“Maintained a 'Buy' call on IndusInd Bank, raising the target price to ₹1,250, implying a 17% upside. The bank's credit growth is sequentially positive, with better NII and lower opex leading to a strong profit beat. Nuvama expects asset quality to improve further, driven by falling stress in MFI, positioning the bank for a steady uptick in RoA to 0.8–1.5% over FY27–29, targeting 1% exit RoA in FY27.”

Nuvama Analysis’s track record: 4 graded calls · 95% CI 15–85%