Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.


MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>The narrative is no longer about survival or structure; it is about the monetization of a 35-million-strong customer base, positioning bank to deliver a high-quality 1.1%–1.2% RoA trajectory by FY27.</li>
<li>High-Cost legacy debt (8-9%) is being replaced by granular retail deposits. With a 60-65% fixed-rate loan book, the bank is uniquely positioned to benefit from a late-2026 rate-cut cycle.</li>
<li>As credit costs normalize to 1.8% and the "investment phase" opex cools, IDFC First is transitioning from a "growth-at-all-costs" startup to an efficiency-led institutional giant.</li>
</ul>


The narrative is no longer about survival or structure; it is about the monetization of a 35-million-strong customer base, positioning bank to deliver a high-quality 1.1%–1.2% RoA trajectory by FY27.
High-Cost legacy debt (8-9%) is being replaced by granular retail deposits. With a 60-65% fixed-rate loan book, the bank is uniquely positioned to benefit from a late-2026 rate-cut cycle.
As credit costs normalize to 1.8% and the "investment phase" opex cools, IDFC First is transitioning from a "growth-at-all-costs" startup to an efficiency-led institutional giant.


IDFC First Bank: Transformation & Way Forward

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.


MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The Reserve Bank of India has given the green light for <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> subsidiaries to jointly buy up to 9.5% of <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> .</li>
<li>
<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>reached oversold state, according to our model, but this is a bullish trend pattern and so we think this week is a good time to buy.
</li>
<li>The stock could rally, and if the rally unfolds from this week onward it could reach the 1037-1062 profit target zone.
</li>
</ul>


The Reserve Bank of India has given the green light for HDFC Bank (HDFCB IN) subsidiaries to jointly buy up to 9.5% of Indusind Bank (IIB IN) .

HDFC Bank (HDFCB IN)reached oversold state, according to our model, but this is a bullish trend pattern and so we think this week is a good time to buy.

The stock could rally, and if the rally unfolds from this week onward it could reach the 1037-1062 profit target zone.



HDFC Bank (HDFCB IN) Tactical View After RBI OKs 9.5% IndusInd Bank (IIB IN) Stake Buy

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, State Bank of India, Hero MotoCorp, Eternal, InterGlobe Aviation, IndusInd Bank, Max Healthcare Institute, Interglobe Aviation, State Bank Of India, Max Healthcare Institute.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, State Bank of India, Hero MotoCorp, Eternal, InterGlobe Aviation, IndusInd Bank, Max Healthcare Institute, Interglobe Aviation, State Bank Of India, Max Healthcare Institute.


NIFTY Index Earning Revision (Sep): Adani Enterprises, State Bank of India, Hero MotoCorp, Eternal

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indusind Bank (IIB IN)

MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

We analyzed MS-India's consensus for Jan 2026 and highlighted changes of EPS in HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat...

Ke Yan, CFA, FRM

IDFC First Bank: Transformation & Way Forward

IDFC First Bank is shifting focus to monetizing its customer base for high RoA trajectory by FY27, replacing legacy debt with retail deposits and...

Sudarshan Bhandari

MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

We analyzed MS-India's consensus for Dec 2025 and highlighted changes of EPS in InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank,...

Ke Yan, CFA, FRM

HDFC Bank (HDFCB IN) Tactical View After RBI OKs 9.5% IndusInd Bank (IIB IN) Stake Buy

While RBI approved HDFC Bank subsidiaries to buy a 9.5% stake in IndusInd Bank, the stock got oversold, according to our model. Bullish trend...

Nico Rosti

NIFTY Index Earning Revision (Sep): Adani Enterprises, State Bank of India, Hero MotoCorp, Eternal

We analyzed NIFTY's consensus for Sep 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), State Bank of India (SBIN IN), Hero...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

We analyzed MS-India's consensus for Jan 2026 and highlighted changes of EPS in HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat...

Ke Yan, CFA, FRM

IDFC First Bank: Transformation & Way Forward

​IDFC First Bank is shifting focus to monetizing its customer base for high RoA trajectory by FY27, replacing legacy debt with retail deposits and...

Sudarshan Bhandari

MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

We analyzed MS-India's consensus for Dec 2025 and highlighted changes of EPS in InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank,...

Ke Yan, CFA, FRM

HDFC Bank (HDFCB IN) Tactical View After RBI OKs 9.5% IndusInd Bank (IIB IN) Stake Buy

While RBI approved HDFC Bank subsidiaries to buy a 9.5% stake in IndusInd Bank, the stock got oversold, according to our model. Bullish trend...

Nico Rosti

NIFTY Index Earning Revision (Sep): Adani Enterprises, State Bank of India, Hero MotoCorp, Eternal

We analyzed NIFTY's consensus for Sep 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), State Bank of India (SBIN IN), Hero...

Ke Yan, CFA, FRM

IDFC First Bank is shifting focus to monetizing its customer base for high RoA trajectory by FY27, replacing legacy debt with retail deposits and...