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SAPPHIRE
Duration: Month
Target:350
buy PVRINOX
Duration: Month
Target:1245
neutral INDIACEM
Duration: Month
Target:300
sell INDIAMART
Duration: Month
Target:2900
buy CEATLTD
Duration: Month
Target:4523
buy SOBHA
Duration: Month
Target:1877
buy CIEINDIA
Duration: Month
Target:502
buy ATUL
Duration: Month
Target:7520
buy UTIAMC
Duration: Month
Target:1700
buy RBLBANK
Duration: Month
Target:350
buy
MOSt Market Roundup : Nifty future closed positive with gains of 0.67% at 25930 levels by Motilal Oswal Wealth Management Market Update Nifty : 25,843.15 +133.30 (+0.52%) Sensex : 84,363.37 +411.18 (+0.49%) * Dalal Street witnessed a firecracker rally as Bank Nifty hit an all-time high and Nifty approached the 26,000 mark, driven by strong quarterly earnings, a global market uptrend, and sustained FII buying. Over the last three sessions, Nifty gained 340 points (2.3%) and Sensex surged nearly 2,000 points (2.3%), supported by broad-based buying across financials, large-cap blue chips, auto, metal,...
MOSt Market Roundup : Nifty future closed positive with gains of 0.67% at 25930 levels by Motilal Oswal Wealth Management
MOSt Market Roundup : Nifty future closed positive with gains of 0.67% at 25930 levels by Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-10-20 04:53:53 pm
Company Update : Sunteck Realty by Motilal Oswal Financial Services Ltd Miss on collections offset by strong financials Collection efficiency at 47% Operational performance – 2QFY26 * SRIN reported pre-sales of INR7b in 2QFY26, up 34%/7% YoY/QoQ (19% above estimates). In 1HFY26, presales were at INR13.6b, up 32% YoY. * Collections were up 24% YoY to INR3.3b for 2QFY26 (28% below estimates). In 1HFY26, collections were at INR6.8b, up 12% YoY. * The net debt-to-equity ratio rose to 0.04x in the quarter from 0.02x QoQ. * In 2QFY26, the compan...
Company Update : Sunteck Realty by Motilal Oswal Financial Services Ltd
Company Update : Sunteck Realty by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-20 12:32:04 pm
Company Update : CIE India Automotive by Motilal Oswal Financial Services Ltd Margin beat both in India and Europe * CIE consol PAT at INR2.1b came in ahead of our estimate of INR2b, primarily led by better-than-expected performance in both India and Europe. * 3QCY25 consol. revenue grew ~11% YoY to INR23.7b (est. INR23.2b). The Europe business posted 18% YoY growth, driven by 7% revenue growth in Euro terms over a low base and 11% benefit from currency depreciation. The India business grew 8% YoY, led by a gradual pick-up in auto demand. 9MCY25 revenue/EBITDA/Ad...
Company Update : CIE India Automotive by Motilal Oswal Financial Services Ltd
Company Update : CIE India Automotive by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-20 12:23:31 pm
Company Update : Metro Brands by Motilal Oswal Financial Services Ltd Revenue growth in line; higher expenses on account of store acceleration hurts profitability * Consolidated revenue grew ~11% YoY to INR6.5b (in-line), driven largely by ~10% YoY area additions as revenue/sqft was stable YoY at INR4,300. * In-store sales at ~10% YoY saw a pick up (vs. ~4% YoY in 1Q), driven largely by 11% YoY store additions. * The company added 42 new stores and closed four stores, bringing the total count to 966 stores. Format-wise, MBL added 10 stores each in Moch...
Company Update : Metro Brands by Motilal Oswal Financial Services Ltd
Company Update : Metro Brands by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-20 12:16:52 pm
Company Update : Jio Financial Services by Motilal Oswal Financial Services Ltd Lending business scaling well; broad business momentum intact * NBFC AUM rose ~26% QoQ; consol. PAT was flat YoY * Jio Financial Services’ (JFSL) 2QFY26 consolidated NII grew ~25% YoY to INR2.6b (PY: ~INR2.1b). Other income grew 25% YoY to INR6.1b, which included investment income of ~INR1.8b (PY: INR2.1b) and dividend income of INR2.7b (PY: INR2.4b). * Opex rose ~102% YoY to INR2.9b (PY: ~INR1.4b). Employee expenses increased ~40% YoY to INR950m. PPoP grew ~5% YoY to INR5.8b (...
Company Update : Jio Financial Services by Motilal Oswal Financial Services Ltd
Company Update : Jio Financial Services by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-20 12:03:09 pm
Nifty immediate support is at 25600 then 25500 zones while resistance at 25850 then 26000 zones - Motilal Oswal Wealth Management Nifty Technical Outlook NIFTY (CMP : 25709) Nifty immediate support is at 25600 then 25500 zones while resistance at 25850 then 26000 zones. Now it has to hold above 25600 zones for an up move towards 25850 then 26000 zones while supports have shifted higher to 25600 then 25500 zones.   Bank Nifty Technical Outlook BANK NIFTY (CMP : 57713) Bank Nifty support is at 57500 then 57250 zones while resistance at 58000 then 58500 zones. Now it has to hold above 57500 zone...
