BANKBARODA Q2 FY27 Results Analysis: PAT Jumps 36%, NIM Slips to 2.74%

Cofacto Research Published October 30, 2026 4 min read

BANKBARODA reported Q2 FY27 numbers with revenue of Rs. 41,966.05 Cr (+19.80% YoY) and PAT growth of +35.81% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 41,966.05 Cr (+19.80% YoY)
PAT (Q2)	Rs. 6,531.54 Cr (+35.81% YoY)
EBITDA margin	27.24% (+561 bps YoY)
EPS (Q2)	Rs. 12.63 (+35.80% YoY)

Quarter Snapshot

Bank of Baroda delivered its highest-ever quarterly PPOP (Rs.11,430 crore, +50.87% YoY) and PAT (Rs.6,531.54 crore, +35.81% YoY), beating its own guidance on credit growth, deposit growth, credit cost, slippage, ROA and operating profit. Asset quality improved to GNPA 1.78%/NNPA 0.37% with PCR at 94.65%, though NIM slipped to 2.74% (below the guidance band low end) and CASA ratio fell 205 bps YoY. Headline profitability is flattered by an unquantified NSE OFS gain in other income, while wholesale and retail segment results fell YoY — the full-year ROA guidance promised for the earnings call is the key open item.

Q2 FY27 Expectations vs Results

Driver	What happened	Verdict
Advances "ahead of the 12–14% guidance for a second straight quarter"	+18.3% YoY	Played out
Deposits "ahead of the 10–12% guide"	+16.4% YoY	Played out
NIM "flat to mildly compressing"; "whether the 2.75–2.95% band holds"	2.74% global (−3 bps QoQ) — compressed as expected but 1 bp below the band's low end; H1 2.76% within	Partially
Treasury "likely stays below the Rs.1,000–1,200 crore/quarter benchmark — partially masked by the NSE gain"	Other income Rs.6,880.72 crore, +95.76% YoY; treasury segment result +175.64% YoY — headline contradicted, and the masking agent (NSE net gain) is unquantified in the filing	Contradicted at headline level
NSE gross consideration "should surface in Q2 other income"	Note 14 confirms Rs.1,372.35 crore gross sold in the quarter	Played out
Credit cost "likely benign again"	0.55% Q2 / 0.42% H1, below the <0.60% guide	Played out
"No fresh floating-provision announcement"	Balance unchanged at Rs.2,500 crore	Played out
ECL "a post-quarter cost narrative, not a Q2 P&L item"	No ECL provision in Q2	Played out

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Credit growth 12–14% FY27	guided on the Q4 FY26 call, reiterated Q1 FY27	global advances +18.3% YoY — ahead	On Track
Deposit growth 10–12% FY27	same	global deposits +16.4% YoY — ahead	On Track
NIM 2.75–2.95% FY27	same	Q2 global NIM 2.74%; H1 2.76%	On Track on H1; Q2 print 1 bp below the band's low end
Credit cost <0.60% FY27	revised at Q3 FY26 call	0.55% (Q2), 0.42% (H1)	Met
Slippage 1–1.25% FY27	Q4 FY26 call	0.69% (Q2), 0.67% (H1)	Met
ROA >1% in Q2–Q4 FY27	Q1 FY27 call	1.26% annualized	Met
ROE 15–16% FY27	Q4 FY26 call	19.28% in Q2 (+363 bps YoY) — one-off-flattered	On Track
Full-year FY27 ROA guidance	promised on the Q1 FY27 call for this call	not contained in the filing	Too Early

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27	Q2 FY27
GNPA %	2.16	2.04	1.89	1.99	1.78
NNPA %	0.57	0.57	0.45	0.50	0.37
PCR incl TWO %	93.21	92.73	93.94	93.28	94.65
NIM global %	2.96	2.79	2.89	2.77	2.74
ROA %	1.07	1.09	1.15	0.25	1.26
Credit cost %	0.29	0.17	0.76	0.29	0.55
Slippage %	0.91	0.86	0.89	0.91	0.69
CRAR %	16.54	15.29	15.82	16.30	16.61

Key Investment Insights

Key Positives

Standalone PAT of Rs.6,531.54 crore grew 35.81% YoY, the bank's highest-ever quarterly net profit
PPOP of Rs.11,430.11 crore grew 50.87% YoY, ahead of management's Rs.7,500-8,000 crore/quarter normalized benchmark
GNPA fell to 1.78% (from 2.16% YoY) and NNPA to 0.37% (from 0.57% YoY); PCR incl. TWO at 94.65%
Global advances +18.3% YoY and global deposits +16.4% YoY, both ahead of FY27 guidance of 12-14% and 10-12% respectively
Credit cost 0.55% (Q2) and 0.42% (H1), below the <0.60% guidance; slippage 0.69% vs 1-1.25% guided band
ROA of 1.26% annualized met the >1% Q2-Q4 FY27 commitment; ROE 19.28% (+363 bps YoY)
Cost-to-income fell to 42.58% from 51.02% in Q2FY26
Provisions rise of +93.26% YoY is a write-off-passage effect (write-off provision +Rs.1,052 crore), not fresh stress provisioning; floating provision buffer unchanged at Rs.2,500 crore

Risk Factors

Global NIM compressed to 2.74% from 2.96% YoY, 1 bp below the low end of the 2.75-2.95% guidance band
Domestic CASA ratio fell to 36.37% from 38.42% YoY as CASA growth (10.4%) lagged deposit growth (16.6%); borrowings +25.19% YoY
Wholesale Banking segment result fell 42.58% YoY and Retail Banking fell 19.56% YoY despite revenue growth — core-franchise profit compression masked by treasury
Treasury segment result of Rs.6,120.44 crore (+175.64% YoY) carries the unquantified NSE OFS gain (Rs.1,372.35 crore gross), so clean run-rate profitability is not derivable
H1 FY27 standalone PAT declined 16.48% YoY due to the Rs.5,680 crore NMC settlement exceptional; auditors carry an Emphasis of Matter on the note
No fresh ECL-transition provision in Q2 despite management's prior ~Rs.12,500 crore / 110 bps CRAR impact estimate; floating-provision buffer not extended