Varun Dubey

SEBI Registered Research Analyst ~ BFSI at Share India Inst Research , Ex-ET Now / ET Now Swadesh , Zee Business & CNBC AWAAZ, MBA, CFA (ICFAI), JP Morgan

[Abhishek Kothari 🇮🇳 @kothariabhishek]

ShareIndia securites write up:

Tamilnad Mercantile Bank (TMB) | M.Cap: ₹141 bn | CMP ₹ 893 | Q1FY27 Earnings Call KTA

Strong execution; raises FY27 guidance

Delivered 23% YoY business growth (highest in 14 years, ~7% above industry) driven by broad-based RAM growth; reported highest-ever quarterly PAT of ₹4.12 bn.

FY27 guidance raised: Advances 22% (vs 20%), Business Growth 20% (vs 18%), Deposits 18% (vs 16%), ROA >2%, ROE 15%, GNPA <1%, NIM ~4%.

MSME (>20% growth) and gold loans to drive advances, though gold loan growth is expected to normalize as gold prices stabilize.

Retail growth expected to improve, led by home loans, vehicle loans and LAP; home loan portfolio has stabilized.

Deposit strategy focused on term deposits over CASA to support growth; CASA expected to recover with 60 new branches planned in FY27.

Asset quality remains best-in-class: GNPA 0.69%, NNPA 0.17%, PCR 96%; management sees no material stress in MSME, export or Middle East-linked portfolios.

FEMA case: Appellate tribunal reduced penalty to ₹34 mn and dismissed confiscation of foreign investors' shares; management is evaluating the order and expects further clarity during the quarter.

@TMBank_Ltd @VarunDubey85

[Varun Dubey @VarunDubey85]

Whole system needs a change
Listen to the real issues
#NEETExamIssue

[Shiv Aroor @ShivAroor]

"Who Will Talk About Reservation?"

Amidst the protests, the words of furious NEET aspirant Harsh Dubey on my show last night has gone viral.

Join the conversation.

[माझी Mumbai, आपली BMC @mybmc]

⛈️ 🚨India Meteorological Department (IMD) has issued an Orange alert warning along with gusty winds for tomorrow, 7 July 2026 for Mumbai.

🏫In view of this, all Government, Municipal and Private schools and colleges in Mumbai have been declared a holiday for Tomorrow , 7 July 2026, for safety of the students.

🔹The Brihanmumbai Municipal Corporation (BMC) has appealed to citizens to avoid venturing out if not urgent

#MyBMCUpdates
#MumbaiRains

[Sadaf Sayeed 🇮🇳 @Sadafsayeed]

Microfinance AUM to grow by 20%.

[Varun Dubey @VarunDubey85]

#HDFCBank
Board approves appointment of Mr. Rajiv Kumar as a Part-time Chairman of the Bank for a period of 3 (three) years effective from the date as approved by RBI.

[Varun Dubey @VarunDubey85]

@SrishtiSharma_ Wishing you all the success ahead

[Abhishek Kothari 🇮🇳 @kothariabhishek]

Share India write up:

Affordable Housing Finance: Back on Track
After a challenging FY26, the Affordable Housing Finance sector is entering a phase of steady recovery, with industry AUM expected to grow at a healthy double-digit CAGR over the next few years.

The sector offers a compelling mix of high growth, strong ROA/ROE, improving asset quality, and relatively lower risk, making it an attractive long-term compounding opportunity.

After the recent correction we see good buying opportunity in the affordable housing space.

We initiate coverage with BUY on:
Home First Finance Company India Limited -TP ₹1,672 (49% Upside)
Aadhar Housing Finance Limited -TP ₹686 (Upside 39%)
India Shelter Finance Corporation Limited -TP ₹1,173 (52% Upside)

@homefirstindia @AadharHousing

Driven by strong growth visibility, improving asset quality, healthy balance sheets, and favourable industry tailwinds, these companies are well placed to be key beneficiaries of the sector's revival.

.@VarunDubey85 @shareindiasec

[Varun Dubey @VarunDubey85]

RBI to conduct 7-day Variable Rate Repo (VRR) auction under LAF on June 23, 2026
#RBI

[Varun Dubey @VarunDubey85]

Summer Impact
Q1FY27 is not yet over and Voltas has crossed 1 million AC Sales
#Voltas
#airconditioner

[Sadaf Sayeed 🇮🇳 @Sadafsayeed]

Delighted to announce that #CRISIL has upgraded the rating for Muthoot Microfin ltd from A+ stable to AA- . This upgrade has been long overdue , it is reaffirmation of the confidence in strong financial performance , superior asset quality , healthy portfolio mix with diversified asset class and long term strategic vision of the company. We are proud as well as committed to build a superior , highly resilient , sustainable and profitable portfolio in @MuthootMicrofin #Ratingupgrade.

[Varun Dubey @VarunDubey85]

Muthoot Microfin

CRISIL Ratings has upgraded the long-term rating of Muthoot Microfin to AA-/Stable from A+/Positive, driven by the rating upgrade of its parent, Muthoot Fincorp.

This could help reduce borrowing costs by 10–20 bps over the next 12–18 months.
#Microfinance

[Varun Dubey @VarunDubey85]

RBI Keeps repo rate unchanged at 5.25%
Stance also remained unchanged at Neutral
#RBI

[Abhishek Kothari 🇮🇳 @kothariabhishek]

Analyst note:

.@janabank
Mcap ₹ 48 bn | CMP ₹ 459
Event Update

A) Warrant Issue - To provide Growth Capital
Bank To Issue 15.7 mn warrants @464.82* per share Rs for cash consideration of Rs7.28 bn
Investors to hold an aggregate shareholding of 13.04% of the total paid-up equity share capital of the Bank (on a fully diluted basis).
The amount raised to provide growth capital ( after Equity conversion) to the bank and impact the CET1 Ratio in FY28

B) Stake Sale ~ To Reduce Debt
Promoter Jana Holdings has agreed *to sell 5.16 mn shares i.e. 4.9% stake to TVS Motor Company for ₹ 1.9 bn* ~ Calculated price of ₹ 374.57 per share
We believe that this amount will not form a part of growth capital* and will be used to reduce debt in Jana Holdings

EGM on 11th June

@VarunDubey85

[Sadaf Sayeed 🇮🇳 @Sadafsayeed]

Muthoot Fincorp IPO.

[Varun Dubey @VarunDubey85]

@kothariabhishek Seems, nowadays you are tracking दीदी more than BFSI 🤪

[Viraj Sarvaiya @VirajSarvaiya3]

At Mahavir Investment &amp; Finance, we specialize in recovering unclaimed investments &amp; physical shares.

7+ years | ₹100Cr+ unlocked 💰
CA-led | Mumbai

Your money. Your right.

#UnclaimedShares #Investments #Finance

https://t.co/0Yy8bn5NNT

[SANJEEV KUMAR @sanjeev_chesi]

“Sun Pharma signs Definitive Agreement to Acquire Organon” @SunPharma_Live @OrganonLLC #acquisition @deepdbhandari @SumitResearch @VarunDubey85 @JanhaviLadda #Pharma #women #health #global #deal

[Varun Dubey @VarunDubey85]

@uppal_priyankaa Congratulations

[Sadaf Sayeed 🇮🇳 @Sadafsayeed]

Private Credit funds are facing a withdrawal pressure and a rising default rate among underlying assets. Whether this will turn out to be Sub prime crisis of 2026 , i try and explain it here.

Private Credit fund by recent estimate is $2 trillion market. There are several big Pvt credit funds. 1/n