Guidance ledger · Q4 FY26

IDFC First Bank Ltd IDFCFIRSTB

5 revisions on record · 2 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered FY27 NIM Q2 FY26 → Q4 FY26

~~Definitely upwards of 5.8% with one more repo cut penciled in~~ → stable around 5.75% full-year

“So margin for the full year was at 5.75%. And going into the next year, we expect it to be stable around these levels.”

↓ lowered FY27 credit cost Q2 FY26 → Q4 FY26

~~2.05%, 2.1% blended for FY26~~ → 170-180 basis points for FY27

“Yes. So I feel that it could be in the range of 170 to 180 basis points. This includes some benefit which we may get because of the CGFMU cover, which we have taken for MFI.”

↔ widened Q4FY26 ROA target (1%) Q2 FY26 → Q4 FY26

~~Cannot pin 0.9% or 1%; directional commentary only~~ → 'Kissing distance' but pin still refused; FY27 timing not committed

“As I said, Jayant, I don't want to guide to a particular number currently because there are a few moving parts, right?”

↑ raised FY27 opex growth band Q2 FY26 → Q4 FY26

~~11-12% delivered H1, full-year tracking below 13%~~ → 13% to 14%; Q1 higher, normalizes by year-end

“Yes, that stays in terms of guidance.”

→ narrowed FY27 top line growth Q2 FY26 → Q4 FY26

~~Not separately quantified~~ → 18% to 18.5% top line growth (NII + fee)

“So on the top line itself, I see it growing at about 18% to 18.5%.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.