Upgrades

IDFC First Bank (IDFCFB) reported 2QFY26 PAT of INR3.5b (up 76% YoY/down 24% QoQ, in line). NII grew 7% YoY/3.6% QoQ to INR51.2b (in line). NIMs declined 12bp QoQ to 5.6%. Opex grew 13% YoY to INR51.2b (in line).

Healthy revival in Q2; further recovery expected in H2FY26 Q2FY26 performance: Federal Bank delivered a healthy revival in Q2FY26, on the back of margin recovery, healthy fees income, and steady credit cost. NIM expanded 12 bps sequentially to 3.06% aided by lower funding costs and a better loan mix towards mid-yield segments. Advances rose 6% YoY (2% QoQ) to 2,55,613 crore, with traction in commercial banking while deposits rose 11% YoY (2.5% QoQ) to 2,88,920 crore, with CASA ratio improving 66 bps QoQ to 31.01%. Fees income surged 13% QoQ to 886 crore. Credit cost moderated to ~50 bps, in...

IndusInd Bank (IIB) reported 2QFY26 loss of ~INR4.4b (vs. our estimated profit of INR3.1b), owing to accelerated provisions on MFI and write-offs.

Polycab India (POLYCAB) posted yet another strong quarter with revenue growing ~18% YoY to INR64.8b (in line) in 2QFY26, driven by ~19%/14% growth in Cables and Wires (C&W)/FMEG segments.

Strong distribution network with 280 branches and over 1,03,000 empanelled distribution partners Q2FY26 performance: HDFC AMC continues to report healthy set of result as expected. Market share and revenue yields across asset classes were broadly maintained esp. w.r.t. equity-oriented schemes. Closing AUM grew 2% QoQ to 8.8 tn with market share of 11.5%. High yielding equity mix maintained at healthy proportion of 66% vs industry average of 58%. EBITDA margin remains healthy though it declined 190 bps QoQ to 77.9% owing to sharper increase in staff and...

HDFC AMC’s operating revenue grew 16% YoY/6% QoQ to INR10.3b (in line) in 2QFY26. Yields came in at 46.6bp vs. 46.8bp in 2QFY25 and 46.7bp in 1QFY26. For 1HFY26, revenue grew 20% YoY to INR20b.

AI-Led Transformation for long-term differentiation: Persistent's AI-led transformation through its Sasva platform (filed 20 new patents), enterprise AI readiness offerings, & internal AI deployments is a key differentiator. With 50+ AI agents deployed & partnerships with Anthropic, the company is also embedding AI across delivery, legal, HR, finance, & supply chain. This positions Persistent well to capture next-gen digital transformation opportunities, drive...

Revenue stood at INR 35,807 Mn, up 7.4% QoQ and 23.6% YoY, outperforming our estimate by ~2.7%, driven by consistent client additions and higher offshore volumes.

We recommend a BUY on the stock with a TP of Rs 152 implying an upside of 10 from the CMP

The stage-3 asset ratio in the gold loan portfolio declined to 2.58% in Q1FY26 from 3.98% a year earlier, supported by customer-led repayments aided by rising gold prices and flexible repayment options....