57 seconds As I mentioned earlier, the third and final layer of our growth strategy is premised on transforming from productled to platformled financial service 26:05 26 minutes, 5 seconds provider. The new geo finance app which has now become an a neural agentic marketplace is positioned as a new 26:12 26 minutes, 12 seconds financial operating system that will completely change the way financial products are distributed and consumed in India bringing significant benefits to 26:20 26 minutes, 20 seconds both customers as well as other financial service companies. To discuss the new marketplace and how our overall tech architecture is powering our 26:29 26 minutes, 29 seconds operations, I will now hand it over to Mr. Ganesh Aar, our group chief technology and digital officer. Ganesh over to you. 26:37 26 minutes, 37 seconds Thank you Hesh. Good evening everyone. 26:40 26 minutes, 40 seconds As consumer expectations evolve, the traditional model of financial services comprising generic products and periodic 26:48 26 minutes, 48 seconds interactions is giving way to a more continuous context aware and embedded experience. In this model, finance 26:56 26 minutes, 56 seconds becomes less about transactions and more about outcomes aligned to an individual's goals, behaviors, and life context. 27:04 27 minutes, 4 seconds This is where our neural agentic marketplace comes in. Powering this experience is our sophisticated neural 27:11 27 minutes, 11 seconds engine which synthesizes consented insights from diverse data sources such as account aggregators and credit 27:19 27 minutes, 19 seconds bureaus with realtime behavioral data to achieve personalization at an n is equal to one level. This means we don't see 27:29 27 minutes, 29 seconds segments of people or cohorts. We see individuals. Neural identifies exactly what is relevant to every single 27:37 27 minutes, 37 seconds customer, aligning our offerings perfectly with their specific life stage and financial habits. The agentic layer 27:45 27 minutes, 45 seconds of the marketplace refers to an interaction model that actively reduces cognitive overload for the customer by 27:53 27 minutes, 53 seconds using a natural language interface and agent first workflows. The platform provides guided advice and a clear path 28:01 28 minutes, 1 second to execution, helping users navigate choices to reach the best possible outcome without any noise, friction or 28:08 28 minutes, 8 seconds clutter. And finally, the marketplace itself is a reflection of our ambition to offer the widest variety of financial 28:16 28 minutes, 16 seconds products to our customers so that they can find what is fit for them and relevant for them on a single platform. 28:27 28 minutes, 27 seconds What makes this platform truly unique is our complete and unequivocal alignment with customer interest. By bringing in 28:35 28 minutes, 35 seconds unprecedented transparency to intermediation in financial services using technology, we are helping eliminate high commissions and passing a 28:44 28 minutes, 44 seconds significant portion of those savings as tangible value back to the users in the form of rewards and savings. Most 28:52 28 minutes, 52 seconds importantly, our recommendation engines are built only in the interest of the customers and helps them understand the rational behind each recommendation. 29:02 29 minutes, 2 seconds None of our agents or ML models is designed to recommend products that yield the highest commission to the 29:09 29 minutes, 9 seconds platform or product manufacturer. They are only designed to recommend what's best for the customer. The new Geo 29:16 29 minutes, 16 seconds Finance app is an intelligent ecosystem that provides unbiased advice based entirely on the context of the user and 29:25 29 minutes, 25 seconds we believe that this model will be beneficial for both customers and suppliers of financial products. For the 29:33 29 minutes, 33 seconds customer, we are moving from a simple product aggregation to a model of true representation. 29:40 29 minutes, 40 seconds Our platform offers hyperpersonalized advisory. We apply a customer first philosophy where our AI models analyze a 29:49 29 minutes, 49 seconds user's unique financial profile to provide custom tailored insights. This effectively reduces cognitive overload 29:58 29 minutes, 58 seconds ensuring they are not paralyzed by the vast number of generic choices available in the market. Number two, seamless 30:05 30 minutes, 5 seconds intent to action. We have designed an intuitive UAUX that facilitates a smooth journey from advisory to immediate 30:13 30 minutes, 13 seconds fulfillment. Whether you are looking to sweep idle savings into your GEO Black Rockck fund or secure a zero 30:20 30 minutes, 20 seconds depreciation insurance policy, the path from intent to execution is immediate and conversational. Number three, 30:29 30 minutes, 29 seconds comprehensive rewards through our integrated geo points program. Every transaction across the ecosystem allows 30:36 30 minutes, 36 seconds you to earn points which you can redeem in exchange for versatile benefits across an expansive rewards catalog. For 30:45 30 minutes, 45 seconds the supplier, the granular behavior analytics that they can get for customers makes the Geo Finance app a 30:52 30 minutes, 52 seconds credible funnel for sharp targeting customers. We provide our partners with number one intent qualified leads. 