Macquarie upgrades Kotak, Bank of Baroda and Paytm to Outperform

Macquarie expects Indian banks to deliver ~18% FY28 EPS growth, aided by ~15 bps margin expansion and easing credit costs, and upgrades multiple names including Kotak Mahindra Bank, Bank of Baroda and Paytm to Outperform while downgrading PB Fintech to Neutral.