Bajaj Finserv Ltd.’s Q1 FY26 performance was strong across all operating businesses. Bank of Baroda’s Q1 FY26 earnings marginally missed estimates on the back of softer traction in fee income and higher credit costs. V-Mart Retail Ltd.’s revenue grew 12.6% YoY to Rs 8.85 billion in Q1, with core V-MART operations up 14% YoY to Rs 7.4 billion (in-line).NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.HDFC Securities Institutiona EquitiesBajaj FinServ - Stable flagship; strengthening insurance businesses Bajaj Finserv Ltd.’s Q1 FY26 performance was strong across all operating businesses. Bajaj Allianz General Insurance reported 15% YoY gross direct premium income growth, with profitability ahead of estimates on the back of higher realized capital gains and lower loss ratios. Bajaj Allianz Life Insurance showed early signs of a strategic shift, with 39% value of new business growth and a 420bps margin improvement, despite muted APE. Bajaj Finance delivered steady AUM growth (+24.6% YoY) though profitability was impacted by higher credit costs and lower other income. With the NBFC business maintaining sector leadership, the improving trajectory in insurance is expected to drive an operational turnaround and a 500bps increase in SOTP contribution, supporting a re-rating. We maintain Buy with the SOTP-based target price of Rs 2,430 (78% currently contributed by the flagship NBFC business).Bank of Baroda - Searching for portfolio stability in key segments Bank of Baroda’s Q1 FY26 earnings marginally missed estimates on the back of softer traction in fee income and higher credit costs. Deposit growth (~10% YoY; -2.5% QoQ) was soft as domestic current account and savings account declined to 39.3% (-64 bps QoQ). Loan growth (+13% YoY; -2% QoQ) was weak sequentially, with moderate growth in corporate segments. Largely stable margins were offset by lower traction in fee income, leading to in-line operating performance. Despite its handicap of relatively softer NIMs on the back of a large overseas portfolio (18% of loans), BOB consistently delivered better return ratios than peers, largely on the back of lower credit costs and superior customer franchise. However, we flag the constant rise in retail slippages of the bank coupled with the relatively inferior quality of the MSME portfolio. An elevated domestic C/D ratio at ~82% (highest amongst PSBs) is likely to restrict loan growth, given intense competition for retail deposits. We build in 13% pre-provision operating profit compound annual growth rate and 10% EPS CAGR over FY25-27E, factoring in relatively better margin management and moderate normalization of credit costs. We reiterate Buy on BOB, with an unchanged target price of Rs 290 (1.0x Mar-27 adjusted book value per share).V-MART Retail - Margin surprises positively V-Mart Retail Ltd.’s revenue grew 12.6% YoY to Rs 8.85 billion in Q1, with core V-MART operations up 14% YoY to Rs 7.4 billion (in-line). Same-store sales growth for Q1 stood at 1%. Normalized for the preponement of Eid, SSSG stood at 5%. Sales density was up 2.7%. Gross marginEBbitdam improved by ~10/135 bps to 35.3/6.9% (our estimate: 34.7/5.7%), driven by higher full-price sales, lower marketing spends and continued reduction in Limeroad losses (down 56% YoY to Rs 46 million). Inventory optimization and assortment freshness led to a reduction in inventory days to 93 (vs 99 days in Q1 FY25). We’ve marginally raised our FY26/27 Ebitda estimates by ~3/1% to reflect lower Limeroad losses and better cost control. We maintain Add, with a DCF-based target price of Rs 830/share, implying 24x Jun-27E EV/Ebitda.Click on the attachment to read the full report:Kotak Mahindra Bank Is Still A 'Buy' For Motilal Oswal Despite Weak Q1, Revises Target Price — Here's WhyDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.. Read more on Research Reports by NDTV Profit.