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LIC saw APE/VNB grow 9.4%/20.7% YoY in Q1FY26. Strategic initiatives have tracked well consistently in terms of pushing product mix towards non-participating (30% of individual APE in Q1FY26 vs. 9%/18%/28% in FY23/FY24/FY25) and revision in pricing/product strategy should maximise value for all stakeholders with changes such as hike in surrender value, re-designing of products, higher ticket sizes.
The cost-to-income ratio in Q1FY26 inched up mainly due to a one-time actuarial PAT grew modestly by 12.1% YoY to Rs. 224 cr in Q1FY26, despite an uptick in Asset quality experienced slight deterioration, with GNPA/NNPA rising to 0.98%/0.54% from 0.91%/0.49% in Q1FY25. The Provision Coverage Ratio (PCR)...
We put Manappuram Finance (Manappuram) in this framework to upgrade the stock, from Hold, to BUY. We find future prospect promising with a new strategic direction for the business, which entails new management, lower MFI mix, better asset quality management and high growth and low yield in core gold business.
Manappuram Finance's gold loan portfolio grew by 22% YoY (vs 19% YoY FY25) backed by higher gold prices. However, MFI portfolio declined by 51% YoY (down 23% QoQ) due to strategy change. Thus, overall AUM de-grew by 1% YoY vs +2% YoY (FY25). We expect 13% CAGR (FY25-27E) AUM growth led by gold portfolio. MFI losses declined during the quarter due to decline in provisions. MFI asset quality improved with GNPA at 4.4% vs 8.5% QoQ led by lower slippages. Cons. NII declined by 10% YoY led by lower NIMs; PPoP declined by 33% YoY led by lower other income (down 77% YoY). Reported profit vs loss QoQ led by lower...
BSE enjoys strong prospects of volume growth across segments (options, cash as well as MF platform) led by derivatives, which has been our investment thesis for the stock.
The sector—comprising bond issuance, bank credit, securitisation, and non-rating services—is projected to grow at a CAGR of 12% till FY28. CARE Ratings is expected to outperform with a revenue CAGR of 14% while maintaining healthy EBITDA margins of 38%.
Equitas SFB (Equitas)’s financial performance continues to be marred by elevated credit cost and a >20% QoQ decline in the high-yielding MFI portfolio.
