HDFC AMC, CreditAccess Lead NBFC Surge In Q3 With DRChoksey’s Top Bets — Check Target Price, Potential Upside

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Deven Choksey Report

DRChoksey expects its NBFC coverage universe to deliver robust growth in Q3 FY26, with total assets under management projected at Rs 7,78,900 crore, marking 6.0% QoQ and 23.9% YoY growth. This momentum reflects steady disbursements and traction in secured and select retail segments.

Net interest income is estimated at Rs 17,302 crore, up 8.8% QoQ and 25.9% YoY, supported by loan book expansion and benefits from lower funding costs, though competitive intensity may cap margin gains.

PAT is forecast at Rs 7,852 crore, a sharp 24.6% QoQ and 47.8% YoY rise, driven by operating leverage and normalization in select areas, despite elevated credit costs in unsecured portfolios.

Top Picks: DRChoksey reiterates CreditAccess Grameen and HDFC AMC as preferred bets, citing CreditAccess’ strengthening asset quality and resilient NIM profile, and HDFC AMC’s equity-led AUM mix and superior profitability metrics.

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