Nifty immediate support is at 25600 then 25500 zones while resistance at 25850 then 26000 zones - Motilal Oswal Wealth Management
Nifty immediate support is at 25600 then 25500 zones while resistance at 25850 then 26000 zones - Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-10-20 10:28:26 am
Company Update : Angel One by Motilal Oswal Financial Services Ltd In-line performance; broking recovers sequentially * Gross broking revenue at ~INR7.2b declined 23% YoY but grew 4% QoQ (inline). The sequential growth in brokerage revenue was led by F&O activity (F&O brokerage rose 8% QoQ and was in line), while cash brokerage declined 21% YoY/16% QoQ. The commodity brokerage rose 28% YoY/5% QoQ; 8% miss. * Net brokerage income at INR5.5b dipped 21% YoY/grew 5% QoQ (in line). * Net interest income at INR2.9b was flat YoY but grew 5% QoQ (in...
Company Update : Angel One by Motilal Oswal Financial Services Ltd
Company Update : Angel One by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-19 10:14:07 am
Company Update : KEI Industries by Motilal Oswal Financial Services Ltd In-line performance; OPM below our estimate * KEII’s 2QFY26 revenue grew ~19% YoY to INR27.3b (in line). EBITDA rose ~20% YoY to INR2.7b (in line). OPM was flat YoY at ~10% (-50bp below our est.). PAT grew ~31% YoY to INR2.0b (in line). There has been a delay in the commissioning of the Sanand Project, with Phase-I expected in Nov’25 (earlier in Sep’25) and EHC to be commissioned by 4QFY27 (earlier in 1HFY27). * Revenue mix of different cables in overall cables revenue...
Company Update : KEI Industries by Motilal Oswal Financial Services Ltd
Company Update : KEI Industries by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-19 10:10:44 am
Company Update : Oberoi Realty by Motilal Oswal Financial Services Ltd Subdued operations amid strong profitability Operational performance – 2QFY26 * In 2QFY26, OBER achieved pre-sales of INR13b, down 10% YoY and 21% QoQ (7% below our estimate), wherein ~62% was contributed by Elysian and 360 West. In 1HFY26, bookings stood at INR29.4b, up 18% YoY. * Volumes were down 9% YoY / 29% QoQ to 0.25msf (16% below estimates). In 1HFY26, volumes stood at 0.6msf, up 24% YoY. * Total units booked in the quarter stood at 158, which was flat YoY and down 1...
Company Update : Oberoi Realty by Motilal Oswal Financial Services Ltd
Company Update : Oberoi Realty by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-19 10:08:16 am
Company Update : L&T Finance by Motilal Oswal Financial Services Ltd Earnings in line; credit costs (before utilization) down QoQ NIMs + fees stable QoQ; healthy asset quality * L&T Finance’s (LTF) 2QFY26 PAT grew 5% YoY to INR7.3b (in line). NII grew ~10% YoY to INR24b (in line). Opex rose ~12% YoY to ~INR10.7b (in line). Cost-income ratio declined ~40bp QoQ to ~39.5% (PQ: ~40%). * PPoP grew ~3% YoY to ~INR16.8b (in line). * Credit costs stood at INR6.4b (~9% lower than MOFSLe), translating into annualized credit costs of ~2.47% (PQ: 2.5...
Company Update : L&T Finance by Motilal Oswal Financial Services Ltd
Company Update : L&T Finance by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-19 10:04:08 am
MOSt Market Roundup : Nifty future closed positive with gains of 0.37% at 25751 levels by Motilal Oswal Wealth Management Market Update Nifty : 25,709.85 +124.55 (+0.49%) Sensex : 83,952.19 +484.53 (+0.58%) * Equity benchmark Nifty closed at a fresh 52-week high above the 25,700 mark, while Bank Nifty touched a record intra-day high of 67,750, supported by strong Q2 earnings, renewed FII buying, and attractive valuations relative to global peers. Market sentiment was further lifted by falling crude oil prices to a near one-year low below $61/bbl, continued progress on GST reforms, and October infl...
MOSt Market Roundup : Nifty future closed positive with gains of 0.37% at 25751 levels by Motilal Oswal Wealth Management
MOSt Market Roundup : Nifty future closed positive with gains of 0.37% at 25751 levels by Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-10-19 09:14:59 am
Retail Sector Update : Festive demand & GST impact - Muted start to the festive season by Motilal Oswal Financial Services Ltd Festive demand & GST impact: Muted start to the festive season GST benefits largely passed on Subdued consumer sentiment continues for apparel and footwear retailers The onset of the festive season following Shraddh – namely Navratri, Dussehra, Karwa Chauth, and the pre-Diwali period – has so far seen muted consumer sentiment across apparel and footwear retailers. Overall demand during the Navratri period, which included GST adjustments and the festival itself, was tr...
