Altigreen Introduces MINSARA: Purpose Built Multi-Utility Electric Two Wheeler For Urban And Rural India

- Engineered for versatility, ruggedness and everyday productivity, MINSARA is designed to meet the diverse mobility and utility needs of India’s working population, small businesses and rural communities

- Three variants for diverse requirements: MINSARA S (2.78 kWh, 125 km range), MINSARA S+ (3.8 kWh, 165 km range) and MINSARA SE (battery-swappable)

- Powerful performance: 172 Nm peak torque, 33% gradeability and a Gross Vehicle Weight Rating (GVWR) of 264 kg, engineered for demanding utility applications

- Rugged engineering and superior riding confidence: 17-inch alloy wheels, high-endurance rib-caged chassis, telescopic suspension, crash guard protection and dual disc brakes with CBS

- Starting at ₹1.24 lakh (ex-showroom): Bookings are open, with deliveries commencing from 1st December 2026 in Bengaluru, Vijayawada and Noida

Altigreen, a pioneer in India’s electric commercial mobility industry and now part of the JAKSON Group, today announced the launch of MINSARA, a purpose-built Electric Multi-Utility Two-Wheeler designed to address the evolving mobility needs of urban and rural India.

With MINSARA, Altigreen is entering the electric two-wheeler segment with a differentiated product proposition that extends beyond conventional personal commuting. Developed for customers who depend on their two-wheelers for multiple purposes, MINSARA combines the practicality of everyday mobility with the ruggedness, performance and endurance required for diverse utility applications.

From farmers and rural entrepreneurs to urban delivery professionals, small traders, service technicians and fleet operators, customers increasingly require vehicles capable of adapting to varied usage conditions. MINSARA has been designed to address this opportunity, offering a versatile electric mobility solution that is equally relevant to urban streets, semi-urban markets and rural roads.

Powered by a high-performance electric drivetrain, MINSARA delivers 172 Nm peak torque and 33% gradeability, enabling strong pulling capability and confident performance across inclines and challenging terrains. With a Gross Vehicle Weight Rating of 264 kg and a top speed of 75 km/h, the vehicle is engineered to meet the diverse requirements of everyday transportation and utility applications.

The vehicle features 17-inch alloy wheels, telescopic suspension and a high-endurance rib-caged chassis, offering a combination of stability, durability and riding comfort across varying road conditions – making it an ultimate choice for commercial loading and long-life earning partner. The vehicle comes equipped with crash guard protection, dual disc brakes with Combined Braking System (CBS), a main stand and a side stand with safety alert, supporting convenient and confident everyday usage.

Deepak Thakur, CEO, JAKSON Green Vehicles, commenting on MINSARA launch said, "India’s mobility requirements are as diverse as its people. From urban entrepreneurs and delivery professionals to farmers and small-business owners in rural markets, millions depend on two-wheelers as an essential part of their everyday lives and livelihoods. With MINSARA, we are introducing a product that brings together utility, performance and sustainable technology to meet these real-world needs.

As part of JAKSON Group, Altigreen will play an important role in our vision of accelerating India’s transition towards cleaner, more productive and accessible mobility solutions. This launch reflects our commitment to technology-led products that create meaningful value for customers while contributing to a sustainable future.”

Amitabh Saran, CTO & Founder, Altigreen said, “At Altigreen, we have always believed that technology must solve real customer problems. Across India, two-wheelers support businesses, livelihoods and everyday responsibilities, often under demanding operating conditions. Quite naturally, MINSARA is engineered, ground-up, to be a segment leader. It is a timely and great addition to our existing three-wheeler cargo neEV series. It embodies our continued commitment towards innovative, Made-in-India electric mobility solutions.

Supported by Altigreen’s growing 3S dealership network, best in class after-sales service and customer-centric ownership solutions, we aim to build lasting customer confidence. We believe our success will ultimately be measured by our customers success and progress in life.”

MINSARA is priced starting at ₹1.24 lakh (ex-showroom) and comes with a standard warranty of 3 years or 30,000 km, with extended warranty options planned.

MINSARA is now available for booking through Altigreen dealerships in Bengaluru, Vijayawada and Noida, with deliveries scheduled to commence from 1st December, 2026.

