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This Lakshmi Puja, may your portfolio shine brighter than ever bringing you prosperity, consistent growth, and rewarding trades. 💰 💛 #LakshmiPujan #PhillipCapitalIndia #InvestWithConfidence #FestivalOfWealth

Running Yield - Weekly Report dated 20th October 2025 Report Synopsis: Evolving credit quality scenario   Ø In today’s report, we look at the evolving credit quality scenario of corporate India. The evaluation parameter is obviously credit rating assigned by agencies. In particular, we will look at credit ratio. Credit ratio is, in a given period like 6 months or 1 year, the number of upgrades to downgrades. A ratio higher than 1 indicates more upgrades than downgrades, which is a healthy sign Ø The credit ratio, which measures the number of entities upgraded against downgrades, has been buoyant for some time, and continues to be buoyant Ø For Crisil, in the latest reported half-year i.e. H1 of FY26, it is 2.17. There were 499 upgrades and 230 downgrades during this period. Since H2 of FY21, the Crisil credit ratio has been more than 1. For Icra, the 10-year average credit ratio is 1.4 Ø In the four financial years, FY22 to FY25, Icra credit ratio has been much higher than 10-year average. H1 of FY26 is even better at 2.9. For CareEdge as well, credit ratio has been distinctly higher than 1. It was 2.56 in H1 of FY26. Ever since H2 of FY21, CareEdge credit ratio has been consistently more than 1 Ø The sanguine credit ratios have been driven by improving corporate fundamentals. Indian companies are increasingly funding growth internally. Corporate debt growth slowed to 2.9% CAGR between FY21 to FY25, a significant drop from the previous five years. As per a report from a rating agency, the net leverage ratio of rated Indian companies, which was 3.1X in FY25, is likely to improve to 2.7X in FY26. It may fall further to 2.5X in in FY27 Ø Coming to the banking sector, the improvement in stressed assets and NPAs is really reassuring. Stressed assets, from approx. 9% in June 2021, has eased to 2.8% as on June 2025. NPAs, from approx. 7.5% as on June 2021, have eased to 2.3% as on June 2025 Ø Now we come to the credit spread between corporate bonds and G-Secs. The spread between AAA rated corporate bonds and G-Secs, at 3-year maturity, on average over the last ten years, is approx. 75 bps. Currently, it is approx. 80 bps Ø For AA rated bonds, on similar parameters, the average over the last ten years is approx. 135 bps. Currently, it is 172 bps. For A rated bonds, the average spread over the last ten years is approx. 290 bps. Currently, it is at the same level Ø As per Bloomberg data, from credit spread perspective, AA rated bonds offer a good deal, as against historical average. However, Bloomberg data is generic. The yield on a bond is a function of the credit rating of the bond as well as the perception in the market or goodwill of the issuer. Data on yields of various bonds are available in our daily offer sheet #RunningYield #FixedIncome #CreditMarkets #CorporateBonds #Bonds #DebtMarket #CreditRating #InvestmentInsights #PhillipCapitalIndia #FinancialMarkets Joydeep Sen Kunal Singh Kochar Rodney Correa Sunil Jani Vaibhav Singhal

Commodity Outlook: Precious Metals Shine Amid De-Dollarization The ongoing de-dollarization theme and very gradually declining dominance of US dollar, is likely to support the ongoing surge in precious metals, gold in particular. This space is likely to see not just central bank fueled growth but also higher inflows through exchange traded products. The outcome of US-China heads of state meeting and agreement on a trade deal could influence base metals. Going into this meeting into late Oct-early Nov, the most prominent among base metals, copper is likely to stay supported. In energy space, crude oil prices are likely seen range bound supported by oil reserves accumulation in China, low inventories at Cushing, Oklahoma on one hand and a sedate global demand, rising global supply on account OPEC+ additions on other. On the fiber front, a lack of US-China trade deal could weigh on ICE cotton futures. New season harvest and duty-free imports through 4Q-2025 could weigh on domestic cotton. For more visit- https://lnkd.in/dmfPdZXc #MCX #Commodities #OOTT #crude #com #Commodities #Commodities2025 #Gold #CrudeOil #Oil #Cotton #PreciousMetals #Copper #Aluminum #Lead #Zinc #MetalsOutlook #supply #demand #India

May this Diwali light up your financial journey with growth, wealth, and success. Invest wisely, celebrate brightly. 🪔 🌟 Wishing you and your family a very Happy and Prosperous Diwali! 🌟 #HappyDiwali #Diwali2025 #FestivalOfLights #DiwaliCelebration

