New Research Reports

Poonawalla Fincorp (PFL)’s 4QFY25 PAT declined ~81% YoY to ~INR623m (MOFSLe: INR1.8b). FY25 loss was INR983m (vs. PAT of INR10.3b in FY24).

Indian Energy Exchange (IEX) reported standalone revenue for 4QFY25 at INR1.4b (+16.5% YoY), below our estimate by 7%, due to a lower-thanestimated per-unit transaction fee (-8.6% YoY, -6.8% QoQ).

We maintain our BUY recommendation on the stock

AXSB saw a decent quarter due to better deposit growth at 7.0% QoQ (PLe 3.0%) and higher fees (8.7% beat). Adjusted for (1) PSLC income of Rs1.7bn (2) PSLC cost of Rs5.9bn and (3) provision write-back of Rs8.0bn in SR, core PAT beat PLe by 5.0% to Rs65.8bn. Since higher LDR was a constraint to healthy loan growth, balance sheet has been repaired as LDR declined QoQ to 88.7% from 92.6% in Q3FY25. While asset quality was better owing to lower net slippages, provisions adjusted SR write-back, remained elevated at 86bps (PLe...

DCB Bank (DCBB) reported 13.8% YoY growth in PAT to INR1.8b (12% beat), driven by better other income and lower-than-expected provisions. NII grew 9.9% YoY/2.8% QoQ to INR5.6b (largely in line). NIMs inched down 1bp to 3.29%.

Net earnings slightly beat estimates by 3.6% to Rs. 234 crore in Q4FY2025. NII was slightly below estimates by 0.8% (up 6.3% y-o-y and 1.1% q-o-q) at Rs. 349 crore due to a higher cost of borrowings.

Steady AUM Growth with improving mix and profitability

Muted advances and deposits growth, with low signs of improvement in near term

to opex drag since 24 branches and 939 employees were added in Q4FY25. AuM is guided to grow by 20% in FY26 (vs +18% in FY25). We are factoring an 18% CAGR in AuM over FY25-27E owing to likely increase in competition due to falling interest rates and a higher base. Company expects NIM to improve in FY26 (FY25 5.94%) led by lower competition from banks/HFCs and (2) focus on...

Moderate APE growth of 2% YoY in Q4FY25, 9% YoY in FY25; while VNB margins expand ~200bps YoY in Q4