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Motilal Oswal Report
Motilal Oswal's Q4 FY26 ground checks indicate steady traction in the banking sector, led by strong execution in retail and MSME lending. ICICI Bank Ltd. and HDFC Bank Ltd. continue to dominate retail lending, supported by robust DSA engagement and consistent execution across key products.
State Bank of India stands out in MSME lending, with DSAs reporting file backlogs of 10–12 applications per relationship manager, signalling strong underlying demand. The brokerage notes that PSU banks are becoming increasingly competitive, aided by lower home loan rates and faster turnaround times, which are helping them gain market share.
Kotak Mahindra Bank Ltd. is following a more selective, relationship‑driven approach, while also showing improvement in processing efficiency. Asset quality trends remain stable across lenders, although banks are closely monitoring exposure to export‑linked and commodity‑related sectors.
Overall, Motilal Oswal highlights that Q4 FY26 has seen steady volumes and improving file quality, even as real estate activity has shown some signs of softening. PSU banks are gaining share through CGTMSE‑driven MSME growth and stronger loan pipelines.
Motilal Oswal's top picks in the banking space remain HDFC Bank, ICICI Bank, SBI, and AU Small Finance Bank Ltd.
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