In Nirmal Bang's view, the following will be key monitorables from Q4 FY25 results– FY26 growth guidance, NIM movement in subsequent quarters and the gradual reduction in CoF, Asset quality trends.
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Nirmal Bang Report
Expect commercial vehicle financiers to see improving fleet occupancy levels (year-end/ stocking of summer goods). Diversified players (Cholamandalam, Shriram Finance) are likely to perform better. Growth in the used CV portfolio and a gradual reduction in cost of fund is likely to support margins. Asset quality trends are a key monitorable.
We expect lukewarm disbursements for housing financiers on account of issues in Karnataka/ Telangana. Expect net interest margin to remain range-bound. Prefer Home First Finance and PNB Housing in the space.
Credit costs are likely to be on the higher side due to stress in MFI/unsecured loans.
In our view, the following will be key monitorables from Q4 FY25 results–
FY26 growth guidance,
NIM movement in subsequent quarters and the gradual reduction in CoF,
Asset quality trends.
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