IIFL Finance reported Q1 FY26 PAT of Rs.274 Cr, up 9% QoQ. Loan AUM grew 21% YoY to Rs.83,889 Cr, driven by a strong 85% YoY surge in Gold AUM to Rs.27,274 Cr, now above pre-embargo levels. Gross NPA was 2.3%, net NPA 1.1%. Management expects full-year credit cost around 3% (Q1 was elevated) and aims for ~20% consolidated AUM growth. The company is focusing on core retail segments, exiting riskier unsecured MSME/micro-LAP, and enhancing collections with AI. Gold loan momentum is expected to continue. Sentiment is cautiously optimistic on recovery.