External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>With green shoots in the underlying PV and CV segments, the Indian vehicle financing disbursals (FY22: ~US$ 42bn) is poised to ride a secular 15%+ CAGR over the next 4 years</li><li>New PV financing (US$ 20bn; +17% CAGR) is benefitting from rising premiumisation; yet remains thin on profitability due to elevated competitive intensity, especially in salaried class</li><li>Used car financing (US$ 4bn; +32% CAGR) is emerging as a sunrise sector, offering potential for high growth as well as high profitability (&gt;2% ROA), benefitting from rising formalisation and increasing finance penetration</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.

With green shoots in the underlying PV and CV segments, the Indian vehicle financing disbursals (FY22: ~US$ 42bn) is poised to ride a secular 15%+ CAGR over the next 4 yearsNew PV financing (US$ 20bn; +17% CAGR) is benefitting from rising premiumisation; yet remains thin on profitability due to elevated competitive intensity, especially in salaried classUsed car financing (US$ 4bn; +32% CAGR) is emerging as a sunrise sector, offering potential for high growth as well as high profitability (&gt;2% ROA), benefitting from rising formalisation and increasing finance penetrationContent 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.

Vehicle Financing - Secular Opportunity Meets Cyclical Tailwinds

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.</li>
<li>BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.
BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Specialist in Indian Banking and Economic Research

Hemindra Hazari

A newly-appointed (on October 9, 2020) deputy governor of the Reserve Bank of India (RBI) has <a href="https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1101" target="_blank" rel="noopener">proposed</a>, for discussion, that large systemically-important non-bank finance companies (NBFCs) either convert themselves into banks, or that they contract assets, in order to protect financial stability. This proposal not only has major implications for prominent NBFCs some belonging to industrial houses, but also highlights the regulator’s present lack of capability to regulate such companies. Instead of arguing for the large NBFCs to either become banks or face an eventual demise by setting on a path to shrinking their size, the regulator should be examining how to improve its own regulation and supervision of large NBFCs. The collapses of IL&amp;FS (<a href="https://hemindrahazari.com/2019/01/31/ilfs-collapse-what-happens-when-infrastructure-development-is-privatised-hemindra-hazari/" target="_blank" rel="noopener">here</a>) and <a href="https://www.smartkarma.com/entities/dewan-housing-finance-corp" target="_blank" data-smartkarma-citation="entities:8142:1" rel="noopener">Dewan Housing Finance (DEWH IN)</a> (<a href="https://hemindrahazari.com/2019/01/29/panel-discussion-on-cobrapost-expose-of-dhfl/" target="_blank" rel="noopener">here</a>) were not only a failure of corporate governance and the economic slowdown, but also the consequence of a severe shortfall in regulatory supervision.Financial deregulation and the entry of more players in the strategic financial sector require a more vigilant, intrusive regulator armed with the necessary systems, processes and human resource talent to effectively regulate and supervise the sector. Sadly, the total officer strength of the RBI is currently below the levels of 2015, and it needs to invest in more resources for regulating the NBFC sector instead of proposing to compel large NBFCs to become banks. NBFCs cater to specific needs of the economy which the banks, for whatever reasons, have been unable to address, and while some NBFCs may want to become banks, others owned by industrial houses may not even be permitted to get bank licenses, and some may not even want to become banks. In such a scenario it is imperative for the regulator to implement systems and processes to regulate large NBFCs instead of floating such proposals in the public domain.

A newly-appointed (on October 9, 2020) deputy governor of the Reserve Bank of India (RBI) has proposed, for discussion, that large systemically-important non-bank finance companies (NBFCs) either convert themselves into banks, or that they contract assets, in order to protect financial stability. This proposal not only has major implications for prominent NBFCs some belonging to industrial houses, but also highlights the regulator’s present lack of capability to regulate such companies. Instead of arguing for the large NBFCs to either become banks or face an eventual demise by setting on a path to shrinking their size, the regulator should be examining how to improve its own regulation and supervision of large NBFCs. The collapses of IL&amp;FS (here) and Dewan Housing Finance (DEWH IN) (here) were not only a failure of corporate governance and the economic slowdown, but also the consequence of a severe shortfall in regulatory supervision.Financial deregulation and the entry of more players in the strategic financial sector require a more vigilant, intrusive regulator armed with the necessary systems, processes and human resource talent to effectively regulate and supervise the sector. Sadly, the total officer strength of the RBI is currently below the levels of 2015, and it needs to invest in more resources for regulating the NBFC sector instead of proposing to compel large NBFCs to become banks. NBFCs cater to specific needs of the economy which the banks, for whatever reasons, have been unable to address, and while some NBFCs may want to become banks, others owned by industrial houses may not even be permitted to get bank licenses, and some may not even want to become banks. In such a scenario it is imperative for the regulator to implement systems and processes to regulate large NBFCs instead of floating such proposals in the public domain.

