Research Reports

Revenue surge masks profit weakness; fraud charges sting

MTF growth · depository fraud · diversification

Record profit growth masks asset-finance stall; multi-year strategy credible

PAT growth · NIM expansion · Asset Finance challenge

Profitability crashed 46%, Motor TP judgement a structural crater

Motor TP headwind · margin compression · retail health growth

Canara HSBC Life Q1: PAT ₹28 Cr, up 20% YoY on 24% premium growth; QoQ dip is seasonal

Quality over growth: GNPA halves but near-term revenue lags industry

asset quality recovery · co-lending exit · rate upgrade benefit

TFCI Q1 net profit doubles to ₹61.2 Cr — but a ₹34 Cr tax-refund windfall does the heavy lifting

Organic growth solid, PAT inflated by mark-to-market gains

adjusted PAT · MTM gains · AUM growth

Oasis Securities: When the Founder Steps Back — 17 Points

promoter · rights issue · shareholding

When Control Shifts — Vivro's Open Offer for Lippi Systems

open offer · SAST regulations · control acquisition

PNB Gilts Q1 PAT ₹80.7 Cr, down ~50% YoY as bond trading gains fade; sharp QoQ rebound

Jio Financial Q1: consolidated PAT ₹830 Cr, +156% YoY — but ~+9% underlying ex the ₹509 Cr dividend

Piramal Finance Q1: consolidated PAT ₹461 Cr, +67% YoY on a clean, one-off-free core

The Vikas Garg Question: Governance Shock Across Four Listed Companies

governance · ED arrest · PMLA

ICICI Lombard Q1 PAT falls 46% YoY to ₹403 Cr as claims spike, ₹165 Cr motor reserve bites

Angel One Q1: consolidated PAT doubles YoY to ₹231 Cr, down 28% QoQ on margin reset

HDB Financial Q1: standalone PAT up 38% YoY to ₹785 Cr as credit costs ease, margins widen

Fedbank's Breakneck Q1 Growth — The Sprint's Sustainability Test

NBFC · Q1 results · growth

ICICI Pru Life Q1: standalone PAT +27.8% to ₹386 Cr, VNB margin expands 220bps to 26.7%

ICICI Lombard's ₹776 Crore Arbitration Loss — A 13-Year Claim Comes Due

Arbitration · Claims Risk · M&A Integration

Fedbank Financial Q1: PAT up 52% YoY to ₹114 Cr as NIM expands, GNPA eases to 1.55%

Groww Q1: consolidated PAT ₹735 Cr, +94% YoY on margin expansion; revenue flat QoQ

The Strong Start: Five-Sector Beat on Q1 FY27 Earnings

Q1 FY27 · earnings · profit growth

Aditya Birla Money Q1: PAT falls 28% YoY to ₹11.1 Cr as broking profit collapses

SG Finserve Q1: standalone PAT doubles YoY to ₹53.7 Cr as interest income surges ~100%

ICICI Pru AMC Q1: standalone PAT up 23% YoY to ₹965 Cr, margins expand on treasury rebound

L&T Finance Q1: consolidated PAT ₹916 Cr, up 31% YoY on 27% loan-book growth and margin lift

nbfc · retail lending · loan book growth

Cupid Breweries Q1: consolidated net loss widens 124% YoY to ₹0.85 Cr, revenue still nil

alcobev · breweries · pre-revenue

Anand Rathi core PAT +24% to ₹116 Cr; reported ₹163 Cr lifted by fair-value gains

wealth management · fair value gains · aum milestone