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>Having reported multiple irregularities in its financial reporting and witnessed the premature exit of its top two executives over the past couple of months, IndusInd Bank (“IIB”) reported an operating loss for Q4FY25, reflecting large-scale reversals of prior-period incomes and instances of deferred impairment recognition</li><li>Despite the Board’s recent efforts at probing the whistleblower complaints, we believe that IIB deserves to undergo a complete overhaul under greater regulatory scrutiny to regain stakeholder credibility, which is likely to be a long grind</li><li>Given multiple handicaps simultaneously coming to the fore (accounting lapses, succession overhang, sub-par deposit franchise, elevated stress in unsecured book, and depleting margins), we believe it is in IIB’s best interest to calibrate its 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.

Having reported multiple irregularities in its financial reporting and witnessed the premature exit of its top two executives over the past couple of months, IndusInd Bank (“IIB”) reported an operating loss for Q4FY25, reflecting large-scale reversals of prior-period incomes and instances of deferred impairment recognitionDespite the Board’s recent efforts at probing the whistleblower complaints, we believe that IIB deserves to undergo a complete overhaul under greater regulatory scrutiny to regain stakeholder credibility, which is likely to be a long grindGiven multiple handicaps simultaneously coming to the fore (accounting lapses, succession overhang, sub-par deposit franchise, elevated stress in unsecured book, and depleting margins), we believe it is in IIB’s best interest to calibrate its 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.

IndusInd Bank: Long grind ahead, downgrade to REDUCE

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>IndusInd Bank (IIB)’s PAT declined 39% YoY/rose 5% QoQ to ~INR14b (in line), as NII and NIM were broadly in line, while provisions continued to remain high.</li><li>NII declined 2.2% QoQ to INR52.3b (in line), while NIM contracted by another 15bp QoQ to 3.93% (in line).</li><li>Loan books grew 12% YoY (2.7% QoQ), led by corporate and commercial books, while the VF business has started showing some improvement with robust disbursements.</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.

IndusInd Bank (IIB)’s PAT declined 39% YoY/rose 5% QoQ to ~INR14b (in line), as NII and NIM were broadly in line, while provisions continued to remain high.NII declined 2.2% QoQ to INR52.3b (in line), while NIM contracted by another 15bp QoQ to 3.93% (in line).Loan books grew 12% YoY (2.7% QoQ), led by corporate and commercial books, while the VF business has started showing some improvement with robust disbursements.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.

IndusInd Bank - In-Line Quarter; Near-Term Challenges Persist

<ul><li>With multiple handicaps simultaneously coming to the fore (sub-par deposit franchise, elevated stress in unsecured book leading to lower loan growth, and depleting margins), Indusind Bank (IIB) is likely to witness a collapse in its return ratios in FY25</li><li>However, given the expected heavy lifting on provisioning (FY25E: 1.6%), we believe return ratios are likely to bottom out between 1.2-1.3% in FY25E and improve by 25-35 bps over FY26-FY27E</li><li>Given its relatively diversified cash flow business (VF portfolio), a strong collection architecture and likely receding of cyclical stress, we expect the quality of earnings to improve H1FY26 onwards</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.

With multiple handicaps simultaneously coming to the fore (sub-par deposit franchise, elevated stress in unsecured book leading to lower loan growth, and depleting margins), Indusind Bank (IIB) is likely to witness a collapse in its return ratios in FY25However, given the expected heavy lifting on provisioning (FY25E: 1.6%), we believe return ratios are likely to bottom out between 1.2-1.3% in FY25E and improve by 25-35 bps over FY26-FY27EGiven its relatively diversified cash flow business (VF portfolio), a strong collection architecture and likely receding of cyclical stress, we expect the quality of earnings to improve H1FY26 onwardsContent 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.

IndusInd Bank: Worst Priced In, Better Times Ahead, Upgrade to ADD

Thematic (Sector/Industry)

<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>Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflation</li><li>The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies</li><li>The focus is to improve field force productivity with new divisions for launches and expand market reach</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.

Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflationThe company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapiesThe focus is to improve field force productivity with new divisions for launches and expand market reachContent 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: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

India

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

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Indusind Bank (IIB IN)

IndusInd Bank: Long grind ahead, downgrade to REDUCE

We hack our FY26E/FY27E earnings estimates by ~45% each, factoring in a growth slump, drop in yields, and softer fee income trajectory.

HDFC Securities

IndusInd Bank - In-Line Quarter; Near-Term Challenges Persist

IndusInd Bank (IIB)’s PAT declined 39% YoY/rose 5% QoQ to ~INR14b (in line), as NII and NIM were broadly in line, while provisions continued to...

Motilal Oswal

IndusInd Bank: Worst Priced In, Better Times Ahead, Upgrade to ADD

With multiple handicaps simultaneously coming to the fore (sub-par deposit franchise, elevated stress in unsecured book leading to lower loan...

HDFC Securities

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

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

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