External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs</li><li>Deposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)</li><li>Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segments</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.

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costsDeposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segmentsContent 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: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

<ul><li>Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2</li><li>Consolidated revenue was up 5% YoY</li><li>EBITDA declined 7% YoY, owing to lower gross margin and higher fixed cost</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.

Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2Consolidated revenue was up 5% YoYEBITDA declined 7% YoY, owing to lower gross margin and higher fixed costContent 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: Supreme Industries, PNB Housing Finance

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.

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Read Business Not Stock Prices

<ul>
<li>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

<ul><li>Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS division</li><li>This growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segment</li><li>EBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expenses</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.

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS divisionThis growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segmentEBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expensesContent 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: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

<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

India

PNB Housing Finance is an Indian housing finance company. It provides a range of financial products, including home loans for purchase, construction, repair, and up-gradation of residential and commercial properties, as well as loans against property and fixed deposit schemes. The company was incorporated in 1988 and is headquartered in New Delhi, India.

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PNB Housing Finance (PNBHOUSI IN)

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs

HDFC Securities

HSIE Results Daily: Supreme Industries, PNB Housing Finance

Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2. Consolidated revenue...

HDFC Securities

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

HSIE Results Daily: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS...

HDFC Securities

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

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HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs

HDFC Securities

HSIE Results Daily: Supreme Industries, PNB Housing Finance

Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2. Consolidated revenue...

HDFC Securities

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

HSIE Results Daily: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS...

HDFC Securities

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

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

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