Kotak Mahindra, RBL Bank, SBI Life, Indian Hotels, ICICI Lombard, Metro Brands Q3 Review — HDFC Securities

Kotak Mahindra Bank’s earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured book..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.Kotak Mahindra Bank - Commendable performance in a tough environment Kotak Mahindra Bank Ltd.’s earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured book. Loan growth came in at 15% YoY / 3.6% QoQ with healthy growth across secured businesses. Margins remained stable at 4.9%, despite strong growth, supported by a full-quarter impact of 50bps rate cut in select SA buckets, and stronger traction in CA (+5% QoQ) and TD sweeps (+31% YoY). The management continues to engage with the RBI on corrective measures taken post the regulatory embargo. With Kotak Mahindra Bank harbouring ambitions of becoming the third-largest private bank in the medium-term, we expect investments to remain elevated to augment balance sheet growth. We trim our FY25E/FY26E estimates by ~4%/2%, largely owing to elevated credit costs, even as Kotak Mahindra Bank remains buoyant on growth trajectory across segments; maintain Buy with revised SOTP-based target price of Rs 2,040 (standalone bank at 2.2x Sep-26 adjusted book value per share)..SBI Life Insurance - Changing mix; improving profitability SBI Life Insurance Company Ltd.'s 9MFY25 print was in line with our estimates as VNB clocked in at Rs 42.9 billion (+6.2% YoY) and VNB margins softened to 26.9% (-120 bps YoY), on the back of a higher share of ULIP in the overall APE mix at 72% (9MFY24: 68%). Basis management commentary, we cut our APE growth forecast to 12% YoY, driven by sustained growth in individual business, offset by a lumpy Q4 FY24 base of non-recurring group fund business. Our high conviction Buy continues to be anchored on three powerful and sustainable moats: exclusive access to SBIN’s massive distribution network (branch penetration at ~2%);scope for improvement in margin-accretive traditional mix; andlowest cost (excluding renewal comm)/APE ratio among peers at 33.9% (9MFY24: 34.6%). We expect SBI Life to deliver FY24-27E APE/VNB CAGR of 15%/15%; we maintain Buy with a target price of Rs 2,050 (2.3x Sep-26E EV)..Click on the attachment to read the full report:.Five Key Expectations From The Union Budget 2025-26 — Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Kotak Mahindra, RBL Bank, SBI Life, Indian Hotels, ICICI Lombard, Metro Brands Q3 Review — HDFC Securities

The brokerage gives 'Buy' rating to Kotak Mahindra Bank, SBI Life and says 'Sell' RBL Bank, Know why?

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