Overview

• Q2 FY26 net profit came in at about Rs 581 crore, down roughly 1.5–2% year on year.
• Loan losses and provisions rose 74% to around Rs 748 crore, reflecting higher credit costs and strain in CV/CE portfolios.
• Core earnings held up with NII up about 20% year on year and NIM expanding by roughly 20 basis points, though AUM growth and disbursements were muted.
• Shares fell about 1.35% to roughly Rs 733 after the results, slipping below the Rs 740 IPO price.
• Broker views diverged with Motilal Oswal at Neutral and a Rs 820 target, JM Financial at Reduce and Rs 740, Emkay Global at Buy and Rs 850, and Nirmal Bang at Buy and Rs 912, while the board declared a Rs 2 interim dividend with October 24 as the record date.