New Research Reports

We expect moderate multiple expansion as the bank sustains mid-teen RoE, stable margins, and continued balance sheet strengthening.

We maintain our BUY recommendation on the stock.

Q1FY26 business performance: CSB Bank reported healthy growth in Q1FY26, with gross advances up 31% YoY (3.3% QoQ) to 32,552 crore, led by gold loans (36% YoY), corporate (32%), SME (31%) and retail ex-gold (19%), while deposits rose 20.1% YoY (-2.5% QoQ) to 35,935 crore, supported by 22.3% YoY growth in term deposits. However, margin pressure persisted, with NIM contracting 21 bps QoQ to 3.54% due to excess liquidity and higher funding costs. Other income rose 42% YoY, with fee-based income up 22% YoY. Asset quality optically weakened, with GNPA rising 27 bps QoQ to 1.84%, though one large account has been...

We maintain our BUY recommendation on the stock.

We remain constructive on SBI, supported by the upward-revised credit growth guidance of 12–14% for FY26, a healthy corporate pipeline, and stable NIMs (above 3%) and CRR-related tailwind ahead.

Home First Finance’s (HOMEFIRS) 2QFY26 PAT grew 43% YoY to INR1.32b (in line). PAT in 1HFY26 grew ~39% YoY, and we expect PAT in 2HFY26 to grow 48% YoY. NII grew ~32% YoY to INR2.1b (in line).

Nuvama Wealth’s (NUVAMA) 2QFY26 operating revenue at INR7.7b grew 4% YoY, with the Wealth/Private/Asset services businesses growing 19%/37%/5% YoY in 2QFY26, while AMC/Capital markets business declined 21%/28% YoY.

India Shelter (ISFC)’s Q2FY26 financial performance is testament to its business resiliency and niche in the AHFC space. The company has sustained its 17% RoE and flat credit cost QoQ at 50bps (within guided range of 40–50bps in FY26).

City Union Bank reported a higher-than-estimated earnings growth in Q2, aided by a healthy 18.7% y/y credit growth and a strong 11.3% y/y growth in core PPoP.

Company is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. Company is India's largest and fastest growing investment platform by active users on NSE as of June 30, 2025. With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products. They can also avail margin trading facility and personal...

Bandhan Bank’s near-term profitability remains under pressure, impacted by yield resets, elevated provisions, and continued EEB slippages, however deposit granularity is improving, with a healthy CASA and retail term deposit mix, while the secured loan portfolio continues to gain share, supporting better asset quality over time.

We maintain our BUY recommendation on the stock.

Advance comprises of MSME (40%) and Agri (16%) segment. Diversifying focus towards other retail segment home loan, personal loan etc. Q2FY26 performance: City Union Bank reported strong performance in Q2FY26, with PAT rising 15% YoY to 328.6 crore, aided by healthy loan growth and margin expansion. Advances grew 18% YoY to 57,561 crore, led by robust traction in MSME and retail segments, while deposits increased 21% YoY to 69,486 crore, supported by a 16% rise in CASA. NIM improved 9 bps QoQ to 3.63%, owing to moderation in the cost of deposits and a favourable change in asset mix. Other...

Growth in loans was seen across segments and is expected to continue in the *over or under performance to benchmark index second half of the year due to the festival season and rising credit demand in the small and medium enterprises (SME) segment. It expects to hold on to its market share gain in deposits. Savings rate repricing has led to a decrease in the cost of funds in the quarter. HDFC Bank expects time deposit repricing to become beneficial after six quarters. It is focusing on creating an operational leverage in the long term through investments in distribution and technology. The bank expects...

We maintain our BUY recommendation on the stock, supported by its reasonable valuations.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock

CDSL’s operating revenue declined 1% YoY but grew 23% QoQ to INR3.2b (7% beat) in 2QFY26.

Niva Bupa (Niva) reported 17% YoY growth in NEP to INR14.2b (in-line) in 2QFY26. For 1HFY25, NEP grew 18% YoY to INR26.4b.

The company continues to demonstrate strong disbursement traction, while margins should remain resilient supported by declining funding costs, recent pricing actions, and operating leverage from scale.