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.

Event-Driven

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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Email: services@yellowstoneequity.com
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Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance (BAF)</a> reported record disbursals of INR 25498cr in Q4FY26, up 37% YoY, leading to AUM growth of 22% YoY resulting in AUM crossing INR 5 trillion.</li>
<li>The strong growth came despite winding down of the legacy captive 2W and 3W loan book and slow growth (6% YoY) in the MSME segment where BAF has been cautious.</li>
<li>Growth was led by newer segments, especially Gold Loans that have now become 3.5% of AUM and is projected to rise to 5% of AUM by the end of FY27.</li>
</ul>



Bajaj Finance (BAF) reported record disbursals of INR 25498cr in Q4FY26, up 37% YoY, leading to AUM growth of 22% YoY resulting in AUM crossing INR 5 trillion.
The strong growth came despite winding down of the legacy captive 2W and 3W loan book and slow growth (6% YoY) in the MSME segment where BAF has been cautious.
Growth was led by newer segments, especially Gold Loans that have now become 3.5% of AUM and is projected to rise to 5% of AUM by the end of FY27.


Bajaj Finance: FY26 Ends Strong | Upbeat Outlook for FY27

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">BAF</a> reported strong Q3FY26 with AUM growth of 22% YoY and PPOP growth of 19% YoY. However, accelerated ECL provisions and labour-code related provisioning dampened the PAT growth (-6% YoY).</li>
<li>Adjusted for the one-time provisions, PAT grew 23% YoY and 7%+ QoQ to reach INR 5317cr. ROA and ROE have been healthy at 4.6% and 19.6%, respectively.</li>
<li>Asset quality has stabilized now as loan loss to average AUF before accelerated ECL provisions came down to 1.91% in Q3FY26 vs 2.16% YoY and 2.05% QoQ.</li>
</ul>



BAF reported strong Q3FY26 with AUM growth of 22% YoY and PPOP growth of 19% YoY. However, accelerated ECL provisions and labour-code related provisioning dampened the PAT growth (-6% YoY).
Adjusted for the one-time provisions, PAT grew 23% YoY and 7%+ QoQ to reach INR 5317cr. ROA and ROE have been healthy at 4.6% and 19.6%, respectively.
Asset quality has stabilized now as loan loss to average AUF before accelerated ECL provisions came down to 1.91% in Q3FY26 vs 2.16% YoY and 2.05% QoQ.


Bajaj Finance (BAF): Strong Q3FY26 | FINAI Transformation Already Making a Mark

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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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

Thematic (Sector/Industry)

<ul>
<li>PSU bank credit growth exceeded private-bank growth in FY25 for the first time in more than a decade. Between FY22-FY26, private-bank share fell 14.5 percentage points in home-loans.</li>
<li>Asset quality has converged sharply. Competitive advantage is moving from provisioning relief to funding, pricing, distribution and the ability to deploy capital at an acceptable return.</li>
<li>The sector trade is no longer simply “private quality versus PSU risk.” One must distinguish volume share, absolute profit share, sustainable ROA and the valuation paid for each.</li>
</ul>


PSU bank credit growth exceeded private-bank growth in FY25 for the first time in more than a decade. Between FY22-FY26, private-bank share fell 14.5 percentage points in home-loans.
Asset quality has converged sharply. Competitive advantage is moving from provisioning relief to funding, pricing, distribution and the ability to deploy capital at an acceptable return.
The sector trade is no longer simply “private quality versus PSU risk.” One must distinguish volume share, absolute profit share, sustainable ROA and the valuation paid for each.


Why Indian Private Sector Large Cap Banks Are Not Performing?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance ("BAF")</a>  reported decent growth and profitability in Q2FY26, however, its credit cost has been higher than guided earlier.</li>
<li>AUM growth has been 24% YoY led by secular growth across segments. The new segments like Gold, New Car, CV and Tractor loans have seen rapid growth.</li>
<li>Customer franchise has now crossed the 11cr mark with addition of 4mm+ customers in Q2. BAF now expects to add 16-17mm new customers for full-year FY26.</li>
</ul>



Bajaj Finance ("BAF")  reported decent growth and profitability in Q2FY26, however, its credit cost has been higher than guided earlier.
AUM growth has been 24% YoY led by secular growth across segments. The new segments like Gold, New Car, CV and Tractor loans have seen rapid growth.
Customer franchise has now crossed the 11cr mark with addition of 4mm+ customers in Q2. BAF now expects to add 16-17mm new customers for full-year FY26.


Bajaj Finance (BAF): Investor Day and Q2FY26 Update

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)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Bajaj Finance: FY26 Ends Strong | Upbeat Outlook for FY27

BAF reported strong growth in Q4FY26. FY27 is all set to see even stronger growth led by tailwinds from FINAI, revival in MSME loan growth and...

Ankit Agrawal, CFA

Bajaj Finance (BAF): Strong Q3FY26 | FINAI Transformation Already Making a Mark

BAF reported strong Q3FY26 growth. Asset quality has stabilized and the outlook is optimistic. BAF's FINAI transformation has been industry-leading...

Ankit Agrawal, CFA

Why Indian Private Sector Large Cap Banks Are Not Performing?

Public-sector banks are using lower lending rates to win prime credit. The pressure on private banks is no longer about bad loans; it is about...

Nimish Maheshwari

Bajaj Finance (BAF): Investor Day and Q2FY26 Update

BAF is doing tremendous transformation to its businesses and processes led by FinAI, which is extremely futuristic and well ahead of its peers,...

Ankit Agrawal, CFA

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