Jana Small Finance Bank's Q1 FY27 results reverse the Q3 profit-collapse thesis Banks
JSFB's Q1 FY27 (quarter ended June 2026) standalone net profit surged 52.29% YoY to Rs 155.23cr, with NII up 33% to Rs 782cr, NIM expanding to 7.5% from 6.6%, and gross NPA improving to roughly 2.2-2.4% from 2.8% a year earlier. Management guided to 10-12% MFI portfolio growth and 80%+ PAT growth for FY27. This directly falsifies the open ledger claim that the Q3 FY26 collapse (-90.6% YoY profit, 16.6% JLG bad-loan ratio) marked ongoing deterioration -- though the result was reported in mid-July, meaning it had already been public for weeks before this session and simply hadn't been factored into scoring until now.
Q1 FY27 earnings season brings broad-based profit growth and asset-quality gains across small and mid-sized banks Banks
Beyond JSFB, Canara Bank, PNB, Karur Vysya, TMB, South Indian Bank, Karnataka Bank, Suryoday SFB and Dhanlaxmi Bank all posted Q1 FY27 profit growth (roughly 17% to over 200% YoY) with improving or stable gross/net NPA ratios; TMB and Karnataka Bank both raised forward guidance or targets. Suryoday is the exception worth flagging -- despite a 113% PAT jump, management explicitly still calls out ongoing microfinance-sector stress and is cutting unsecured lending as a mitigation step. The pattern is real, but the sample skews toward smaller private/SFB names rather than the sector's larger, index-weighted constituents, and the results themselves are over a month old.
Lupin's US price-erosion trough continues on the stated timeline, no recovery signal yet Pharmaceuticals
Management commentary from Lupin's recent earnings calls reiterates that Tolvaptan and Mirabegron generic competition will compress quarterly US revenue to a guided $250-280 million range (down from $315 million) for the next couple of quarters, with recovery still pointed at FY28 via 20+ new launches. This is consistent with, not a change to, the open ledger claim's bounded-dip thesis -- a status update rather than a resolution.
RBI's NBFC revolving-credit draft stays in its comment window; the market has already priced the hit Financial Services
The RBI's draft barring revolving/flexi credit at all but card-authorised NBFCs remains open for feedback until Aug 28, with no final notification yet issued. NBFC stocks, including Bajaj Finance (down roughly 6%, with the wider Bajaj group reportedly losing about Rs 55,000cr in market value per a secondary, unverified source), sold off sharply when the draft was first published on Aug 6-7 -- a reaction that predates this session and suggests the market is already assuming the draft lands close to its current form.
NCLT hearing on Max Healthcare's Kalinga Hospital dispute adjourned again, to Sept 8 Healthcare & Hospitals
The Cuttack Bench NCLT heard BRS Capital's oppression/mismanagement petition against Max Healthcare's Kalinga Hospital subsidiary on Aug 19 and adjourned it, at the petitioner's own request, to Sept 8 -- the case's latest adjournment, with no ruling on the merits and no reported involvement from Max Healthcare's own management or promoters. A separate procedural order let BRS Capital fix a defective annexure in its bid to block a postal ballot that would raise KHL's borrowing limits, which remains the one still-open question that could constrain KHL's ability to raise capital while the case drags on.