IDFCFIRSTB Q2 FY27 Guidance vs Delivery (IDFCFIRSTB Management Mirror)

Sep'26 Qtr NIM Reported at 5.58%, Short of ~5.8% FY27 Level Guided in Jun'26 Qtr

For Sep'26 Qtr, reported Net Interest Margin moderated to 5.58%, as disclosed in the quarterly financial results. This outcome falls short of the full-year FY27 NIM guidance raised to approximately 5.8% in the Jun'26 Qtr concall, though management had noted an expected sequential softening from Jun'26 Qtr levels due to asset mix shifts. In the Sep'26 Qtr concall, management reaffirmed that NIM will recover to approximately 5.8% by Q4 FY27, driven by full deployment of excess liquidity and anticipated net benefits from repo rate hikes, and is guided to remain range-bound in Q3 before expanding and maintaining the 5.8% level through FY28.