New Research Reports

HDFC Bank is gradually stepping up credit growth, although margin slipped by 23bps QoQ from a higher base in 4Q due to swift rate cuts and lower interest on IT refund.

Following the slump in FY23, DLPL has registered revenue/EBITDA/PAT CAGR of 10%/19%/43%, respectively, over the last two years.

CEAT logged a healthy Q1 with 10.5% revenue growth led by 9%/1.5% volume/realization growth; overall vol growth was driven by a mid-20s/singledigit growth in OEM/replacement; realization was mostly muted due to headwinds for international business.

UNBK saw a weak quarter owing to lower fees/NII which led to core PPoP being a miss by 17.5%. PSLC income opportunity was not available in Q1'26 due to change in gold loan regulations. Hence, we cut fees for FY26/27E by ~10%. With RBI tweaking back gold loan regulations, agri growth may improve supporting fees. Reported NIM declined by 11bps QoQ to 2.76% due to fall in loan yields by 22bps QoQ despite a decline in corporate and increase in retail. As a result, we trim NIM for FY26/27E by 7bps/8bps to 2.53%/2.61%. Asset quality remains a...

HDFCB saw stable quarter as core PAT was largely in-line at Rs147bn after adjusting for one-time effects viz. (1) stake sale gains of Rs91.3bn on HDB listing (2) buffer provisions of Rs107bn and (2) lower tax rate at 14.7% pursuant to favorable IT order of Rs11.44bn. Buffer provisions stood at 82bps vs 96bps for ICICIB. As LDR has declined to 95% from 103.5% a year ago, focus is back on shoring up loan growth/CASA. Targeted medium term LDR is 87-90%. Bank is confident of achieving guided loan growth given strong domestic demand...

ICICIB saw a steady quarter as core PPoP was largely in-line; core PAT was a slight miss (3.4%) as provisions normalized to 56bps (avg. 35bps in previous 7 quarters). NIM adjusted for IT refund of Rs3.9bn was a tad better at 4.42% owing to slower repricing of EBLR loans to peers. Loan growth was softer at 1.7% QoQ due to pricing pressure and slower system growth. While we are factoring a loan CAGR of 14.5% over FY25-27E, the bank could deliver higher growth if retail credit growth picks up also led by PL/CC. Due to normalization...

JSTL incurred M2M forex loss of Rs3.4bn on Euro loans due to sharp Euro appreciation and another Rs2bn costs due to plant shutdown in Q1FY26. JSW Steel (JSTL) reported strong cons operating performance led by higher steel pricing. Cons volume grew 9.3% YoY aided by the ramping up of 5mtpa JVML capacity and strong domestic demand. Average cons NSR improved 7% QoQ on higher steel pricing across the regions. Decline in coking coal consumption cost by USD14/t was negated by higher shutdown costs, enabling...

at 1516%, shorter lead distance, and hybrid wind-solar in the North. Nuvoco Vistas (NUVOCO) reported strong operating performance in Q1FY26, led by higher pricing and 6% YoY volume growth. Pure cement realization grew by 5.5% QoQ, driven by price hikes taken in the eastern region since Mar'25. Operating costs declined due to lower RM costs (long-term contract for slag)...

HDFC Bank (HDFCB) reported a 1QFY26 profit of INR181.6b (12% YoY growth, 4% beat), aided by tax reversals (tax rate of 15%).

ICICI Bank’s results epitomize the saying, “When the going gets tough, the tough get going.” Over the past few years, irrespective of the sectoral challenges such as unsecured asset quality issues, systemic growth moderation, liability accretion or NIM headwinds, the bank has been able to deliver a stellar performance, beating Street expectations.