External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs</li><li>Deposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)</li><li>Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segments</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costsDeposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segmentsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.</li><li>However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.</li><li>We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

<ul><li>The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stance</li><li>While the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growth</li><li>Although asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few months</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stanceWhile the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growthAlthough asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few monthsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

<ul><li>Bandhan Bank: Bandhan Bank’s (BANDHAN) earnings missed estimates, largely on account of elevated credit costs (3.5% annualized), led by continued stress in the micro-banking portfolio, sub-par loan growth, and shrinking margins</li><li>Deposit growth was healthy (~16% YoY/ 2.3% QoQ), while CASA ratio slipped to 27.1% (-430bps QoQ) as the CASA seasonality normalized</li><li>With the MFIN’s tighter guardrails now at play, industry-wide MFI stress remained elevated, reflecting in muted growth and higher slippages/credit costs</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bandhan Bank: Bandhan Bank’s (BANDHAN) earnings missed estimates, largely on account of elevated credit costs (3.5% annualized), led by continued stress in the micro-banking portfolio, sub-par loan growth, and shrinking marginsDeposit growth was healthy (~16% YoY/ 2.3% QoQ), while CASA ratio slipped to 27.1% (-430bps QoQ) as the CASA seasonality normalizedWith the MFIN’s tighter guardrails now at play, industry-wide MFI stress remained elevated, reflecting in muted growth and higher slippages/credit costsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Bandhan Bank, Nuvoco Vistas Corporation, Shoppers Stop 

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Despite a 100-bps rate cut by RBI, banks face margin pressure as lending rates fall faster than deposit repricing. </li>
<li>Credit growth has slowed sharply, while deposit growth is improving unevenly - tightening liquidity conditions, especially for private banks and SFBs.</li>
<li>Valuations remain attractive despite near-term earnings stress, supported by stable asset quality, treasury gains, and long-term confidence in sector fundamentals.</li>
</ul>


Despite a 100-bps rate cut by RBI, banks face margin pressure as lending rates fall faster than deposit repricing. 
Credit growth has slowed sharply, while deposit growth is improving unevenly - tightening liquidity conditions, especially for private banks and SFBs.
Valuations remain attractive despite near-term earnings stress, supported by stable asset quality, treasury gains, and long-term confidence in sector fundamentals.


Q1FY26 Banking Sector Report: How Repo Rate Cuts Are Reshaping the Sector?

India

Bandhan Bank Ltd. is an Indian private sector bank that provides a range of banking and financial services to personal and business customers, with a core focus on inclusive banking for unbanked and under-banked populations. The bank offers various asset and liability products including savings and current accounts, fixed deposits, and loans for home, gold, personal, and businesses, as well as digital banking and third-party product distribution. It was founded in 2001 as a microfinance institution and commenced operations as a universal bank on August 23, 2015, with its headquarters in Kolkata, India.

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Bandhan Bank (BANDHAN IN)

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs

HDFC Securities

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.

Axis Direct

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining...

HDFC Securities

HSIE Results Daily: Bandhan Bank, Nuvoco Vistas Corporation, Shoppers Stop

Bandhan Bank’s (BANDHAN) earnings missed estimates, largely on account of elevated credit costs (3.5% annualized), led by continued stress in the...

HDFC Securities

Q1FY26 Banking Sector Report: How Repo Rate Cuts Are Reshaping the Sector?

RBI's rate cut leads to margin pressure for banks as lending rates drop faster than deposit rates, impacting credit growth and liquidity...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs

HDFC Securities

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.

Axis Direct

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining...

HDFC Securities

HSIE Results Daily: Bandhan Bank, Nuvoco Vistas Corporation, Shoppers Stop

Bandhan Bank’s (BANDHAN) earnings missed estimates, largely on account of elevated credit costs (3.5% annualized), led by continued stress in the...

HDFC Securities

Q1FY26 Banking Sector Report: How Repo Rate Cuts Are Reshaping the Sector?

​RBI's rate cut leads to margin pressure for banks as lending rates drop faster than deposit rates, impacting credit growth and liquidity...

Sudarshan Bhandari

RBI's rate cut leads to margin pressure for banks as lending rates drop faster than deposit rates, impacting credit growth and liquidity...