Retail Sector Update : Festive demand & GST impact - Muted start to the festive season by Motilal Oswal Financial Services Ltd
Retail Sector Update : Festive demand & GST impact - Muted start to the festive season by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-18 02:12:34 pm
Company Update : Anand Rathi by Motilal Oswal Financial Services Ltd In-line performance across parameters * Anand Rathi Wealth’s (ARWM) reported revenue from operations of ~INR3b in 2QFY26 (in line with est.), resulting in 23% YoY and 9% QoQ growth. * MF revenue rose 16% YoY to INR1.2b, while revenue from the distribution of financial products grew 28% YoY to INR1.7b for the quarter. * Operating expenses for 2QFY26 grew 16% YoY and 9% QoQ to INR1.6b. Employee cost/other expense grew 14%/21% YoY to INR1.2b/INR350m. * EBIDTA came in at INR1.4b...
Company Update : Anand Rathi by Motilal Oswal Financial Services Ltd
Company Update : Anand Rathi by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-18 11:54:10 am
The Economy Observer : Sep`25 CPI: Lowest in eight years by Motilal Oswal Financial Services Ltd Sep’25 : Lowest in eight years * Headline inflation softened to 1.5% in Sep’25 (lowest since Jun’17) from 2.1% in Aug’25. It remained below the 3% mark for the fifth consecutive month. On a sequential basis, it stood at 0.1% MoM in Sep’25, the lowest in six months. * The moderation in inflation was led by a decline in food prices, primarily vegetables and pulses. Good kharif harvest, better supplies of vegetables and pulses, and sufficient cereal stock with...
The Economy Observer : Sep`25 CPI: Lowest in eight years by Motilal Oswal Financial Services Ltd
The Economy Observer : Sep`25 CPI: Lowest in eight years by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-18 11:49:31 am
Healthcare Monthly Sector Update : Softness persists in acute therapies for third consecutive month By Motilal Oswal Financial Services Ltd Softness persists in acute therapies for third consecutive month * The Indian pharma market (IPM) grew 6.1% YoY in Sep’25 (vs. 5% in Sep’24 and 8% in Aug’25). * The growth was driven by strong outperformance in Respiratory/Cardiac/AntiDiabetic therapies, which outperformed IPM by 900bp/450bp/270bp in Sep’25. * Acute therapy continues to show muted growth at 3% in Sep’25 (vs. 4% in Sep’24/ 6% in Aug’25) owing to seasonality. * For the 12 mo...
Healthcare Monthly Sector Update : Softness persists in acute therapies for third consecutive month By Motilal Oswal Financial Services Ltd
Healthcare Monthly Sector Update : Softness persists in acute therapies for third consecutive month By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-18 11:44:25 am
Capital Goods Sector Update : Genset demand normalizing by Motilal Oswal Financial Services Ltd Genset demand normalizing Genset channel checks Our genset channel checks suggest that demand normalization on a YoY basis has been happening in most parts of the country, and players can grow their volumes between 10% and 20% YoY in 2QFY26. Since the implementation of CPCB 4+ norms in Jul’24, the industry will now experience a like-for-like comparison of demand and pricing levels in 2QFY26. Players have grown at different rates in volume terms, but pricing has broadly stabilized,...
Capital Goods Sector Update : Genset demand normalizing by Motilal Oswal Financial Services Ltd
Capital Goods Sector Update : Genset demand normalizing by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-18 10:51:31 am
Life Insurance Sector Update : Industry`s individual APE declines YoY, led by weak LIC growth by Motilal Oswal Financial Services Ltd Industry’s individual APE declines YoY, led by weak LIC growth Private players experience robust growth; LIC witnesses a decline * In Sep’25, the individual weighted received premium (WRP) growth for private players stood robust at 7.7% YoY vs. ~1% YoY in Aug’25. However, LIC reported a dip of 32% YoY, which resulted in ~6% YoY decline for the industry in WRP terms. * Among listed players, SBILIFE witnessed the fastest growth in individual WRP (+15% YoY), followed b...
Life Insurance Sector Update : Industry`s individual APE declines YoY, led by weak LIC growth by Motilal Oswal Financial Services Ltd
Life Insurance Sector Update : Industry`s individual APE declines YoY, led by weak LIC growth by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-18 10:05:24 am
Financials - Banks Sector Update : PSBs reporting more resilient loan yield; deposit repricing gaining pace by Motilal Oswal Financial Services Ltd PSBs reporting more resilient loan yield; deposit repricing gaining pace Sector margins to bottom out in 2Q; 1-year MCLR dips 10-100bp * Following a cumulative 100bp repo rate cut in CY25, system yields on fresh loans have eased ~65bp over the past six months, led by an 80bp decline for private banks(PVBs) and a 62bp decline for PSBs. Given that there have been no further rate cuts, NIMs are expected to bottom out, aided by lower proposed risk weights in select segments and lower CRR. ...
