Bank of Baroda, one of India's largest public sector lenders, heads into its Q2 FY 2026-2027 print with provisional 30 Sep 2026 data showing global business of Rs. 32,63,697 crore, up 17.45% YoY — well ahead of its own FY27 guidance. The print will speak to whether the bank restores full-year ROA guidance after the Rs. 5,680 crore NMC settlement hit Q1, and how it frames the ~Rs. 12,500 crore ECL transition alongside a rising-yield treasury backdrop.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter NII | Rs. 12,524 crore (+9.5% YoY) |
| Previous quarter PAT | Rs. 1,278 crore (-71.8% YoY); Rs. 5,528 crore excluding the NMC exceptional |
| Previous quarter NIM | 2.77% global / 2.93% domestic |
| Market cap | Rs. 119,406.75 Cr |
| CMP | Rs. 230.9 |
A board meeting is scheduled on 30 Oct 2026 to consider the Q2 FY27 financial results, per the bank's 21 Oct 2026 intimation; the trading window reopens on 02 Nov 2026.
The central question for this quarter is whether Bank of Baroda restores a full-year FY27 ROA guidance at this call, after Q1 FY27 standalone net profit fell 71.8% YoY to Rs. 1,278 crore on the Rs. 5,680 crore NMC settlement debit and management said full-year ROA 'might not exceed 1%'. Growth is running well ahead of plan: provisional 30 Sep 2026 data shows global advances up 18.27% YoY and global deposits up 16.75% YoY, against FY27 guidance of 12-14% credit growth and 10-12% deposit growth, making a second consecutive guidance upsize a live possibility. On margins, Q1 FY27 NIM of 2.77% (domestic 2.93%) sat within the 2.75-2.95% FY27 band, with cost of deposits at 4.66% and Rs. 1,40,000 crore of deposit repricing still flowing through, though the 10-year G-sec closing at 7.19% on 28 Sep 2026 keeps treasury income — already down 59.9% YoY to Rs. 893 crore in Q1 — under pressure. The in-quarter NSE stake sale completed 24 Sep 2026 for gross consideration of Rs. 1,372.35 crore should surface in Q2 other income, with its accounting treatment a call question. The ECL transition remains the dominant forward overhang — estimated impact of ~Rs. 12,500 crore, ~110 bps on CRAR spread over 4-5 years and 15-20 bps on credit cost, effective 1 Apr 2027 — while the $15 billion Shetty suit filed in the Bombay High Court on 13 Oct 2026, which the bank says it has not been served with and will defend firmly, keeps the NMC aftermath on the call agenda.
FY27 guidance scorecard: Management set FY27 guidance at the Q4 FY26 call and reiterated it at Q1; the Q2 print tests each item.
Capital raise and offshore funding execution
ECL migration and strategic follow-ups
Risk follow-ups: NMC, treasury and deposit mix
Metric momentum and narrative shifts
Asked how the bank sustains 1% ROA with a ~20 bps steady-state credit-cost impact, MD & CEO Dr. Debadatta Chand replied: "Honestly, I don't know", adding that ECL-cost pass-through would require an industry-wide move. The estimated ECL impact is ~Rs. 12,500 crore with 15-20 bps on credit cost.
Management has confirmed a two-part plan — Rs. 8,500 crore of equity by March 2028 and Rs. 6,000 crore of Tier 2 capital in FY27 — with timing driven by pricing. With CRAR at 16.30% and CET1 at 13.90%, the bank says there is no absolute requirement to raise capital immediately.
Treasury income fell 59.9% YoY to Rs. 893 crore in Q1 FY27 as G-sec yields rose from 6.10-6.13% to 6.78%. It was partially offset by PSLC sales of around Rs. 270 crore and write-off recoveries of over Rs. 1,000 crore.
Management has said full-year ROA guidance will be provided at the Q2 FY27 call, having committed to ROA above 1% for each of Q2, Q3 and Q4 FY27. It also indicated the full-year ROA "might not exceed 1%".