We value the stock at 1.0x FY28E ABV per share of INR 904, yielding a TP of INR 904 (vs CMP INR 880, +2.7% upside). This reflects the trade-off between an improving recovery trajectory and return ratios that remain materially below peer averages (FY28E RoE of 7.2% vs ICICI/Axis at 16-18%).