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

<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>NIMs to be Maintained at Current Levels; Upside Risk Exists: SLF’s 34bps NIM expansion was aided by improvement in CoF and lower excess liquidity.</li><li>Furthermore, the company’s incremental CoF stands at 7.73% (without factoring in rating upgrade benefit) vs 8.12% QoQ and outstanding CoF of 8.69% (down 14bps QoQ) in Dec’25.</li><li>Moreover, the company is yet to accrue benefits from the multiple credit ratings and expects a 30-40bps improvement in CoF in the following quarters. </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.

NIMs to be Maintained at Current Levels; Upside Risk Exists: SLF’s 34bps NIM expansion was aided by improvement in CoF and lower excess liquidity.Furthermore, the company’s incremental CoF stands at 7.73% (without factoring in rating upgrade benefit) vs 8.12% QoQ and outstanding CoF of 8.69% (down 14bps QoQ) in Dec’25.Moreover, the company is yet to accrue benefits from the multiple credit ratings and expects a 30-40bps improvement in CoF in the following quarters. 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 - Driving Strong Medium-Term Growth While Retaining Core Strengths!

<ul><li>Shriram Finance Limited (SFL) hosted a concall to highlight the rationale of the MUFG deal and the roadmap for utilisation of the funds.</li><li>The management’s commentary reinstates confidence in the company’s ability to deliver strong and consistent growth, while simultaneously improving profitability.</li><li>The growth capital should help SFL adequately accelerate its growth across segments without significantly altering its AUM mix over the foreseeable future. </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.

Shriram Finance Limited (SFL) hosted a concall to highlight the rationale of the MUFG deal and the roadmap for utilisation of the funds.The management’s commentary reinstates confidence in the company’s ability to deliver strong and consistent growth, while simultaneously improving profitability.The growth capital should help SFL adequately accelerate its growth across segments without significantly altering its AUM mix over the foreseeable future. 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 Lt - More Capital, Better Growth, Stronger Profitability, But Same Playbook!

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

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

Shriram Finance Ltd - Driving Strong Medium-Term Growth While Retaining Core Strengths!

NIMs to be Maintained at Current Levels; Upside Risk Exists: SLF’s 34bps NIM expansion was aided by improvement in CoF and lower excess liquidity.

Axis Direct

Shriram Finance Lt - More Capital, Better Growth, Stronger Profitability, But Same Playbook!

Shriram Finance Limited (SFL) hosted a concall to highlight the rationale of the MUFG deal and the roadmap for utilisation of the funds.

Axis Direct

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