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

Motilal Oswal

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

IndoStar Capital Finance / Equity Bottom-Up

<ul><li>Indostar Capital Finance (Indostar) reported a mixed quarter.</li><li>While business momentum was reasonably good, lower collection efficiency and higher delinquencies in the VF portfolio led to higher credit costs in 3QFY25.</li><li>Key highlights: 1) consolidated disbursements grew ~17% YoY to ~INR15.7b and retail AUM rose ~37% YoY to ~INR105b; 2) the company added 352 employees in 3QFY25, taking the total count to ~5,524; 3) the CV segment contributed ~81% to the retail disbursement mix; and 4) credit costs were high sequentially at ~INR480m (PQ: ~INR193m), translating into annualized credit costs of ~1.8% (PQ: 0.8%).</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.

Indostar Capital Finance (Indostar) reported a mixed quarter.While business momentum was reasonably good, lower collection efficiency and higher delinquencies in the VF portfolio led to higher credit costs in 3QFY25.Key highlights: 1) consolidated disbursements grew ~17% YoY to ~INR15.7b and retail AUM rose ~37% YoY to ~INR105b; 2) the company added 352 employees in 3QFY25, taking the total count to ~5,524; 3) the CV segment contributed ~81% to the retail disbursement mix; and 4) credit costs were high sequentially at ~INR480m (PQ: ~INR193m), translating into annualized credit costs of ~1.8% (PQ: 0.8%).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.

Indostar Capital Finance - Healthy Growth in VF AUM; Credit Costs High

<ul><li>Indostar Capital Finance (Indostar) reported healthy business momentum in 2QFY25. Key highlights: 1) consolidated disbursements grew ~36% YoY to ~INR17.2b and retail AUM rose ~35% YoY to ~INR99b; 2) the company added 594 employees in 2QFY25, taking the total count to ~5,170; 3) the CV segment contributed ~87% to the retail disbursement mix; and 4) asset quality was broadly stable with standalone GS3 remaining steady at ~5% and standalone NNPA rising ~15bp QoQ to 2.5%.</li><li>Outlook we expect credit costs to remain benign in the near future.</li><li>The risk-reward is favorable at 1x FY26E P/BV.</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.

Indostar Capital Finance (Indostar) reported healthy business momentum in 2QFY25. Key highlights: 1) consolidated disbursements grew ~36% YoY to ~INR17.2b and retail AUM rose ~35% YoY to ~INR99b; 2) the company added 594 employees in 2QFY25, taking the total count to ~5,170; 3) the CV segment contributed ~87% to the retail disbursement mix; and 4) asset quality was broadly stable with standalone GS3 remaining steady at ~5% and standalone NNPA rising ~15bp QoQ to 2.5%.Outlook we expect credit costs to remain benign in the near future.The risk-reward is favorable at 1x FY26E P/BV.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.

Indostar Capital Finance - Making Steady Progress in Its Core Vehicle Finance Segment

<ul><li>Motilal Oswal's research report onIndostar Capital Finance Indostar reported a 4QFY24 PAT of INR353m, which rose 109% QoQ (PQ: INR169m).</li><li>NII grew 11% YoY to INR1.2b.</li><li>Opex, in 4QFY24, jumped 110% YoY to INR1.4b.</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.

Motilal Oswal's research report onIndostar Capital Finance Indostar reported a 4QFY24 PAT of INR353m, which rose 109% QoQ (PQ: INR169m).NII grew 11% YoY to INR1.2b.Opex, in 4QFY24, jumped 110% YoY to INR1.4b.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.

Indostar Capital Finance  - Turnaround in Motion; Access to Liabilities a Key Monitorable

India

IndoStar Capital Finance is a Non-Banking Financial Company (NBFC) specializing in retail lending solutions across India. The company focuses on providing financing for commercial vehicles, construction equipment, farm equipment, cars/MUVs, and small and medium enterprise (SME) loans. Headquartered in Mumbai, India, the company was founded in 2009.

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IndoStar Capital Finance (INDOSTAR IN)

Indostar Capital Finance - Healthy Growth in VF AUM; Credit Costs High

With better visibility on disbursement momentum, we estimate a CAGR of 30%/33% in AUM/PAT over FY24-27, aided by improvements in NIM to 6.6%/6.8%...

Motilal Oswal

Indostar Capital Finance - Making Steady Progress in Its Core Vehicle Finance Segment

The risk-reward is favorable at 1x FY26E P/BV. Reiterate BUY rating on the stock with a TP of INR315 (premised on 1.2x Sep’26E BVPS).

Motilal Oswal

Indostar Capital Finance - Turnaround in Motion; Access to Liabilities a Key Monitorable

Motilal Oswal's research report onIndostar Capital Finance Indostar reported a 4QFY24 PAT of INR353m, which rose 109% QoQ (PQ: INR169m).

Motilal Oswal

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