31:01 31 minutes, 1 second Suppliers gain access to customers whose real-time intent and eligibility have already been computed by our engines, 31:08 31 minutes, 8 seconds ensuring high quality funnel optimization. Number two, Sharper Risk assessment partners can leverage your 31:16 31 minutes, 16 seconds score, our proprietary financial fitness index, which is going to launch soon, which will provide a multi-dimensional 31:23 31 minutes, 23 seconds view of a customer's credit protection and investment potential. Number three, significant cost reduction. Given our 31:31 31 minutes, 31 seconds massive digital reach and brand equity, we are significantly lowering customer acquisition costs for our suppliers by 31:39 31 minutes, 39 seconds removing inefficiencies for stakeholders at both ends of the spectrum. We are striving to empower a more efficient 31:46 31 minutes, 46 seconds financial services ecosystem in the country. 31:51 31 minutes, 51 seconds [clears throat] 31:52 31 minutes, 52 seconds As we scale our neural agentic marketplace, we are building the definitive one-stop shop for India's 31:59 31 minutes, 59 seconds financial life cycle. The depth of our ecosystem is already unprecedented, offering 82 insurance plans, 53 credit 32:07 32 minutes, 7 seconds card variants, and key partnerships for fixed deposits and personal loans. By providing entry points as low as rupees 32:15 32 minutes, 15 seconds 10 for geo gold, we are making wealth creation a daily habit for the masses. 32:20 32 minutes, 20 seconds The proof of this strategy is in our numbers. We now serve 23 million unique users with our monthly active user base 32:29 32 minutes, 29 seconds climbing to 9.3 million this past quarter. Furthermore, our leadership in open finance is accelerating with 32:37 32 minutes, 37 seconds approximately 244,000 users already linking their assets via the account aggregator 32:44 32 minutes, 44 seconds framework. Our Geopoints loyalty program has already returned tangible value to around 1.2 million customers through over 31 million points issued till date. 32:56 32 minutes, 56 seconds Looking forward, we are introducing two key features that will fundamentally change how Indians manage their 33:03 33 minutes, 3 seconds finances. Number one, value back membership program. Through transparency and technology, we are re-engineering 33:11 33 minutes, 11 seconds the cost of financial distribution by eliminating high intermediary commissions. We pass those savings directly back to our members. This first 33:20 33 minutes, 20 seconds of its kind model ensures that loyalty translates to better rates and fee wavers. In this ecosystem, engagement 33:29 33 minutes, 29 seconds doesn't build a relationship, it creates tangible yield for the customer. Number two, every Indian's personal CFO. We are 33:38 33 minutes, 38 seconds moving beyond simple tracking to proactive coaching. Powered by our propriatory GEIO score index, the 33:45 33 minutes, 45 seconds personal CFO is a conversational AI that performs 24 by7 financial health checks. 33:51 33 minutes, 51 seconds It doesn't just show data. It identifies gaps in your financial planning such as lack of adequate insurance or savings 33:59 33 minutes, 59 seconds for retirement and provides solutions for how you can course correct. It is a high performance unbiased coach 34:07 34 minutes, 7 seconds dedicating to securing every Indian family's future. 34:14 34 minutes, 14 seconds Along with pioneering customer-f facing innovation, we at geo financial services are also utilizing tech and AI for 34:22 34 minutes, 22 seconds creating a robust enterprisewide intelligence layer. We are institutionalizing AI to solve real world problems and deliver a superior 34:31 34 minutes, 31 seconds experience across every touch point of our ecosystem. 34:35 34 minutes, 35 seconds This data first culture is now directly improving our financial and operational metrics across four critical areas. 34:43 34 minutes, 43 seconds Number one, AIdriven customer experience. We have transitioned to a lean AI first 34:50 34 minutes, 50 seconds operations model. At Jio credit, 100% of inbound calls are now bot driven. 