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>Corporate Growth Revival Expected; Retail Momentum Strong: The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving in H2.</li><li>The growth opportunities in the highly rated corporates continue to remain subdued, with pricing pressures persisting and most of these corporates tapping bond markets, citing better rates.</li><li>However, the management envisages stronger corporate growth opportunities supported by a strong corporate sanction pipeline and expectations of revival in private capex and expects growth to settle at 10-11% in FY26. </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.

Corporate Growth Revival Expected; Retail Momentum Strong: The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving in H2.The growth opportunities in the highly rated corporates continue to remain subdued, with pricing pressures persisting and most of these corporates tapping bond markets, citing better rates.However, the management envisages stronger corporate growth opportunities supported by a strong corporate sanction pipeline and expectations of revival in private capex and expects growth to settle at 10-11% in FY26. 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 - Better NIM Performance Keeps ~1% RoA Hopes Alive

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 focus on the five Indian public sector banks under our coverage in this report, and we identify growing credit and political risks for this group, including Bank of Baroda</li>
<li>Political risk, in the form of a potential new round of public sector bank consolidation, could cut shareholder returns in the larger public sector banks absorbing the smaller banks</li>
<li>Bank of Baroda is prominent – and well capitalised – amongst the larger public sector banks; we downgrade it to a neutral from a buy, locking in profits</li>
</ul>


We focus on the five Indian public sector banks under our coverage in this report, and we identify growing credit and political risks for this group, including Bank of Baroda
Political risk, in the form of a potential new round of public sector bank consolidation, could cut shareholder returns in the larger public sector banks absorbing the smaller banks
Bank of Baroda is prominent – and well capitalised – amongst the larger public sector banks; we downgrade it to a neutral from a buy, locking in profits


Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In India, currently four pair trade opportunities persist across two sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In India, currently four pair trade opportunities persist across two sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).</li><li>While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.</li><li>SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. </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.

Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. 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.

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

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 - Better NIM Performance Keeps ~1% RoA Hopes Alive

The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving...

Axis Direct

Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)

Growing political risks in Indian public sector banks, including Bank of Baroda, may impact shareholder returns due to public sector bank merger...

Victor Galliano

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ)...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bank of Baroda - Better NIM Performance Keeps ~1% RoA Hopes Alive

The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving...

Axis Direct

Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)

​Growing political risks in Indian public sector banks, including Bank of Baroda, may impact shareholder returns due to public sector bank merger...

Victor Galliano

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

​Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

​Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ)...

Axis Direct

Growing political risks in Indian public sector banks, including Bank of Baroda, may impact shareholder returns due to public sector bank merger...

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.