Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
Pending
verification pending
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bandhan Bank's Q1 FY26 results reflect continued stress in the microfinance (EV) segment, with total advances declining 2.5% QoQ due to a 7% contraction in the EV book. Non-EV portfolio grew 27% YoY, driving secured loan mix to 52%. Net profit stood at ₹372 crore, improving sequentially from ₹318 crore in Q4 FY25. NIM compressed to 6.4% from 6.7% QoQ due to mix shift and repo rate cuts, partly offset by 19bps reduction in cost of funds. Credit cost improved to 3.5% from 3.9% QoQ. Management expects EV portfolio to stabilize in H2, with overall credit cost guidance of 2.5% for FY26. Key risk: SMA-0 elevation due to procedural changes may persist, but management considers it recoverable.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated target of 2.5% credit cost for full year, with sequential improvement expected each quarter.
- EV book expected to grow 5-8% for the full year, with H2 recovery compensating for H1 decline.
- Total advances growth target of around 10% for FY26, driven by non-EV segments growing at 26-27%.
- Management expects NIM compression in Q2 but stabilization in H2 due to lower slippages and deposit repricing benefits.
Risks flagged
- Procedural change in raising demand on holidays increased SMA-0 pool; management says recoverable but may persist in Q2 due to festivals.
- Growing secured loan share (lower yield) and repo rate cuts pressure NIM; management expects stabilization only in H2.
- Analyst raised concern about aggressive lending by some players; management acknowledged risk but believes industry discipline will hold.
- Analyst noted 4%+ NPA in recent vintages; management attributed to industry stress and expects improvement as new guardrails stabilize.
Key quotes
- We anticipate challenges in the EV segment to persist in Q2 FY26 and based on an improving trajectory.
- Our belief is that people will follow the discipline and therefore we don't see that at least reasonably larger medium player will be there all of that.
- The increase in the EV SMA zero book is primarily attributable to a procedural change relating to the raising of installment demand on holiday.
Research modules