“Bullish on the banking sector, particularly private banks, expecting 18-20% earnings growth in FY27 as margins stabilize in H2FY27. The worst of margin pressure is likely over, with Q1FY27 showing strong profits due to declining bad loan slippage and provisioning. Favors ICICI Bank, HDFC Bank, SBI, AU Small Finance Bank, PNB, Federal Bank, RBL Bank, and is more constructive on IDFC First Bank.”