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>Slippages Moderate; Improving Trend Likely to Continue: In Q1FY26, Bandhan witnessed an improvement in slippages, in line with management guidance and the trend is expected to continue in FY26.</li><li>The management has indicated that slippages will continue to remain elevated in Q2FY26, post which gradual normalisation is likely.</li><li>The NPA (% of disbursements) in the EEB portfolio has been elevated at 4-5% over the past few quarters, largely attributed to the customer over-leveraging and is expected to subside over the coming quarters, eventually settling at &lt;3%. </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.

Slippages Moderate; Improving Trend Likely to Continue: In Q1FY26, Bandhan witnessed an improvement in slippages, in line with management guidance and the trend is expected to continue in FY26.The management has indicated that slippages will continue to remain elevated in Q2FY26, post which gradual normalisation is likely.The NPA (% of disbursements) in the EEB portfolio has been elevated at 4-5% over the past few quarters, largely attributed to the customer over-leveraging and is expected to subside over the coming quarters, eventually settling at &lt;3%. 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.

Bandhan Bank Ltd. - Recovery Slated for H2FY26, HOLD Stays!

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)

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stance</li><li>While the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growth</li><li>Although asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few months</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 Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stanceWhile the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growthAlthough asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few monthsContent 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.

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

<ul><li>Bandhan Bank: Bandhan Bank’s (BANDHAN) earnings missed estimates, largely on account of elevated credit costs (3.5% annualized), led by continued stress in the micro-banking portfolio, sub-par loan growth, and shrinking margins</li><li>Deposit growth was healthy (~16% YoY/ 2.3% QoQ), while CASA ratio slipped to 27.1% (-430bps QoQ) as the CASA seasonality normalized</li><li>With the MFIN’s tighter guardrails now at play, industry-wide MFI stress remained elevated, reflecting in muted growth and higher slippages/credit costs</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.

Bandhan Bank: Bandhan Bank’s (BANDHAN) earnings missed estimates, largely on account of elevated credit costs (3.5% annualized), led by continued stress in the micro-banking portfolio, sub-par loan growth, and shrinking marginsDeposit growth was healthy (~16% YoY/ 2.3% QoQ), while CASA ratio slipped to 27.1% (-430bps QoQ) as the CASA seasonality normalizedWith the MFIN’s tighter guardrails now at play, industry-wide MFI stress remained elevated, reflecting in muted growth and higher slippages/credit costsContent 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: Bandhan Bank, Nuvoco Vistas Corporation, Shoppers Stop 

<ul><li>The systemic credit growth (as of 13th June, 2025) has derailed to &lt;10%.</li><li>This can be attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.</li><li>We expect the bank under our coverage to deliver ~11% YoY credit growth, 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 13th June, 2025) has derailed to &lt;10%.This can be attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.We expect the bank under our coverage to deliver ~11% YoY credit growth, 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.

Q1FY26 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

India

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

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Bandhan Bank Ltd (BANDHAN IN)

Bandhan Bank Ltd. - Recovery Slated for H2FY26, HOLD Stays!

In Q1FY26, Bandhan witnessed an improvement in slippages, in line with management guidance and the trend is expected to continue in FY26.

Axis Direct

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

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining...

HDFC Securities

HSIE Results Daily: Bandhan Bank, Nuvoco Vistas Corporation, Shoppers Stop

Bandhan Bank’s (BANDHAN) earnings missed estimates, largely on account of elevated credit costs (3.5% annualized), led by continued stress in the...

HDFC Securities

Q1FY26 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

The systemic credit growth (as of 13th June, 2025) has derailed to <10%. This can be attributed to a meaningful slowdown in the unsecured loans...

Axis Direct

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