Archive · 5 Oct 2026
Motilal Oswal Rates Six Banks Buy After Q2 Updates
Several banks have shared updates about how their businesses did in the second quarter.
Brokerage firm Motilal Oswal gave six banks a Buy rating, meaning it viewed their shares positively.
It pointed to growth in loans and other business activity.
HDFC Bank’s business growth matched expectations, and it has appointed Anup Bagchi as its new chief executive.
Canara Bank and Indian Bank also reported growth in their total business.
The two small finance banks reported strong growth in advances, or loans.
Motilal Oswal said it would be important to watch the banks’ upcoming earnings.
The article does not provide a different analyst view.
Motilal Oswal assigned Buy ratings to HDFC Bank, Punjab National Bank, Indian Bank, Canara Bank, AU Small Finance Bank and Equitas Small Finance Bank.
The brokerage cited healthy advance growth, steady business expansion and improving growth momentum across the banks.
HDFC Bank reported Q2 business growth in line with expectations; Motilal Oswal said Anup Bagchi’s appointment as MD and CEO removes a leadership succession concern.
Canara Bank’s total business rose 15.8% year on year to Rs 30.7 lakh crore, while Indian Bank’s grew 14.2% to Rs 15.96 lakh crore.
AU Small Finance Bank and Equitas Small Finance Bank reported year-on-year gross advances growth of about 28% and 29.6%, respectively.
- Who
- Motilal Oswal and six banks: HDFC Bank, Punjab National Bank, Indian Bank, Canara Bank, AU Small Finance Bank and Equitas Small Finance Bank.
- What
- Motilal Oswal assigned Buy ratings to the six banks after reviewing their Q2 business updates.
- When
- The Q2 updates were announced over the weekend; the article refers to the second quarter of financial year 2027.
- Where
- India.
- Why
- The brokerage cited healthy advances growth, steady business expansion and improving growth momentum.
- Banks rated Buy
- HDFC Bank, Punjab National Bank, Indian Bank, Canara Bank, AU Small Finance Bank and Equitas Small Finance Bank
- HDFC Bank target price
- Rs 925, with nearly 32% upside indicated from the level cited in the article
- HDFC Bank leadership
- Anup Bagchi was appointed MD and CEO
- Punjab National Bank global business
- Up 11.95% year on year to Rs 31.2 trillion in Q2
- Indian Bank total business
- Up 14.2% to Rs 15.96 lakh crore in Q2
- Canara Bank total business
- Up 15.8% to Rs 30.7 lakh crore in Q2
- Equitas Small Finance Bank advances
- Gross advances rose 29.6% year on year and 6.4% sequentially to Rs 50,700 crore