Macquarie on IndusInd BK ; U-P, TP Rs 760

PAT beats estimates, aided by higher non-interest income ROA improves despite margin compression but there are headwinds Management retained its 4Q FY27 exit-quarter RoA guidance of 1.0%, vs reported ROA of 82bps. While believe 4Q FY27 target is achievable, increasing ROA beyond 1% to medium-term target of 170bps could be challenging.

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