External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul><li>For banks, Q2 is likely to be a steady quarter for banks, with strong business growth and resilient asset quality. The key concern, however, remains pressure on NIMs.</li><li>Systemic growth was robust at ~19% YoY, with growth remaining broad-based and supported by overseas lending.</li><li>Deposit growth has also accelerated with strong support from FCNR (B) mobilisation, though it is likely to weigh on NIMs due to excess liquidity and lowerspread lending. </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.

For banks, Q2 is likely to be a steady quarter for banks, with strong business growth and resilient asset quality. The key concern, however, remains pressure on NIMs.Systemic growth was robust at ~19% YoY, with growth remaining broad-based and supported by overseas lending.Deposit growth has also accelerated with strong support from FCNR (B) mobilisation, though it is likely to weigh on NIMs due to excess liquidity and lowerspread lending. 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 & Insurance (BFSI) - ?Q2FY27E: Result Preview

<ul><li>Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.</li><li>The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.</li><li>In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.</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.

Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.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.

Axis Top Picks for the month of October 2026

Equity Bottom-Up

<ul><li>Core NIMs Maintained; Improvement Levers Present: In Q1, KMB maintained core NIMs at 4.53% (flat since Q2FY26) vs 4.54% QoQ (adjusted for day-count anomaly).</li><li>The steady CoF (+1bps QoQ) was a result of sustained improvement in liability mix and efforts towards granular deposit mobilisation, while a disciplined and agile pricing approach on both assets and liabilities supported spreads.</li><li>The bank reiterated that the views expressed around margin compression were more from an industry perspective and not KMB-specific. </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.

Core NIMs Maintained; Improvement Levers Present: In Q1, KMB maintained core NIMs at 4.53% (flat since Q2FY26) vs 4.54% QoQ (adjusted for day-count anomaly).The steady CoF (+1bps QoQ) was a result of sustained improvement in liability mix and efforts towards granular deposit mobilisation, while a disciplined and agile pricing approach on both assets and liabilities supported spreads.The bank reiterated that the views expressed around margin compression were more from an industry perspective and not KMB-specific. 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.

Kotak Mahindra Bank Ltd. - Building Blocks in Place for the Next Growth Phase

<ul><li>IRDAI has released a consultation paper proposing a significant overhaul of insurance distribution economics.</li><li>The proposed framework reverses key aspects of the 2023 EoM reforms by reintroducing hard commission caps, tightening the EoM calculation methodology and consolidating the existing eight distributor categories into three: Insurance Distribution Entities (IDE), Insurance Distribution Persons (IDP) and Market Infrastructure Institutions for Insurance (MII).</li><li>The proposals could materially impact the P&amp;L structure of both insurers and distributors, with certain business models potentially requiring a meaningful reset in distribution economics.</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.

IRDAI has released a consultation paper proposing a significant overhaul of insurance distribution economics.The proposed framework reverses key aspects of the 2023 EoM reforms by reintroducing hard commission caps, tightening the EoM calculation methodology and consolidating the existing eight distributor categories into three: Insurance Distribution Entities (IDE), Insurance Distribution Persons (IDP) and Market Infrastructure Institutions for Insurance (MII).The proposals could materially impact the P&amp;L structure of both insurers and distributors, with certain business models potentially requiring a meaningful reset in distribution economics.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.

<ul><li>KMB will pay a total purchase consideration of Rs 2.82 Bn, inclusive of a non-compete payment to DBAG.</li><li>Management has indicated that the purchase price will be fully written off in the quarter of deal closing.</li><li>Separately, KMB shall pay DBAG the net asset value (amount of assets minus liabilities) of the business undertaking as on the closing date.</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.

KMB will pay a total purchase consideration of Rs 2.82 Bn, inclusive of a non-compete payment to DBAG.Management has indicated that the purchase price will be fully written off in the quarter of deal closing.Separately, KMB shall pay DBAG the net asset value (amount of assets minus liabilities) of the business undertaking as on the closing date.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.

Kotak Mahindra Bank Ltd - Acquisition of Deutsche Bank India's Retail Banking...

India

Kotak Mahindra Bank is an Indian banking and financial services company that offers a comprehensive range of banking products and financial services to corporate and retail customers. These services include personal finance, investment banking, life insurance, wealth management, consumer banking, commercial banking, and treasury operations. The company provides deposit accounts, various loans, credit and debit cards, mutual funds, and insurance plans. Headquartered in Mumbai, India, the company was founded in 1985 as Kotak Mahindra Finance Limited and received its banking license in 2003.

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Kotak Mahindra Bank (KMB IN)

Banking, Financial Services & Insurance (BFSI) - ?Q2FY27E: Result Preview

For banks, Q2 is likely to be a steady quarter for banks, with strong business growth and resilient asset quality. The key concern, however,...

Axis Direct

Axis Top Picks for the month of October 2026

In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.

Axis Direct

Kotak Mahindra Bank Ltd. - Building Blocks in Place for the Next Growth Phase

Core NIMs Maintained; Improvement Levers Present: In Q1, KMB maintained core NIMs at 4.53% (flat since Q2FY26) vs 4.54% QoQ (adjusted for day-count...

Axis Direct

Sector Update: BFSI - Insurance

The proposals could materially impact the P&L structure of both insurers and distributors, with certain business models potentially requiring a...

Axis Direct

Kotak Mahindra Bank Ltd - Acquisition of Deutsche Bank India's Retail Banking...

KMB will pay a total purchase consideration of Rs 2.82 Bn, inclusive of a non-compete payment to DBAG. Management has indicated that the purchase...

Axis Direct

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