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>Corporate Growth Revival Expected; Retail Momentum Strong: The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving in H2.</li><li>The growth opportunities in the highly rated corporates continue to remain subdued, with pricing pressures persisting and most of these corporates tapping bond markets, citing better rates.</li><li>However, the management envisages stronger corporate growth opportunities supported by a strong corporate sanction pipeline and expectations of revival in private capex and expects growth to settle at 10-11% in FY26. </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.

Corporate Growth Revival Expected; Retail Momentum Strong: The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving in H2.The growth opportunities in the highly rated corporates continue to remain subdued, with pricing pressures persisting and most of these corporates tapping bond markets, citing better rates.However, the management envisages stronger corporate growth opportunities supported by a strong corporate sanction pipeline and expectations of revival in private capex and expects growth to settle at 10-11% in FY26. 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.

Bank of Baroda - Better NIM Performance Keeps ~1% RoA Hopes Alive

<ul><li>Near-Term Pressure On Margins to Continue; Recovery Expected in H2: BoB’s managed margin compression better (at 7 bps QoQ) than most peers, who have reported a sharper NIM decline.</li><li>With the Jun’25 repo rate cut reflecting in Q2, NIMs are set to contract further.</li><li>Currently, 35% of the portfolio is EBLR-linked, 45% is MCLR-linked, 6% is fixed rate, and the balance 14% is linked to G-Sec and T-bills. </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.

Near-Term Pressure On Margins to Continue; Recovery Expected in H2: BoB’s managed margin compression better (at 7 bps QoQ) than most peers, who have reported a sharper NIM decline.With the Jun’25 repo rate cut reflecting in Q2, NIMs are set to contract further.Currently, 35% of the portfolio is EBLR-linked, 45% is MCLR-linked, 6% is fixed rate, and the balance 14% is linked to G-Sec and T-bills. 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.

Bank of Baroda - NIMs Better Managed Vs. Peers; BUY Stays on Reasonable Valuations!

<ul><li>Near-term pressure on margins to continue; Confident of holding to ~3% for FY26: BoB’s margins disappointed as it declined sharply by 8bps QoQ owing to the impact of the repo-rate cuts reflecting on the yields, lower margins in the international business (-13bps QoQ; with international business forming ~16% mix in overall business) and a slight inch-up in CoF.</li><li>The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already down by 30-40bps, (ii) deposit rate cuts reflecting (15-20bps on TDs) in CoF from end-Q2FY26/Q3FY26 onwards and (iii) likelihood of growth improving given favourable liquidity conditions.</li><li>That said, NIMs will continue to remain under pressure in Q1FY26 as the impact of EBLR-linked loan book repricing downwards would weigh on yields, while the benefit of the rate cut on deposits would accrue with a lag. </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.

Near-term pressure on margins to continue; Confident of holding to ~3% for FY26: BoB’s margins disappointed as it declined sharply by 8bps QoQ owing to the impact of the repo-rate cuts reflecting on the yields, lower margins in the international business (-13bps QoQ; with international business forming ~16% mix in overall business) and a slight inch-up in CoF.The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already down by 30-40bps, (ii) deposit rate cuts reflecting (15-20bps on TDs) in CoF from end-Q2FY26/Q3FY26 onwards and (iii) likelihood of growth improving given favourable liquidity conditions.That said, NIMs will continue to remain under pressure in Q1FY26 as the impact of EBLR-linked loan book repricing downwards would weigh on yields, while the benefit of the rate cut on deposits would accrue with a lag. 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.

Bank of Baroda - Weak Quarter; Maintain BUY on Reasonable Valuations!

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable.</li><li>Earnings were higher than estimates mainly led by lower credit cost (~31 bps annualised).</li><li>Loan/deposit growth grew 12% y-o-y each. NIM fell by 16 bps q-o-q to 2.94% (owing to lower spreads &amp; higher interest income on bad loans recovery in the last quarter) resulting in weak NII growth (~3% y-o-y) which largely impacted the core PPoP growth (down 2% y-o-y).</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.

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable.Earnings were higher than estimates mainly led by lower credit cost (~31 bps annualised).Loan/deposit growth grew 12% y-o-y each. NIM fell by 16 bps q-o-q to 2.94% (owing to lower spreads &amp; higher interest income on bad loans recovery in the last quarter) resulting in weak NII growth (~3% y-o-y) which largely impacted the core PPoP growth (down 2% y-o-y).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.

Bank of Baroda - Mixed Bag Q3, Asset Quality Stable

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.

Thematic (Sector/Industry)

<ul><li>Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate of 10.2%</li><li>We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exports</li><li>We expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mix</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.

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate of 10.2%We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exportsWe expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mixContent 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: Maruti Suzuki, Bank of Baroda, Union Bank of India, Phoenix Mills...

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)

Bank of Baroda - Better NIM Performance Keeps ~1% RoA Hopes Alive

The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving...

Axis Direct

Bank of Baroda - NIMs Better Managed Vs. Peers; BUY Stays on Reasonable Valuations!

Near-Term Pressure On Margins to Continue; Recovery Expected in H2: BoB’s managed margin compression better (at 7 bps QoQ) than most peers, who...

Axis Direct

Bank of Baroda - Weak Quarter; Maintain BUY on Reasonable Valuations!

The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already...

Axis Direct

Bank of Baroda - Mixed Bag Q3, Asset Quality Stable

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable. Earnings were higher than estimates...

Sharekhan

HSIE Results Daily: Maruti Suzuki, Bank of Baroda, Union Bank of India, Phoenix Mills...

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q2FY26 EBITDA margin at 10.5% was in line with Bloomberg consensus estimate of 10.6%, but above our estimate...

HDFC Securities

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