The introduction of MINSARA marks a significant milestone in Altigreen’s expansion strategy as it broadens its electric mobility portfolio beyond cargo three-wheelers into the two-wheeler multi-utility segment, with plans to enter the passenger three-wheeler category soon.

About Altigreen

Altigreen is a pioneering Indian electric mobility company focused on developing innovative, sustainable and utility-oriented transportation solutions. Driven by deep in-house research and development capabilities, Altigreen has built a strong technology foundation with 32 registered patents. Its flagship electric cargo three-wheeler, Altigreen neEV, established a benchmark in indigenous EV engineering, with more than 93% of its material content, excluding battery cells, developed in-house and manufactured in India.

Now part of JAKSON Group, Altigreen is expanding its electric mobility portfolio across two-wheelers, cargo three-wheelers and passenger three-wheelers, with a continued focus on product innovation, reliability and customer productivity.

About JAKSON Group

With a legacy of more than 78 years, JAKSON Group is a leading Indian energy and sustainable solutions company committed to enabling cleaner, more efficient and sustainable development.

The Group operates across five business verticals: Distributed Energy, Solar, Green Energy, Infrastructure and Biofuels. It has served more than 75,000 customers globally and employs over 3,500 people across India and international markets.

Through Altigreen and JAKSON Green Vehicles, JAKSON Group is extending its commitment from energy transition to mobility transition, developing innovative electric mobility solutions to support India’s sustainable growth. 

NPCI Announces Formation Of NPCI Tech Solutions Limited (NTSL) As A Wholly Owned Subsidiary

* Appoints Vishal Kanvaty as MD & CEO

National Payments Corporation of India (NPCI) today announced the formation of NPCI Tech Solutions Limited (NTSL) as its wholly owned subsidiary and appointment of Vishal Kanvaty as the Managing Director & Chief Executive Officer (MD & CEO) of NTSL.

NTSL has been established as the technology and innovation arm of NPCI Group. It will build capabilities beyond NPCI's core payments mandate, with a focus on Artificial Intelligence (AI), Blockchain & Digital Financial Infrastructure and Global Capability Centre (GCC) services. NTSL will also provide technology services for eKYC Setu, Unified Ticketing Platform (UTP) and other Digital Public Infrastructure (DPI) programmes, supporting the expansion of the Group's technology initiatives.

Vishal, who has been associated with NPCI for nearly a decade, has led the development and commercialisation of several market innovation platforms that now form part of NTSL's focus areas and will lead the company as it builds capabilities across these emerging technology domains.

Dilip Asbe, Managing Director & CEO, NPCI, said, “Technology has been at the core of NPCI's journey and its contribution to India's digital transformation. As we look ahead, advancements in Artificial Intelligence and other emerging technologies are creating new possibilities across digital infrastructure and financial services. NTSL has been established to focus on these opportunities and further strengthen the NPCI Group's technology capabilities. We are pleased to have Vishal lead NTSL and are confident that his experience and leadership will guide its growth and future direction.”

About NPCI:

National Payments Corporation of India (NPCI) is the umbrella entity responsible for operating retail payments and settlement systems in India. It is established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). The Company is focused on bringing innovations in the retail payment systems by using technology for achieving greater efficiency in operations and widening the reach of payment systems. NPCI is committed to harnessing the transformative potential of deep tech, creating an ecosystem that fosters collaboration to work on breakthrough technologies. Underlining its commitment to service, NPCI has been incorporated as a “Not for Profit” Company to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.

NPCI has made a profound impact on India's retail payment landscape, focusing on creating robust, efficient, and inclusive payment and settlement solutions. NPCI has been instrumental in introducing a range of products that have revolutionised retail payment systems. These include Unified Payments Interface (UPI), RuPay, National Automated Clearing House (NACH), Immediate Payment Service (IMPS), National Electronic Toll Collection (NETC), Aadhaar Enabled Payment System (AePS), e-RUPI and more. Each of these products has contributed significantly to enhance the efficiency and accessibility of payment systems in India, ultimately propelling financial inclusion.

