External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<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)

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>Sammaan Capital's Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi's IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  </li>
<li>The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan's new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  </li>
<li>The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.</li>
</ul>


Sammaan Capital's Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi's IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  
The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan's new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  
The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.


Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Equity Bottom-Up

<ul>
<li>India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  </li>
<li>The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  </li>
<li>It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.</li>
</ul>


India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  
The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  
It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.


The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

<ul>
<li>During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.</li>
<li>This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements</li>
<li>Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability</li>
</ul>


During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.
This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements
Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability


Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

India

Aptus Value Housing Finance India Limited provides financial services. The Company offers housing and non-housing finance loans, as well as insurance services. Aptus Value Housing Finance India serves customers in India.

Aptus Value Housing Finance India (APTUS IN)

Price Gauge
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Aptus Value Housing Finance India (APTUS IN)

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

Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

Nimish Maheshwari

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

​Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

Nimish Maheshwari

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

​India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

​NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...