Neutral Fusion Microfinance Ltd For Target Rs. 210 by Motilal Oswal Financial Services Ltd

* Estimate AUM to decline ~ 35% YoY/11% QoQ.
* Annualized credit costs are projected at ~6.7% in 1QFY26.
* Margin is likely to expand ~110bp QoQ to ~13.4%.
* Guidance on credit costs, margins, and disbursement trajectory is expected to be closely monitored.
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