India Diversified Financials 1QFY27 preview: Likely to be a strong quarter

Research evidence excerpt

India Diversified Financials 1QFY27 preview: Likely to be a strong quarter

3 July 2026

India Diversified Financials EquitiesDiversified Financials

1QFY27 preview: Likely to be a strong quarter India

◆ 1QFY27 earnings are likely to be underscored by strong Abhishek Murarka*

Senior Analyst, India Financials

disbursements growth, stable NIM and healthy asset quality HSBC Securities and Capital Markets (India) Private

Limited

abhishek.murarka@hsbc.co.in

◆ FY27 guidance revisions and commentary on impact of El +91 73049 07567

Niño weather phenomenon will be key Rahil Shah*

Analyst, India Financials

◆ We make earnings / TP changes (table 1). Prefer BAF and HSBCLimitedSecurities and Capital Markets (India) Private

CIFC (both Buy). Downgrade SHFL to Hold (from Buy) rahil.shah@hsbc.co.in+91 22 6628 3719

Gaurav Sharma*

AUM / disbursement growth to be benign in 1QFY27: The industry feedback / HSBC Securities and Capital Markets (India) Private

business update data on disbursements growth across segments has been extremely Limited

gaurav11.sharma@hsbc.co.in

strong. The key surprise has been in vehicle finance, where 1Q each year is generally + 91 22 2268 2011

subdued, but 1QFY27 is likely to have been stronger than expected. MFI

disbursements should be up significantly on a y-o-y basis, gold loan disbursements * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

continue to be healthy, and housing finance disbursements should also be steady.

Business updates released by BAF, BHFL and MMFS have all reported stronger than

expected AUM growth numbers, which increases upside risk to our estimates. Within

our coverage universe, we estimate 5-38% y-o-y and 3-7% q-o-q AUM growth.