New Research Reports

We recommend a BUY rating on the stock with a target price of Rs 74/share, implying an upside of 11% from the CMP.

Spandana Sphoorty’s (SPANDANA) 4QFY25 loss stood at ~INR4.3b (vs. MOFSLe loss of INR4.1b). FY25 loss stood at INR10.3b (vs. PAT of INR5b in FY24).

Fusion Finance (“Fusion”) reported a net loss of ~INR1.65b in 4QFY25 (vs MOFSLe loss of INR1.4b). FY25 loss stood at INR12.2b (vs. PAT of INR5b in FY24).

CreditAccess Grameen’s (CREDAG) 4QFY25 PAT stood at INR472m (est. INR698m). FY25 PAT declined ~63% YoY to INR5.3b. 4Q NII was flat YoY at ~INR8.8b (in line). PPOP declined ~7% YoY to INR6.3b (~7% miss).

expected to support earnings recovery. The bank is projected to exit FY26 with a Return on Assets (ROA) of 1% and sustain an ROA above 1% throughout FY27. With stress in the microfinance segment subsiding, we assign an "Accumulate" rating to the stock, with a target price of 68, based on 1.1x FY27E Book Value per Share (BVPS)....

We upgrade our rating to BUY from HOLD earlier.

We maintain our BUY recommendation on the stock

Equitas SFB (EQUITASB) reported 4QFY25 PAT of ~INR421m, down 37% QoQ and 43% below our est., due to lower other income and higher-thanexpected provisions.

Fino posted a slight 2.5% beat on PAT at Rs240mn, owing to strong momentum in CASA and the DPS segment, and partly offset by continued cannibalization of the remittance business.

We maintain our BUY recommendation on the stock.