BFSI coverage closed FY26 on a constructive footing. Q4FY26 results were marked by (a) NIM compression at private banks as EBLR books absorbed the RBI repo-rate cuts ahead of deposit re-pricing, (b) multi-year best asset quality across banks and NBFCs with pre-emptive provisioning buffers built against the West Asia / oil-price overlay, (c) sustained 20%+ AUM growth at affordable HFCs and a structural surge in gold-loan NBFCs, (d) resilient growth in secured lending across banks and SFBs despite a broader slowdown in system credit growth, and (e) continued stress in unsecured and MFI portfolios, although improving collection efficiencies and moderating credit costs indicate a gradual recovery in 2HFY26. We maintain a constructive stance 17 BUYs and 1 HOLD across the 18-stock universe....