NPCI has played a fundamental role in establishing the foundation for India’s rapidly growing digital payments ecosystem, projecting the country onto the global stage.

NPCI has four wholly owned subsidiaries – NPCI International Payments Limited (NIPL) and NPCI Bharat BillPay Limited (NBBL), NPCI BHIM Services Limited (NBSL) and NPCI Tech Solutions Limited (NTSL) established in pursuance of NPCI Board & RBI approval.

For more information visit: https://www.npci.org.in/

EloElo Group Raises $80 Million In Series C Led By Hornbill Capital And NBCUniversal

* To Reimagine Mobile Entertainment for the Next Billion Users

India's Story TV maker EloElo Group raises $80 Million as it looks to become a consumer AI & entertainment powerhouse. EloElo has grown rapidly on profitable unit economics. The capital will fund new original content across languages along with the company’s international launch and doubling down on Dolphin AI, its recently launched agentic AI creative suite.

EloElo Group, the consumer AI and entertainment company behind Story TV, India’s No. 1 micro drama platform, today announced an $80 million Series C led by Hornbill Capital and NBCUniversal. MIT Investment Co. and existing investors Play Ventures, Kalaari Capital, Waterbridge Ventures, Griffin Gaming Partners & others also participated.

Founded in Bengaluru in 2020 by former Flipkart executive Saurabh Pandey, EloElo Group has built Story TV into the format’s leader in India: a slate of over 5,000 micro dramas in six languages, a new drama launched every three hours and 95 minutes of time spent per user every day. The group also runs Master (micro learning), Dolphin AI (its agentic AI creative suite) and Voxy AI (an AI companion agent). Across its apps, EloElo Group has over 40 million monthly active users.

The fundraise brings EloElo Group’s total capital raised to $130 million to date. This milestone comes as the company achieved multi-fold revenue growth over the last year. What sets the company apart is that it owns all three layers: the content, the distribution and the AI-powered production engine.

Saurabh Pandey, Founder and CEO of EloElo Group, said “A billion people now reach for the phone before any other screen, and the entertainment built for them will be video first, in their own language, in episodes that fit their day. That is the business EloElo Group is building: an AI-powered entertainment ecosystem that brings the next billion viewers storytelling beyond just clips. Story TV shows us what India wants to watch, and Dolphin AI gives us the economics to make it, which is how we have scaled with solid unit economics. Consumer AI will change how content is created, distributed and consumed, and we intend to lead that shift from India. This Series C deepens our content across languages, with a sharper focus on premium originals, doubles down on Dolphin AI, and takes what we have built to more audiences and more markets.”

Micro dramas are among the fastest-growing formats in global entertainment. According to Omdia, the industry will generate $14 billion globally by the end of 2026. In India, Redseer estimates that 40 million people paid for a microdrama at

least once in FY26, and Lumikai’s State of India Interactive Media Report projects the market will reach $4.5 billion by 2030. Story TV leads the format in India.

“EloElo Group combines strong creative capabilities with the ability to scale content through technology, which is something we deeply believe in. The team’s execution, financial discipline, and AI capabilities position it well for its next phase of growth. We are excited to support them in building category-leading businesses at the intersection of AI & content,” said Manoj Thakur, Founder and Managing Partner of Hornbill Capital.

“At NBCUniversal, we see significant opportunity in mobile-first storytelling and emerging formats like micro dramas to engage audiences and meet evolving viewing habits. Under Saurabh's leadership, EloElo has developed a differentiated, mobile-first approach with a clear focus on content and storytelling, positioning the company for long-term success. We're excited to bring NBCUniversal's global capabilities to the partnership as EloElo expands beyond India, including into the U.S. market," said Deepak Arya, Executive Vice President, Corporate Strategy & Development at NBCUniversal.

The company said it will use the Series C capital to fund new original content across local languages, launch its micro dramas internationally, and continue investments in Dolphin AI along with other business initiatives.

Avendus Capital acted as exclusive financial advisor on this funding round.

