Future growth expectations in sales/revenue/volumes?

**Corporate Loan Growth**: Expected full-year corporate loan growth of 9-10%, with acceleration in H2 due to seasonal demand and narrowing bond-loan rate differentials. **Retail Advances**: Strong retail loan growth around 17.5% YoY, with expansion in Agri (16.2% YoY) and MSME (13.1% YoY), expected to continue growing upwards of 14% in Agri and potentially 17-18% in MSME. **Pipeline Size**: Large corporate loan pipeline with sanctioned-but-undisbursed cases worth ₹30,000-35,000 crore and under-consideration cases ₹25,000-30,000 crore. **NBFC Loans**: Recovery and renewed demand expected; bank

Future growth expectations in earnings/operating earnings/profits/EPS?

Bank of Baroda expects stable and sustainable earnings with a strong income-earning potential due to consistent profitability over 10 quarters. Operating profit for Q1 FY26 was ₹8,236 crores, growing 15% YoY; net profit for Q1 FY26 was ₹4,541 crores, with 1.9% YoY growth. Return on assets (ROA) is maintained above 1% (1.03% in Q1 FY26) and return on equity (ROE) was 15.05%. Full-year corporate loan growth is expected at 9-10%, with retail and MSME segments continuing strong growth (retail ~20%, MSME 13-18%). Margin outlook: NIM expected to stabilize between 2.85% to 3%, with some press

Current/ Expected Orderbook/ Pending Orders?

As of now, the bank has a substantial orderbook with sanctioned but not disbursed cases amounting to approximately ₹30,000-35,000 crore. Cases under consideration stand at around ₹25,000-30,000 crore. Demand is expected to pick up strongly in H2, following a typical seasonal trend. Strong demand is coming from sectors including renewable energy, data centers, and road projects. The bank aims to replicate the growth pattern of the previous year with lower Q1 growth followed by upsizing in Q2, Q3, and Q4. Overall, the bank is targeting a 9-10% corporate loan growth for the full financial year ba

Bank of BarodaQ2 FY26Banks

Bank of Baroda Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹248P/E: 5.8Market Cap: ₹1.3L CrSector: Banks

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→**Corporate Loan Growth**: Expected full-year corporate loan growth of 9-10%, with acceleration in H2 due to seasonal demand and narrowing bond-loan rate differentials.
→**Retail Advances**: Strong retail loan growth around 17.5% YoY, with expansion in Agri (16.2% YoY) and MSME (13.1% YoY), expected to continue growing upwards of 14% in Agri and potentially 17-18% in MSME.
→**Pipeline Size**: Large corporate loan pipeline with sanctioned-but-undisbursed cases worth ₹30,000-35,000 crore and under-consideration cases ₹25,000-30,000 crore.
→**NBFC Loans**: Recovery and renewed demand expected; bank aims for 9-10% full-year growth in NBFC exposure.
→**Co-lending Growth**: Bank plans significant increase in co-lending book, currently under ₹2,000 crore.
→**Overall Advances Growth**: Guidance maintained at 11-13% for advances and 9-11% for deposit growth for FY26.

Margin guidance

Category 3

→Bank of Baroda expects stable and sustainable earnings with a strong income-earning potential due to consistent profitability over 10 quarters.
→Operating profit for Q1 FY26 was ₹8,236 crores, growing 15% YoY; net profit for Q1 FY26 was ₹4,541 crores, with 1.9% YoY growth.
→Return on assets (ROA) is maintained above 1% (1.03% in Q1 FY26) and return on equity (ROE) was 15.05%.
→Full-year corporate loan growth is expected at 9-10%, with retail and MSME segments continuing strong growth (retail ~20%, MSME 13-18%).
→Margin outlook: NIM expected to stabilize between 2.85% to 3%, with some pressure in Q2 but improvement in H2 FY26.
→Recovery targets exceed ₹10,000 crores for the full year, aiding credit cost control below 0.75%.
→Provisioning is expected to maintain a run rate around ₹1,500 crores per quarter, with prudent management.
→Overall guidance remains for credit growth at 11-13% and deposit growth at 9-11% for FY26.

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Fundraise plans

The provided transcript does not mention any current or future plans for fundraising through debt or equity. Key points related to financials and growth include: - No explicit mention of new debt or equity raising plans. - Focus is on sustainable advances growth of 9-13%, deposit growth of 9-11%, and improving asset quality. - The bank is managing margin pressures with liability optimization. - Discussions are around organic growth in retail, corporate, MSME, and international business. - Provisions and recoveries are monitored prudently without indication of capital raising requirements. - The bank emphasizes strengthening CASA and liability management but no plans for fresh fundraising disclosed. Thus, based on the information on page 16 and surrounding pages, there is no stated current or upcoming equity or debt fundraising plan.

Order book

Yes

→As of now, the bank has a substantial orderbook with sanctioned but not disbursed cases amounting to approximately ₹30,000-35,000 crore.
→Cases under consideration stand at around ₹25,000-30,000 crore.
→Demand is expected to pick up strongly in H2, following a typical seasonal trend.
→Strong demand is coming from sectors including renewable energy, data centers, and road projects.
→The bank aims to replicate the growth pattern of the previous year with lower Q1 growth followed by upsizing in Q2, Q3, and Q4.
→Overall, the bank is targeting a 9-10% corporate loan growth for the full financial year based on this robust pipeline.

Capex plans

Yes

The transcript from the Bank of Baroda Q1 FY26 conference does not explicitly mention any current or planned capital expenditure (capex), capital investment, or strategic investment details. However, key relevant points include: - The bank has a strong pipeline of sanctioned but undisbursed cases worth approximately ₹30,000-35,000 crore, and cases under consideration around ₹25,000-30,000 crore, indicating potential future lending investments. - Focus on sectors with strong demand such as renewables, data centers, road projects, MSME, and agriculture suggest strategic sectoral emphasis. - The bank is working on increasing co-lending exposure, especially with NBFCs, aiming for significant growth from a current base of less than ₹2,000 crore. - Continued enhancement of digital platforms and innovative CASA products indicate strategic investments in technology and customer acquisition. No specific mention of direct capex or capital investment plans was made in the provided sections.

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