External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>NIMs Remain Resilient Amid CoF Pressures: While reported Global/Domestic NIM improved sequentially by 10/15 bps during Q4, the management indicated that a noted contributor to NIM continues to be interest income on IT refunds and also higher recovery from TWO accounts.</li><li>While the management has alluded to the fact that IT refunds are recurring in nature its quantum tends to remain volatile.</li><li>However, post factoring in the impact of IT refunds, the bank has guided for FY27 NIMs to range between 2.75-2.95%, which the management considers conservative. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIMs Remain Resilient Amid CoF Pressures: While reported Global/Domestic NIM improved sequentially by 10/15 bps during Q4, the management indicated that a noted contributor to NIM continues to be interest income on IT refunds and also higher recovery from TWO accounts.While the management has alluded to the fact that IT refunds are recurring in nature its quantum tends to remain volatile.However, post factoring in the impact of IT refunds, the bank has guided for FY27 NIMs to range between 2.75-2.95%, which the management considers conservative. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - Navigating Margin Pressures Without Diluting Profitability

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>We identify deep value at Bank of Baroda, and attractive value at UBI, versus the public sector bank peer group; Baroda trades at near 50% discount to SBI’s PBV ratio</li>
<li>Fears of a potential new round of public sector bank consolidation have abated recently, and both Baroda and UBI rank highly in terms of our scorecard</li>
<li>Both these banks are prominent buy candidates having solid credit quality, with resilient interest margins and strong post-provision returns, supported by their attractive valuations</li>
</ul>


We identify deep value at Bank of Baroda, and attractive value at UBI, versus the public sector bank peer group; Baroda trades at near 50% discount to SBI’s PBV ratio
Fears of a potential new round of public sector bank consolidation have abated recently, and both Baroda and UBI rank highly in terms of our scorecard
Both these banks are prominent buy candidates having solid credit quality, with resilient interest margins and strong post-provision returns, supported by their attractive valuations


Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

<ul><li>Retail Momentum Strong; Growth to Outperform Guidance: BoB is expected to outperform the guidance with growth settling at 14.5-15% for FY26 vs its previous guidance of 11-13%.</li><li>This performance is likely to be driven by continued strong traction in the retail portfolio, growing at ~17-18%, alongside an improving corporate portfolio, with growth strengthening to ~10%.</li><li>The bank is comfortable maintaining domestic LDR between 82-84% with global LDR higher at 86-88%, and the management believes these levels are optimal. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail Momentum Strong; Growth to Outperform Guidance: BoB is expected to outperform the guidance with growth settling at 14.5-15% for FY26 vs its previous guidance of 11-13%.This performance is likely to be driven by continued strong traction in the retail portfolio, growing at ~17-18%, alongside an improving corporate portfolio, with growth strengthening to ~10%.The bank is comfortable maintaining domestic LDR between 82-84% with global LDR higher at 86-88%, and the management believes these levels are optimal. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: Bank of Baroda - 18th February, 2026

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>PSU bank credit growth exceeded private-bank growth in FY25 for the first time in more than a decade. Between FY22-FY26, private-bank share fell 14.5 percentage points in home-loans.</li>
<li>Asset quality has converged sharply. Competitive advantage is moving from provisioning relief to funding, pricing, distribution and the ability to deploy capital at an acceptable return.</li>
<li>The sector trade is no longer simply “private quality versus PSU risk.” One must distinguish volume share, absolute profit share, sustainable ROA and the valuation paid for each.</li>
</ul>


PSU bank credit growth exceeded private-bank growth in FY25 for the first time in more than a decade. Between FY22-FY26, private-bank share fell 14.5 percentage points in home-loans.
Asset quality has converged sharply. Competitive advantage is moving from provisioning relief to funding, pricing, distribution and the ability to deploy capital at an acceptable return.
The sector trade is no longer simply “private quality versus PSU risk.” One must distinguish volume share, absolute profit share, sustainable ROA and the valuation paid for each.


Why Indian Private Sector Large Cap Banks Are Not Performing?

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank of Baroda (BOB IN)</a> vs. <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Bank of Baroda (BOB IN) and short Canara Bank (CBK IN) targets a 9% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Bank of Baroda (BOB IN) vs. Canara Bank (CBK IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Bank of Baroda (BOB IN) and short Canara Bank (CBK IN) targets a 9% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Stat-Arb Pair Trade: Long Bank of Baroda (BOB IN) Vs. Short Canara Bank (CBK IN)

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Bank of Baroda - Navigating Margin Pressures Without Diluting Profitability

However, post factoring in the impact of IT refunds, the bank has guided for FY27 NIMs to range between 2.75-2.95%, which the management considers...

Axis Direct

Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

Bank of Baroda offers deep value with a 50% PBV discount to SBI, while UBI presents attractive value; both are solid buy candidates with solid...

Victor Galliano

Axis Punch: Bank of Baroda - 18th February, 2026

Retail Momentum Strong; Growth to Outperform Guidance: BoB is expected to outperform the guidance with growth settling at 14.5-15% for FY26 vs its...

Axis Direct

Why Indian Private Sector Large Cap Banks Are Not Performing?

Public-sector banks are using lower lending rates to win prime credit. The pressure on private banks is no longer about bad loans; it is about...

Nimish Maheshwari

Stat-Arb Pair Trade: Long Bank of Baroda (BOB IN) Vs. Short Canara Bank (CBK IN)

Pair trade with a 9% target-return amid significant deviation of the price ratio between Bank of Baroda and Canara Bank. Opportunity for...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bank of Baroda - Navigating Margin Pressures Without Diluting Profitability

However, post factoring in the impact of IT refunds, the bank has guided for FY27 NIMs to range between 2.75-2.95%, which the management considers...

Axis Direct

Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

​Bank of Baroda offers deep value with a 50% PBV discount to SBI, while UBI presents attractive value; both are solid buy candidates with solid...

Victor Galliano

Axis Punch: Bank of Baroda - 18th February, 2026

Retail Momentum Strong; Growth to Outperform Guidance: BoB is expected to outperform the guidance with growth settling at 14.5-15% for FY26 vs its...

Axis Direct

Why Indian Private Sector Large Cap Banks Are Not Performing?

Public-sector banks are using lower lending rates to win prime credit. The pressure on private banks is no longer about bad loans; it is about...

Nimish Maheshwari

Stat-Arb Pair Trade: Long Bank of Baroda (BOB IN) Vs. Short Canara Bank (CBK IN)

Pair trade with a 9% target-return amid significant deviation of the price ratio between Bank of Baroda and Canara Bank. Opportunity for...

Gaudenz Schneider

Bank of Baroda offers deep value with a 50% PBV discount to SBI, while UBI presents attractive value; both are solid buy candidates with solid...