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. 

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Thematic (Sector/Industry)

<ul><li>Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.</li><li>SFBs continued to outpace the mid/larger banks, delivering robust business growth. FCNR(B) flows supported deposit mobilisation.</li><li>However, margins are likely to remain under pressure from higher CoF in Q2. </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.

Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.SFBs continued to outpace the mid/larger banks, delivering robust business growth. FCNR(B) flows supported deposit mobilisation.However, margins are likely to remain under pressure from higher CoF in Q2. 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.

Flash Note:Banks and NBFCs: Q2FY27E Provisional Update

Equity Bottom-Up

<ul><li>Credit Cost Improvement Continues; Further Improvement Visible: Bandhan’s asset quality trends remained encouraging despite seasonally weaker Q1.</li><li>Gross slippages remained largely contained, while encouragingly EEB slippages declined QoQ reflecting focused collections and tighter underwriting.</li><li>Resultantly, credit costs moderated to 1.8% vs 2% in Q4, with EEB credit costs settling at 3.3%, in line with management guidance. </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.

Credit Cost Improvement Continues; Further Improvement Visible: Bandhan’s asset quality trends remained encouraging despite seasonally weaker Q1.Gross slippages remained largely contained, while encouragingly EEB slippages declined QoQ reflecting focused collections and tighter underwriting.Resultantly, credit costs moderated to 1.8% vs 2% in Q4, with EEB credit costs settling at 3.3%, in line with management guidance. 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. - Execution Improving; External Headwinds Delay Earnings Normalisation

<ul><li>Green Shoots Emerge in EEB Segment; Credit Costs to Continue to Moderate: Bandhan witnessed improvement in asset quality trends supported by sustained improvement in Xbucket CE in the EEB segments and moderation in fresh slippages.</li><li>The X-bucket CE further strengthened to 99.6% (vs 99.3% QoQ), reaching 99.7% in Mar’26, indicating steady normalisation in the EEB portfolio.</li><li>Early delinquency indicators improved, with 0+dpd declining to 3.1% vs 4.6% QoQ.</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.

Green Shoots Emerge in EEB Segment; Credit Costs to Continue to Moderate: Bandhan witnessed improvement in asset quality trends supported by sustained improvement in Xbucket CE in the EEB segments and moderation in fresh slippages.The X-bucket CE further strengthened to 99.6% (vs 99.3% QoQ), reaching 99.7% in Mar’26, indicating steady normalisation in the EEB portfolio.Early delinquency indicators improved, with 0+dpd declining to 3.1% vs 4.6% QoQ.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 - Emerging Stability, Improving Profitability Trajectory

<ul><li>Green Shoots Emerge in EEB Segment: Bandhan’s operational indicators in the EEB segment are showing gradual signs of improvement, with X-bucket CE improving to 99.6% since Nov’25 and better early-stage delinquency indicators pointing to lower forward flows.</li><li>In Q3, EEB slippages declined for the third consecutive quarter to Rs 942 Cr vs Rs 1,118 Cr in Q2.</li><li>The management indicated that vintage-level analysis suggests low stress formation over the last one year, instilling confidence that PAR accretion will continue to moderate. </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.

Green Shoots Emerge in EEB Segment: Bandhan’s operational indicators in the EEB segment are showing gradual signs of improvement, with X-bucket CE improving to 99.6% since Nov’25 and better early-stage delinquency indicators pointing to lower forward flows.In Q3, EEB slippages declined for the third consecutive quarter to Rs 942 Cr vs Rs 1,118 Cr in Q2.The management indicated that vintage-level analysis suggests low stress formation over the last one year, instilling confidence that PAR accretion will continue to moderate. 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. - Credit Costs Improvement Keenly Eyed; Upgrade to BUY on Valuation Comfort

<ul><li>Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.</li><li>The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.</li><li>Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. </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.

Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. 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.

India

Bandhan Bank Ltd. is an Indian private sector bank that provides a range of banking and financial services to personal and business customers, with a core focus on inclusive banking for unbanked and under-banked populations. The bank offers various asset and liability products including savings and current accounts, fixed deposits, and loans for home, gold, personal, and businesses, as well as digital banking and third-party product distribution. It was founded in 2001 as a microfinance institution and commenced operations as a universal bank on August 23, 2015, with its headquarters in Kolkata, India.

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Bandhan Bank (BANDHAN IN)

Flash Note:Banks and NBFCs: Q2FY27E Provisional Update

Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.

Axis Direct

Bandhan Bank Ltd. - Execution Improving; External Headwinds Delay Earnings Normalisation

Credit Cost Improvement Continues; Further Improvement Visible: Bandhan’s asset quality trends remained encouraging despite seasonally weaker Q1.

Axis Direct

Bandhan Bank Ltd - Emerging Stability, Improving Profitability Trajectory

The X-bucket CE further strengthened to 99.6% (vs 99.3% QoQ), reaching 99.7% in Mar’26, indicating steady normalisation in the EEB portfolio.

Axis Direct

Bandhan Bank Ltd. - Credit Costs Improvement Keenly Eyed; Upgrade to BUY on Valuation Comfort

The management indicated that vintage-level analysis suggests low stress formation over the last one year, instilling confidence that PAR accretion...

Axis Direct

Monthly Quant Report June 2026

The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky...

Axis Direct

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