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.

Equity Bottom-Up

<ul><li>Strategy Re-Orientation Towards Gold Loans: Amidst continued challenges in the MFI segment and stress remaining higher in unsecured MSME and certain sub-segments of Vehicle Finance, Manappuram will focus on strengthening and growing its core gold loan business.</li><li>The company aims at improving the mix of Gold loans to 75% vs 65% currently, over the medium term.</li><li>Focus will continue to remain on higher ticket size customers. </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.

Strategy Re-Orientation Towards Gold Loans: Amidst continued challenges in the MFI segment and stress remaining higher in unsecured MSME and certain sub-segments of Vehicle Finance, Manappuram will focus on strengthening and growing its core gold loan business.The company aims at improving the mix of Gold loans to 75% vs 65% currently, over the medium term.Focus will continue to remain on higher ticket size customers. 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.

Manappuram Finance Ltd. - Gold Rate Cuts to Drag NIMs...

<ul><li>Gold loan growth to remain robust; Impact of RBI guidelines manageable: Amidst continued challenges in the MFI segment, Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.</li><li>The management indicated that the impact of the RBI guidelines for gold lending is likely to have a limited and manageable impact on business operations and growth.</li><li>In FY26, the gold loan portfolio is expected to deliver a strong 20% YoY 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.

Gold loan growth to remain robust; Impact of RBI guidelines manageable: Amidst continued challenges in the MFI segment, Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.The management indicated that the impact of the RBI guidelines for gold lending is likely to have a limited and manageable impact on business operations and growth.In FY26, the gold loan portfolio is expected to deliver a strong 20% YoY 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.

Manappuram Finance Ltd - Another Weak Quarter, Gold Portfolio To Lead Growth!

<ul><li>Focus shifts to secured assets; optimistic on Gold loan growth: The management has indicated that Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.</li><li>In Q3FY25, the gold loan growth was soft owing to the festive season. However, the management remains confident that growth will pick up from Q4FY25 onwards, supported by a healthy pace of customer addition and increased ticket sizes.</li><li>Thus, Manappuram is expected to deliver a strong gold loan growth of 15-20% over the foreseeable future (vs its earlier guidance of 12-15%).</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.

Focus shifts to secured assets; optimistic on Gold loan growth: The management has indicated that Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.In Q3FY25, the gold loan growth was soft owing to the festive season. However, the management remains confident that growth will pick up from Q4FY25 onwards, supported by a healthy pace of customer addition and increased ticket sizes.Thus, Manappuram is expected to deliver a strong gold loan growth of 15-20% over the foreseeable future (vs its earlier guidance of 12-15%).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.

Manappuram Finance Ltd. - Weak Quarter, Focus Shifts to Growing Secured Portfolio!

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)

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>Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line).</li><li>NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to ~INR10.3b.</li><li>1HFY25 PAT grew 7% YoY to INR11.3b and we expect 2HFY25 PAT to decline 8% YoY. </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.

Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line).NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to ~INR10.3b.1HFY25 PAT grew 7% YoY to INR11.3b and we expect 2HFY25 PAT to decline 8% YoY. 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.

Manappuram Finance - Healthy Gold Loan Growth; MFI Business Remains Key Monitorable

India

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

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Manappuram Finance (MGFL IN)

Manappuram Finance Ltd. - Gold Rate Cuts to Drag NIMs...

Strategy Re-Orientation Towards Gold Loans: Amidst continued challenges in the MFI segment and stress remaining higher in unsecured MSME and...

Axis Direct

Manappuram Finance Ltd - Another Weak Quarter, Gold Portfolio To Lead Growth!

The management indicated that the impact of the RBI guidelines for gold lending is likely to have a limited and manageable impact on business...

Axis Direct

Manappuram Finance Ltd. - Weak Quarter, Focus Shifts to Growing Secured Portfolio!

The management has indicated that Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non...

Axis Direct

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

Manappuram Finance - Healthy Gold Loan Growth; MFI Business Remains Key Monitorable

Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line). NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to...

Motilal Oswal

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