New Research Reports

We value the stock at a Target Price of Rs 240, implying a 20% upside from the CMP, and recommend investors to BUY for the long term.

HDB Financial Services (HDB) is the seventh-largest diversified, retail-focused NBFC in India with an AUM of ~INR1.1t as of Jun’25.

IndusInd Bank recorded subdued financial results in Q1FY26. However, it *over or under performance to benchmark index demonstrated resilience as it returned to profitability and its core operations stabilised. It is also aiming for a consistent and predictable improvement in financial metrics every quarter. Leadership transition remains on track, with CEO recommendations submitted for regulatory approval. Demand for vehicle loans continues to hold steady, supported by recovery in rural markets driven by a strong monsoon season and increased government spending on infrastructure. The bank's...

Gross advances grew 7.8% YoY, driven by strong momentum in small business loans (+21.9% YoY), used vehicle finance (+50.2% YoY), and housing finance (+12.0% YoY). Deposits rose 18.3% YoY, though slower CASA growth (+11.3% YoY) led to a 1.8% YoY...

Northern Arc’s ?13,351 crore loan book is strategically diversified across MSME (?2,687 crore, 20%), Consumer Finance (?3,502 crore, 26%), Rural Finance (?953 crore, 7%), and Intermediate Retail (?6,209 crore, 47%).

Spandana Sphoorty’s (SPANDANA) 1QFY26 loss stood at ~INR3.6b (vs. a loss of INR4.3b in 4QFY25). 1Q NII declined ~70% YoY to ~INR1.3b (~8% miss). Operating loss stood at INR587m (PQ: operating profit of INR251m).

Nuvama Wealth’s (NUVAMA) 1QFY26 operating revenue grew 15% YoY to INR7.7b (in-line), fueled by 18%/46% growth in the wealth management/asset services businesses.

IndoStar Capital Finance (IndoStar) delivered a weak performance in 1QFY26, with muted disbursements and weak AUM growth, impacted by tighter stringent underwriting and seasonal factors.

Muthoot Finance (MUTH) reported robust gold loan growth at 40% YoY vs 41% YoY (FY25) led by higher gold prices and new customer additions. Overall AUM growth stood at 42% YoY vs 43% YoY (FY25). Management maintained guidance at 15% gold loan growth for FY26. We revised upwards gold loan growth to 15% vs 12% CAGR (FY25-27E) earlier. NIMs improved QoQ led by increase in yield on advances. NII grew strongly by 51% YoY led by rise in margins; PPoP grew by 63% YoY led by higher other income (up 135% YoY). Further, provisions declined by 81% YoY due to recovery from NPA accounts; thus PAT grew by 90% YoY. Stage...