“Maintained a 'Neutral' call on PB Fintech with a target price of Rs 1,590, implying a 2% downside. Q1 earnings largely beat estimates, but significant regulatory uncertainty persists. Nomura noted that the fair price could see a 30% hit if the regulator makes long-term policy commissions back-ended, highlighting regulation as the biggest stock trigger.”

Nomura Analysis’s track record (trackable calls only): 6 graded calls · 95% CI 30–90%