Research Reports

Carlyle's Nido deal, announced in February, closes: Edelweiss sells 45% for ₹580.68 crore, set to hold ~26% fully diluted

edelweiss · nido home finance · carlyle

HDFC Life's ₹3,365 Cr GST demand is confirmed on first appeal; the fight moves to the Appellate Tribunal

gst · tax-demand · appeal-order

Indiabulls' ₹1,050 Cr all-stock deal for 70% of Fintech Cloud implies an issue price near double the market

acquisition · NCLT scheme · fintech

Cubical Financial's ₹2.50 open offer opens September 17, far below the ₹6.69 market close

open offer · SEBI SAST · change of control

Arnold Holdings: a 14.95% stake sale at ₹12 triggers a 39% open offer priced below the market

open offer · share purchase agreement · SEBI SAST

NHB Classifies Star Housing Finance's Account as Fraud, Five Months After the Company's Own ₹120 Cr Phantom-Loan Report

NHB · housing finance · fraud classification

Synchronized Enforcement: A Regulatory Shift in Motion

tax enforcement · GST · excise duty

IRFC's ₹305 Crore GST Challenge: When Tax Authorities Question Railway Finance

GST · ITC · Tax penalty

When Tax Authorities Challenge the Insurance Model—ICICI Prudential's ₹365 Crore Liability

insurance · tax-demand · gst

When Insurance Regulators Pull the Brake: Edelweiss Life's 6-Month Growth Ceiling

IRDAI · regulation · life insurance

Pine Labs' First Profit: When IPO Skeptics Meet Execution

fintech · digital payments · profitability

IRDAI Warns Niva Bupa on FY25 Expense Limits and Bars New Branches for Six Months: A Sector-Wide Sweep, Nil Financial Impact

IRDAI · expenses of management · health insurance

When a Micro-Cap Financier Gets a Control Offer at ₹12

open offer · control change · micro-cap

Growth Gains Hide Profitability Execution Gap

NBFC · AUM growth · profitability

AUM beats guidance, ROA shortfall persists amid strong YoY growth

D2C shift accelerating · profitability gap widening · AUM growth outpacing targets

Canara HSBC Life Insurance Company Ltd: QQ1 Earnings Call

Strong Profit, Stumbling Asset Quality—Can Growth Sustain?

affordable housing · asset quality · NBFC portfolio

Strong growth, asset quality wobble amid seasonal headwinds

growth momentum · asset quality pressure · branch expansion

Earnings Growth Masks Revenue Stall and Structural Margin Squeeze

margin compression · portfolio growth lag · asset quality

Earnings growth masks revenue stall; margin pressure ahead under bank competition

margin compression · portfolio growth lag · asset quality improving

LEAP India: When ₹2,000 Crore Founder Bet Meets Institutional Repositioning

Founder exit · Institutional buying · Stake dilution

341% profit jump, but management understated it—and the street sold anyway

gold-lending · branch-expansion · PAT-growth

Strong recovery masked by YoY communication gap; gold franchise firing

gold loan growth · yield stabilization · branch expansion

When Authorities Tighten: The Regulatory Squeeze on Marginal Capital

regulatory enforcement · tax audits · RBI penalties

When Auditors Balk: Seven Fee Disputes in Ten Days and What Governance Risk It Signals

auditor resignation · audit fees · governance

Profit inflection is real—but the ₹40 Cr target needs a 42% ramp the street doubts

profitability inflection · lending ramp · payment recovery

Profitability inflection real, but revenue flat—lending ramp and regulatory risk key

UPI growth · lending scale-up · regulatory headwinds

Headline profit masks the organic quarter; execution intact, but transition pain persists

earnings review · transition · ROA inflection

Execution intact, transition headwinds persist; multi-year view intact

portfolio transition · cost rationalization · emerging market LAP

Guidance met; opex rising as growth accelerates

AUM growth · disbursement momentum · cost pressure