Macquarie on Financials
Expect FY26 to show better loan growth, a slight moderation in margins &amp; stable credit costs &amp; opex ratios.
Top picks: HDFC BK, ICICI BK, AB CAP, PFC, SHFL, LIC
Upgrades: LIC, ICICI LOMBARD to OP
Downgrades: SBI Life to N &amp; PB Fintech to UP
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