PFS reported Q2 FY'26 revenue of INR132 Cr and PAT of INR88 Cr, with net worth improving to INR2,978 Cr. Asset quality saw significant improvement; gross NPA fell to 5.23% (from 10.22%) and net NPA to 1.32% (from 4.13%). Gross Stage III reduced 75% YoY to INR193 Cr, with resolution anticipated for the sole remaining major account (Danu Wind) by H1 next year. Loan sanctions reached INR1,048 Cr, the highest in 10 quarters, while disbursements were INR326 Cr. Management is strategically focusing on granular, private sector lending in niche infrastructure and SME. The full-year disbursement guidance is revised to INR2,500-3,000 Cr. Fundraising efforts continue, with director resignations causing some delay, though without rating impact.