New Research Reports

In spite of unseasonal rains, the company reported strong revenue growth of 10.1% YoY. EBITDA margin contracted to 6.5% in Q1FY26 vs 9.1% YoY due to revenue mix change partially led by early monsoon.

South Indian Bank (SIB) reported a better-than-expected Q1FY26 with PAT of INR 3.2bn (5% beat) and a sharp improvement in asset quality. Despite NIM headwinds (down 18bps QoQ), SIB sustained ~1% RoA for the eighth consecutive quarter, aided by strong other income.

ICICI Prudential (IPRU) reported a volume decline of 5% YoY in total APE vs 10.2% YoY growth for private industry in Q1FY26. While volume growth was weak in Q1FY26 (retail APE down 9.2% YoY), margin performance was better (VNB margin improved to 24.5% in Q1FY26 from 22.8% in FY25) driven primarily by product mix change and cost optimisation.

HDFC Bank (HDFCB) reported steady Q1FY26 results with PAT of INR 182bn, up 12% YoY, driven by 5% YoY rise in NII. It has utilised one-off gains from HDB stake sale (INR 91bn) and tax credit (INR 11bn) towards floating provisions (INR 90bn) and contingent provisions (INR 17bn).

Indiqube Spaces Ltd (ISL) is a managed workspace solutions provider with diverse capabilities ranging from providing large corporate offices to small branch offices. As of Mar'25, the company has a managed portfolio of 115 centres (105 operational, 10 under letters of intent & agreements to lease) across 15 cities with a total Super Built-Up Area (SBA) of 8.4 mn sq ft and operational SBA of 6.9 mn sq ft. As of Mar'25, the company was amongst the leading operators in Bengaluru, which is the largest commercial office and flexible workspace market in India. The company's total and operational seat...

YES Bank's core performance remained weak, with credit growth slowing to 5% YoY (down 2.1% QoQ), while margins remain low at 2.5%.

AU SFB reported weak core performance, with margins declining sharply by 40bps QoQ to 5.4%, although higher treasury gains and surprisingly lower nonstaff opex, amid bidding for a Universal Banking license led to a ~6% PAT beat, at Rs5.8bn/1.5% RoA.

FSOL has signed an agreement for acquiring Pastdue Credit Solutions (PDC) – a UK-headquartered debt collection agency serving UK’s several market-leading companies, including banks, utility firms, telecom players, and government bodies – for a cash consideration of £22mn (1.3x P/S on FY24 basis).

Despite slower credit growth and sharper margin contraction, RBL reported a 27% PAT beat at Rs2bn and 0.6% RoA, mainly due to higher treasury gains and contained provisions (50bps in Q1/2% annualized, including 6bps contingent provisions on JLG MFI loans).

ICICI Bank reported a resilient performance, with limited margin compression at 7bps QoQ to 4.34% (vs peers’ over 15bps drop) and nearly stable asset quality with headline GNPA ratio at 1.7%.