34:56 34 minutes, 56 seconds Furthermore, AA resolves 88% of queries at Jio insurance broking and 57% of 35:03 35 minutes, 3 seconds emails at Geo Payments Bank, drastically improving turnaround times and engagement. Number two, operational 35:10 35 minutes, 10 seconds efficiency and automation. To lower the cost to serve, we are automating complex business workflows. At Geo Payments 35:18 35 minutes, 18 seconds Bank, we have automated settle settlements for 44% of merchant payments and 77% of B2B partner payments. 35:26 35 minutes, 26 seconds Additionally, our field personnel now leverage agent for realtime information and service precision. Number three, 35:35 35 minutes, 35 seconds advanced risk and fraud management. Our ML-driven predictive models are significantly lowering credit and fraud 35:43 35 minutes, 43 seconds costs. At our payments bank, 61% of suspicious activity and 53% of fraud 35:50 35 minutes, 50 seconds emails are now auto addressed. We have also scaled our AI capabilities to analyze 26% of all anti-money laundering 35:59 35 minutes, 59 seconds alerts. Number four, AI powered growth and marketing. Innovation defines our go-to market strategy. 100% of our 36:08 36 minutes, 8 seconds digital marketing content is now AI generated, delivering hyperpersonalized banners and creatives that are driving superior conversion rates across the 36:17 36 minutes, 17 seconds ecosystem. By creating hierarchy agnostic cohorts of multifaceted talent and AA agents, we are building a future 36:25 36 minutes, 25 seconds where financial services are an invisible trusted layer seamlessly woven into our customers daily lives working 36:34 36 minutes, 34 seconds exactly how and when they need it to work. Thank you so much. With this, I will now hand over the call to Mr. Wenut 36:42 36 minutes, 42 seconds Perry our group chief operating officer to take you through the financial highlights for the quarter and year ended March 31 2026. Over to you Wat. 36:54 36 minutes, 54 seconds Thank you Ganesh. Good evening everyone. 36:56 36 minutes, 56 seconds Fiscal 2026 has been a landmark year for geo financial services characterized by a decisive shift from our foundation 37:05 37 minutes, 5 seconds laying phase to operating at a significant meaningful scale. The extensive groundwork invested in our 37:12 37 minutes, 12 seconds people, processes, and technology is now bearing fruit. By integrating advanced automation and AI at our core, we are 37:20 37 minutes, 20 seconds accelerating our growth trajectory rapidly and responsibly. 37:24 37 minutes, 24 seconds We are now seeing a consistent velocity across the entire portfolio as our core business operations have firmly 37:31 37 minutes, 31 seconds established themselves as the primary engine of our financial performance. As you can see from this slide, our group 37:39 37 minutes, 39 seconds structure comprises wholly owned subsidiaries, joint ventures and associates. A diverse businesses across 37:46 37 minutes, 46 seconds the four verticals of lending and leasing, payments, investments and protection are housed under separate 37:53 37 minutes, 53 seconds entities, each with its own independent board and governance framework. 37:58 37 minutes, 58 seconds As the parent holding entity, Joe Financial Services operates as a core investment company CIC. In this 38:06 38 minutes, 6 seconds capacity, we support the scale up of our various entities, each of which is at a different stage of its journey from 38:13 38 minutes, 13 seconds those in the incubation stage to those scaling rapidly. 38:19 38 minutes, 19 seconds I am pleased to present the financial highlights for the fourth quarter and year ended March 31, 2026. Our financial 38:26 38 minutes, 26 seconds results for this period are prepared in compliance with Indian accounting standards as prescribed by the Ministry of Corporate Affairs. Before getting 38:35 38 minutes, 35 seconds into the numbers, I would like to highlight a significant accounting change at the consolidated level which took effect in Q2 FI26. 38:44 38 minutes, 44 seconds Following the acquisition of the remaining stake in Geop Payments Bank Limited in June of 2025, its financials 38:51 38 minutes, 51 seconds had now fully consolidated with Geo Financial Services on a lineby-line basis. Previously, JPBL was accounted 38:59 38 minutes, 59 seconds for as a joint venture with its results reflected only within the share of associates and JVS. This change has an 39:06 39 minutes, 6 seconds implication for the overall pre-provision operating profit or POP of the company which hit has explained 39:13 39 minutes, 13 seconds earlier. Our consolidated total income for the fourth quarter reached rupees 1,020 crores representing a robust 39:21 39 minutes, 21 seconds growth of 97% yearonear and a 13% sequential increase from Q3 FY26. 