Buoyant Intelligence

Antique Stock Broking LimitedNOT RATEDdailymulti-company

Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)

19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗

Target: —
At report: —
Vs our close: —

IDFC First Bank posted a strong Q1FY27 with NIM guidance raised and credit cost guidance lowered; Antique covers it as NOT RATED (no target price/CMP printed).

Key points

Q1FY27: Advances Rs 30,53,700 mn (+21% YoY/5.2% QoQ); Deposits Rs 31,18,919 mn (+18% YoY); PAT Rs 10,750 mn (+132% YoY/237% QoQ)
NIM guidance revised up 5bps to 5.75-5.8% (from 5.9% in 1QFY27 outlook); FY27 RoA guided at 1%+; credit cost guidance lowered from 170-180bps to 150-160bps
Gross loans +21% YoY/5% QoQ; retail +19% YoY, corporate +30% YoY (large corporate book, 71% of corporate portfolio, +33% YoY)
CASA ratio rose from 49.8% to 50.8% QoQ; reported NIM 5.96% (+3bps QoQ, includes 6bps IT-refund benefit)
Bank received Rs 5.15bn CGFMU claims against the MFI portfolio and created an equal Rs 5.15bn contingency provision for macro/geopolitical uncertainty; adjusted credit cost declined from 1.3% to 0.9% QoQ
GNPA 1.5%, NNPA 0.4%, PCR 71.5%; annualized slippage ratio declined from 3.05% to 2.85% QoQ

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

NuvamaBUYresult update

IDFC First Bank - Strong bounce back

25 Jul 2026 · Anand Dama, Anant Dumbhare, Yuval Aiya · 13 pp · open PDF ↗

Target: ₹95
At report: ₹81+17% printed
Vs our close: +19.6%

Nuvama upgrades IDFC First Bank to BUY from HOLD after a strong Q1FY27 with PAT beating estimates by 61% at INR10.8bn (1.1% RoA), aided by CGFMU recoveries used to build contingency buffers against West-Asia conflict risk. Deposit growth bounced back to 17.7% YoY after the Q4 Haryana fraud issue, and the broker raises earnings estimates, expecting RoA to reach 1% in FY27 (up from 0.4% in FY26) and 1.2-1.4% over FY28-29E, with a revised TP of INR95 based on 1.4x Jun-28E ABV.

Thesis

Q1FY27 PAT of INR10.75bn beat Nuvama's estimate by 61% (49% vs consensus), delivering 1.1% RoA despite utilising one-off CGFMU recovery of INR5.1bn to build contingency provisions
Deposit growth bounced back to 17.7% YoY/5.9% QoQ after the Haryana fraud-related issue in Q4; institutional deposits reported to be holding up well
Credit growth stayed healthy at 21% YoY/5% QoQ, led by mortgage, vehicle, corporate and consumer loans; reported NIM expanded 3bp QoQ to ~5.96% (5.9% ex one-offs)
GNPA ratio improved 10bp QoQ to 1.5% on contained slippages (2.8% of loans) and healthy credit growth; MFI portfolio 93% covered under CGFMU
Nuvama raises FY27E/FY28E PAT estimates by 18.7%/3.8% and now expects RoA of 1% in FY27 (vs 0.4% in FY26) rising to 1.2-1.4% over FY28-29E
Upgraded to BUY from HOLD with revised TP of INR95 based on 1.4x Jun-28E ABV (1.2x at CMP); bank plans to raise capital of INR75bn (2.1% of RWA)

Risks

Resurgence of NPAs due to ongoing West Asia conflict
Slower deposit growth or at a higher cost given weak macro set-up and rising competition
Slower-than-expected improvement in cost ratios
Frequent equity dilution could delay RoE improvement

Q1FY27 highlights

Net revenue INR82,818mn, up 15.7% YoY/13.3% QoQ
Pre-provisioning profit INR25,526mn, up 14.0% YoY and 141.1% QoQ
Reported PAT INR10,750mn, up 132.4% YoY and 237.0% QoQ
EPS INR1.25, up 98.4% YoY and 237.8% QoQ
Gross NPA ratio improved 10bp QoQ to 1.51%; Net NPA improved 4bp QoQ to 0.44%
Deposits grew 18% YoY/6% QoQ to INR3,119bn; net advances grew 21% YoY/5% QoQ to INR2,945bn

Catalysts

Management revised FY27 NIM guidance upward to ~5.8% (from 5.75% earlier) on lower investment and funding costs
FY27 credit cost guidance lowered to 1.5-1.6% (from 1.7-1.8% earlier) on improving asset quality
C/I ratio guided to improve below 70% in FY27 on continued positive operating jaws
MFI portfolio expected to return to ~15% growth by end-FY27; credit cards, wealth AUM and FCNR(B) deposits flagged as growth opportunities

Broker estimates	Unit	FY26A	FY27E	FY28E	FY29E
Net Interest Income	INR mn	2,12,153	2,54,661	3,13,610	3,90,981
Net Income (Revenue)	INR mn	2,90,886	3,47,617	4,22,910	5,20,413
PPOP	INR mn	72,114	1,00,664	1,37,951	1,85,244
Adjusted Profit (PAT)	INR mn	16,364	42,850	63,626	90,490
Diluted EPS	INR	1.9	5	7.4	10.5
ROA	%	0.4	1	1.2	1.4
RoAE	%	3.8	8.7	11.8	14.7
P/E	x	42.6	16.3	11	7.7
P/ABV	x	1.5	1.4	1.2	1.1

Valuation: 1.4x Jun-28E ABV. Nuvama arrives at a revised TP of INR95 based on 1.4x Jun-28E adjusted book value (1.2x at CMP). Nuvama raised FY27E/FY28E/FY29E PAT estimates by 18.7%/3.8%/7.1% and diluted EPS by 18.5%/3.6%/6.9%, with revenue estimates broadly unchanged (+0.1%/-0.4%/+0.5%) and PPOP raised 2.6%/1.4%/3.8%, following the Q1 beat.

Extraction note: CMP/price date not separately labelled in the report; used the report date (25 July 2026) as the price date since CMP of INR81 is quoted as of that report.

Public Shareholding	100.00%
Institutions	68.24%
CURRANT SEA INVESTMENTS B.V.	9.43%
PRESIDENT OF INDIA	7.74%
PLATINUM INVICTUS B 2025 RSC LIMITED	5.07%
ODYSSEY 44 A S	3.13%
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	2.42%
LIFE INSURANCE CORPORATION OF INDIA - ULIF00520091	2.35%
HDFC LIFE INSURANCE COMPANY LIMITED	2.29%
TATA MID CAP FUND	1.61%
MOTILAL OSWAL NIFTY MIDSMALL FINANCIAL SERVICES IN	1.40%
PRINCIPAL FUNDS, INC. - GLOBAL EMERGING MARKETS FU	1.23%
Non-Institutions	31.75%
Individual < 2 lac	14.24%

IDFC First Bank

IDFC First Bank

Sell-side views, extracted from the PDFs on file

Strengths · Weaknesses · Opportunities · Threats

0 approved · 0 pending · 0 rejected

Buoyant sources for this name

Investor documents (Tijori knowledge base)

Shareholding · Jun'26