New Research Reports

Prudent Corporate Advisory Services (Prudent) has progressed well in terms of AUM growth aided by MTM, traction in SIP and growth in MFDs. AUM/gross SIP flows/MFD count clocked CAGR of 40%/20%/19% between FY20–25 and grew 13.9% QoQ / 27.7% YoY /12.8% YoY in Q1FY26, respectively.

BoB delivered a healthy financial performance, driven by its strong business model and focus on sustainable growth, although margins have been under pressure for the industry as a whole due to reported cuts and lag in deposit pricing. Profitability is on a sustainable path, with a strong book that has earnings potential, despite the impact of transition on asset liability. To capitalise on the trend, the bank is focusing on expanding fee income streams and improving asset quality. The next...

With stress in the MFI segment receding and companies strategically shifting towards secured, high-yield assets such as affordable housing and vehicle loans, both advances and deposit growth are expected to get back on track by year-end, with advances projected to grow at 19% YoY. While credit costs are anticipated to decline, the shift in portfolio mix is likely to compress NIMs in the short term, leading to a temporary impact on return metrics. However, by the end of FY27, ROA is projected to improve to approximately ~2%. We upgrade our rating to Accumulate on the stock with a revised...

PNB Housing (PNBHF), on 31st Jul’25, announced that its MD and CEO, Mr. Girish Kousgi, has decided to step down from his role effective 28th Oct’25 to pursue external career opportunities.

Federal Bank is steadily evolving into a high-potential challenger in India’s private banking landscape. With a well-diversified loan book across retail (33%), SME (13%), agri (3%) and corporate (28%) segments, the bank is actively reshaping its portfolio towards higher-yielding verticals including gold loans, used CVs, LAP and credit cards.

LIC Housing Finance (LIC HF) continues to feel the heat from increasing competition, as reflected in AUM growth remaining subdued at 7% YoY / 1% QoQ and asset yield reducing 20bps YoY / QoQ to 9.6% in Q1FY26.

SUF AUM growth remains stable at 17% YoY vs 17% YoY (FY25) led by lower disbursements. Disbursements grew by 6% YoY (up 6% QoQ) during Q1FY26. Asset quality deteriorated however, continues to remain best-in-class; collections stood at 91%. NIMs (calculated) have improved (up 46bps YoY) led by increase in yields which resulted in strong NII growth (up 28% YoY). PPoP grew by 51% YoY led by higher non-interest income (up 65% YoY). PAT grew by 39% YoY led by higher provisions (up 114% YoY). Thus, RoA improved to 2.9% vs 2.85% QoQ. We have largely retained the estimates and upgraded the stock to BUY rating with TP of Rs.5,530...

Q1 has seen soft disbursement growth (+6% YoY) due to low government spending/ general slowdown in economic activity. We build a growth of 15.5% in FY26, anticipating a pick-up in economic activity in H2. Calculated NIM stood largely stable at 5.2%; we expect a similar trend in FY26 supported by a lower CoF. Asset quality trends have deteriorated in the quarter (GS3/NS3 at 1.91%/ 1.08%) due to payment pressures in the MSME segment; however collection activity remains healthy. We marginally tweak our estimates and...

stage-3 saw a 15bps QoQ blip leading to higher provisions at 25bps (PLe 18bps). Disbursal growth was muted due to slower pass thru of rate cuts compared to banks and lower demand post repo cuts. While company maintained its double digit AuM growth guidance for FY26, we are cautious and factoring 7.2% AuM CAGR over FY25-27E since (1) competition from banks...

CIFC's AUM growth slow down to 24% YoY vs 27% YoY led by flat YoY growth in disbursements. Management maintained guidance for 20-25% AUM growth led by 15-20% disbursement growth for longer term. NIM improved by 10bps QoQ led by lower cost of funds. We expect benefit of lower interest rate environment on account of fixed rate VF book. Asset quality deteriorated with GS3 at 3.16% vs 2.81%. NII grew by 26% YoY led by improvement in NIMs YoY; however, PPoP grew by 30% YoY led by increase in other income (up 94% YoY). PAT grew by 21% YoY led by higher provisions (up 52% YoY). We have largely maintained our...