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. 

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>The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.</li><li>However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.</li><li>We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry 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.

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry 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.

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

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

<ul>
<li>NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.</li>
<li>From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.</li>
<li>NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds</li>
</ul>


NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.
From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.
NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds


Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

<ul>
<li>The RBI's new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.</li>
<li>This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.</li>
<li>The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.</li>
</ul>


The RBI's new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.
This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.
The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.


Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

<ul>
<li>Two senior executives at <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes</li>
<li>
<a href="https://www.smartkarma.com/entities/allianz-se-0516b9dc-34b1-4a5b-adff-c1c95188b4ff" target="_blank" data-smartkarma-citation="entities:28601:1" rel="noopener">Allianz (AZSEY US)</a> plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> set to acquire 22% stake in <a href="https://www.smartkarma.com/entities/manappuram-finance-ltd" target="_blank" data-smartkarma-citation="entities:12559:1" rel="noopener">Manappuram Finance (MGFL IN)</a> , with plans to increase stake to 42%.</li>
</ul>


Two senior executives at Hero Motocorp (HMCL IN) , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes

Allianz (AZSEY US) plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.

Bain Capital Specialty Finan (BCSF US) set to acquire 22% stake in Manappuram Finance (MGFL IN) , with plans to increase stake to 42%.


#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  </li>
<li>India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  </li>
<li>India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.</li>
</ul>



Bain Capital Specialty Finan (BCSF US) finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  
India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  
India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.


#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

India

Manappuram Finance Limited is an Indian non-banking financial company (NBFC) specializing primarily in gold loans. The company has diversified its portfolio to include microfinance, home loans, vehicle loans, and SME lending. It was founded in 1949 and is headquartered in Valapad, Thrissur, Kerala, India.

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Manappuram Finance (MGFL IN)

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.

Axis Direct

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Sudarshan Bhandari

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.

Axis Direct

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

​NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

​RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Sudarshan Bhandari

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

​Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

​Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

RBI's new policy on gold loans aims to enhance transparency, protect borrowers, and formalize the market, promoting responsible lending and...

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...