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.

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) credit growth was largely in line with our estimates, delivering an 11% YoY growth in Q1FY26, thereby broadly replicating systemic growth.</li><li>The PSU banks under our coverage reported ~12% YoY growth, and private banks (incl SFBs) posted 11% YoY growth.</li><li>The Q1 seasonality, alongside continued caution in the unsecured segments, weighed on credit 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.

Banks (incl. SFBs) credit growth was largely in line with our estimates, delivering an 11% YoY growth in Q1FY26, thereby broadly replicating systemic growth.The PSU banks under our coverage reported ~12% YoY growth, and private banks (incl SFBs) posted 11% YoY growth.The Q1 seasonality, alongside continued caution in the unsecured segments, weighed on credit 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.

Top Conviction Ideas - “Banks, Financial Services and 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>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)

<ul><li>In the past few quarters, rural India has been shouldering the responsibility of consumption growth in the country while urban mass consumption remained soft, impacted adversely by persistent inflation</li><li>Against this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDP</li><li>It demonstrates the strength of rural growth with following inferences, reinforcing the thesis presented in our previous Rural India report Rural India is transitioning swiftly from an agri-centric economy to a services-led economy 112 rural districts representing a population of 291mn have already crossed the threshold of per capita income of USD2,000</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.

In the past few quarters, rural India has been shouldering the responsibility of consumption growth in the country while urban mass consumption remained soft, impacted adversely by persistent inflationAgainst this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDPIt demonstrates the strength of rural growth with following inferences, reinforcing the thesis presented in our previous Rural India report Rural India is transitioning swiftly from an agri-centric economy to a services-led economy 112 rural districts representing a population of 291mn have already crossed the threshold of per capita income of USD2,000Content 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.

Rural India: Shifting economic foundations

<ul><li>Banks (incl. SFBs) credit growth was marginally below our estimates, delivering an 11% YoY (vs our expectation of ~12% YoY) growth as banks exit FY25, thereby mirroring systemic growth.</li><li>Slower credit growth (vs expectations) was primarily visible amongst the larger private banks, while most mid-sized banks delivered steady in-line growth.</li><li>The headwinds on credit growth were owing to the continuous and conscious slowdown in the unsecured segments amidst persistent asset quality challenges, particularly microfinance and credit cards and banks’ efforts to align deposit growth with credit growth to maintain balanced LDR.</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.

Banks (incl. SFBs) credit growth was marginally below our estimates, delivering an 11% YoY (vs our expectation of ~12% YoY) growth as banks exit FY25, thereby mirroring systemic growth.Slower credit growth (vs expectations) was primarily visible amongst the larger private banks, while most mid-sized banks delivered steady in-line growth.The headwinds on credit growth were owing to the continuous and conscious slowdown in the unsecured segments amidst persistent asset quality challenges, particularly microfinance and credit cards and banks’ efforts to align deposit growth with credit growth to maintain balanced LDR.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

City Union Bank Limited is an Indian private sector bank that offers a comprehensive range of banking and financial services, including personal, corporate, and NRI banking, as well as digital services and loans. The bank serves a diverse clientele, focusing on the MSME sector, retail traders, and agriculturalists. Headquartered in Kumbakonam, Tamil Nadu, India, the bank was founded on October 31, 1904.

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City Union Bank (CUBK IN)

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

Banks (incl. SFBs) credit growth was largely in line with our estimates, delivering an 11% YoY growth in Q1FY26, thereby broadly replicating...

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

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

Rural India: Shifting economic foundations

Against this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDP

HDFC Securities

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

Banks (incl. SFBs) credit growth was marginally below our estimates, delivering an 11% YoY (vs our expectation of ~12% YoY) growth as banks exit...

Axis Direct

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