Takeaways from Jefferies NY/UK India Access Day 2026

研报英文原文证据摘录

Takeaways from Jefferies NY/UK India Access Day 2026

India | Banks

AU Small Finance Bank EquityJuneResearch16, 2026

COMPANY UPDATETakeaways from Jefferies NY/UK India

RATING BUYAccess Day 2026

PRICE INR1,022.70^

AU Bank’s mgt. met investors during JEF India Access Day (US/UK) &

reiterated strong growth outlook, led by distribution-led gains. Deposit PRICE TARGET | % TO PT INR1,250 | +22%

growth is steady, though higher funding costs may cap NIM expansion, 52W HIGH-LOW INR1,079.65 - INR682.50

while op. leverage aids profitability. Asset quality is strong, & FY27 credit FLOAT (%) | ADV MM (USD) 64.7% | 19.87

cost guidance was retained at 90bps of assets, aiding RoA of 1.8%. MARKET CAP INR761.4B | $8.0B

Premium vals (3x FY27E adj P/BV) are justified by growth & universal license TICKER AUBANK IN ^Prior trading day's closing price unless otherwise

upside. Reiterate BUY. noted.

AUM growth outlook remains strong. Mgt. reiterated guidance of growing loans sustainably FY (Mar) CHANGE TO JEFe JEF vs CONS

at 2-2.5x nominal GDP, led by distribution expansion, especially in southern markets. In wheels, 2027 2028 2027 2028

book is diversified, with demand holding-up & growth at 25%+. Comm. bk is also doing well & REV NA NA NA NA

universal platform will expand opportunities. Gold is gaining on low base & can grow manifold.

EPS NA NA NA NA

In unsecured, growth has resumed in MFI with peak stress behind; credit cards have stabilised

with tighter u/w, while PL can double on low base. Mortgages remains the only weak segment

2027 (INR) Q1 Q2 Q3 Q4 FY

with mid-teens growth as competition stays intense.

EPS -- -- -- -- 45.47

Steady deposit growth; hike in rates may cap NIM expansion: AU expects deposit growth PREV

trends to remain stable at ~23%.