CLSA on M&M Fin O-P, TP Rs 405 Delivered another strong quarter, with 2QFY27 PPOP/PAT beating estimates by 5%/12%, driven by higher fees and lower credit costs. PPOP growth was a healthy 20% YoY. Calculated net slippages declined c.15bps YoY and the stage 2 + 3 loans ratio declined to a multi-year low. Disbursement growth has accelerated over the past two quarters and should translate into stronger AUM growth in the coming quarters. That said, a largely fixed-rate loan book and c.50% floating-rate borrowings could put pressure on spreads in a rate hike cycle. CITI on M&M Fin Buy, TP Rs 420 Despite 30bp NIM compression, contained credit costs (at 1.55%, seasonally weak quarter), fee/assets of 1.6%, and slight opex moderation sustained RoA at 2.2%, with PAT up 55% YoY (-2% QoQ), surpassing CitiE. Company navigated 1H volatility well augmenting underwriting scorecards, portfolio monitoring, and collections. GS3/GS2 improved to 3.42%/4.7% (vs 3.45%/4.87% in 1Q, 3.41%/4.76% QoQ) on higher CE of 97% (vs 95%/96% YoY/QoQ). Loan spreads narrowed 30bps as growth tilted toward trade advances (incremental 3% QoQ delta) & lifted liquidity to 10% of balance sheet size. Disbursements rose 22% YoY, broad-based across PV (+28%), pre-owned vehicles (+15%), CV/CE (+16%), and tractors (+13%), driving 15%+ AUM growth. Notwithstanding rural headwinds, resilient 1H credit costs reinforce management's confidence in retained guidance. Nomura on M&M Fin Buy, TP cut to Rs 400 Asset quality holding up well 2QFY27 net profit: 14% vs estimates Trim net profit estimates by 1-9% over FY27-29F; Insurance distribution reform a risk HSBC on M&M Fin Buy TP cut to Rs 340 Healthy operating performance driven by higher fee income and lower credit cost led to beat in our 2QFY27 estimates Tweak FY27-29e EPS estimates to reflect higher AUM growth outlook but rising pressure on NIM and fees Lower TP at an implied valuation at 1.5x FY28e BVPS (from 1.7x) @CNBCTV18News @_RituSingh

HSBC on Bajaj Fin Buy, TP Rs 1270 BAF’s segment-leading performance continues, with MSME loan growth also likely to revive as move ahead BAF is likely to find enough levers to offset potential revenue headwinds, and protect its ROA / ROE over FY28/29e Potential capital raise will be positive for growth, profitability Nomura on Bajaj Fin Buy, TP Rs 1270 2Q27 net profit in line with estimate Loan growth guidance for FY27E revised to 26-27%, with medium-term guidance unchanged at 23-25% Management expects credit cost run rate in 2H27E to be at par with 1H27’s Given rising rate environment, management has indicated marginal headwinds on NIMs. Trim EPS estimates by 2-3% & expect ROA /ROE of 4.2%/19.9% over FY28-29F Stock currently trades at a 1- year-fwd P/B of 3.4x JPM on Bajaj Fin OW TP Rs 1260 Delivered a strong operating performance in 2Q, with key metrics in line with JPMe: NII at Rs 133.3bn (+24% y/y, +6% q/q, in line), PPoP at Rs 107bn (+21% y/y, in line), PAT (post MI) at Rs 62.7bn (+29% y/y, +5% q/q, in line) Key things that stood out for us in the earnings (more details in paragraphs below): (i) Growth guidance upgrade to 26-27% , underscoring the strong business momentum across segments, (ii) continuation of benign asset quality trends across segments with only a transient impact in gold in short tenure product, (iii) focus on RoA preservation despite the rising risk to NIM from higher funding costs See BAF as the best-in-class earnings compounder supported by a combination of healthy loan growth, operating leverage gains from ongoing AI initiatives and a strong track record of managing credit costs that should support a 21% earnings CAGR over FY27-29E CLSA on Bajaj Fin O-p, TP Rs 1300 2QFY27 PBT was in line with However, adjusted for a macroeconomic provision of Rs3.4bn, it was 4% above estimate. It was a strong quarter on all fronts. AUM growth picked up from 24% YoY in 1QFY27 to 26% in 2QFY27 and management raised FY27 growth guidance by 3-4ppt to 26-27%. BAF benefitted on cost of funds due to interest rate swaps, though it cautioned on margins going forward due to rate hikes. PPOP came in slightly above estimates. Asset quality remained strong with the net slippage ratio declining 110bp YoY. Management clarified that it is raising equity capital for two reasons – strong growth and leverage exceeding 5x. On insurance guidelines impact, it said it would work to offset it, but did not specify details. @CNBCTV18News @_RituSingh