Financials - Banks Sector Update : PSBs reporting more resilient loan yield; deposit repricing gaining pace by Motilal Oswal Financial Services Ltd
Financials - Banks Sector Update : PSBs reporting more resilient loan yield; deposit repricing gaining pace by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2025-10-18 10:01:24 am
Company Update : CreditAccess Grameen by Motilal Oswal Financial Services Ltd AUM growth remains muted; PAR rates improve Healthy customer additions; PAR 30 and 90 continue to improve * CREDAG’s AUM grew ~3% YoY and was flat QoQ at INR259b as of Sep’25 (slightly below our estimates). The share of Karnataka in AUM stood at INR79b as of Sep’25 vs. INR81b in Jun’25, while AUM in other states stood at INR180b in Sep’25 vs. INR179b as of Jun’25. * Disbursements grew 33% YoY but declined ~2% QoQ to INR53b in 2QFY26. * The compa...
Company Update : CreditAccess Grameen by Motilal Oswal Financial Services Ltd
Company Update : CreditAccess Grameen by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 02:11:28 pm
Company Update : Dabur by Motilal Oswal Financial Services Ltd Demand recovery in sight DABUR released its pre-quarterly update for 2QFY26. Here are the key highlights: GST reform impact * The government’s recent GST rate cut (from 12%/18% to 5%) across FMCG categories marks a landmark reform aimed at driving affordability and enhancing purchasing power. * This move is expected to boost consumption across categories, strengthening demand in both urban and rural markets. * Around 60% of Dabur’s India business (covering Oral Care...
Company Update : Dabur by Motilal Oswal Financial Services Ltd
Company Update : Dabur by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 02:01:06 pm
Company Update : Godrej Consumer Products by Motilal Oswal Financial Services Ltd Consol mid-single-digit value growth; EBITDA expected to decline Godrej Consumer Products (GCPL) released its pre-quarterly update for 2QFY26. Following are the key takeaways: GST 2.0 * The company expects recent GST reforms to strengthen consumer demand. * Nearly one-third of GCPL’s portfolio (toilet soaps, talcum powders, shampoos, shaving creams) is now taxed at 5%, down from ~18%. * GCPL has passed on GST benefits to consumers effective 22nd September, 2025. Reforms a...
Company Update : Godrej Consumer Products by Motilal Oswal Financial Services Ltd
Company Update : Godrej Consumer Products by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 01:52:40 pm
Company Update : Angel One by Motilal Oswal Financial Services Ltd Steady performance; MTF book continues to rise MoM Angel One (ANGELONE) released its key business numbers for Sep’25. Here are the key takeaways: * ANGELONE’s gross client acquisition was flattish MoM at ~0.55m in Sep’25 (-42% YoY), taking the total client base to 34.1m. * The average MTF book grew ~5% MoM to ~INR55.5b, scaling a new high (+36% YoY) in Sep’25. * The number of orders grew 16% MoM to 127.6m for Sep’25 (down 19% YoY), while the order run...
Company Update : Angel One by Motilal Oswal Financial Services Ltd
Company Update : Angel One by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 12:05:20 pm
Company Update : Kalyan Jewellers by Motilal Oswal Financial Services Ltd Weddings and festivities aid growth; double-digit SSSG continues Kalyan Jewellers (KALYAN) released its pre-quarterly update for 2QFY26. Here are the key takeaways:. Company level * KALYAN reported consolidated sales growth of ~30% YoY (est. 26% in 2QFY26, 31% in 1QFY26, and 37% in 2QFY25). ? During 2QFY26, the company launched 15 Kalyan showrooms in India, 2 showrooms in the Middle East, and 15 Candere showrooms in India. * On 30th Sep’25, the total number of stores stood a...
Company Update : Kalyan Jewellers by Motilal Oswal Financial Services Ltd
Company Update : Kalyan Jewellers by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 12:00:19 pm
Company Update : Trent by Motilal Oswal Financial Services Ltd Growth deceleration continues; revenue up 17% YoY, broadly in line with expectations * Trent’s reported standalone revenue (incl. GST) grew 17% YoY to INR50b. The implied net revenue of INR47.4b (+17% YoY) is likely to be broadly in line with our expectations. * However, Trent’s revenue growth continued to decelerate in 2QFY26 (vs. 57%/40%/37%/29%/20% in last five quarters), likely due to slowing SSSG (selfcannibalization) and a high base effect, in our view. * Trent&rsqu...
