Arman concall is very insightful. One thing that I picked up from the concall was that Mfi lending is become a sort of buyers market now. Ie; Too many lenders approaching the same customer. This can lead to delinquencies and Mr. Patel also alluded to rise in credit cost.
This was confirmed in scuttlebut ( mfi division of a bank) . They were saying that they are facing repayment pressure , due to wrong selling , going down the quality curve due to higher supply.
Other wise Arman looks to be a good candidate to invest.