Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in Industry - Banks.
Broker Research reports: latest Downgrades
for Industry - Banks
Bandhan Bank’s near-term profitability remains under pressure, impacted by yield resets, elevated provisions, and continued EEB slippages, however deposit granularity is improving, with a healthy CASA and retail term deposit mix, while the secured loan portfolio continues to gain share, supporting better asset quality over time.
The bank has a meaningful presence in international operations with its JVs and subsidiaries. ~17% of total business comes from overseas. Q2FY26 performance: Bank of Baroda reported a steady Q2FY26 performance, with global advances rising 11.9% YoY, led by continued traction in RAM portfolio (Retail 17.6% YoY, Agri 17.4%, MSME 13.9%) even as corporate credit growth remained muted at 3%. Deposit growth up 9.3% YoY was supported by granular accretion while dependence on bulk deposits have increased, while creditdeposit ratio stood at 85.3%. NIM improved 5 bps QoQ to 2.96%, aided by interest on IT...
Bank of Baroda (BOB) reported 2QFY26 PAT of INR48.1b (up 5.9% QoQ, down 8% YoY, 12% beat), aided by NII growth (owing to IT refund of INR7.5b), lower provisions and contained opex growth.
Bandhan Bank (Bandhan) reported a weak set of numbers. PAT was muted at INR 1.1bn (0.2% RoA), burdened by a sharp 55bps dip in NIM (on account of bulky yield compression amidst continued mix change and modest improvement in cost of deposits), elevated credit costs and muted treasury gains QoQ.
About the stock: IndusInd Bank is a Hinduja group promoted newer age private sector bank and is the fifth largest private bank in India. The bank has full product suite with strong moat in vehicle and micro finance business. The bank has a strong presence with pan India branch network of 3,116...
We maintain a constructive stance on ICICI Bank’s growth, underpinned by broad-based loan expansion across business, retail, and personal segments, driven by a risk-calibrated lending strategy.
Q2FY26 performance: IDFC First Bank reported a mixed Q2FY26 performance as healthy loan and deposit growth was offset by margin pressure and lower treasury gains. NII rose 6.8% YoY to 5,113 crore, while NIM contracted 12 bps QoQ to 5.6%. Provisions moderated to 1,452 crore, aiding PAT of 352 crore (up 76% YoY, down 24% QoQ). Asset quality improved with GNPA/NNPA at 1.86%/0.52%. Funded assets expanded 19.7% YoY to 2.67 lakh crore led by mortgage, vehicle and...
Kotak Mahindra Bank (KMB) has aligned its loan trajectory with a disciplined target of 1.5-2.0x, while consciously improving business granularity by focusing on the retail and SME segments.
The bank posted solid performance, supported by stable asset quality and improving digital engagement across customer segments. The management is *over or under performance to benchmark index focused on expanding the retail unsecured loan portfolio, scaling premium credit card offerings and driving efficiency via technology investments. Strategic initiatives such as deposit mobilisation, calibrated rural lending and risk-based microfinance underwriting are likely to support long-term stability as well. Although stress in the retail commercial vehicle segment may weigh on near-term performance, improving...
Federal Bank credit growth slowed down to 9% YoY vs 12% YoY (Q4FY25) vs 16% YoY (Q3FY25) due to reorientation of strategy towards fixed rate book. further, deposit growth declined to 8% YoY vs 12% YoY (FY25) led by term deposits. We expect credit growth at 13% CAGR (FY25-27). NIMs declined by 18bps QoQ during Q1FY26 led by decline in yields backed by repo rate cut impact. Asset quality deteriorated with GNPA at 1.91% vs 84% QoQ. NII grew by 2% YoY led by decline in NIMs; higher non-interest income (up 22% YoY) supported the operating profits (up 4% YoY). Higher provisions impacted profitability (down 15% YoY). This resulted...
DCB Bank (DCBB) reported an 11% QoQ decline in PAT to INR1.57b (20% YoY growth, 10% miss) due to higher provisions in 1QFY26. NII grew 16.9% YoY/4% QoQ to INR5.8b (in line), while NIM contracted 9bp QoQ to 3.2%.
BOB saw a weak quarter yet again as core PPoP adjusted for IT refund was 12.4% lower to PLe due to (1) miss on NIM by 8bps led by softer reported yields on loans and investments (2) weaker fee income and (3) higher opex led by other opex. Fall in reported NIM at 6-7bps QoQ was lower to peers (11-18bps decline). NIM may remain under pressure in Q2FY26 due to lead-lag impact of repo rate cut on loans/deposits. However, bank expects 70% of deposits to reprice within 1-2 quarters suggesting that NIM would start improving since...
KMB saw a weak quarter as miss on provisions, fees and NII led to 13.7% lower core PAT. While NII was cushioned as cash was utilized to pay-off borrowings, Q2FY26 would see impact of normal liquidity and 50bps repo cut suggesting NIM decline QoQ. However, H2FY26 NIM could improve due to CRR cut and deposit repricing. While loan growth was healthy at 4.2% QoQ, it was led by SME and mid-market. Barring housing, retail growth was sluggish due to weak demand while unsecured recovery is slower. Hence, we trim loan growth by...
Union Bank of India (UNBK) reported 1QFY26 PAT of INR41.2b (11.9% YoY growth, in line), supported by a lower tax rate. NII declined 3.2% YoY to INR91.1b (in line).
AXSB saw a weak quarter yet again as core PAT missed PLe by 26.6% due to asset quality related technical impact of Rs6.14bn. Adjusting for the same, core PAT missed PLe by 17% owing to lower NIM and fees. Owing to more stringent recognition criteria, gross slippages were more by Rs27.1bn (one-time impact). In our view, this may also reflect the underlying stress. As bank does not intend to further change the recognition policy, upcoming quarters of FY26 and FY27 would see lower credit costs since stress is moderating in PL/CC. We raise...
