External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earnings</li><li>This is beginning to reflect in PSBs finally stabilizing their loan market share (+52bps market share gains during FY25), enhancing the quality of their customer franchise and service standards, and improving their return ratios</li><li>Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings</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 Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earningsThis is beginning to reflect in PSBs finally stabilizing their loan market share (+52bps market share gains during FY25), enhancing the quality of their customer franchise and service standards, and improving their return ratiosDespite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earningsContent 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.

Public Sector Banks: Repair, Reform, Reset

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

<ul>
<li>The banking sector will likely see earnings growth bottom out in FY26, with the second half potentially performing better than the first half as deposit rate reductions eventually flow through.</li>
<li>This divergence between declining lending rates and sticky deposit costs is the core driver of NIM compression.</li>
<li>This monetary easing is expected to exert downward pressure on banks' lending yields, impacting NIMs, particularly in the first half of fiscal year 2026 (1HFY26). </li>
</ul>


The banking sector will likely see earnings growth bottom out in FY26, with the second half potentially performing better than the first half as deposit rate reductions eventually flow through.
This divergence between declining lending rates and sticky deposit costs is the core driver of NIM compression.
This monetary easing is expected to exert downward pressure on banks' lending yields, impacting NIMs, particularly in the first half of fiscal year 2026 (1HFY26). 


Impact of Rate Cut on Indian Banking Sector: NIMs & Earnings to Contract Further Amid Slowdown

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.</li>
<li>Analysis of the <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">NSE Nifty Bank Index</a> over the past decade shows consistent negative returns on rate decision days when a cut is expected—regardless of whether the cut is delivered.</li>
<li>This Insight highlights actionable insights for traders by revealing historical patterns in the Nifty Bank Index’s behavior on RBI rate decision days and breaking down market reactions by scenario.</li>
</ul>


The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.
Analysis of the NSE Nifty Bank Index over the past decade shows consistent negative returns on rate decision days when a cut is expected—regardless of whether the cut is delivered.
This Insight highlights actionable insights for traders by revealing historical patterns in the Nifty Bank Index’s behavior on RBI rate decision days and breaking down market reactions by scenario.


This Friday’s RBI Decision: Nifty Bank Slips Either Way, History Suggests

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Public Sector Banks: Repair, Reform, Reset

Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings

HDFC Securities

Impact of Rate Cut on Indian Banking Sector: NIMs & Earnings to Contract Further Amid Slowdown

Banking sector earnings growth expected to improve in FY26 as deposit rate reductions flow through, but NIM compression likely due to declining...

Nimish Maheshwari

This Friday’s RBI Decision: Nifty Bank Slips Either Way, History Suggests

RBI set to announce rate decision on June 6, with expectations of a cut to 5.75%. Analysis shows negative returns in the Nifty Bank Index on rate...

Gaudenz Schneider

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Public Sector Banks: Repair, Reform, Reset

Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings

HDFC Securities

Impact of Rate Cut on Indian Banking Sector: NIMs & Earnings to Contract Further Amid Slowdown

​Banking sector earnings growth expected to improve in FY26 as deposit rate reductions flow through, but NIM compression likely due to declining...

Nimish Maheshwari

This Friday’s RBI Decision: Nifty Bank Slips Either Way, History Suggests

​RBI set to announce rate decision on June 6, with expectations of a cut to 5.75%. Analysis shows negative returns in the Nifty Bank Index on rate...

Gaudenz Schneider

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Banking sector earnings growth expected to improve in FY26 as deposit rate reductions flow through, but NIM compression likely due to declining...

RBI set to announce rate decision on June 6, with expectations of a cut to 5.75%. Analysis shows negative returns in the Nifty Bank Index on rate...