Company Update : Trent by Motilal Oswal Financial Services Ltd
Company Update : Trent by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 11:56:03 am
Company Update : Equitas Small Finance by Motilal Oswal Financial Services Ltd MFI book declines, advances growth in line; deposits dip marginally; net slippage ratio declines in the SBL segment Equitas Small Finance Bank has released its business update for 2QFY26. Here are the key highlights: * Equitas SFB reported a growth of 8.6% YoY/4.1% QoQ in gross advances to INR391.5b (MOFSLe for net advances at 7.3% YoY/4.9% QoQ). * The Non-MFI portfolio share has now increased to 91.3% of the total advances, growing 17.5% YoY/4.9% QoQ. The bank has consciously slowed...
Company Update : Equitas Small Finance by Motilal Oswal Financial Services Ltd
Company Update : Equitas Small Finance by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 11:16:13 am
Company Update : RBL Bank by Motilal Oswal Financial Services Ltd Robust gross advances growth at 6% QoQ; CASA ratio declines Retail-to-wholesale mix at 60:40 RBL Bank (RBK) released its quarterly business update for 2QFY26. Here are the key highlights: * RBK reported 14% YoY/6% QoQ growth in gross advances to INR1.02t, far better than our estimate of 10.5% YoY/2.8% QoQ growth. This was led by broad-based growth in retail advances (at 11% YoY/ 5% QoQ), as well as wholesale advances (at 20% YoY/ 6% QoQ). * Within retail, secured retail advances g...
Company Update : RBL Bank by Motilal Oswal Financial Services Ltd
Company Update : RBL Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 11:13:58 am
Company Update : Bandhan Bank by Motilal Oswal Financial Services Ltd Loan growth at 4.8% QoQ (above estimate); deposit growth in line BANDHAN released its quarterly business update, highlighting the key trends for 2QFY26: * Gross advances (on book + PTC) grew 4.8% QoQ (up 7.2% YoY) to ~INR1.4t, ahead of our estimate of 4.7% YoY/2.7% QoQ growth. * Deposits grew 2.1% QoQ (up 10.9% YoY), in line with our estimate of 11.1% YoY/2.4% QoQ. CASA deposits grew 5.6% QoQ (down 6.5% YoY). Thus, the CASA ratio improved to 28% (from 27.1% in 1QFY26). * Retail de...
Company Update : Bandhan Bank by Motilal Oswal Financial Services Ltd
Company Update : Bandhan Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 11:10:36 am
Company Update : Mahindra Finance by Motilal Oswal Financial Services Ltd Business assets rise 13% YoY; disbursements remain muted Key takeaways from the 2QFY26 business update: * MMFS’s 2QFY26 disbursements at INR135b grew 3% YoY and ~5% QoQ. * Gross business assets as of Sep’25 stood at ~INR1.27t, up 13% YoY/4% QoQ. * The company’s 2QFY26 CE stood at 96% (PY: 96% and PQ: 95%). * MMFS reported that its Stage 3 is estimated at 3.9-4% (PQ and PY: 3.8%) and Stage 2 is estimated at 5.75-5.85% (PQ: 5.9% and PY: 6.4%). * As of Sep&rsq...
Company Update : Mahindra Finance by Motilal Oswal Financial Services Ltd
Company Update : Mahindra Finance by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 11:06:39 am
Company Update : AU Small Finance Bank by Motilal Oswal Financial Services Ltd Robust business growth; CD ratio inches up AUBANK released its business update for 2QFY26. Here are the key highlights: * AUBANK has reported a robust 5.3% QoQ (+22.4% YoY) growth in gross advances to ~INR1.18t. Including the securitized/assigned + IBPC loan portfolio, the total loan portfolio grew 4.5% QoQ (17% YoY). Growth broadly stood in line with our estimate of net advances at 20.9% YoY/4.4% QoQ. * The bank securitized its asset portfolio of INR53.5b in 2QFY26 and INR60.1b in 1...
Company Update : AU Small Finance Bank by Motilal Oswal Financial Services Ltd
Company Update : AU Small Finance Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 11:02:56 am
Company Update : IndusInd Bank by Motilal Oswal Financial Services Ltd Business declines and misses estimates; CASA ratio dips IndusInd Bank (IIB) released its quarterly update, highlighting the key business numbers for 2QFY26. The following are the key takeaways: * IIB reported a 2% QoQ drop in net advances (down 8% YoY) to INR3.27t. Our net advances growth estimate was 3.4% QoQ (down 3.4% YoY). * Deposits also decreased 2% QoQ (down 5% YoY), and the CASA ratio declined to 30.8% from 31.5% as of 1QFY26. Our deposit growth estimate was 3.5% QoQ (down 0....
