“Bullish on Ujjivan Small Finance Bank with a target price of Rs 86. The bank maintained net interest margins at 8.5% in Q1, supported by lower funding costs and better-yielding secured segments. Management expects stable margins and improved asset quality, leading to a lower FY27 credit cost guidance of 0.9-1%. The bank targets 25% credit growth through portfolio diversification and increased secured lending.”

Axis Securities Analysis’s track record: 3 graded calls · 95% CI 21–94%