External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements</li><li>Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY)</li><li>Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27</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.

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursementsDisbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY)Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27Content 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: Cholamandalam Investment and Finance Company

HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement...

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businesses</li><li>Adjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)</li><li>Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segment</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.

Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businessesAdjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segmentContent 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: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

<ul><li>Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC</li><li>This has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstop</li><li>In recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new ones</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.

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFCThis has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstopIn recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new onesContent 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.

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

India

Aditya Birla Capital Ltd (ABCL) is a non-banking financial company and the financial services flagship of the Aditya Birla Group. It offers a comprehensive suite of financial solutions, including loans, investments, insurance, and payments. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 2007.

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Aditya Birla Capital (ABCAP IN)

HSIE Results Daily: Cholamandalam Investment and Finance Company

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement...

Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC

HDFC Securities

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