Nomura on Credit Access ;, Buy, TP Rs 1700

2Q27 net profit: 2% beat vs estimate Drought troubles for second-largest state; build in 3.8% credit cost for FY27-28F Revised lending rate downwards by 50bp; cost of funds well managed for now Risk from insurance reforms and promoter level changes Handling rising interest rates well, management raises ROA/ROE guidance for FY27

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