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Macquarie on Financials
FY26: A year of stability
We expect FY26 to show better loan growth, a slight moderation in margins and stable credit costs and opex ratios.
Large private-sector banks: solid 14-19% EPS growth, 16-17% ROEs.
NBFCs - selective risk-reward. Insurance: regulatory overhang.
Top picks: HDFCB, ICICIBC, ABCAP, PFC, SHFL, LIC
Upgrades: LIC, ICICI Lombard to Outperform from Neutral
Downgrades: SBI Life to Neutral from Outperform, PB Fintech to Underperform from Neutral