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Bank of Baroda Q4 Results Review: Dolat Capital Revises Rating To 'Add', Sees 18% Upside — Here's Why
With margins settling at lower levels, limited levers for incremental profitability and near-nil provision buffers, Dolat Capital revises rating to ‘Accumulate’ from 'Buy'.
07 May 2025, 06:50 PM IST 
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Bank of Baroda reported weaker than expected net interest income, with net interest margin at 2.86%, led by immediate re-pricing of EBLR loans and continued rise in cost of deposit.
(Photo: Vijay Sartape/ NDTV Profit)
Margins have been trending lower than expectations for Bank of Baroda, despite a high share of MCLR-linked book. With limited levers to profitability hereon, increased delinquencies in certain RAM segments, and limited provision buffers, Dolat Capital has revised its rating from Buy to ‘Accumulate’, valuing the bank at 0.9x FY27E price/adjusted book value.
