Nomura has maintained a Neutral rating on Bank of Baroda, assigning a target price of ₹240 — slightly below the current market price of ₹243.30.
While net interest margins (NIMs) were better than expected, the brokerage flagged softness in both growth and asset quality. Nomura forecasts return ratios of 0.9% RoA and 12–13% RoE over FY26–28F.
Despite the stock trading at an inexpensive valuation of 0.8x FY27F price-to-book, Nomura does not foresee any near-term catalysts that could drive outperformance.
Disclaimer: This article is based on Nomura’s brokerage report and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.
