New Research Reports

HDFC Bank (HDFCB) reported Q4FY25 PAT of INR 176bn (RoA steady at ~1.9%) led by stable core NIM QoQ and contained opex. Deposits growth (14% YoY) remains driven by term deposits (20% YoY) while CA grew 18% QoQ (up 1% YoY) due to seasonality.

After growth calibration for the past one year, and under pressure to bring down LDR and manage PSL/margins, HDFC Bank reported better credit growth in 4Q at 5% YoY/4% QoQ as well as stable core margins.

We upgrade IDFC First Bank (IDFCFB) to BUY with a revised TP of INR 75, as the large proposed capital infusion (INR 75bn) improves visibility on superior loan growth/operating leverage (without any material dilution in book value) topped with inexpensive valuations.

We recommend a BUY rating on the stock with a target price of Rs 193/share, implying an upside of 10% from the CMP.

Q4FY25 numbers were decent with slight beat on earnings led by NIM expansion. NII at Rs. 32,066 crore (up 10% y-o-y/5% q-o-q) above estimates, led by higher NIMs. NIMs improved by 11 bps q-o-q to 3.54%, however excluding the impact of an ITR refund, core margins rose by 3 bps q-o-q.

ICICI Bank reported yet another steady quarter with strong return ratio amid a challenging environment. Net interest income (NII) at Rs. 21,193 crore (above estimates) grew by 11 y-o-y/4% q-o-q. Net interest margins (NIMs) improved by 16 bps q-o-q to 4.41% vs expectation of 2-5 bps decline however given the repo rate cut of 50 bps so far.

HDFCLIFE reported an overall steady performance in growth (Retail APE YoY growth – FY25: 18%; Q4FY25: 9.7%) and profitability (FY25 VNB margin: 25.6%; VNB growth: 13% YoY) despite the headwinds from new surrender regulation implementation and decline in the MFI-linked Credit Life segment.

Axis Bank reported higher slippages led by change in recognizing slippages as Technical Impact. Excluding technical impact also, asset quality deteriorated as slippages increased and NPA inched up to 1.41% vs 1.28% QoQ. Credit growth remain stable at 8% YoY vs 7.8% YoY (Q4FY26), while deposit growth declined to 9% YoY vs 10% YoY (Q4FY26). NIMs declined by 17bps QoQ to 3.8% led by interest reversal and repricing impact; further we expect impact of rate cuts on margins. NII grew by 1% YoY led by lower NIMs. PPoP grew by 14% YoY due to higher other income. Provisions increased by 94% YoY due to higher slippages which resulted PAT...

HDFCLIFE reported below expectations APE growth of 9.7% YoY in Q4FY25 (up 17% YoY in FY25)

Angel One (ANGELONE) reported a total income of INR8.3b (-16% QoQ), which was broadly in line with our estimate. F&O regulations as well as weak market activity in 4QFY25 adversely impacted the company’s sequential growth.