This Dhanteras, let every rupee you invest pave the path to lasting prosperity. Because true wealth grows with wise decisions. ✨ Wishing you abundance and success – Shubh Dhanteras! #Dhanteras2025 #InvestInProsperity #PhillipCapitalIndia #WealthCreation #FestiveInvesting #FestivalOfWealth

For far too long, fixed income investing conversations have been centred around ratings and YTMs; whereas, it should be about the underlying business fundamentals, the processes followed and the management running it. To start this conversation, on 30 September, 2025, we organized an exclusive visit to Navi Finserv’s headquarters in Bangalore for some of our largest partners. Navi Finserv Limited is one of India’s leading NBFCs in the digital lending space. Partners with cumulative AUMs of approx. Rs.2.20 lac crores participated in the event. This initiative — a first of its kind in the fixed income NBFC space — gave our partners the unique opportunity to witness Navi Finserv’s operations up close, interact directly with the Senior Management and experience the proprietary technology, online processes, and talent that drives the business. This experiential engagement with Navi Finserv is part of our High Conviction Series, where we aspire to go beyond mere balance sheets & P&L accounts to truly understand the people, processes, and innovations shaping the companies we work with. We are proud to set a new benchmark in this ecosystem, bridging gaps between investors and issuers — not just through data, but through experience and trust. Here’s to building stronger conviction and deeper partnerships with our Partners because GOOD BONDS MATTER. We would like to thank the team from Navi Finserv who took time out from their busy schedules to make this event a big success: Ankit Agarwal Abhishek Dwivedi Shivee Bhardwaj Mohit Gulati Pragati Chowdhury Rishu Raj A big shout-out and thank you to all the Partners who joined us for this event. Kunal Singh Kochar Vaibhav Singhal Sunil Jani Sameer Pawar #PhillipCapital #PhillipServices #FixedIncome #NaviFinserv #NaviGroup #PartnerEngagement #TheHighConvictionSeries #NBFC #Innovation #GoodBondsMatter

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Running Yield - Weekly Report dated 13th October 2025 Report Synopsis : NBFC sector exhibits robust growth   Ø For bond investors, NBFCs provide the opportunity for up-tick in yields over and above conventional Govt / PSU bonds. Here we are talking of a combination of yields and a decent level of credit risk. In the recent past, there have been some concerns about the credit quality in the microfinance segment. This may dilute the perception about the NBFC industry as a whole. As we will see in this report, there are many positives in the industry   Ø There are many positive takeaways about the NBFC industry   1. Loans and advances, the asset book of the industry, stands at Rs 42.8 lakh crore as on December 2024.This has grown by 15% on year, which shows the strong growth rate of the industry    2. The growth rate of unsecured loans has eased after Dec 2022, which is a positive sign, in terms of asset quality. The growth rate of secured loans is higher than earlier   3.0Net interest margin (NIM) of the NBFC industry has improved in Dec 2024 over Dec 2023   4. Asset quality of the industry has been improving steadily. Gross NPA of the sector stands at 3.4% as on Dec 2024 and net NPA is 1.2%   5. In retail loans, gross NPAs are at 3.3%, which is relatively lower, even after concerns on the microfinance sector   6. Capital adequacy of the NBFC industry is much higher than regulatory requirements. The high level of capital adequacy of the NBFC industry, around the 25% handle, shows its strength   Ø To put things in perspective, in the loan book of Rs 42.8 lakh crore as on December 2024, micro-finance comprises Rs 1.33 lakh crore. Micro-finance gross NPA, though higher than earlier, is at 3.7% as of December 2024, which is not very alarming   Ø In totality, if you are looking at yield uptick over say AAA rated PSUs, look at NBFCs as per the merits of the case i.e. the fundamentals of the particular NBFC and the yield available Listen to the podcast on this report: Apple Podcast - https://apple.co/3Rpel6S Google Podcast - https://bit.ly/3SJQVKx Spotify - https://spoti.fi/3SAmuX8 Anchor - https://bit.ly/3RnGSd6 Amazon Music: https://amzn.to/3DsPon9 #MarketTrends #EconomicOutlook #FinancialAnalysis #InvestorUpdate #CapitalMarkets #CreditQuality #AssetQuality #PortfolioInsights #RiskAndReturn Joydeep Sen Kunal Singh Kochar Rodney Correa Sunil Jani Vaibhav Singhal

Missed the last IPO opportunity? Don’t miss the next one! Join thousands of investors who trust PhillipCapital for hassle-free IPO investing. #IPOInvesting #StockMarketIndia #PhillipCapital #IPO #InvestNow