Sector Other Financial Services - Latest news, views and updates

SECTOR | 28 Nov 2023

Diversified Financials: Credit card spends hit festive high

BOB Capital Markets Ltd.

Sectoral credit card spends rose 27% YoY over Apr-Oct'23, with AXSB racking up the most market share and SBICARD holding steady

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 09 Oct 2023

BFSI Q2FY24 Earnings Preview

Other Financial Services

Axis Direct

BFSI Q2FY24 Earnings Preview

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 07 Oct 2023

HFCs

Other Financial Services

Prabhudas Lilladhar

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 27 Sep 2023

Small ticket LAP: <10% penetration implies huge untapped opportunity

Other Financial Services

ICICI Securities Limited

Our recent interaction with financiers suggests most players are actively pursuing small ticket LAP (S-LAP) segment over medium ticket LAP. As per CRISIL MI&A, the estimated market size for S-LAP stands at INR 22trn, of which lenders have captured only INR 1.8trn (ticket size of up to INR 1.5mn) as on Mar’23, implying <10% penetration.

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 26 Sep 2023

Improving EBITDA growth outlook compared to past 5 years

Other Financial Services

ICICI Securities Limited

The combination of AUM growth and yield decline for asset management companies (AMCs) has led to moderate earnings growth for most AMCs over the last 5 years (aggregate EBITDA CAGR of 8.2% for listed AMCs between FY18-23). However, the current phase promises a better balance considering that stock AUM with upfront commissions may be much lower now in the system while better capital market may lead to an increase in equity mix (already seen in H1CY23).

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 12 Sep 2023

Earnings trajectory remained robust for housing financiers despite pandemic, driven by credit cost remaining at <1%

Other Financial Services

ICICI Securities Limited

Profitability across NBFCs-HFCs remained robust during the past five years despite covid as reflected in RoA for select HFCs witnessing steady improvement to 2.9% by FY23 vs 1.8% / 2.2% / 2.4% / 2.4% / 2.7% during FY18 / FY19 / FY20 /FY21 / FY22, respectively.

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 08 Sep 2023

Strong volume bourses may aid earnings for capital market plays

Other Financial Services

ICICI Securities Limited

Indian exchanges have reported a strong Jul/Aug’23. This is evident from growth in equity derivatives (over INR 3trn ADTV in both the months at NSE), cash (INR 766/727bn ADTV in Aug/Jul’23) and robust commodity options in MCX (adjusted total volumes taking futures and 40% of options for revenue equivalence at INR 536/478bn for Aug/Jul’23 compared to INR 294bn/370bn in FY22/23).

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 06 Sep 2023

Payments: Growth on all counts – CC/subscription merchants, GMV/spends, distribution/receivables – continues; UPI adds on credit features

Other Financial Services

ICICI Securities Limited

The payments ecosystem remains strong in terms of credit card (count, spends, receivables per card), monthly Paytm data (GMV, merchant addition, credit distribution) and UPI data (more than 10bn transactions in Aug’23). SBI Cards (SBIC) added 0.21mn credit cards in Jul’23, while Paytm added 0.5mn subscription-paying merchants in Aug’23. Overall credit cards (CC) in force is closing on 90mn while credit/credit card on UPI is also gaining traction.

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 05 Sep 2023

Diving deeper into Indian derivatives

Other Financial Services

ICICI Securities Limited

India’s derivatives’ volumes have been surprising on the upside for past many years. This is best captured by the fact that derivative to cash volumes in NSE as of Jul’23 is 421 times vs 36 times of Germany (closest in that metric) in Jul’23. This has been accomplished by a structural trend of increasing penetration in tier 2/3 cities with rising digital brokers along with increasing financialization and expanding retail penetration.

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.

Other Financial Services

SECTOR | 28 Aug 2023

State elections unlikely to derail collection efficiency trend

Other Financial Services

ICICI Securities Limited

Collection efficiency across MFIs under our coverage remained robust during FY23, sustained in Q1FY24 and we believe it would remain robust going ahead despite 4 major state elections – Chhattisgarh & Madhya Pradesh (MP) in Nov’23, and Rajasthan & Telangana – in Dec’23.

Deven Choksey released a Sector Update report for Other Financial Services on 14 Jul, 2025.