Archive · 24 Aug 2026
Goldman Sachs Names Six Indian Banks With 18%-37% Upside
Goldman Sachs studied 14 Indian banks and selected six it thinks could perform well.
It gave all six a Buy rating.
ICICI Bank was its favourite, with a possible 37% increase to the stated target price.
Kotak Mahindra Bank was next, with possible upside of 31%.
HDFC Bank, Axis Bank and Federal Bank each had projected upside of 19%.
AU Small Finance Bank had projected upside of 18%.
Goldman Sachs expects better loan growth, steadier margins and improved efficiency to help banks earn more.
These are the brokerage’s views, not a guarantee or personal investment advice.
Goldman Sachs rates six Indian banks Buy, with projected upside ranging from 18% to 37%.
ICICI Bank is the brokerage’s preferred pick, with a Rs 1,935 target price and 37% potential upside.
Kotak Mahindra Bank has the second-highest projected upside at 31%, with a Rs 509 target price.
HDFC Bank, Axis Bank and Federal Bank each have projected upside of 19%, while AU Small Finance Bank has 18%.
Goldman Sachs expects loan growth, stabilising margins and operating leverage to support a recovery in bank profitability.
- Who
- Goldman Sachs and the six Indian banks it rates Buy: ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank, Federal Bank and AU Small Finance Bank.
- What
- Goldman Sachs published Buy ratings, target prices and upside estimates for six banks.
- When
- The article gives fiscal-year forecasts covering FY26-FY29E for several banks, but does not provide a publication date.
- Where
- India.
- Why
- Goldman Sachs expects improving loan growth, stabilising margins, stronger operating leverage and bank-specific improvements to support profitability and potential stock re-rating.
- Brokerage
- Goldman Sachs
- Coverage universe
- 14 banks
- Top pick
- ICICI Bank
- Highest projected upside
- ICICI Bank: 37%, with a Rs 1,935 target price
- Second-highest projected upside
- Kotak Mahindra Bank: 31%, with a Rs 509 target price
- Lowest projected upside among the six
- AU Small Finance Bank: 18%, with a Rs 1,270 target price
- Investment thesis
- Profitability recovery driven by loan growth, stable margins and operating leverage