About EloElo Group

EloElo Group is a Bengaluru-based, AI-native media and entertainment company with the ambition to build the world’s largest AI-led entertainment ecosystem. Founded in 2020 by Saurabh Pandey, the group operates Story TV, India’s No. 1 micro drama platform, with more than 5,000 dramas across 6 languages; Master, its micro learning platform; Dolphin AI, its agentic AI creative suite; and Voxy AI, its interactive AI companion agent. EloElo has crossed 300 million installs and raised $130M in capital so far, backed by Hornbill Capital, NBCUniversal, MIT Investment Co, Kalaari Capital, Waterbridge Ventures, Lumikai Fund, Play Ventures, Griffin Gaming Partners and other investors.

Learn more at eloelo.in. For media and press enquiries, please write to press@eloelo.in .

About Hornbill Capital

Hornbill Capital is an India-focused investment firm that invests in the next generation of AI and data-driven businesses across private and public markets. Founded in 2014 by Manoj Thakur, the firm has backed companies including PhysicsWallah, KreditBee, Dhan, and Nazara Technologies.

About NBCUniversal

NBCUniversal is one of the world’s leading media and entertainment companies. The company creates world-class content, which it distributes across its portfolio of film, television, and streaming platforms, and brings to life through its global theme park destinations, consumer products, and experiences. It owns and operates leading entertainment and news brands, including NBC, NBC News, NBC Sports, Telemundo, NBC Local Stations, Bravo, and Peacock, its premium ad-supported streaming service. NBCUniversal produces and distributes premier filmed entertainment and programming through its renowned film and television studios, including Universal Pictures, DreamWorks Animation, and Focus Features, as well as the four global television studios under the Universal Studio Group banner. The company also operates industry-leading theme parks and experiences around the world through Universal Destinations & Experiences, including Universal Orlando Resort, home to Universal Epic Universe, and Universal Studios Hollywood. NBCUniversal is a subsidiary of Comcast Corporation.

RMZ’s Bengaluru Properties Strengthen Sustainability Credentials With Global And Regional Sector Leader Recognition In GRESB 2026

* Ecoworld 30, Ecoworld 20, Startech, Millenia and Infinity among the properties recognised; RMZ’s development assets achieve 5-Star ratings across the board for the first time

RMZ, India’s largest privately owned real assets platform, has strengthened the sustainability credentials of its Bengaluru portfolio, with properties including Ecoworld 30, Ecoworld 20, Startech, Millenia and Infinity contributing to the platform's recognition as a Global and Regional Sector Leader in the 2026 GRESB Real Estate Development Assessment. Four RMZ entities – RMZ Nexus LLP, Millenia Realtors Private Limited, Harmen Developers LLP and Infralogix LLP – have earned the distinction across the Office and Industrial sectors, securing 5-Star GRESB ratings in the Standing Investments benchmark. The recognition places RMZ's entities among the highest-scoring participants globally and regionally, underscoring the platform's commitment to integrating sustainability across its real estate portfolio.

The Global Real Estate Sustainability Benchmark (GRESB) is a leading global ESG benchmark for real estate and infrastructure investments. Its Development Benchmark evaluates how organisations integrate ESG principles into their development activities, including governance, policies, risk management, stakeholder engagement and sustainability practices. It provides investors with a standardised framework to assess and compare the sustainability performance of real estate portfolios globally.

Marking a significant milestone, this is the first time RMZ’s development assets have achieved 5-Star GRESB ratings across both the Standing Investment and Development benchmarks. GRESB Sector Leader recognition is conferred on the highest-scoring entities within each sector, region and nature of ownership.

In the 2026 Development Benchmark, RMZ Nexus LLP and Millenia Realtors Private Limited each scored 99.6 out of 100, emerging as Sector Leaders in the Office and Office Non-Listed categories in Asia. Infralogix LLP also scored 99.6 out of 100, earning the distinction of Sector Leader in the Industrial and Industrial Non-Listed categories in the Development benchmark.

RMZ’s performance reflects its sustained focus on embedding sustainability across the entire asset lifecycle. Key initiatives include Life Cycle Assessment (LCA) analysis, timely audits and robust assurance processes, reinforcing the integration of environmental considerations into the planning, design and development of its assets. Across its operational portfolio, wellbeing, health and safety remain equally important priorities. This commitment is further reflected in the recent recognition of Ecoworld 30 with the British Safety Council's International Sword of Honour.

