Pending — not yet graded
“Bearish on Public Sector Banks (PSU banks) due to significant earnings headwinds from the upcoming wage settlement in November 2027, expected to be around 17%, and the transition to Expected Credit Loss (ECL) provisioning from FY28. These factors are projected to increase staff costs by 19% from FY27-29 and credit costs by 10 basis points, impacting profitability. Jefferies prefers private sector banks, retaining SBI as its top pick within the PSU space.”
Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%
Nifty PSU Bank IndexBearishCalled 15 Jul 2026
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