since Apr'25. We could see a credit upcycle from FY27E suggesting higher than expected loan growth. Sensitivity analysis indicates that if loan growth for FY27E is 210bps higher at 14.7% YoY, aggregate core PAT would be upgraded by 3.6%; sector would re-rate and multiples/TP could increase by 5.0-11.0%. However, in a credit upcycle, valuation discount of other banks to sector leaders like ICICB/HDFCB (6-7% upgrade) would narrow suggesting higher upgrades. From an alpha generation perspective, we would prefer players like...