Bandhan Bank Q3 net skids 51.8% at ₹205.6 crore as net-interest income and non-interest income fall

by Hansraj Agrawal | Jan 22, 2026 | Business

Partha Pratim Sengupta, MD & CEO, Bandhan Bank
| Photo Credit:
DEBASISH BHADURI

Private sector lender Bandhan Bank on Thursday reported a 51.79 per cent year-on-year (y-o-y) fall in its net profit to ₹205.59 crore for the third quarter this fiscal, as its non-interest income and net interest income (NII) witnessed decline during the period.

The lender’s non-interest income and NII declined 37.85 per cent and 4.48 per cent y-o-y, respectively, during the third quarter, resulting in a fall in the operating profit by 28.51 per cent y-o-y, to ₹1,445 crore compared with ₹2,021.36 crore in the year-ago period.

On a sequential basis, the bank’s net profit grew 83.77 per cent quarter-on-quarter in Q3 as against ₹111.87 crore in the second quarter this fiscal, according to a stock exchange filing. It had posted a net profit of ₹426.48 crore in the third quarter last fiscal.

During the period under review, NII decreased to ₹2,688.3 crore from ₹2,814.3 crore in Q3FY25.

Repo rate effect

MD and CEO Partha Pratim Sengupta told media persons that the Reserve Bank of India’s decision to cut the repo rate impacted the bank’s net interest income. “You know that 35 basis point repo cut was almost upfronted, which we need to pass on. So, it is having an impact of almost ₹300 crore,” Sengupta said.

On the drastic fall in non-interest income on a y-o-y basis, he said the bank had received around ₹535 crore on account of Credit Guarantee Fund for Micro Units (CGFMU) during Q3FY25 and this is nil in the third quarter this fiscal.

“So if we can adjust those one-off receipt and one-off expenses, the actual profit last year (Q3FY25) was around ₹130 crore,” the MD pointed out.

The bank’s non-interest income for Q3FY26 decreased to ₹691.01 crore from ₹1,111.83 crore during the same period last fiscal. Provisions for the period saw a decline of around 16 per cent y-o-y at ₹1,154.63 crore compared with ₹1,376.01 crore in the year-ago period.

During the quarter, the lender sold stressed assets worth over ₹6,800 crore to two asset reconstruction companies — Asset Reconstruction Company (India) Ltd (ARCIL) and Phoenix ARC.

“We sold ₹3,707 crore of written-off portfolio, which was realised at a valuation of roughly 9 per cent. Out of the total security receipts (SR) issued for this portfolio, our share stood at about 32 per cent. On the cash side, we received ₹126 crore, and this inflow has been recorded as under other income,” Sengupta said.

“In addition to this, we sold ₹3,165 crore of NPA, unsecured loan, at a valuation of around 18 per cent. Our share of SR for this pool was approximately 47 per cent. The transaction generated ₹303 crore of cash for the bank, and this has been used to offset our provisions under the provisions line item in the profit and loss account,” he added.

During Q3FY26, gross non-performing assets (GNPA) ratio fell to 3.33 per cent from 4.68 per cent in the year-ago period. Net NPA ratio stood at 0.99 per cent compared to 1.28 per cent.

Published on January 22, 2026

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Shadowfax Technologies IPO sails through

by Hansraj Agrawal | Jan 22, 2026 | Business

Shadowfax Technologies Ltd (STL) is an end-to-end 3P (3rd party) logistics solution provider with an exhaustive service network of 14,758 Indian pin codes as of September 2025.

Flipkart and TPG-backed e-commerce enablement platform Shadowfax Technologies Ltd’s ₹1,907.27-crore sail through on the last day of issue closing, thanks to institutional and retail investors. The IPO came out with a price band of ₹118-124.

The IPO, which consisted of a fresh issue worth ₹1,000 crore and an offer-for-sale by shareholders worth ₹907.27 crore, was subscribed 2.72 times.

Through the OFS, Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte Ltd, Nokia Growth Partners IV, L.P, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd and Snapdeal founders — Kunal Bahl and Rohit Kumar Bansal — offloaded shares.

While the QIB portion was subscribed 3.81 times, the portion reserved for retail investors saw bids for 2.31 times, even as non-institutional investors’ remained undersubscribed at 0.84 times. The quota for employees portion saw a two-fold increase.

As part of IPO, the logistics services provider Shadowfax raised ₹856 crore from anchor investors who included Nippon India Mutual Fund (MF), ICICI Prudential MF, JM Financial MF, Motilal Oswal MF, Government Pension Fund Global, ICICI Prudential Life Insurance Company, Societe Generale, HSBC Global Investment Funds, Eastspring Investments and Jupiter India Fund, according to a circular uploaded on BSE’s website.

Funds raised through the fresh issue will be utilised towards enhancing capacity in terms of network infrastructure (₹423.4 crore), lease payments for new first mile, last mile, and sort centres (₹138.6 crore), and towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions (₹88.6 crore), and general corporate purposes.