RBI Proposal to Convert Large NBFCs into Banks: No Solution to the Problem of Regulatory Failures

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

With large parts of India still in lockdown, there have been apprehensions that there could be an increase in corporate defaults, especially from lower rated companies. Consequently, there has been a drop in liquidity in the corporate bond markets and increased redemptions from fixed income mutual fund schemes.A few hours ago, Franklin Templeton Mutual Fund announced its decision to wind up six schemes in its managed credit funds due to a dramatic and sustained drop in liquidity in the corporate bond market accompanied by continuous and heightened redemptions. All redemptions will be halted and investors will be paid off of proportionally and in a staggered manner as the underlying securities are sold, bonds mature, and coupons are received.Net assets in the six schemes amount to INR 308.5bn (US$4.07bn). The event will have far reaching implications for the Indian markets and the Mutual Fund industry.RBI's Targeted Long Term Repo Operation (TLTRO) 2.0 that is aimed at providing liquidity to small and mid sized Non Banking Financial Companies and Microfinance Institutions saw a bid to cover ratio of 0.5 yesterday with limited participation by banks, further highlighting a reluctance to lend in the current economic situation.

With large parts of India still in lockdown, there have been apprehensions that there could be an increase in corporate defaults, especially from lower rated companies. Consequently, there has been a drop in liquidity in the corporate bond markets and increased redemptions from fixed income mutual fund schemes.A few hours ago, Franklin Templeton Mutual Fund announced its decision to wind up six schemes in its managed credit funds due to a dramatic and sustained drop in liquidity in the corporate bond market accompanied by continuous and heightened redemptions. All redemptions will be halted and investors will be paid off of proportionally and in a staggered manner as the underlying securities are sold, bonds mature, and coupons are received.Net assets in the six schemes amount to INR 308.5bn (US$4.07bn). The event will have far reaching implications for the Indian markets and the Mutual Fund industry.RBI's Targeted Long Term Repo Operation (TLTRO) 2.0 that is aimed at providing liquidity to small and mid sized Non Banking Financial Companies and Microfinance Institutions saw a bid to cover ratio of 0.5 yesterday with limited participation by banks, further highlighting a reluctance to lend in the current economic situation.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

We do not view the INR700bn recapitalization of government banks as a panacea. We do not view the US$24.8bn Reserve Bank of India (RBI) payment to the government as a way to solve the banking crisis.  The recent 35bps rate cut is not enough to provide companies with sufficient relief to significantly improve NPLs. The reality is that the situation is deteriorating, and much of this is not readily visible in headline figures.

We do not view the INR700bn recapitalization of government banks as a panacea. We do not view the US$24.8bn Reserve Bank of India (RBI) payment to the government as a way to solve the banking crisis.  The recent 35bps rate cut is not enough to provide companies with sufficient relief to significantly improve NPLs. The reality is that the situation is deteriorating, and much of this is not readily visible in headline figures.

India

Mahindra & Mahindra Financial Services is an Indian non-banking financial company primarily focused on rural and semi-urban markets. It provides vehicle loans for cars, tractors, and commercial vehicles, as well as SME financing, housing finance, personal loans, and offers insurance broking and mutual fund distribution services. The company is headquartered in Mumbai, India, and was founded in 1991.

Mahindra & Mahindra Financial Services (MMFS IN)

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Mahindra & Mahindra Financial Services (MMFS IN)

Vehicle Financing - Secular Opportunity Meets Cyclical Tailwinds

With green shoots in the underlying PV and CV segments, the Indian vehicle financing disbursals (FY22: ~US$ 42bn) is poised to ride a secular 15%+...

HDFC Securities

Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Bharat Coking Coal Ltd (BCCL) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.

Akshat Shah

RBI Proposal to Convert Large NBFCs into Banks: No Solution to the Problem of Regulatory Failures

Instead of forcible conversion to banks the RBI should ensure that it improves the regulation of important NBFCs so as to ensure that these...

Hemindra Hazari

India's Bear Stearns Moment

With large parts of India still in lockdown, there have been apprehensions that there could be an increase in corporate defaults, especially from...

Brian Freitas

India Banks – Deterioration

We do not view the INR700bn recapitalization of government banks as a panacea. We do not view the US$24.8bn Reserve Bank of India (RBI) payment to...

Daniel Tabbush

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