Recommended Free Tools
Motilal Oswal named ICICI Bank, State Bank of India (SBI), Kotak Mahindra Bank and AU Small Finance Bank as its top banking picks, according to Moneycontrol’s 5 October 2026 report. The brokerage forecast 15% earnings CAGR across its banking coverage for FY26–28E, but the report does not disclose current individual target prices for ICICI Bank, SBI or Kotak Mahindra Bank. Its growth estimates are forecasts—not share-price return projections or guarantees.
Which banking stocks did Motilal Oswal pick?
Moneycontrol reported on 5 October 2026 that Motilal Oswal’s top picks were ICICI Bank, State Bank of India (SBI), Kotak Mahindra Bank and AU Small Finance Bank. AU Small Finance Bank is also on the list; the three larger banks named in the headline are not the complete pick list. Moneycontrol’s report
As an Amazon Associate I earn from qualifying purchases.
What does the brokerage forecast for banking earnings?
Motilal Oswal forecast 15% earnings CAGR for its banking coverage universe over FY26–28E. Within that forecast, private banks were expected to record 20% earnings CAGR and public-sector banks (PSUs) 11% over FY26–28. These are brokerage estimates for earnings growth, not predictions of stock-price gains or investor returns.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →What is behind the outlook?
The brokerage cited system credit growth of 18.8% year on year as of 15 September 2026, while expecting credit growth of around 15.5% in FY27E. System deposit growth was 17% year on year and the credit-deposit ratio was 80.8%. Motilal Oswal linked the easing ratio partly to FCNR(B) inflows of $133 billion, which it said represented around 4.5% of system deposits. The figures and commentary were reported by Moneycontrol on 5 October 2026. Moneycontrol
Motilal Oswal said, “Credit growth remained strong at 18.8% YoY; mid-sized private banks likely to lead.” It also described the asset-quality outlook as benign and expected credit costs to remain in control. These are the brokerage’s assessments, not confirmed future outcomes.
What did it estimate for ICICI Bank and Kotak Mahindra Bank?
For 2QFY27, Motilal Oswal estimated year-on-year and quarter-on-quarter net interest income (NII) growth for the two large private banks as follows:
Rank #2
- 【LARGE CAPACITY】This currency album Includes 50 double-sided pockets (100 slots total), neatly storing up to 100 banknotes, tickets, cards, stamps, bills, documents, invoices—keeping your collection tidy and easily accessible.
- 【UNIVERSAL SIZE】Each pocket measures 16 x 8.3 cm (approx. 6.3" x 3.3"), designed to fit most international currencies, protects world paper money from dust, wear, and damage.
- 【EXCELLENT QUALITY】Features a high-quality waterproof black PU leather cover. Eco-friendly transparent PP pages offer clear visibility and long-lasting protection.
- 【PASSWORD LOCK FOR ADDED SECURITY】Equipped with a 3-digit combination lock. Set your own code to prevent accidental opening and keep contents safe from children, pets, or mishandling.
- 【PERFECT GIFT IDEA】An ideal present for currency collectors, hobbyists and travelers. Great for birthdays, holidays, or special occasions.
| Bank | Estimated NII growth, year on year | Estimated NII growth, quarter on quarter |
|---|---|---|
| ICICI Bank | 16.8% | 3.1% |
| Kotak Mahindra Bank | 14% | 5.1% |
These are estimates for NII, not net profit or share returns. Moneycontrol’s account does not provide matching bank-specific NII figures for SBI or AU Small Finance Bank, so the listed estimates do not form a complete like-for-like comparison of all four picks. Moneycontrol’s report
What did Motilal Oswal expect for private and PSU banks in 2QFY27?
The brokerage expected private-bank profit after tax (PAT) to grow 24% year on year and 1.7% quarter on quarter in 2QFY27. For PSU banks, it forecast PAT growth of 27% year on year and 19% quarter on quarter, alongside NII growth of 10.8% year on year and 1.6% quarter on quarter. These are sector-level forecasts as reported by Moneycontrol, not bank-specific forecasts for every named pick.
What risks could temper the earnings outlook?
Motilal Oswal expected net interest margins (NIMs) at large private banks to decline by 8–20 basis points, citing rapid business expansion, FCNR(B) inflows and leverage against those inflows. It said surplus-liquidity deployment and the retirement of high-cost liabilities could support earnings growth, while also noting that mobilizing low-cost deposits remained challenging. The expected NIM pressure and potential offsets are parts of the same forecast, not a guarantee that earnings will follow a particular path. Moneycontrol’s report
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does the report give target prices for ICICI Bank, SBI and Kotak?
Moneycontrol’s 5 October 2026 report does not state current individual target prices or a valuation basis for ICICI Bank, SBI or Kotak Mahindra Bank. It therefore does not substantiate the target-price promise in the headline; a target from another date should not be treated as the target in this report.
Rank #4
- 【LARGE CAPACITY】This currency album Includes 50 double-sided pockets (100 slots total), neatly storing up to 100 banknotes, tickets, cards, stamps, bills, documents, invoices—keeping your collection tidy and easily accessible.
- 【UNIVERSAL SIZE】Each pocket measures 16 x 8.3 cm (approx. 6.3" x 3.3"), designed to fit most international currencies, protects world paper money from dust, wear, and damage.
- 【EXCELLENT QUALITY】Features a high-quality waterproof black texture PU leather cover. Eco-friendly transparent PP pages offer clear visibility and long-lasting protection.
- 【PASSWORD LOCK FOR ADDED SECURITY】Equipped with a 3-digit combination lock. Set your own code to prevent accidental opening and keep contents safe from children, pets, or mishandling.
- 【PERFECT GIFT IDEA】An ideal present for currency collectors, hobbyists and travelers. Great for birthdays, holidays, or special occasions.
SBI’s official analyst-coverage page separately listed a ₹1,370 Motilal Oswal target following Q1FY27, last updated 13 August 2026. That older, separately published figure is not verified as the target in the October report. SBI analyst coverage
Free tools Windows power users keep installed
One-click scans. No signup required.
Quick Recap
How to interpret the picks
- The 15% figure is forecast earnings CAGR for Motilal Oswal’s banking coverage over FY26–28E; it is not a forecast of stock returns.
- The reported estimates combine projected growth with risks, including low-cost deposit mobilization challenges and expected NIM declines at large private banks.
- ICICI Bank and Kotak Mahindra Bank have specific reported 2QFY27 NII estimates, but the article does not provide equivalent bank-level numbers for every pick.
- Without current individual target prices and their valuation basis, the reported picks and forecasts cannot establish what any one stock is worth or whether it will rise.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