39:28 39 minutes, 28 seconds This performance is underpinned by substantial momentum across our core income streams. Interest income grew to 39:35 39 minutes, 35 seconds rupes 643 crores, a 133% increase over Q4 FY25, reflecting the strong growth in 39:43 39 minutes, 43 seconds our NBFC's loan book and the inclusion of interest income from the payments bank. Fees and commission income stood 39:50 39 minutes, 50 seconds at rupees 221 crores up significantly from rupees 39 crores in the same period last year. This search was primarily 39:58 39 minutes, 58 seconds driven by higher total payment value or TPV in the payment solutions business and increased transaction throughput in 40:06 40 minutes, 6 seconds the payments bank. Net gain on fair value changes was rupees 155 crores. As mentioned earlier, this was impacted by 40:15 40 minutes, 15 seconds the volatility in treasury yields witnessed during late March amid the ongoing geopolitical situation in West 40:21 40 minutes, 21 seconds Asia. Also there was an other income of rupees 1 cr during this quarter as compared to an other income of rupees 25 40:30 40 minutes, 30 seconds crores in Q4 FI25. On the expenditure front total expenses for the quarter were rupees 692 crores. Finance costs 40:39 40 minutes, 39 seconds stood at rupees 298 crores versus rupees 8 crores in Q4 FI25 as the NBFC transitioned toward higher share of 40:47 40 minutes, 47 seconds market borrowings to fund its lending operations. Staff expenses were rupees 129 crores and other operating expenses 40:55 40 minutes, 55 seconds were rupees 265 crores. The rise in expenses is on account of the growing size and scale of operations across 41:02 41 minutes, 2 seconds group entities. Accordingly, our POP for Q426 was rupees 327 crores. Provisions for 41:10 41 minutes, 10 seconds the quarter stood at rupees 27 crores in line with expansion of our loan book. 41:16 41 minutes, 16 seconds The share of associates in JVS for the quarter stood at rupes 39 cr compared to rups 46 crores in Q4 FI25. Share of 41:25 41 minutes, 25 seconds associates in JVS for the quarter factors in the financial performance of a joint venture with black rockck where 41:32 41 minutes, 32 seconds certain expenses are required to be incurred for scaling up the asset management and wealth management entities and operationalizing the 41:39 41 minutes, 39 seconds broking entity and reinsurance JV with alian. Consequently, profit after tax for Q4 FI26 stood at rupees 272 crores. 41:49 41 minutes, 49 seconds Moving on to the performance for the full year ended March 31 2026. 41:55 41 minutes, 55 seconds Consolidated total income reached 3,274 crores, a significant 78% increase over FY25. 42:04 42 minutes, 4 seconds Interest income for the year climbed to rupees 1,92 crores, an over two-fold increase, reflecting the aggressive yet 42:12 42 minutes, 12 seconds calibrated growth of our NBFC's loan book. 42:17 42 minutes, 17 seconds Fees and commission income grew to rupees 597 crores compared to rupees 155 crores in FI25 fueled by sharp rise in 42:26 42 minutes, 26 seconds TPV and transaction throughput. Net gain on fair value changes for the year stood at rupes 745 crores impacted by volatility in y as alluded to earlier. 42:38 42 minutes, 38 seconds Total expenses for the year stood at rups 1,916 crores. Finance cost rose to rupees 745 42:46 42 minutes, 46 seconds crores versus rups 8 crores in FI25 as geoced limited leveraged its balance 42:53 42 minutes, 53 seconds sheet to fund loan book growth. Staff expenses stood at rupees 387 crores and other expenses stood at rupes 784 crores 43:02 43 minutes, 2 seconds commensurate to the scale up of our operations. Consequently, POP for the full year stood at rups 1,357 43:10 43 minutes, 10 seconds crores compared to rups 1,353 crores in FI25. 43:15 43 minutes, 15 seconds During the year we received the dividend income of rupees 269 crores versus rupes 241 crores in FI25 on the shares of 43:24 43 minutes, 24 seconds Reliance Industrial Limited held by the Reliance Industrial Investments and Holdings Limited or RIHL which is an 43:32 43 minutes, 32 seconds investment holding company and a wholly owned subsidiary of JFSL. Our share of associates in joint ventures stood at 43:39 43 minutes, 39 seconds rupees 323 crores in FI26 versus rupees 393 crores in FI25. In addition to the 43:47 43 minutes, 47 seconds financial implications of our ongoing investments in JVS with Black Rockck and Alian which I explained earlier, this 43:54 43 minutes, 54 seconds also included the dividend received by Reliance Service and Holdings Limited which is accounted for as an associate of JFSL on its [clears throat] investment in Reliance Industry shares. 