Cautious optimism
Looking ahead, Kotak Securities expects resilient credit growth, stronger business activity and rising private investment to support FY27 earnings, while JM Financial Services believes easing crude prices and stabilising funding costs will be key to sustaining the recovery. Meanwhile, Motilal Oswal expects margin pressures to ease from the December quarter as commodity prices normalise, with private banks, NBFCs, metals, telecom and automobiles driving earnings growth for the rest of FY27.
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