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.

Equity Bottom-Up

<ul><li>LGD Reset to Strengthen Balance Sheet; Incremental Impact Limited: With a view to enhance balance sheet resilience amidst volatile global and sectoral environment, BAF has strengthened its provisioning framework by implementing a minimum Loss Given Default (LGD) floor across all businesses, resulting in an accelerated ECL provision of Rs 14.1 Bn in Q3 across all stages and a meaningful improvement in PCR.</li><li>This action is a voluntary, though permanent change, with the revised LGD floors being applied consistently going forward.</li><li>BAF has seen improvement in the Stage 2 pool, while the vintage credit performance across cohorts has strengthened materially, instilling optimism on the FY27 credit cost trajectory. </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.

LGD Reset to Strengthen Balance Sheet; Incremental Impact Limited: With a view to enhance balance sheet resilience amidst volatile global and sectoral environment, BAF has strengthened its provisioning framework by implementing a minimum Loss Given Default (LGD) floor across all businesses, resulting in an accelerated ECL provision of Rs 14.1 Bn in Q3 across all stages and a meaningful improvement in PCR.This action is a voluntary, though permanent change, with the revised LGD floors being applied consistently going forward.BAF has seen improvement in the Stage 2 pool, while the vintage credit performance across cohorts has strengthened materially, instilling optimism on the FY27 credit cost trajectory. 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 Ltd - Lower Credit Costs and Operating Leverage to Drive RoA Improvement!

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.</li><li>Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.</li><li>The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. </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.

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. 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.

High Conviction Ideas:Banking, Financial Services & Insurance

<ul><li>Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a balanced LDR, improving trends in corporate credit, MSME lending and strong growth in certain retail segments (gold, auto).</li><li>Provisional updates underscore this trend, and we expect our coverage universe banks to deliver ~17/2% YoY/QoQ credit growth, with SFBs leading the growth momentum.</li><li>Within our coverage, we expect SFBs/Mid-Pvt Banks/PSBs/Larger Pvt Banks to grow at ~27/20/17/16% YoY, respectively. </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.

Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a balanced LDR, improving trends in corporate credit, MSME lending and strong growth in certain retail segments (gold, auto).Provisional updates underscore this trend, and we expect our coverage universe banks to deliver ~17/2% YoY/QoQ credit growth, with SFBs leading the growth momentum.Within our coverage, we expect SFBs/Mid-Pvt Banks/PSBs/Larger Pvt Banks to grow at ~27/20/17/16% YoY, respectively. 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.

Banking, Financial Services and Insurance (BFSI) - Q1FY27 Result Preview

<ul><li>Market Performance: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.</li><li>The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.</li><li>The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.</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.

Market Performance: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.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.

<ul><li>Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.</li><li>The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.</li><li>The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. </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.

Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. 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.

Axis Top Picks for the Month of June 2026

India

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

Bajaj Finance Ltd - Lower Credit Costs and Operating Leverage to Drive RoA Improvement!

BAF has seen improvement in the Stage 2 pool, while the vintage credit performance across cohorts has strengthened materially, instilling optimism...

Axis Direct

High Conviction Ideas:Banking, Financial Services & Insurance

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth...

Axis Direct

Banking, Financial Services and Insurance (BFSI) - Q1FY27 Result Preview

Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a...

Axis Direct

Axis Top Picks - July 2026

Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility...

Axis Direct

Axis Top Picks for the Month of June 2026

The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated...

Axis Direct

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