Thirumal Govindraj, CEO, RMZ, said, "Sustainability in real estate is ultimately about the choices we make at every stage of an asset’s lifecycle, from how we plan and design our spaces to how we manage resources and create lasting value for the people who use them. The recognition of RMZ entities in the GRESB 2026 assessment is an encouraging validation of this approach. As we continue to evolve our portfolio, our focus remains on embedding sustainability into our development philosophy and decision-making, while creating resilient, high-performing assets that respond to the needs of businesses, communities and the environment."

The recognition across global and regional benchmarks reinforces RMZ’s commitment to setting high standards in sustainable real estate development. As the platform continues to expand its portfolio across asset classes, it remains focused on integrating sustainability, innovation and operational excellence to create future-ready assets that deliver long-term value for stakeholders.

Note: Annexure: Entity-wise Asset Details

RMZ Entity	Asset p
RMZ Nexus LLP	RMZ Nexus, Mumbai
Millenia Realtors Private Limited	The Edge, One Boat Club (Pune); Ecoworld 30, Ecoworld 20, Startech and Millenia (Bengaluru); Nexity, The Spire and Skyview (Hyderabad); Infinity (Chennai); Data Centre (Mumbai)
Harmen Developers LLP	Infinity, Bengaluru and Infinity, Gurugram
Infralogix LLP	Warehousing project, Hoskote (JV between RMZ and Prologis)

 

About RMZ

RMZ is India's largest privately owned real assets platform, bringing together real assets and private capital across six Indian cities. RMZ builds, owns and operates mixed-use GCC ecosystems that host global blue-chip enterprises. Its AI and data infrastructure serves the digital economy across India's primary markets. Its hospitality, retail and living environments set the standard for luxury consumption. Through its private capital arm, RMZ builds and operates businesses across consumer brands, sports, media and entertainment, and compute. Trusted by leading global sovereign funds, pension institutions, and alternative asset managers, RMZ is built for multi-decade horizons. Founded by Raj Menda and Manoj Menda in 2002, the group is headquartered in Bengaluru.  

Arvind Fashions - Strong Quarter; H2 Expected To Be Sequentially Better; Maintain BUY

Arvind Fashions (AFL) posted a strong performance in Q2FY27, with revenue rising by 10% YoY led by 7.3% retail LTL growth. Adjusted for festive/online tower event shift, revenue grew by 15%, led by 10% retail LTL growth. EBITDA margin rose 67bps YoY to 13.9%, led by better gross margin (up 137bps). AFL saw a high double-digit LFL growth in Q3FY27 QTD. Going ahead, the management targets mid-double-digit revenue growth with EBITDA margin expansion (+30-40bps) for H2FY27. The company aims for 150 gross stores openings (vs 47 in H1FY27) and 12-15% net sq. ft. addition (vs 9.2% in H1FY27). It is setting up a new shirt manufacturing unit in MP (which would meet 25-30% of its total shirt requirement) to diversify supply chain and lower geopolitical risks. Thus, we retain BUY rating on the stock with a revised TP of Rs450 (from Rs720 earlier), valuing it at 25x on Sep-28e EPS (vs. 11x FY28e EV/EBITDA previously).

Strong Quarterly Performance: Revenue grew by 10% YoY, led by 7.3% retail LTL growth. EBITDA margin rose 67bps YoY to 13.9%, driven by 137bps YoY rise in gross margin to 53.9%, owing to better channel mix and lower discounting. APAT (adjusted for discontinued operations) grew 29.6% YoY to Rs489mn.

Channel-mix and RM Inflation: Retail channel grew ~15% YoY, led by LTL growth and store expansion while online B2C channel grew ~28% YoY. Adjusted for festive/online tower event shift, B2C growth came in at 45%. Direct channel mix (retail + online B2C) rose 380bps YoY to 53% and the management plans to increase it to 65%, going ahead. Wholesale channel saw mid-single-digit growth in consumer sales, due to festive shift, forming 33% of sales (vs. 31%). AFL would continue to see the benefit of low-cost inventory in Q3FY27 and plans to take a price hike of 1.5-2% to offset the impact of 5% inflationary pressure.

