HDFC Bank – India’s leading private lender is expected to deliver deposit growth at 16% CAGR and loan growth at 12% CAGR between FY25 and FY28. It is Jefferies’ top pick from the sector.
ICICI Bank – Jefferies expects loan growth of 15% CAGR and credit costs of 50–70 basis points through FY28, leading to an earnings CAGR of 11% and a return on equity of 17% in FY26.
Max Financial Services – Jefferies forecasts a 17% CAGR in value of new business between FY25 and FY28, with margins improving by around 150 basis points.
Bajaj Finance – The company is expected to maintain strong growth momentum and Jefferies expects EPS to grow at 23% CAGR over three years with return on equity around 20%.
Cholamandalam Finance – EPS is projected to grow at more than 25% CAGR, with return on equity nearing 20%. The brokerage notes that the recent stock correction provides a good entry point.