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

Equity Bottom-Up

<ul><li>Near-term NIMs to Sustain at ~9%; Medium-term Normalisation to 8.5% Remains a Deliberate Strategy: SFL’s margin improved sharply to 9.04% in Q1, supported by the deployment of fresh equity capital, lower liabilities and a slight moderation in CoF.</li><li>Management expects margin resilience to sustain over the next couple of quarters, supported by deployment of excess capital and lower CoF (incremental CoF at 7.77% vs Q1 CoF of 8.56%).</li><li>The additional interest income (of Rs 500 Cr) during Q1 was attributable to income earned on the recently infused capital, which will gradually normalise as surplus liquidity gets deployed into business 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.

Near-term NIMs to Sustain at ~9%; Medium-term Normalisation to 8.5% Remains a Deliberate Strategy: SFL’s margin improved sharply to 9.04% in Q1, supported by the deployment of fresh equity capital, lower liabilities and a slight moderation in CoF.Management expects margin resilience to sustain over the next couple of quarters, supported by deployment of excess capital and lower CoF (incremental CoF at 7.77% vs Q1 CoF of 8.56%).The additional interest income (of Rs 500 Cr) during Q1 was attributable to income earned on the recently infused capital, which will gradually normalise as surplus liquidity gets deployed into business 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.

Shriram Finance Ltd. - Multiple Levers to Sustain Superior Growth and Returns

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, there could be one index change for the BSE SENSEX index in December 2026.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, there could be one index change for the BSE SENSEX index in December 2026.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Highly Likely; Room for One More Too

<ul><li>Stable Asset Quality Outlook with Vigilant Monitoring of Emerging Risks: SFL’s asset quality deteriorated marginally (by 3bps) in a seasonally strong Q4 with an increase seen in GS2/GS3, driving credit costs higher QoQ.</li><li>Certain pockets in the MSME segments have witnessed pressure, and the company has proactively moderated growth in those segments.</li><li>Presently, the management does not see any activity slowdown or supply chain disruptions due to the ongoing geopolitical uncertainty and has stated that collections during Apr’26 have remained steady. </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.

Stable Asset Quality Outlook with Vigilant Monitoring of Emerging Risks: SFL’s asset quality deteriorated marginally (by 3bps) in a seasonally strong Q4 with an increase seen in GS2/GS3, driving credit costs higher QoQ.Certain pockets in the MSME segments have witnessed pressure, and the company has proactively moderated growth in those segments.Presently, the management does not see any activity slowdown or supply chain disruptions due to the ongoing geopolitical uncertainty and has stated that collections during Apr’26 have remained steady. 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.

Shriram Finance Ltd. - Steady Margins and Cost Discipline to Support Earnings Trajectory

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, we see only one ADD/DEL but there are other names lurking close to the border.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, we see only one ADD/DEL but there are other names lurking close to the border.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL 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

Shriram Finance Ltd. - Multiple Levers to Sustain Superior Growth and Returns

SFL’s margin improved sharply to 9.04% in Q1, supported by the deployment of fresh equity capital, lower liabilities and a slight moderation in CoF.

Axis Direct

Quiddity Leaderboard BSE SENSEX Dec26: One Change Highly Likely; Room for One More Too

We see at least one change. However, there could be more changes, if the top potential DEL Tech Mahindra underperforms other names in the next few...

Janaghan Jeyakumar, CFA

Shriram Finance Ltd. - Steady Margins and Cost Discipline to Support Earnings Trajectory

SFL’s asset quality deteriorated marginally (by 3bps) in a seasonally strong Q4 with an increase seen in GS2/GS3, driving credit costs higher QoQ.

Axis Direct

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Shriram Finance Ltd. - Multiple Levers to Sustain Superior Growth and Returns

SFL’s margin improved sharply to 9.04% in Q1, supported by the deployment of fresh equity capital, lower liabilities and a slight moderation in CoF.

Axis Direct

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Highly Likely; Room for One More Too

We see at least one change. However, there could be more changes, if the top potential DEL Tech Mahindra underperforms other names in the next few...

Janaghan Jeyakumar, CFA

Shriram Finance Ltd. - Steady Margins and Cost Discipline to Support Earnings Trajectory

SFL’s asset quality deteriorated marginally (by 3bps) in a seasonally strong Q4 with an increase seen in GS2/GS3, driving credit costs higher QoQ.

Axis Direct

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE SENSEX Dec26: One Change Highly Likely; Room for One More Too

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible