New Research Reports

IEX's Board had granted in-principle approval in Mar'26 to explore a coal exchange, tapping into a nascent opportunity backed by the Ministry of Coal's Draft Coal Exchange Rules (published in Dec'25).

NII (Net Interest Income) rose 5.6% YoY to Rs.7,485cr, while NIM (Net Inter- PAT grew 9.0% YoY to Rs.1,041cr, supported by the highest ever Net Interest Income and operating profit. Despite a 125 bps rate cut, the bank displayed...

Bain Capital will invest Rs.4,385cr to acquire joint control and promoter status in Manappuram Finance, with all regulatory approvals, including from the RBI, now in place. Post the preferential allotment and open offer, Bain's stake is expected to range between 18% and 41.7%, while the existing promoters' holding will dilute to around 28.9%. The transaction is expected to close by March 31, 2026.The partnership with Bain Capital adds strategic depth, enhancing governance standards, capital flexibility, and execution capabilities as the company enters a stabilization phase. While the recovery is likely to be gradual, operating metrics are expected to improve over time. Accordingly, we upgrade our rating to Hold, with a target...

ICICI Prudential AMC (IPRUAMC) is India's second-largest asset management company and a clear leader in the active mutual fund QAAUM (13.5% market share and INR9.1t QAAUM as of Dec'25).

pick up in Q4FY26 with a target of ~Rs 23bn (vs. Rs 17.2 bn in Q3FY26) aided by improved salesforce and tech integration. It is targeting ~ Rs 70bn of disbursements in FY27 with an AUM growth of ~18% in FY27E and ~20% in FY28E. Growth is expected to be driven by i) branch expansion (~50 additions in FY27,...

Portfolio recalibration towards granular retail and MSME segments; AQ improves as legacy stress eases and share of new book increases

We hosted a call with City Union Bank’s Credit Head, Mr Subramanian T R, and Head of IR, Mr Jayaraman, to discuss current growth and asset quality trends, along with any potential impact from the Middle East crisis.

We visited Capri Global Capital Limited's (CGCL) nascent-stage gold loan (GL) branch situated at Nalasopara, Mumbai and met with the SVP Corporate Finance and Investor Relations and Zonal Manager for the Maharashtra and Goa region to gain deeper insights into the Gold Loan lending processes.

Bajaj Finance (BAF) is navigating the current credit cycle with a clear focus on balance sheet resilience, consciously sacrificing near-term growth to protect long-term asset quality.

HDFC AMC is one of the top three mutual fund houses, with QAAUM of INR9.2t and overall/active equity market share of 11.4%/13% as of Dec’25, supported by steady net inflows, robust SIP momentum, favorable equity mix, and a strong distribution network.

ICICI Bank is India's second-largest private sector bank by assets, with a consolidated balance sheet of Rs. 27.5 lakh crores as of December 2025. It operates across retail, SME, business banking, and corporate segments. The bank is supported by a domestic network of 7,385 branches and a limited presence in 14 international markets. The franchise is well-diversified, with a granular loan mix. Retail loans contribute 51% of the book, led by mortgages (32%). Business banking (~21%) and corporate (~20%) form the rest. The rural and overseas portfolios remain relatively smaller. Under MD & CEO Sandeep Bakhshi, the bank has shifted away from earlier growth-led expansion to a more disciplined approach focused on risk-calibrated growth and core operating profitability. The Customer-360 framework aims to deepen relationships across micro-markets and drive cross-sell across products. The operating model is supported by ongoing investment in digital infrastructure,...

We reiterate our BUY recommendation on the stock with a revised target price of Rs 1,020/share, implying an upside of 28% from the CMP, on reasonable valuations.

HDFC Bank’s part-time chairman, Mr. Atanu Chakraborty, has resigned (link), citing certain practices of the bank to be inconsistent with his personal values and ethics. On investors’ call addressed by the new interim chairman and some Board members, the bank mentioned that the outgoing chairman did not disclose any specifics.

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. Post merger, the bank has become the second largest in terms of size with diversified portfolio....

Mr. Atanu Chakraborty, Part-time Chairman and Independent Director of HDFC Bank, tendered his resignation on 18th Mar’26 with immediate effect.

LIC financial results for Q3FY26 were resilient, helping the company sustain its leadership position in the life insurance sector, supported by a diversified product portfolio and robust operational efficiency. The company consolidated gains in the non-par segment and prioritised improvements in new business performance, expense rationalisation and channel mix. Digital processes saw substantial growth, notably in policy completions via the Ananda app. Persistency ratios are a key focus, with interventions such as increased minimum ticket size expected to drive gradual improvement. Iran-related geopolitical tensions have triggered...

Update Note

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%....

Punjab National Bank has confirmed a breakout from a well-defined rounding bottom pattern on the weekly timeframe, signaling a potential medium-term trend reversal. After a prolonged phase of base formation and gradual accumulation, the stock has decisively moved above the key neckline resistance zone around 133134, supported by steady volumes. This pattern typically reflects a shift from distribution to accumulation, indicating improving market sentiment and...

SBI Life Insurance (SBILIFE) has been a consistent compounder with FY20-25 APE CAGR at 15% vs. 6% for the industry (15% YoY in YTDFY26 vs 13% for the industry), supported by an extensive SBI branch network and one of the largest agent bases in the private life insurance industry.