44:04 44 minutes, 4 seconds Consequently, consolidated pack for the years to date rupees 1,561 crores versus rups 1,613 crores in FI25. 44:16 44 minutes, 16 seconds One of our greatest strengths is our well capitalized and resilient balance sheet which provides a solid foundation for sustained growth. As of March 31, 44:25 44 minutes, 25 seconds 2026, our consolidated net worth reached rupees 1.33 lakh crores, bolstered by 44:32 44 minutes, 32 seconds the receipt of the first branch of rupees 3,956 crores from our promoters in Q2 of FFI26. 44:40 44 minutes, 40 seconds As of March 31, 2026, our total assets reached approximately rupees 1.63 63 lakh crores supported by a robust base 44:49 44 minutes, 49 seconds of total consolidated investments amounting to rupees 1.33 lakh crores. 44:55 44 minutes, 55 seconds Standing standalone total income for the quarter ended March 31, 2026 was rupees 45:02 45 minutes, 2 seconds 135 crores compared to rupees 175 crores in the same period last year and rupes 159 crores in the preceding quarter. 45:11 45 minutes, 11 seconds income was impacted by an increase in treasury yields in late March 2026 which led to a reduction in the mark-to-market gains on our fixed income portfolio. 45:20 45 minutes, 20 seconds Total expenses for the quarter remained broadly stable at rupees 49 crores. 45:25 45 minutes, 25 seconds Consequently, profit after tax for the quarter was rupees 80 crores as compared to rups 97 crores in the corresponding 45:32 45 minutes, 32 seconds quarter last year and rupees 73 crores in Q3 FI26. Moving on to the standalone financial performance of the company for 45:41 45 minutes, 41 seconds the full year ended March 31, 2026. A standalone total income stood at rupes 563 crores as compared to rupees 604 45:50 45 minutes, 50 seconds crores in the previous year. This income primarily comprises interest income on our interestbearing investments and the 45:57 45 minutes, 57 seconds net gain on fair value changes on money market and liquid mutual fund instruments. Our total expenses for the 46:04 46 minutes, 4 seconds year including provisions reached rupees 200 crores. This increase from rupees 179 crores in the prior year is a 46:12 46 minutes, 12 seconds reflection of our strategic commitment to build for the long term. As explained earlier, as a core investment company, 46:19 46 minutes, 19 seconds Geo Financial Services continues to nurture and incubate a diverse portfolio of companies that are currently in different stages of growth. A 46:28 46 minutes, 28 seconds significant contributor to our standalone performance this year was the dividend income of rupees 405 crores 46:35 46 minutes, 35 seconds received from our subsidiary Reliance Industrial Investments and Holdings Limited. In FI25, we had received a dividend of rupes 235 crores. 46:45 46 minutes, 45 seconds Consequently, standalone at for the full year stood at rupees 681 crores representing a growth of 20 24% yearonear. 46:55 46 minutes, 55 seconds Finally turning to our standalone balance sheet. Total assets increased to rups 29,436 47:02 47 minutes, 2 seconds crores up from rups 25,96 crores in the previous year. Investments today rups 47:08 47 minutes, 8 seconds 28,95 crores as of March 31 2026 compared to rups 22,76 crores as of March 31 2025. 47:18 47 minutes, 18 seconds During the year, we continue to make strategic equity infusions across our subsidiaries and JVS, enabling them to expand their market, scale their 47:27 47 minutes, 27 seconds respective operations. On the liability side, standalone net worths today rupes 29,35 47:34 47 minutes, 34 seconds crores as of March 31, 2026 compared to rups 24,985 crores as of March 31, 2025. 47:44 47 minutes, 44 seconds Looking ahead, our strategy remains anchored in prudent growth with relentless focus on unit level economics across all business verticles. We will 47:52 47 minutes, 52 seconds continue to harness the power of automation, AI, and machine learning to drive operational efficiencies and cost effectiveness as well as sharpen our 48:01 48 minutes, 1 second value proposition exemplified by a recently launched neuralentic marketplace, ensuring that financial services are not only personal and 48:10 48 minutes, 10 seconds relevant but also effortlessly accessible to every citizen across India. Thank you. Before we move forward, as you would have seen from a 48:18 48 minutes, 18 seconds stock exchange notification issued earlier in the day, Mr. Abhishek Patak, a group chief financial officer is transitioning to a senior role outside 48:26 48 minutes, 26 seconds the organization. We at JFS deeply appreciate Abhishek's contributions to the organization in its foundational 48:34 48 minutes, 34 seconds years and wish him all the very best for his future endeavors. I would now like to invite Abhishek to say a few words. Over to you, you Abhishek. 