Overview

• MoFSL removed bear-case multiples and set a new target price of ₹800 based on 0.9x FY27E adjusted book value
• IndusInd tapped its contingent buffer in Q4 FY25 and faces additional credit‐cost pressures from the upcoming ECL framework
• Adjusted NIMs fell to 3.47% in Q4 FY25 and are projected to contract by another 25 basis points in Q1 FY26
• Loan and deposit growth is forecast at a modest 6.5–7% in FY26 as the microfinance business continues to unwind
• Three private-sector banking executives have been nominated to the RBI for CEO approval, a decision seen as pivotal for strategic clarity