“Bullish on NBFCs, expecting AUM growth of about 19% YoY, with momentum broad-based across sub-segments. This is supported by a favorable base for affordable housing, absence of typical Q1 microfinance stress, and improving asset quality in other consumer retail segments. NIMs are expected to be flat QoQ, with healthy underlying asset quality trends leading to a 15-45 basis points YoY reduction in credit costs.”