Company Update : IndusInd Bank by Motilal Oswal Financial Services Ltd
Company Update : IndusInd Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:58:08 am
Company Update : L&T Finance by Motilal Oswal Financial Services Ltd Retail loans grew ~17% YoY; healthy disbursement growth of ~25% YoY Wholesale loans could have potentially declined to ~INR22b. * 2QFY26 retail disbursements grew ~25% YoY/8% QoQ to INR189b (PQ: INR175b). * Rural Business disbursements grew 16% YoY. Farmer Finance disbursements declined 7% YoY, Urban Finance disbursements grew 30% YoY, and SME disbursements grew ~17% YoY. * Gold loan disbursements stood at INR9.8b in 2QFY26. * Retail loan book grew 17% YoY and 5% QoQ to INR1.04...
Company Update : L&T Finance by Motilal Oswal Financial Services Ltd
Company Update : L&T Finance by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:52:39 am
Company Update : Marico by Motilal Oswal Financial Services Ltd Revenue growth to cross 30%; expect modest operating profit growth Please find below the key highlights from Marico (MRCO)’s 2QFY26 prequarterly update: Business overview – consol. revenue growth in thirties * The sector witnessed stable demand trends during most of the quarter. MRCO expects demand sentiment to gradually improve during the upcoming festive season and months ahead, aided by easing inflation, above-average monsoons, healthy crop outlook, and policy stimulus...
Company Update : Marico by Motilal Oswal Financial Services Ltd
Company Update : Marico by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:49:24 am
Company Update : Bajaj Housing Finance by Motilal Oswal Financial Services Ltd Healthy disbursement growth of ~32% YoY; AUM grew ~24% YoY Repayments were elevated during the quarter * 2QFY26 disbursements grew ~32% YoY/8.5% QoQ to INR159b. * AUM grew ~24% YoY/5% QoQ to INR1.27t as of Sep’25. * Repayments during the quarter were elevated at ~31.8% (PY: 26.9% and PQ: 31.1%) * Loan assets grew ~26% YoY and stood at INR1.13t as of Sep’25.     For More Research Reports : Click Here  For More Motilal Oswal Securities ...
Company Update : Bajaj Housing Finance by Motilal Oswal Financial Services Ltd
Company Update : Bajaj Housing Finance by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:44:59 am
Company Update : Union Bank of India by Motilal Oswal Financial Services Ltd Growth in advances and deposits remains sluggish Union Bank released its 2QFY26 business update. The following are the key takeaways: * Gross advances for the bank stood flat QoQ (up 4.98% YoY) at INR9.75t, trailing systemic loan growth as well as peers for 2QFY26. Domestic advances growth too remained weak at 0.43% QoQ (up 5.34% YoY). Net advances growth is expected at 8.4% YoY/2.8% QoQ as per MOFSL. * Within advances, growth for domestic retail advances was healthy at 4.1% QoQ/23.9...
Company Update : Union Bank of India by Motilal Oswal Financial Services Ltd
Company Update : Union Bank of India by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:41:06 am
Company Update : Punjab National Bank by Motilal Oswal Financial Services Ltd Business growth healthy; CD ratio rises to 72.4% PNB released its quarterly business numbers for 2QFY26. Here are the highlights: * Gross global advances grew by a modest 10.3% YoY/3.6% QoQ to ~INR11.7t. Domestic advances grew 10.7% YoY/3.7% QoQ. Credit growth came in ahead of our estimate of 10.1% YoY/2.8% QoQ growth in net advances. * Deposit growth stood at 10.9% YoY/1.7% QoQ to INR16.2t. Domestic deposits grew 10.4% YoY (1.7% QoQ). Deposit growth was slightly lower than our estim...
Company Update : Punjab National Bank by Motilal Oswal Financial Services Ltd
Company Update : Punjab National Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:35:57 am
Company Update : Avenue Supermarts by Motilal Oswal Financial Services Ltd DMART 2QFY26 pre-quarter update Revenue grew 15% YoY (vs. 16% YoY in 1Q and our est. ~17% YoY) * Standalone revenue at INR162b grew 15.4% YoY (on weak base of 14% YoY in 2QFY25), slightly weaker than our pre-quarter estimated growth of ~17% YoY. * Growth was largely driven by 13% YoY store addition and likely midsingle digit SSSG. * DMart added eight stores during the quarter (17 in 1HFY26 vs. 12 in 1HFY25), taking the total count to 432 stores. * Productivity remains weak *...
Company Update : Avenue Supermarts by Motilal Oswal Financial Services Ltd
Company Update : Avenue Supermarts by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:33:06 am
Company Update : Kotak Mahindra Bank by Motilal Oswal Financial Services Ltd Robust business momentum |CD ratio rises to 87.5% CASA ratio improves to 42.3% KMB released its 2QFY26 business update. The following are the key takeaways: * Net advances reported strong traction and grew 15.8% YoY/4.0% QoQ to INR4.63t (better than MOFSLe net advances of 14.6% YoY/2.9% QoQ). * Average net advances surged 14.6% YoY/4% QoQ. * Deposits (period-end) jumped 14.6% YoY/3.1% QoQ to INR5.29t. CASA deposits (period-end) surged 6.7% QoQ (up 11.2% YoY). The CASA ratio thu...
