“Nikhil Ranka is extremely positive on large private sector banks like HDFC, ICICI, and Kotak, expecting 15-18% compounding returns going forward. Valuations are attractive, now below two times price to book, and the operating environment is favorable with stabilizing interest rates and bottoming NIMs. He projects 15% earnings growth for FY27 driven by 12% credit growth, improving NIMs, and contained credit costs.”