48:47 48 minutes, 47 seconds [clears throat] 48:49 48 minutes, 49 seconds Thank you [snorts] Wenut and good evening everyone. As Wenut mentioned I'm transitioning from the position of group chief financial officer of geo financial 48:58 48 minutes, 58 seconds services limited to the chairman's office at Reliance Industries Limited. 49:04 49 minutes, 4 seconds I'm deeply grateful to the directors of the board, my management colleagues and employees across the group, auditors, 49:11 49 minutes, 11 seconds investors and analyst for the unwavering support and guidance during my tenure as a group CFO of the company. 49:19 49 minutes, 19 seconds As the company grows in scale and powers on its mission of democratizing finance for the people of India, I feel 49:26 49 minutes, 26 seconds privileged to have played a part in this journey. I wish all my colleagues the very best and look forward to the 49:34 49 minutes, 34 seconds continued success and growth of the organization. I will now hand the call back to Deepak. 49:41 49 minutes, 41 seconds Thank you Hitesh Ganesh Wenut and Abhishek. Building on these performance highlights, our ability to deliver sustained long-term value is anchored on 49:50 49 minutes, 50 seconds four capital pillars that define our operational DNA. First, financial capital. We drive unit level profitability through scale-based cost 49:58 49 minutes, 58 seconds engineering. Leveraging our AAA rating, we optimize borrowing cost while utilizing the myio ecosystem to achieve 50:06 50 minutes, 6 seconds organic customer funnels. We minimize servicing cost via lean AIdriven model and utilize advanced ML for early warning signals to keep credit cost low. 50:16 50 minutes, 16 seconds All initiatives are backed by prudent capital allocation across our business portfolio. Second, tech and data 50:23 50 minutes, 23 seconds capital. We have institutionalized AI to drive growth and operational excellence across the enterprise by maintaining a 50:30 50 minutes, 30 seconds robust data layer with a 360deree customer view. We ensure that intelligent automation and realtime insights remain at our core. Our focus 50:40 50 minutes, 40 seconds on straight through processing and experience-driven design ensures seamless interactions and high 50:46 50 minutes, 46 seconds reliability. Third, human capital. Our people are the cornerstone of our success, fostering a high performance 50:54 50 minutes, 54 seconds culture with an ownership mindset. Our lean, empowered talent pool combines experience with agility to drive 51:02 51 minutes, 2 seconds execution excellence. Fourth, trust capital. We emphasize robust risk guardrails and proactive regulatory 51:09 51 minutes, 9 seconds engagement. By embracing risk as an strategic imperative, we are cultivating a culture anchored in trust, transparency, and traceability. 51:19 51 minutes, 19 seconds Underpinning these pillars are our four foundational principles of the four Rs. 51:24 51 minutes, 24 seconds Reputation, regulation, return of capital and return on capital. These principles are the bedrock of our sustainable growth as we build a 51:32 51 minutes, 32 seconds financial institution of national significance. To conclude, fiscal 2026 has been a landmark year for geo 51:39 51 minutes, 39 seconds financial services. We have moved beyond the foundation link phase and reached a critical inflection point where our core business operations are now the primary engine of our financial performance. 51:51 51 minutes, 51 seconds This year was defined by exceptional milestones across our portfolio starting with the successful launch of our neural 51:58 51 minutes, 58 seconds agentic marketplace. Gio credit limited crossing the 25,000 cr aum milestone. 52:04 52 minutes, 4 seconds Strong operational momentum in Jop payments solution and go payments bank. 52:08 52 minutes, 8 seconds Gio Insurance Broking achieving substantial growth in retail policies. 52:12 52 minutes, 12 seconds Geo Black Rockck AMC successfully introducing a series of funds and our strategic entry into insurance underwriting. We remain committed to 52:21 52 minutes, 21 seconds delivering long-term stakeholder value by democratizing financial access through simple, secure, and intelligent 52:28 52 minutes, 28 seconds solutions. Thank you for your continued confidence in our journey and for joining our Q4 and full year 2026 52:36 52 minutes, 36 seconds earnings call. We invite you to explore the detailed presentation available on our website and through the stock exchanges. Good evening and thank you again.