CLSA on PNB O-P, TP Rs 140 2QFY27 PAT beat estimate by 20%. This was driven by a beat on NII and one-off recoveries, partly offset by lower other income. Loan growth accelerated to 16% YoY from low-double digits a few quarters back. Deposit growth remains stable at 10%% YoY. Reported NIM improved 8bp sequentially driven by loan yields and deposit cost. Management guided that NIM could further improve. Asset quality was stable, with a gross slippage ratio of 0.8% CITI On PNB BK Sell, TP raised to Rs 110 PNB's NIM rose 8bps QoQ to 2.58% (domestic NIM at 2.74%), propelling NII growth of 10.8% YoY/7.4% QoQ — surpassing CitiE. Runoff of wholesale deposits via FCNR inflows trimmed CoD by 5bps, while continued paring of retail IBPC and low-yielding corporate exposure lifted yields by 8bps. Release in standard asset provisioning offset NPA and floating-provision buffers, pushing credit cost to near zero. RoA held firm above 1%. Global advances climbed 14.7% YoY/5.3% QoQ — outpacing FY27 guided 12–13% band — aided by FCNR-funded overseas exposure (1.5% of the book). Management reaffirmed guidance of 12–13% loan growth, NIMs of 2.6–2.7%, sub-40bps credit costs, RoA above 1% @CNBCTV18Live @_RituSingh

HSBC on Ujjivan Small Fin Buy, TP Rs 90 UJJIVANS beat PAT estimate by 14% in 2QFY27; it further indicated that it expects to surpass its FY27 ROA guidance Increase FY27-29e PAT estimates 9-17% to reflect higher AUM growth, efficiency gains, and preferential issue Offers strong re-rating potential Appointment of new CEO is expected to take 3-4 months to complete, starting from 1 Sept 2026 HSBC on L&T Fin Buy, TP cut to Rs 310 Sound 2QFY27 results with most metrics broadly in line with estimates; softer disbursements, asset quality were concerns However, management commentary on both was reassuring; upgrade EPS by 0.8-4.6% for FY27-29e on better NIM outlook TP cut to reflect macro-economic concerns in valuation multiples HSBC on Bajaj Hsg Reduce, TP Rs 78 In 2QFY27, 3% beat in profit was driven primarily by better-than-estimated NIM Upgrade FY27-29e EPS estimates by 0.6-4.7% to reflect strong AUM growth and better-than-estimated NIM Valuing at 2.2x FY28e BVPS; retain Reduce rating given expensive valuations, sustained pressures @CNBCTV18Live @_RituSingh

Bernstein on HDFC BK O-P, TP Rs 1150 Weak earnings growth trend for HDFC Bank continued in 2Q27 While balance-sheet growth remained healthy & asset quality stayed resilient, weaker treasury income, & margin pressure weighed on profitability. As a result, RoA moderated marginally to 1.8% despite continued opex discipline. JPM on HDFC BK OW, TP Rs 970 Delivered a steady 2Q27 with NII at Rs 346.2bn (+10% y/y) and PAT at Rs 195.1bn (+5% y/y) coming broadly in line vs JPMe. Reported NIMs declined by 10bps q/q to 330bps and trailed JPMe on FCNR impact. HDFCB underscored a positive NIM outlook (neutral to positive going forward) driven by positive impact of a 25bps repo rate hike (70% book is floating with a significant portion linked to repo), along with mix shift towards higher yielding retail and MSME, partly offset by full impact of FCNR (B) in 3Q . A decline in average LCR to 113% (vs 115% in 1Q, 110-120% target range) does reduce balance-sheet flexibility. Asset quality remains healthy GS on HDFC BK Buy, TP Rs 861 2QFY27 core PPOP growth improve to 13% YoY from 8% in 1Q and was 2% above GSe, aided by continued cost optimization. Core revenue growth picked up to 10% YoY vs. 7% YoY last quarter. Loan growth trends were positive, and bank saw improved traction in business banking, unsecured loans, and autos for instance. NIMs, however, declined by 8bps QoQ, a larger-than-expected contraction vs GSe. Nomura on HDFC BK Buy, TP Rs 940 Largely in-line 2QFY27, with core PPOP of INR287bn (+12% y-y / +3% q-q). NII growth of 3% q-q lagged peers (Axis/ICICI at 5%/6%), reflecting lower FCNR(B) mobilization as a share of deposits (3.3% vs 7%/8% for Axis/ICICI). Loan and deposit growth were healthy at 16% y-y / 5% q-q and 19% y-y / 5% q-q, respectively, though FCNR(B) inflows contributed ~3pp of q-q deposit growth. However, LCR moderated to 113% (-2pp q-q) vs largely stable levels of 124%/119% at ICICI/Axis, leaving the bank close to the lower end of its 110-120% operating band. This could constrain incremental loan growth, making deposit momentum the key swing factor. Kotak Inst Eqt on HDFC BK Buy, TP Rs 1050 Reported 5% yoy earnings growth in 2QFY27, broadly in line with operating profit growth. While NII growth continued to improve, NIM contracted by 10 bps qoq, primarily due to the impact of FCNR deposit mobilization. As bank navigates a series of leadership transitions, it enters a new phase in its evolution. A supportive operating environment and attractive valuations reinforce our constructive view, although execution remains the key monitorable. @CNBCTV18Live @_RituSingh

