External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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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)

India Financials / Thematic (Sector/Industry)

<ul><li>Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.</li><li>Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.</li><li>However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. </li></ul><p><em>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.</em></p>

Over 9MFY26, the sector presented two distinct narratives for banks and NBFCs.Phase 1 proved challenging, with headwinds largely playing out over H1FY26 and was characterised by slower disbursement and loan growth, deposit mobilisation pressures for banks, squeezed margins given RBI repo rate cuts, and elevated stress in the unsecured lending segments.However, Phase 2, which began unfolding in Q3, was meaningfully better with most banks and NBFCs reporting an earnings surprise aided by gradually moderating credit costs as unsecured segment stress ebbed, the ability to maintain NIMs despite rate cuts in Dec’25 (though only partial impact was visible), continuous asset quality improvement, and a decisive credit growth recovery. 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.

Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling