New Research Reports

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock

Retail scaling and credit cost normalisation to aid earnings About the stock: CreditAccess Grameen is one of the largest microfinance It operates in over 16 states and 1 UT with 2,236 branches, having a growing employee base of 21,941 Q4FY26 performance: CreditAccess Grameen reported strong recovery in Q4FY26, driven by accelerated disbursement growth, improving asset quality and lower incremental stress formation. AUM grew 11.4% QoQ (14% YoY) to 29,590 crore. Lower interest reversals and moderation in borrowing costs aided 35 bps QoQ NIM...

Ujjivan SFB continues to ride the MFI recovery story. AUM growth accelerated to 27% YoY, while margin jumped by 30bps QoQ to 8.5%, and credit cost moderated to 1.5%.

CREDAG is firmly on an improving earnings trajectory, with PAT at Rs3.4bn/RoA at 4.4%, mainly driven by better margins and moderating LLP. Overall, AUM growth has improved to 14% YoY, with retail finance (RF) gaining strong traction as its share increased to 18%.

Operating profit in line with estimates; though PAT beat estimates on lower provisions; AQ performance remains better vs peers

We recommend a BUY on the stock with a TP of Rs 1,650/share, implying an upside of 10% from the CMP.

Spandana Sphoorty’s (SPANDANA) 4QFY26 PAT stood at ~INR53m (vs. MOFSLe loss of INR86m). NII declined 48% YoY to ~INR1.1b (21% miss).

We maintain our BUY recommendation.

Jana Small Finance Bank (Jana) reported a strong Q4FY26 with a 1.3% RoA and RoE of 13%, meeting management guidance. Recovery in the unsecured portfolio helped Jana recover lost ground on the fee and revenue front, thereby recouping profitability.

Equitas SFB (Equitas) delivered a robust Q4FY26 financial performance, highlighted by a multi-quarter high RoA of 1.5%, well exceeding its 1% guidance.

Equitas SFB (EQUITASB) reported 4QFY26 PAT of ~IN2.1b (up 405% YoY/136% QoQ, 35% beat), aided by healthy NII and lower-than-expected provisions.

Earnings improved on lower credit costs. Return ratios likely to improve, given the operating leverage and improvement in credit costs

We maintain our BUY recommendation on the stock.

PAT above estimates, largely on account of lower provisions; Return ratios improving

AU SFB maintained its growth acceleration in 4Q which, coupled with better CoF, led to further margin expansion. This, along with improving asset quality and thus lower credit cost, led to a ~9% earnings beat, with Rs8.3bn PAT/1.8% RoA.

AU Small Finance Bank (AU SFB) concluded FY26 on a robust note, establishing a solid trajectory for FY27 underpinned by strengthening asset quality and a resurgence in credit momentum.

AU Small Finance Bank (AUBANK) delivered a healthy performance in 4QFY26, characterized by a healthy uptick in NIM, as well as lower-than-expected provisions. Business growth was robust at 24% YoY/9.6% QoQ.

We reiterate our BUY recommendation on the stock with an unchanged TP of Rs 74/share, implying an upside of 23% from the CMP.

By increasing the proportion of secured assets, such as affordable housing loans, MSME loans, vehicle loans, and gold loans, the bank aims to lower its overall risk profile. The secured loan portfolio now accounts for 48% of the total loan book. Net Interest Income grew 13% YoY in Q3FY26, supported by a declining cost of funds and strong growth in advances. NIM also expanded by 30 bps sequentially to 8.2%....