Kotak Inst Eqt on Axis BK Buy, TP Rs 1600 Delivered a strong 2QFY27, reporting 40% yoy earnings growth, while operating profit increased 6% yoy. Loan growth remained robust at 23% yoy, although NIM contracted by 10 bps qoq due to the impact of recent FCNR deposit mobilization. Slippages continue to trend lower, leading to lower credit costs. While operating environment remains supportive of earnings growth, valuation upside is likely to be constrained as stock now trades close to HDFC Bank’s valuation multiple. GS on Axis BK Buy, TP Rs 1600 QFY27 earnings were largely in-line with expectations Thesis of cyclical inflection in core PPoP growth remains on track This is being led by improving visibility on NIMs, with retail disbursements remaining strong, the CASA growth run-rate has picked up and the rate cycle is turning Expect loan growth will remain strong, although moderating from current elevated levels Key challenge is around fee income, where growth remains muted, but we expect continued cost optimization to partly offset that. Asset quality trends remain strong, and risk is low amid muted trailing growth in unsecured loans. We expect core PPoP growth to inflect from 10% YoY in 2QFY27 to ~15% YoY in H2-FY27 and 20% CAGR during F27-F29E. Bernstein on Axis BK O-P, TP Rs 1600 Delivered a mixed 2Q27 performance, with lower credit costs driving earnings growth despite weaker core trends Loan growth remained robust and corporate-led, although strong borrowings growth pushed LDR sharply higher to 95% Stable margins (excluding FCNR impact), a marginal decline in NOI (-1% YoY, -3% QoQ) and a sharp increase in opex weighed on PPoP growth, even as a 52% YoY (-24% QoQ) decline in credit costs supported healthy EPS growth (+37% YoY, -2% QoQ) JPM on Axis BK OW, TP Rs 1620 Reported a better-than-expected 2Q with NII rising by 11.8% y/y to Rs 153.7bn (+3% vs JPMe), PAT rising by 38% y/y to Rs 70bn (+3% vs JPMe). While PPOP at Rs 110.8bn came 5% below JPMe on a miss in non-interest income, which declined by 1% y/y to Rs 65.3bn (-11% vs JPMe) & was more than offset by lower than expected credit costs, which declined by 20bps q/q to 51bps (vs JPMe at 80bps) partly helped by a Rs 9.71bn of recovery from written-off assets. AQ trends were healthy Valuations are attractive, as it trades at FY28E P/BV of 1.4x which is at a 31% discount vs ICICI Bank & FY28E PER of 9.6x, underpinning positive view. CITI on Axis BK Buy, TP Rs 1620 Headline headwinds—elevated opex (+11% QoQ; 2.18% opex-to-assets) from one-off Labour Code provisioning and FCNR charges, alongside muted mid-single-digit fee growth—masked robust core operational resilience. While headline NIM contracted 10bps QoQ to 3.36% due to optical FCNR(B) distortions, core margins held firm at 3.47%, further supported by structural tailwinds including a 60% repo-linked book, bulk deposit roll-offs, and liquidity redeployment. Momentum sustained with loan growth at 19% YoY / 5% QoQ (ex-FCNR), led by Corporate/SME alongside improving Retail disbursements. Slippages eased to 1.5% (vs. 1.8% QoQ); credit costs moderated sharply to 50bps (vs. 70bps QoQ) Upgrade loan growth trajectories to 21%/19%/18% for FY27E/28E/29E and modestly trim FY27E credit costs. UBS on Axis BK Buy, TP Rs 1670 ICICI reported an all-round beat on reported numbers supported by stronger loan & deposit growth. PAT of Rs148bn was up 20% YoY and was ahead of estimates. Loan growth of 12.3% QoQ/30.0% YoY (7.3% QoQ/24.1% YoY ex-FCNR-linked overseas loans) was also well ahead of expectations and peers, though material acceleration was seen in corporate loans other than continued strength in business banking. NII/Core PPOP increased 17.7%/21.8% YoY, while fee income grew a healthy 20.1% YoY NIM declined by 10bps QoQ adjusted for 8bps of tailwind from income tax refund last quarter. Management expects margins to bottom out in 3Q before recovering in 4Q @CNBCTV18Live @_RituSingh