INDIA FIRST TO MARKET

Research evidence excerpt

INDIA FIRST TO MARKET

Asia Pacific Equity Research

India First to Market 19 June 2026

Top Stories

India (Sajjid Z Chinoy)

• April current account in surplus on remittance boost

• However, capital flows drag BoP in deficit

• WPI inflation at 9.7% oya in May, driven by higher fuel prices.

• Government launches Producer Prices (PPI)

Bajaj Finance Ltd (Anuj Singla) (BAF IN, OW)

Strong execution despite macro noise: Growth resilient, Asset Quality benign, FY27 NIM guidance

intact

We met up with the senior management team of Bajaj Finance (BAF) for a discussion on the strategic priorities and outlook.

Three key takeaways: i) Growth momentum on the ground remains strong despite macro concerns on higher global oil

prices and supply chain disruption over the last few months; ii) Asset quality trends (bounce rates, collection efficiency) remain

benign across loan segments with no visible impact from the Middle East conflict, and iii) NIMs: BAF remains confident of

delivering on its guidance of a 10-12 bps NIM decline in FY27 despite the tight liquidity environment and recent spike in funding

costs. Overall, BAF reiterated its long-term focus on building for scale without compromising on risk discipline. We underscore

our positive view on BAF driven by a combination of healthy loan growth, operating cost leverage from AI initiatives and credit

cost decline that should support a 26% earnings CAGR over FY26-28. Maintain OW.

Medanta and Max Healthcare (Bansi Desai, CFA)

Noida Hospitals visit takeaways

We visited Medanta (Sector 50) and Max Healthcare (Sector 128; formerly Jaypee) facilities in Noida on Wednesday and

interacted with Dr Sandeep Sawhney (Chief Strategy Officer, Medanta) and the unit head of Max Super Speciality Hospital. The