Buoyant Investment Dashboard
§29/§31 — proprietary Buoyant Capital research, kept in its own namespace and never merged into Tijori tables.
Coverage: HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank. Valuation date 7-Sep-2026. Estimates are Buoyant Capital analyst estimates, not consensus.
Ratings & targets
Base / bull / bear and probability-weighted target price
| Bank | Rating | CMP | Base TP | Bull | Bear | PW TP | Upside |
|---|---|---|---|---|---|---|---|
| HDFC Bank | BUY | 711 | 918 | 1163 | 602 | 900 | +26.7% |
| ICICI Bank | HOLD | 1428 | 1400 | 1767 | 936 | 1417 | -0.7% |
| Axis Bank | BUY | 1266 | 1495 | 2005 | 861 | 1464 | +15.6% |
| Kotak Mahindra Bank | REDUCE | 423 | 407 | 491 | 303 | 393 | -7.0% |
Investment scorecard
§54 — sub-scores shown separately; the weighted total is Buoyant's own weighting, not a fitted model
| Factor | Wt | HDFC | ICICI | Axis | Kotak |
|---|---|---|---|---|---|
| Liability franchise | 15 | 8 | 9 | 6 | 7 |
| Asset quality / underwriting | 15 | 9 | 9 | 7 | 9 |
| Sustainable ROA | 15 | 7 | 10 | 6 | 9 |
| Sustainable ROE | 15 | 7 | 9 | 7 | 5 |
| Growth runway | 10 | 7 | 8 | 8 | 7 |
| Capital position | 10 | 9 | 9 | 6 | 10 |
| Management / governance | 10 | 5 | 9 | 6 | 6 |
| Valuation | 10 | 8 | 4 | 8 | 4 |
| Business quality score /100 | 75 | 91 | 66 | 76 | |
| Investment attractiveness /100 | 76 | 86 | 67 | 72 |
Buoyant peer set: FY27E P/ABV vs ROE
§26 — 17 banks on Buoyant/Nuvama FY27E estimates
Pre-run regressions in the Buoyant model
Cross-sectional P/ABV explanatory tests carried in the workbook
| Model | Intercept | β1 | t(β1) |
|---|---|---|---|
| P/B ~ ROE | 0.848 | 0.0602 | 1.63 |
| P/B ~ ROE (ex AU) | 1.128 | 0.0291 | 1.48 |
| P/B ~ ROE + ABV growth | 0.624 | 0.0360 | 0.81 |
| P/B ~ ROA | 0.755 | 0.6158 | 2.15 |
| P/B ~ ROE x growth | 1.062 | 0.3414 | 2.11 |
Buoyant's own tests. The platform's independently computed regressions are on Regression Lab.