India Financial Daily

Research evidence excerpt

India Financial Daily

te changes by banks. Paisalo Digital Ltd 70 1%

Bottom Performers Price %1d

Bank credit growth may moderate as corporates tap alternate funding sources. Bank credit SOUTHL&T FINANCEINDIANHOLDINGSBANK LTDLTD 31444 -9%-6%

growth, currently at 18% you, may moderate as large corporates are increasingly accessing Satin Creditcare Network 249 -5%

bond markets & ECBs. However, growth is expected to remain healthy in FY27, supported JioBANKFinancialOF INDIAServices Ltd 230135 -5%-5%

by improving liquidity, government capex and resilient retail demand. Services, infrastructure .Source: Bloomberg, Jefferies; Universe covers financials with

mkt cap > US$200mn

& industry are expected to drive lending growth, while FCNR-B led liquidity support could

strengthen banks’ funding base & aid credit expansion. (9 Jul, ET) Exhibit 4 - Key events to watch out for in

Jul-26

Our view: Generally, when oil prices surge, bank credit growth improves, reflecting a combination 10-Jul-26Calendar ForeignEvents/resultsReserve

Monthly WPI NSA Y/Yof a rise in working capital demand and consolidation in the bond market (so banks gain share). 12-Jul-2614-Jul-2615-Jul-26 CPI Y/Y Exports YoY, Trade

17-Jul-26 Foreign ReserveHowever, as oil prices soften, working capital requirements are likely to ease and funding avenues Balance NSA, Imports YoY 18-Jul-26 1QFY27 Results: HDFCB, ICICBC, AXIS

Global Composite PMI SA (Flash), S&P Global PMI Manufacturing SA (Flash), S&Psuch as bonds and ECBs could become more accessible, potentially moderating credit growth in 19-Jul-2624-Jul-26 1QFY27S&PGlobal/HSBCResults: IDFCF India Services PMI (Flash), Foreign Reserve

the near term. . 28-Jul-2631-Jul-26 IndustrialForeign ReserveProduction NSA Y/Y

Source: Bloomberg, Jefferies