“Retains SBI as its top pick within the PSU banking space, despite broader headwinds for the sector. SBI showed a relatively lower increase in staff costs (12% vs. 22% for other PSU banks) between FY23-25, which Jefferies attributes to more conservative provisioning, suggesting better resilience to upcoming cost pressures.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%