Shadowfax Technologies Ltd (STL) is an end-to-end 3P (3rd party) logistics solution provider with an exhaustive service network of 14,758 Indian pin codes as of September 2025. The company services a wide range of enterprise clients, including e-commerce, quick commerce, the food marketplace and on-demand mobility companies. The company’s nationwide logistics network includes 4,299 touchpoints across first-mile and last-mile centres and sort centres.

Its clientele includes marquee companies such as Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Blinkit, Zomato, Uber, ONDC, Magicpin, amongst others.

For the first half of FY26, Shadowfax reported a revenue of about ₹1,800 crore, marking a 68 per cent year-on-year increase. Its total revenue stood at ₹2,485 crore in FY25.

Published on January 22, 2026

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Canara HSBC Life Insurance eyes additional banca business from HSBC

by Hansraj Agrawal | Jan 22, 2026 | Business

Anuj Dayal Mathur, MD & CEO, Canara HSBC Life Insurance
| Photo Credit:
KSL

Canara HSBC Life Insurance is eyeing additional bancassurance business from HSBC, which has been opening new branches in India.

The life insurer – a joint venture promoted by Canara Bank and HSBC Insurance (Asia Pacific) Holdings – has two major bancassurance partners: Canara Bank and HSBC.

Around 75 per cent and 12 per cent of the insurance company’s business in terms of annualised premium equivalent (APE) currently comes from Canara Bank and HSBC, respectively.

“They (HSBC) already launched four new branches. They are operational. In fact, some business also started coming from these four new branches, which they opened in the last month or so. They are also planning on opening another three to four branches in the next three to four months. So, additional business will come from these places,” Canara HSBC Life Insurance MD & CEO Anuj Dayal Mathur said during the quarterly earnings call.

“The bank is also deploying additional relationship managers, because HSBC is a pure banca model, wherein the bank is deploying their relationship managers to source business. So, there is good focus in terms of increasing penetration within the premier segment,” he said.

The insurance company feels that there are other avenues, too, through which it would be able to expand business within HSBC.

“They have ultra HNI segment, which is private bank. So, we expect business to come from that segment. Bank is also quite aggressive now in terms of new customer acquisition through EBS (employee banking solution),” Mathur said.

Performance

The life insurance company launched its agency channel in October last year. “We are very happy with the initial success. There is early momentum which is encouraging. As planned, we will scale up the agency branch infrastructure in a phased manner, so we are on track,” the MD said.

For the nine-month period of this financial year (9MFY26), the insurer’s APE and value of new business (VNB) rose 22.3 per cent and 36.8 per cent at ₹2,095 crore and ₹412.9 crore, respectively. VNB margin increased 210 basis points to 19.7 per cent as on December, 2025 from 17.6 per cent in the year-ago period.

Canara HSBC Life Insurance on Wednesday reported a 8.23 per cent y-o-y increase in its net profit ₹91.88 crore for the first nine months of FY26 from ₹84.89 crore for the corresponding period of FY25.

On Thursday, its scrip ended the day at ₹149.80 apiece on BSE, up 9.94 per cent from the previous close.

Published on January 22, 2026

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India Post targets 30% revenue growth to Rs 17,546 crore in FY26

by Hansraj Agrawal | Jan 22, 2026 | Business

Union Communications Minister Jyotiraditya Scindia
| Photo Credit:
Karma Bhutia/PTI

The Department of Posts has set a target to achieve a 30 per cent higher revenue at Rs 17,546 crore in the current financial year ending March 2026, Union Communications Minister Jyotiraditya Scindia said on Thursday.

The minister, after the third quarterly review of the Department of Posts (DoP), said that four out of six verticals have posted growth in revenue, while mail and international mail remained static due to restrictions imposed by the US government.

Ambitious growth plan

“This year, 2025-2026, we have a target of Rs 17,546 crore, which means we are targeting a 30 per cent increase in revenues in one fiscal alone from Rs 13,240 crore in FY25,” Scindia said.

He said that the run rate of Rs 12,800 crore in 2023-2024 rose just 3 per cent to Rs 13,240 crore in fiscal year 2024-25. Therefore, “we intend to increase by 10 times to 30 per cent in FY26”.

The minister said that the department at present is a cost centre for the government and aims to become a profit centre in the next 4-5 years.

Mail segment slowdown

He said that the revenue of mail services has been almost static in the last three quarters at around Rs 1,625 crore.

“The second vertical, which is international mails, obviously because of the difficulties we had with regard to particularly the US market, where there was a restriction on mails, we are again static at roughly about Rs 450 crore. There has been no growth in these two verticals,” Scindia said.

US suspension issue

India Post had to suspend international mail service to the US due to changes and a lack of clarity in US customs and border protection (CBP) guidelines. The department resumed the service from October 15 after about two months of suspension of services.

