“Maintains a 'buy' call on Karur Vysya Bank with a target price of ₹345. The bank delivered a steady Q1FY27, with loan growth, NII, NIM, and fees in line. PL Capital projects loan growth of 17% and 16% for FY27E and FY28E respectively, with NIM performance remaining strong. They raise NIM estimates by 5 bps for FY27E and FY28E, leading to a 2.7% core PAT upgrade.”