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.

Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%), and lower credit costs</li><li>GS-III/NS-III and credit costs (adjusted for recoveries from written-off loans and accelerated provisions) improved sequentially and improvement in vintage credit performance (3MOB, 6MOB, etc.) is likely to drive lower credit costs for FY27, although global uncertainties remain an overhang</li><li>The ongoing FINAI transformation remains on track and is expected to drive higher productivity and operating efficiency gains, going ahead</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.

Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%), and lower credit costsGS-III/NS-III and credit costs (adjusted for recoveries from written-off loans and accelerated provisions) improved sequentially and improvement in vintage credit performance (3MOB, 6MOB, etc.) is likely to drive lower credit costs for FY27, although global uncertainties remain an overhangThe ongoing FINAI transformation remains on track and is expected to drive higher productivity and operating efficiency gains, going aheadContent 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: Bajaj Finance, Indian Bank, Federal Bank, Star Health and Allied Insurance

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>The RBI’s decision to maintain the repo rate and its Neutral stance did not come as a surprise and was already priced-in.</li><li>We believe this could be the end of the rate cut cycle for now and the RBI would pause rates hereon.</li><li>In the wake of the West Asia conflict, recent spikes in energy prices have emerged as a risk. </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 RBI’s decision to maintain the repo rate and its Neutral stance did not come as a surprise and was already priced-in.We believe this could be the end of the rate cut cycle for now and the RBI would pause rates hereon.In the wake of the West Asia conflict, recent spikes in energy prices have emerged as a risk. 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.

Event Update - RBI Monetary Policy - April 2026

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>Private banks suffered 2 brutal years of margin compression, rising bad loans in unsecured portfolios, and a deposit mobilisation war that squeezed profitability across the board.</li>
<li>
Deposit repricing tailwinds and CASA recovery support a Q4 NIM inflection, but MSME export stress from the West Asia conflict remains a credible near-term risk.</li>
<li>
<a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> and <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> offer the clearest risk-reward at current valuations; <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a> reset creates opportunity.</li>
</ul>


Private banks suffered 2 brutal years of margin compression, rising bad loans in unsecured portfolios, and a deposit mobilisation war that squeezed profitability across the board.

Deposit repricing tailwinds and CASA recovery support a Q4 NIM inflection, but MSME export stress from the West Asia conflict remains a credible near-term risk.

ICICI Bank Ltd (ICICIBC IN) and HDFC Bank (HDFCB IN) offer the clearest risk-reward at current valuations; Kotak Mahindra Bank (KMB IN) reset creates opportunity.


Private Banks: A Turnaround Is Brewing, But Trust Is Still Being Rebuilt

<ul><li>Credit growth has revived strongly (~15% YoY for our coverage universe), led by SFBs and PSBs/Mid-sized private banks, though geopolitical risks may weigh on momentum.</li><li>Deposit growth continues to lag, keeping funding costs elevated and competition for CASA intense. NIM trends are expected to remain divergent, with mid-sized banks and SFBs seeing NIM uptick, while large private banks and PSBs defend margins amid yield compression and sticky CoD.</li><li>NBFCs are expected to deliver strong AUM growth (led by diversified, vehicle, and gold financiers) and earnings growth (driven by lower credit costs). </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.

Credit growth has revived strongly (~15% YoY for our coverage universe), led by SFBs and PSBs/Mid-sized private banks, though geopolitical risks may weigh on momentum.Deposit growth continues to lag, keeping funding costs elevated and competition for CASA intense. NIM trends are expected to remain divergent, with mid-sized banks and SFBs seeing NIM uptick, while large private banks and PSBs defend margins amid yield compression and sticky CoD.NBFCs are expected to deliver strong AUM growth (led by diversified, vehicle, and gold financiers) and earnings growth (driven by lower credit costs). 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.

Banking, Financial Services and Insurance (BFSI) - Q4FY26: Earnings Preview

<ul><li>Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.</li><li>Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.</li><li>However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. </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.

Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. 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 and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling

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)

HSIE Results Daily: Bajaj Finance, Indian Bank, Federal Bank, Star Health and Allied Insurance

Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%),...

HDFC Securities

Event Update - RBI Monetary Policy - April 2026

The RBI’s decision to maintain the repo rate and its Neutral stance did not come as a surprise and was already priced-in. We believe this could be...

Axis Direct

Private Banks: A Turnaround Is Brewing, But Trust Is Still Being Rebuilt

Private banks faced 2 tough years with margin pressure and bad loans, but Q4 NIM improvement expected; ICICI Bank and HDFC Bank offer good risk...

Nimish Maheshwari

Banking, Financial Services and Insurance (BFSI) - Q4FY26: Earnings Preview

Credit growth has revived strongly (~15% YoY for our coverage universe), led by SFBs and PSBs/Mid-sized private banks, though geopolitical risks...

Axis Direct

Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling

Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit...

Axis Direct

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HSIE Results Daily: Bajaj Finance, Indian Bank, Federal Bank, Star Health and Allied Insurance

Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%),...

HDFC Securities

Event Update - RBI Monetary Policy - April 2026

The RBI’s decision to maintain the repo rate and its Neutral stance did not come as a surprise and was already priced-in. We believe this could be...

Axis Direct

Private Banks: A Turnaround Is Brewing, But Trust Is Still Being Rebuilt

​Private banks faced 2 tough years with margin pressure and bad loans, but Q4 NIM improvement expected; ICICI Bank and HDFC Bank offer good risk...

Nimish Maheshwari

Banking, Financial Services and Insurance (BFSI) - Q4FY26: Earnings Preview

Credit growth has revived strongly (~15% YoY for our coverage universe), led by SFBs and PSBs/Mid-sized private banks, though geopolitical risks...

Axis Direct

Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling

Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit...

Axis Direct

Private banks faced 2 tough years with margin pressure and bad loans, but Q4 NIM improvement expected; ICICI Bank and HDFC Bank offer good risk...