Savings bank growth

Scindia said the Post Office Savings Bank revenue has grown from Rs 5,000 crore to Rs 5,426 crore.

Insurance, parcels

“There has been a growth of 7 per cent. On PLI (postal life insurance) and rural PLI, we have grown from Rs 930 crores in three quarters to Rs 1,030 crores, which is a very healthy growth of 11 per cent. For parcels, we have grown from Rs 431 crores to Rs 485 crores, which is a growth of 12 per cent,” the minister said.

He said that the revenue from citizen-centric services has almost doubled to Rs 641 crore in the current fiscal from Rs 328 crore a year ago.

Cumulative performance

“On a cumulative total, for three quarters of the last fiscal, we were at Rs 9,300 crores. We have grown to Rs 10,200 crore (this fiscal), which is a healthy growth rate of 9 per cent,” the minister said.

He said that the last quarter of a fiscal year brings in a tremendous amount of revenue for postal services.

The minister said as compared to Rs 9,300 crore for three quarters of fiscal 2024-25, the department closed at Rs 13,240 crore for the year, which meant that there was a fillip of almost about Rs 4,000 crore in the last quarter.

FY26 outlook

“This year we have done Rs 10,200 crores in three quarters, and we are hoping to come close to the target that we have set for ourselves of Rs 17,546 crores,” Scindia said.

Published on January 22, 2026

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Aditya Birla Sun Life AMC Q3 net up 20% to ₹270 crore

by Hansraj Agrawal | Jan 22, 2026 | Business

Revenue was up 7 per cent to ₹478 crore
| Photo Credit:
Andrii Yalanskyi

Aditya Birla Sun Life Asset Management Company has reported that its net profit in the December quarter was up 20 per cent at ₹270 crore compared with ₹224 crore reported in the same period last year.

Revenue was up 7 per cent to ₹478 crore (₹445 crore) while other income more than doubled to ₹84 crore (₹38 crore). Expenses increased to ₹201 crore (₹184 crore).

The average asset under management was up 15 per cent at ₹4.43 lakh crore (₹3.84 lakh crore). Equity assets jumped 11 per cent to ₹1.99 lakh crore (₹1.79 lakh crore) while that of fixed income was up 19 per cent at ₹2.44 lakh crore (₹2.04 lakh crore).

SIP contribution was down 6 per cent at ₹1,080 crore (₹1,145 crore), while contributing SIP accounts were down to 4.04 million (4.29 million).

Passive quarterly average AUM stood at ₹38,700 crore as of December-end, up by 28 per cent year-on-year.

Published on January 22, 2026

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Tiger Global, Microsoft set for full exit as PhonePe files updated IPO papers

by Hansraj Agrawal | Jan 22, 2026 | Business

Tiger Global and Microsoft are set to make a full exit from PhonePe as the Walmart-backed digital payments major moves closer to a blockbuster public listing, offering a clear snapshot of how global investors are monetising bets made during India’s fintech boom.

Bengaluru-based PhonePe has filed an updated Draft Red Herring Prospectus (UDRHP) with market regulator SEBI after receiving clearance for its confidential filing earlier this week. The IPO will comprise a pure offer-for-sale (OFS) of 5.06 crore equity shares, with no fresh issue component, meaning all proceeds will go to selling shareholders.

Promoter WM Digital Commerce Holdings—owned by Walmart International Holdings Inc—will sell 4.59 crore shares, or about 9.06% of PhonePe’s paid-up equity, while retaining a clear majority stake. The remaining 47.17 lakh shares will be offloaded by Tiger Global PIP 9-1 and Microsoft Global Finance Unlimited Company, an Irish subsidiary of Microsoft Corporation. Both investors are exiting the company entirely through the IPO.

In total, up to 50.66 million shares are on offer, marking a significant liquidity event for early and late-stage investors. General Atlantic Singapore PPIL, which invested in a secondary transaction in 2023, remains the largest public shareholder with an 8.98% stake, followed by Headstand at 5.73%.

Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe was acquired by Flipkart a year later and has since grown into India’s largest digital payments platform. While payments remain its core business, the company has expanded into stockbroking, mutual funds, insurance distribution, lending and even an Android app marketplace positioned as an alternative to Google Play.

PhonePe continues to dominate the UPI ecosystem by transaction volumes, staying ahead of Google Pay. In December 2025, it processed 9.81 billion transactions worth ₹13.6 trillion, compared with Google Pay’s 7.50 billion transactions worth ₹9.6 trillion, as per NPCI data.

Financially, the company reported a 40% year-on-year jump in operating revenue to ₹7,115 crore in FY25, while narrowing net losses to ₹1,727 crore from ₹1,996 crore a year earlier. In H1FY26, revenue stood at ₹3,918 crore with losses of ₹1,442 crore.

PhonePe was last valued at about $12 billion in a January 2023 funding round and is targeting a higher valuation in the IPO, underlining investor confidence in its scale, market leadership and expanding financial services play.

Published on January 22, 2026

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