MOSL on IndusInd BK
Buy, TP Rs 1500
Weak quarter; steering through near-term challenges
Cut earnings estimates by 16.7%/8.7% for FY25/26, leading to an RoA/RoE of 1.6%/13.6% by FY26
NIM contracts sharply to 4.08%; MFI mix declines 149bp to 9.2% of loans
Jefferies on IndusInd BK
Buy, TP cut to Rs 1470
2Q disappointed with profit of Rs13bn, -39% YoY, missing est due to higher credit cost & lower NIMs
Expect pressure to stay in 2HFY25 & moderate in FY26-27 driving earnings cut of 13-25%
Val @1.3x FY26 Adj PB reasonable
GS on IndusInd BK
Buy, TP Rs 1430
Weak 2Q with core-PPOP disappointing yet again (down 8% QoQ), as it missed GSe by 8%
Credit costs spiked partly on contingency buffers leading to PAT miss by 40%
Cut FY25/26/27 EPS by 19%/10%/9%
HSBC on IndusInd BK
Buy, TP cut to Rs 1510 from Rs 1770
Microfinance loans led weakness in performance.
Adverse movements in loan growth, NIMs and credit costs disappointed
Cut EPS by 8.7-21.4% for FY25-27e
However, @1.3x FY26e BVPS, risk/reward favourable
