F1Q27 Preview: Good for Lenders

研报英文原文证据摘录

F1Q27 Preview: Good for Lenders

e (KTKM.NS),(HDFL.NS), HomeMCX (MCEI.NS),First (HOME.NS),MuthootICICIFinanceBank (MUTT.NS),(ICBK.NS),ICICIPFC Prudential(PWFC.NS),LifePNB

Housing (PNBH.NS), REC (RECM.NS), SBI Life (SBIL.NS), Shriram Finance (SHMF.NS).

NBFCs – Strongest group on F1Q27 estimates; however, there is higher earnings EQUAL-WEIGHTAavas Financiers (AVAS.NS), Cholamandalam Finance (CHLA.NS), Federal Bank (FED.NS), Go Digit

(GODG.NS), HDB Financial Services (HDBF.NS), ICICI Lombard (ICIL.NS), IPRU AMC (IICL.NS), IDFC

and valuation sensitivity to geopolitical, El Niño monsoon risks: We forecast our Bank (IDFB.NS), IndusInd Bank (INBK.NS), Mahindra Finance (MMFS.NS), Manappuram Finance

(MNFL.NS), Niva Bupa (NIVA.NS), RBL Bank (RATB.NS), SBI Bank (SBI.NS).

retail NBFCs' coverage AUM, NII, PPOP and PAT to grow 19%, 22%, 23% and 31% UNDERWEIGHT

BOB (BOB.NS), BOI (BOI.NS), Canara Banks (CNBK.NS), L&T Finance (LTFL.NS), LIC Housing Finance

YoY, respectively. Our key large-/mid-cap OW-rated stocks are Shriram, Bajaj, ABCL, (LICH.NS), PB Fintech (PBFI.NS), PNB (PNBK.NS), SBI Cards (SBIC.NS), Yes Bank (YESB.NS).

all of which should report a strong F1Q. We also expect an inflection in Source: Morgan Stanley Research

disbursements growth across affordable housing financiers – our key OW picks are

Aptus, Home First, PNBHF. Chola and HDB, both EW rated, should also report

strong numbers, the latter likely to have a catch up rally. Our key UW-rated stocks

are SBI Cards, L&T Finance and LICHF, which are also likely to report decent

numbers; however, we see structural risks and/or expensive valuation.

Life insurers – Attractive valuations: Stocks have remained weak YTD 2026.

Investors will look for APE growth and VNB margin guidance amid macro

uncertainty and volatility.