Company Update : Kotak Mahindra Bank by Motilal Oswal Financial Services Ltd
Company Update : Kotak Mahindra Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:28:14 am
Company Update : Bajaj Finance by Motilal Oswal Financial Services Ltd AUM growth at ~24% YoY; new customer additions weak New loans booked rise ~26% YoY * Total customer franchise stood at ~110.6m, up ~20% YoY/4% QoQ. * New customer acquisition was slightly weak, with BAF acquiring ~4.13m new customers (vs. 3.98m in 2QFY25). New customer acquisitions rose 4% YoY. * New loans booked rose ~26% YoY at 12.2m (v/s 9.7m in 2QFY25). Within this, the contribution from new customers was ~34% (PQ: 35% and PY: 41%). * AUM growth was slightly higher than our...
Company Update : Bajaj Finance by Motilal Oswal Financial Services Ltd
Company Update : Bajaj Finance by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:23:50 am
Company Update : HDFC Bank by Motilal Oswal Financial Services Ltd Robust gross advances growth at 4.4% QoQ, deposits rise 1.4% QoQ | CD ratio inches up CASA ratio steady at 33.9% HDFCB released its 2QFY26 business update. The following are the key takeaways: * Gross advances grew 9.9% YoY/4.4% QoQ to INR27.7t. The bank’s average AUM (grossing up for interbank, bills rediscounting, and securitization) grew 9% YoY/ 1.9% and period-end AUM rose 8.9% YoY/3.1% QoQ (MOFSLe at 7.7% YoY/2.3% QoQ for net advances). * Deposits (period-end) grew 12.1...
Company Update : HDFC Bank by Motilal Oswal Financial Services Ltd
Company Update : HDFC Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:21:08 am
Capital Goods Sector Update : Activity remains strong in select pockets by Motilal Oswal Financial Services Ltd Activity remains strong in select pockets During 2QFY26, the capital goods sector witnessed multiple positive developments: 1) the CEA pipeline with projects worth ~INR333b recommended by the NCT over the past three months, 2) MoD’s TPCR 2025 outlines 15-year sectoral needs, targeting annual defense spending of USD25-30b, and 3) benign commodity prices. In our recent reports, we highlighted two much-awaited defense orders, i.e., additional 97 Tejas Mk1A jets and RFP issuance for the ...
Capital Goods Sector Update : Activity remains strong in select pockets by Motilal Oswal Financial Services Ltd
Capital Goods Sector Update : Activity remains strong in select pockets by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:16:00 am
Financials : Non-Lending Sector Update : Rebuilding momentum with some regulatory overhang by Motilal Oswal Financial Services Ltd Rebuilding momentum with some regulatory overhang * For 2QFY26, we estimate the aggregate PAT of our Non-Lending Financials Universe at INR138b, which reflects a modest 4% YoY increase but a sharp 19% sequential decline. Within this, the capital market segment is expected to post PAT of INR35b, largely flat on a YoY basis, while life insurance companies are projected to deliver INR96b, reflecting healthy 7% YoY growth. In contrast, general insurance players are likely to report INR8b, impl...
Financials : Non-Lending Sector Update : Rebuilding momentum with some regulatory overhang by Motilal Oswal Financial Services Ltd
Financials : Non-Lending Sector Update : Rebuilding momentum with some regulatory overhang by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-16 10:12:15 am
NBFC & Banking Sector Update : Demand trends soft, except in gold; asset quality stays weak by Motilal Oswal Financial Services Ltd Demand trends soft, except in gold; asset quality stays weak Trends after GST rate cut a key monitorable; expect NIM expansion for VFs and AHFCs * Demand momentum remained soft: In 2QFY26E, we expect ~12% YoY growth in AUM for our coverage HFCs, including affordable and large HFCs. Vehicle financers (VFs) are projected to report ~17% YoY AUM growth. Gold lenders (including non-gold products) are likely to record ~29% YoY growth (primarily driven by ~44% YoY growth by MUTH). NBFC-MFIs ar...
NBFC & Banking Sector Update : Demand trends soft, except in gold; asset quality stays weak by Motilal Oswal Financial Services Ltd
NBFC & Banking Sector Update : Demand trends soft, except in gold; asset quality stays weak by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-15 12:58:49 pm
Automobiles Sector Update : CVs and 2Ws see demand revival in Q2 by Motilal Oswal Financial Services Ltd CVs and 2Ws see demand revival in Q2 OEMs likely to outperform ancillaries * After a weak print in 1Q, auto OEMs in our coverage universe delivered 12.9% YoY volume growth in 2QFY26. Among the listed companies, 2W/CV OEMs posted volume growth of 15%/10% in 2Q. Aggregate PV growth for the four listed OEMs stood at just 3% YoY. * For our OEM coverage universe (excl. TTMT), revenue is likely to grow 13% YoY on the back of healthy volume growth. Similarly, excl. TTMT, EBITDA/PAT for our ...