Brand-wise: USPA delivered strong double-digit LTL growth with lower retail discounting with direct channel mix for the brand growing by 25%+. Arrow reported 35%+ growth in online B2C, while Flying Machine’s direct channel mix improved by 3%+. Tommy Hilfiger and Calvin Klein saw high-single-digit LTL growth, led by premiumisation and continued network expansion.

Store Addition: AFL added net 19 stores (47 gross) in H1FY27 (vs. net 21 storez in H1FY26), expanding retail area by 9.2% YoY to 1.38 mn sq. ft. in Sep-26. AFL plans to add 150 gross stores with growth in net retail area of 12-15% in FY27.

Balance Sheet: Net debt rose to Rs5.8bn in Sep-26 from Rs4.7bn in Mar-26, led by inventory build-up (from 96 days in FY26-end to 101 days in H1FY27) and higher capex (up ~90% YoY for setting up of shirt manufacturing unit, new corporate office and store addition). However, net debt is targeted to reduce by the end of FY27 in anticipation of FCF of Rs1.5-1.75bn in H2FY27.

Outlook and Valuation: We expect AFL’s revenue/EBITDA/PAT to clock ~12/13/32% CAGR over FY26-29e. W trim our EPS estimate by 19.2/16.1% for FY27/28e. We introduce FY29e and maintain BUY rating on the stock with a revised TP of Rs450, valuing it at 25x Sep-28 EPS. At CMP, the stock trades at ~37.1/23.9/16.5x FY27/28/29e PE. Key Risks: (a) Weak consumer sentiment; (b) intense competition; and (c) higher capex.

Titan And Fastrack Smart Bring Smarter Celebrations This Diwali Season

* From capturing the energy of festive celebrations to inspiring healthier beginnings, the campaign bring smart technology closer to everyday life through activity tracking, connectivity and wellness-led features

From festive shopping to family gatherings and the promise of a fresh start, the festive season is shaped by how people choose to celebrate. Titan Smart is bringing this energy into focus through festive campaigns for Fastrack Smart and Titan Smart, connecting smartwatch technology with the everyday moments, interests and routines of consumers.

The festive season brings its own rhythm, from days filled with celebrations and spontaneous plans to a time for fresh beginnings and renewed personal goals. The brand taps into these seasonal moments through two distinct brand narratives, tailored for its distinct consumer cohorts: Fastrack Smart speaks to socially active, trend-conscious youngsters by tapping into the energy, movement and social experiences that define their celebrations, while Titan Smart is aimed at late twenties and early thirties, who are balancing professional goals with personal interests and a growing focus on well-being routines.

Commenting on the festive initiative, Mr. Seenivasan Krishnamurthy, CSMO – Smart Wearables Division at Titan Company Limited, said, “Festivals bring together people, rituals and moments that make life meaningful. With our festive campaigns, we want smart technology to feel relevant to the way people actually live. Fastrack Smart celebrates the movement and social energy of the season, while Titan Smart encourages consumers to make space for healthier routines and well-being. Our ambition is to make smartwatches useful companions to everyday life, beyond connectivity alone.”

Fastrack Smart brings the energy of the festive season to life, starting with Diwali, ‘Have a Smart Blast’ campaign carries the spirit forward, reflecting the excitement of shopping trips, festive outfit planning, meeting friends and visiting family. The festive range includes Revoltt XR1 Pro (₹2,799), Xtreme S (₹2,999) and Jupiter R3 Pro (₹2,899). With AMOLED displays, customisable festive themed cloud watch faces, BT calling, and fitness and wellness features such as heart rate, sleep and stress monitoring, the smartwatches bring together expressive design and everyday utility, helping young consumers stay connected and track their activity through the festive rush.

Titan Smart’s Diwali narrative approaches ‘Smart Beginnings – A Smarter Start to Living Better’ campaign, building on the spirit of new beginnings, encouraging consumers to embrace healthier, more mindful routines alongside their work, personal goals and interests. At the heart of the Titan Smart festive collection are AiRA (₹6999-8499), Evoke 2.0 (₹8499) and Evoke S (₹8999)

bringing together smart functionality and everyday convenience. Designed to complement consumers’ routines, the collections offer features that support connectivity, activity tracking and personal well-being, making technology a more purposeful part of everyday life.

