Sabharwal highlights ICICI Bank as a clear outperformer due to its effective asset-liability management and consistent net interest margin performance. Axis Bank, he notes, remains undervalued compared to peers and benefits from conservative leadership—something he sees as a positive. SBI, in his opinion, is trading far too cheaply relative to its asset quality and size, and a valuation re-rating is likely over the next few years. He contrasts this with more aggressive banks like IndusInd, where past missteps led to underperformance.