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

Equitas Small Finance Bank  / Equity Bottom-Up

<ul><li>MFI Stress Peaks; Growth to Accelerate Hereon: The commentary around MFI has been positive, with EQSFB’s seeing green shoots in the MFI portfolio.</li><li>X-bucket CE has improved across geographies. Amongst the core geographies, TN continues to behave well, with CE better than the overall portfolio.</li><li>In KA, the bank has seen improvement in CE during Q2. Additionally, the forward flows to the OD bucket have been arrested and have declined significantly 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.

MFI Stress Peaks; Growth to Accelerate Hereon: The commentary around MFI has been positive, with EQSFB’s seeing green shoots in the MFI portfolio.X-bucket CE has improved across geographies. Amongst the core geographies, TN continues to behave well, with CE better than the overall portfolio.In KA, the bank has seen improvement in CE during Q2. Additionally, the forward flows to the OD bucket have been arrested and have declined significantly 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.

Equitas Small Finance Bank Ltd - Margin Tailwinds and Credit Cost Normalisation...

<ul><li>MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI portfolio, thereby keeping credit costs elevated.</li><li>In Q1, apart from the MFI portfolio, higher slippages were from the smaller ticket size SBL portfolio, owing to the adverse impact of the KA ordinance.</li><li>The X-bucket CE in SBL, which had dropped to 96.2% in Feb’25, has seen an improvement to 98.4% in Jun’25 with focused collection efforts. </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.

MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI portfolio, thereby keeping credit costs elevated.In Q1, apart from the MFI portfolio, higher slippages were from the smaller ticket size SBL portfolio, owing to the adverse impact of the KA ordinance.The X-bucket CE in SBL, which had dropped to 96.2% in Feb’25, has seen an improvement to 98.4% in Jun’25 with focused collection efforts. 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.

Equitas Small Finance Bank Ltd. - MFI Recovery Pushed Back by Another Quarter

<ul><li>EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.</li><li>Over the medium term, the MFI portfolio is expected to further dwindle to lower single digits, with the bank looking to de-risk the portfolio.</li><li>Amongst the secured products, EQSFB will continue to focus on SBL (with focus on Micro-LAP), Affordable Housing, Used CVs and Used Cars (while de-focusing on New CVs).</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.

EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.Over the medium term, the MFI portfolio is expected to further dwindle to lower single digits, with the bank looking to de-risk the portfolio.Amongst the secured products, EQSFB will continue to focus on SBL (with focus on Micro-LAP), Affordable Housing, Used CVs and Used Cars (while de-focusing on New CVs).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.

Equitas Small Finance Bank Limited - 07th June, 2025

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower provisions.</li><li>NII grew 4% YoY to INR8.18b (in line).</li><li>Margins contracted ~30 bp QoQ to 7.39% in 3QFY25 (18bp contributed by a drop in the MFI portfolio).</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.

Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower provisions.NII grew 4% YoY to INR8.18b (in line).Margins contracted ~30 bp QoQ to 7.39% in 3QFY25 (18bp contributed by a drop in the MFI portfolio).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.

Equitas Small Finance Bank - NII in Line; Business Growth Remains Modest

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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Thematic (Sector/Industry)

<ul>
<li>After a decade of volatile, high-cost build-out, India's Small Finance Bank sector is at a inflection point, shifting decisively from high-risk MFI lending to diversified, secured loan books.</li>
<li>
Market skepticism, fueled by past MFI stress and value erosion, has left most SFBs trading at a 10-35% discount. This valuation disconnect ignores maturing branch networks and superior growth potential.</li>
<li>The sector's transformation is real, but not all SFBs are equal. The path to re-rating will be determined by execution in building a low-cost liability franchise.</li>
</ul>


After a decade of volatile, high-cost build-out, India's Small Finance Bank sector is at a inflection point, shifting decisively from high-risk MFI lending to diversified, secured loan books.

Market skepticism, fueled by past MFI stress and value erosion, has left most SFBs trading at a 10-35% discount. This valuation disconnect ignores maturing branch networks and superior growth potential.
The sector's transformation is real, but not all SFBs are equal. The path to re-rating will be determined by execution in building a low-cost liability franchise.


Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

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Equitas Small Finance Bank (EQUITASB IN)

Equitas Small Finance Bank Ltd - Margin Tailwinds and Credit Cost Normalisation...

MFI Stress Peaks; Growth to Accelerate Hereon: The commentary around MFI has been positive, with EQSFB’s seeing green shoots in the MFI portfolio.

Axis Direct

Equitas Small Finance Bank Ltd. - MFI Recovery Pushed Back by Another Quarter

MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI...

Axis Direct

Equitas Small Finance Bank Limited - 07th June, 2025

EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.

Axis Direct

Equitas Small Finance Bank - NII in Line; Business Growth Remains Modest

Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower...

Motilal Oswal

Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins

India's Small Finance Banks sector is transitioning from MFI lending to diversified loan books offering growth potential through branch network...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Equitas Small Finance Bank Ltd - Margin Tailwinds and Credit Cost Normalisation...

MFI Stress Peaks; Growth to Accelerate Hereon: The commentary around MFI has been positive, with EQSFB’s seeing green shoots in the MFI portfolio.

Axis Direct

Equitas Small Finance Bank Ltd. - MFI Recovery Pushed Back by Another Quarter

MFI Stress Elevated; Normalisation Delayed by Another Quarter: EQSFB continues to grapple with asset quality pain flowing in from the MFI...

Axis Direct

Equitas Small Finance Bank Limited - 07th June, 2025

EQSFBs will continue to de-focus on the MFI segment, resulting in its mix in the overall portfolio dropping to mid single-digit vs. 12% in FY25.

Axis Direct

Equitas Small Finance Bank - NII in Line; Business Growth Remains Modest

Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower...

Motilal Oswal

Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins

​India's Small Finance Banks sector is transitioning from MFI lending to diversified loan books offering growth potential through branch network...

Sudarshan Bhandari

India's Small Finance Banks sector is transitioning from MFI lending to diversified loan books offering growth potential through branch network...