“Upgraded its rating on Yes Bank shares to 'Reduce' from 'Sell', setting a target price of ₹22 per share. Q1 profit beat estimates by 2% driven by improving core profitability and lower tax, but higher provisions partly offset this. Uncertainty around future SR recoveries remains a key factor to monitor, potentially weighing on FY27 credit costs.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%