External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Federal Bank (FB) received its first tranche of 25% capital from Blackstone (INR15bn), with the balance 75% (INR47bn) to be received in Mar-28</li><li>Even as the capital infusion shall further strengthen the balance sheet, the current uncertain macro and supply chain disruptions are likely to pose inflationary pressures in the medium term, impacting overall loan growth and MSME and retail asset quality, as outlined in our recent sector update</li><li>While FB’s 9MFY26 operating performance has showcased signs of improvement, the loan growth has been sub-par (9MFY26: 11%).</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.

Federal Bank (FB) received its first tranche of 25% capital from Blackstone (INR15bn), with the balance 75% (INR47bn) to be received in Mar-28Even as the capital infusion shall further strengthen the balance sheet, the current uncertain macro and supply chain disruptions are likely to pose inflationary pressures in the medium term, impacting overall loan growth and MSME and retail asset quality, as outlined in our recent sector updateWhile FB’s 9MFY26 operating performance has showcased signs of improvement, the loan growth has been sub-par (9MFY26: 11%).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.

Federal Bank: Priced to Perfection, Downgrade to ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Investment Rational A. NIMs Surprise in Q3; Upward Trajectory to Continue</li><li>FB continues to prioritise NIM improvement supported by growth in chosen mid-yielding segments and realigning the liability mix with focus on CASA deposits, primarily CA deposits.</li><li>Near-term impact on NIMs is expected as the balance (2/3rd of the Dec’25 rate cut) is yet to reflect in lending yields, and FB will look to maintain margins at Q3 levels.</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.

Investment Rational A. NIMs Surprise in Q3; Upward Trajectory to ContinueFB continues to prioritise NIM improvement supported by growth in chosen mid-yielding segments and realigning the liability mix with focus on CASA deposits, primarily CA deposits.Near-term impact on NIMs is expected as the balance (2/3rd of the Dec’25 rate cut) is yet to reflect in lending yields, and FB will look to maintain margins at Q3 levels.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.

Pick of the Week: Federal Bank - 14th March, 2026

<ul><li>NIMs Surprise; Upward Trajectory to Continue: FB’s NIMs surprised, expanding by 12bps, led by balance sheet optimization, benefit accruing from CRR cut, and continued repricing of deposits collectively offsetting the impact of yield compression (partial pass-on of 25bps rate cut taken in Dec’25).</li><li>The management continues to prioritize NIM improvement through re-balancing the asset mix, with pursuing growth in chosen mid-yielding segments, which calibrates growth in the higher yielding segment without compromising on asset quality and realigning the liability mix with focus on CASA deposits, primarily CA deposits.</li><li>The bank’s focus on the medium-yielding segments is doing the bulk of the heavy lifting on NIM improvement, amidst its cautious approach in growing the unsecured segments, particularly MFI and PL. </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.

NIMs Surprise; Upward Trajectory to Continue: FB’s NIMs surprised, expanding by 12bps, led by balance sheet optimization, benefit accruing from CRR cut, and continued repricing of deposits collectively offsetting the impact of yield compression (partial pass-on of 25bps rate cut taken in Dec’25).The management continues to prioritize NIM improvement through re-balancing the asset mix, with pursuing growth in chosen mid-yielding segments, which calibrates growth in the higher yielding segment without compromising on asset quality and realigning the liability mix with focus on CASA deposits, primarily CA deposits.The bank’s focus on the medium-yielding segments is doing the bulk of the heavy lifting on NIM improvement, amidst its cautious approach in growing the unsecured segments, particularly MFI and PL. 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.

Federal Bank Ltd - Strong Quarter; Flawless Execution to Drive Re-Rating!

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.</li><li>Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.</li><li>The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. </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) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. 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.

High Conviction Ideas:Banking, Financial Services & Insurance

<ul><li>Deal Details Federal Bank (FB) has announced a major capital-raising move through a preferential issue of warrants to Blackstone.</li><li>Post conversion of the warrants, Blackstone will hold a 9.99% stake, making it the largest shareholder.</li><li>The board approved the issue of ~27.3 Cr warrants, each carrying a right to subscribe to 1 fully paid-up equity share of the bank to Blackstone at Rs 227/share for a consideration of Rs 6,197 Cr. </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.

Deal Details Federal Bank (FB) has announced a major capital-raising move through a preferential issue of warrants to Blackstone.Post conversion of the warrants, Blackstone will hold a 9.99% stake, making it the largest shareholder.The board approved the issue of ~27.3 Cr warrants, each carrying a right to subscribe to 1 fully paid-up equity share of the bank to Blackstone at Rs 227/share for a consideration of Rs 6,197 Cr. 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.

Federal Bank Ltd. - Infusion of ‘Conviction Capital’ by Blackstone to Drive Robust Growth!

India

Federal Bank is a major Indian private sector commercial bank offering a comprehensive suite of banking and financial services, including retail banking, wholesale banking, and treasury operations. It provides products such as savings and current accounts, loans, credit and debit cards, insurance, and wealth management. The bank is headquartered in Aluva, Kochi, Kerala, India, and was founded on April 23, 1931.

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Federal Bank (FB IN)

Federal Bank: Priced to Perfection, Downgrade to ADD

Federal Bank (FB) received its first tranche of 25% capital from Blackstone (INR15bn), with the balance 75% (INR47bn) to be received in Mar-28

HDFC Securities

Pick of the Week: Federal Bank - 14th March, 2026

FB continues to prioritise NIM improvement supported by growth in chosen mid-yielding segments and realigning the liability mix with focus on CASA...

Axis Direct

Federal Bank Ltd - Strong Quarter; Flawless Execution to Drive Re-Rating!

The management continues to prioritize NIM improvement through re-balancing the asset mix, with pursuing growth in chosen mid-yielding segments

Axis Direct

High Conviction Ideas:Banking, Financial Services & Insurance

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth...

Axis Direct

Federal Bank Ltd. - Infusion of ‘Conviction Capital’ by Blackstone to Drive Robust Growth!

Deal Details Federal Bank (FB) has announced a major capital-raising move through a preferential issue of warrants to Blackstone.

Axis Direct

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