Automobiles Sector Update : CVs and 2Ws see demand revival in Q2 by Motilal Oswal Financial Services Ltd
Automobiles Sector Update : CVs and 2Ws see demand revival in Q2 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-15 12:48:20 pm
Consumer Sector Update : Trade disturbance and early festive season to impact growth trend; all eyes on commentary by Motilal Oswal Financial Services Ltd Trade disturbance and early festive season to impact growth trend; all eyes on commentary In our consumer coverage universe, almost all segments are expected to deliver revenue/EBITDA growth YoY in 2QFY26 – staples +5%/+0%, paints & adhesives +3%/+10%, liquor +9%/+10%, innerwear +6%/+6%, QSR +10%/-13%, and jewelry +16%/+24%. * Consumption trend to be uneven; Liquor/Jewelry to outperform: In 2QFY26, despite underlying trends being stable for most of the quarter, Sep’25 sa...
Consumer Sector Update : Trade disturbance and early festive season to impact growth trend; all eyes on commentary by Motilal Oswal Financial Services Ltd
Consumer Sector Update : Trade disturbance and early festive season to impact growth trend; all eyes on commentary by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-15 12:42:53 pm
Life Insurance Sector Update : Insuring a stronger 2H! by Motilal Oswal Financial Services Ltd Insuring a stronger 2H! Upgrade Max Financials to a BUY; prefer HDFCLIFE as well * We believe that the life insurance sector in India is entering 2HFY26 with significant tailwinds, including 1) the GST waiver, which, while creating near-term margin pressures from loss of input tax credit (ITC), should structurally aid penetration; 2) the anticipated rate-easing cycle, which will be a driver for stronger non-par and annuity growth; and 3) improving mix towards protection and non-par, whi...
Life Insurance Sector Update : Insuring a stronger 2H! by Motilal Oswal Financial Services Ltd
Life Insurance Sector Update : Insuring a stronger 2H! by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-15 12:36:49 pm
Automobiles Sector Update : Encouraging start to the festive season by Motilal Oswal Financial Services Ltd Encouraging start to the festive season While Sep’25 wholesales saw mixed trends, especially in PVs, and were largely limited by logistics constraints, retail sales picked up well across segments. PV wholesales for the four listed players grew 11% YoY, led by TTMT with strong 47% YoY growth. While MM (+10%) and MSIL (+3%) saw relatively weaker wholesales, their retails were robust. In 2Ws, the 4 listed players posted 11% YoY growth, largely led by RE (+43%) and TVS (+12%). While BJAU...
Automobiles Sector Update : Encouraging start to the festive season by Motilal Oswal Financial Services Ltd
Automobiles Sector Update : Encouraging start to the festive season by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-15 12:22:14 pm
Banking & NBFC Sector Update : Headwinds persist ; earnings to recover in 2HFY26 by Motilal Oswal Financial Services Ltd Headwinds persist; earnings to recover in 2HFY26 Margin pressure to continue; treasury gains expected to moderate * Credit growth modest; estimate 11% YoY growth for FY26E: As of 5th Sep’25, systemic credit growth stood at ~10.3% YoY, reflecting demand softness in key retail and corporate segments. Incremental CD ratio stood at ~83% (vs. outstanding CD ratio of ~79%). Pickup in consumption activity, led by GST rate cuts and income tax relief, alongside lower borrowing costs, will ...
Banking & NBFC Sector Update : Headwinds persist ; earnings to recover in 2HFY26 by Motilal Oswal Financial Services Ltd
Banking & NBFC Sector Update : Headwinds persist ; earnings to recover in 2HFY26 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-15 10:22:36 am
Company Update : Indian Bank by Motilal Oswal Financial Services Ltd Business growth better than estimate, CD ratio declines marginally Indian Bank released its 2QFY26 business update. Following are the key takeaways: * Total Business of the bank crossed INR13.98t. Total business of the bank grew by 12.4% YoY. * Gross advances grew 12.9% YoY/ 3.5% QoQ to INR6.22t (ahead of our estimate of 2% QoQ growth for Net advances), driven by healthy traction in RAM segment which grew 16.3% YoY/ 4.1% QoQ to INR3.78t. * Deposits grew 12% YoY/ 4.3% QoQ to INR7.7...
Company Update : Indian Bank by Motilal Oswal Financial Services Ltd
Company Update : Indian Bank by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-10-15 10:06:49 am