In 2QFY27, Canara HSBC’s APE grew 11% YoY to INR6.6b (in line). For 1HFY27, APE grew 14% YoY. VNB at INR1.4b (in line) rose 20% YoY, resulting in VNB margin of 21.4% (19.7% in 2QFY26) vs. our est. of 21%.