This festive season, celebrate every moment in style with up to 30% off on Titan Smart and up to 50% off on Fastrack Smart. The festive collection will be available across Titan and Fastrack brand websites, across Titan World & Fastrack stores, leading e-commerce platforms and authorized watches and mobile retail stores, offering consumers multiple ways to discover a smartwatch that complements their style and lifestyle.

State Bank Of India (SBI) - Strong Quarter; ~15% RoE To Sustain; Maintain BUY

SBI delivered a strong performance in Q2FY27, led by margin expansion, improvement in asset quality and robust business growth. NII beat estimate, as NIM grew 8bps q/q to 2.94%, aided by lower CoF. PPoP miss was largely optical; the NSE stake sale/revaluation gain was routed through AFS reserve instead of P&L and Rs8.5bn of Q4 opex was brought forward. Adjusting for these, core operating performance remained healthy. Further, asset quality remains best-in-class, with gross/net slippages coming in at 43/17bps. Credit growth remained strong at 18.2% y/y, while deposit growth improved to 12.3% y/y (vs. 9.7% in Q1), led by retail TDs. The US$10.8bn FCNR (B) mobilisation lifted LCR to 140%. ECL transition impact (~3% of net worth) looks manageable and stress from drought-affected states is likely be negligible. We expect SBI to keep growing in-line with the system, with RoA/RoE sustaining >1/15% over the medium-term. SBI remains our high conviction pick amongst the large banks. We maintain BUY rating on SBI with an SOTP-based TP of Rs1,317, valuing its core operations at 1.3x FY29e P/ABV and subsidiaries at Rs194/share.

NIM expands; one-offs drag PPoP: NIM grew 8bps q/q to 2.94%, led by lower CoF and better yields despite 102bps q/q rise in LDR, which the management attributed to lower CoF, as FCNR (B) deposits were mostly used to repay high-cost borrowings. We expect margin to improve further after the rate hike. About 49% of loan book is linked to EBLR (32%) and T-bill (17%) benchmarks and should reprice quickly, while MCLR-linked loans (27%) will follow with a lag. But PPoP missed estimate, as Rs111bn gain from NSE stake sale and revaluation went directly to AFS reserve instead of via P&L. Core fee income grew 11.4% y/y, while treasury booked Rs12.7bn MTM loss. Other opex rose 14.9% y/y, as the bank brought forward Rs8.5bn of expenses usually booked in Q4 (which will continue in Q3), to smoothen out the usual Q4 spike.

Slippages moderate: Gross slippages fell to 43bps (from 60bps in Q1FY27 and 48bps in Q2FY26), while net slippages improved to 17bps (from 31bps in Q1FY27 and 26bps in Q2FY26). The bank estimates a net (post-tax) impact of Rs195bn from the ECL transition, equivalent to ~3% of Q2FY27 net worth. As per the management’s initial assessment ~Rs100bn (39bps of Q2FY27 loans) of the portfolio in drought-affected states could be eligible for restructuring. But the management noted that the borrowers typically do not opt for restructuring, suggesting that the eventual amount is likely to be significantly lower.

Credit growth remains strong: Net advances grew 18.2% y/y, aided by domestic loans (up 17.8% y/y) and overseas credit (22.9% y/y). We expect FY27e credit growth at ~14%, broadly in line with the system. Deposit growth improved to 12.3% y/y (vs. 9.7% in Q1), led by healthy retail TD growth of 16.7% y/y, while CASA grew 8.1% y/y. LCR remained comfortable at 140% (vs. 126% in Q1). Bank mobilised ~US$10.8bn under FCNR (B) scheme.

Valuation: We maintain BUY rating on SBI with an SOTP-based TP of Rs1,317, valuing the core bank at 1.3x FY29e P/ABV and assigning Rs194/share to subsidiaries.

Key Risks: (a) Lumpy slippages; and (b) lower credit growth.