Bank of Baroda shares jump nearly 3% as analysts upgrade on Q2 beat

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The sell-side skew remains heavy, 78.5 per cent of pending orders are on the sell side against 21.5 per cent buy orders, but buying interest has pulled the stock well above Friday’s close of ₹238.60.

By Anupama Ghosh

Updated - November 02, 2026 at 11:56 AM.

Bank of Baroda reported Q2FY27 net profit of ₹65.3 billion on October 30, a 36 per cent jump year-on-year that beat estimates by 23 per cent, driven largely by treasury gains of approximately ₹31 billion from its NSE stake sale and revaluation. | Photo Credit: REUTERS/ANUSHREE FADNAVIS

Bank of Baroda shares climbed 2.85 per cent to ₹245.40 on the NSE by mid-morning Monday, a day after the state-owned lender reported strong second-quarter results that triggered a wave of analyst upgrades and target price revisions.

The stock opened at ₹243 and hit an intraday high of ₹250.89, with over 1.15 crore shares changing hands worth ₹284.72 crore by 11.31 AM. The sell-side skew remains heavy, 78.5 per cent of pending orders are on the sell side against 21.5 per cent buy orders, but buying interest has pulled the stock well above Friday’s close of ₹238.60.

JM Financial upgraded the stock to Buy from Add, raising its target to ₹280 from ₹270 and lifting FY27 EPS estimates by 16 per cent, citing improving growth visibility, benign asset quality, limited insurance-related earnings risk and potential margin recovery. HSBC maintained Buy and raised its target to ₹284 from ₹276, expecting NIMs and loan growth to support approximately 1 per cent return on assets. Elara Securities reiterated Buy with a bullish target of ₹310, while Axis Direct held its Buy rating at ₹290. UBS retained Buy but trimmed its target to ₹300 from ₹310. Motilal Oswal remained the lone dissenter, maintaining a Neutral rating with a ₹270 target.

Bank of Baroda reported Q2FY27 net profit of ₹65.3 billion on October 30, a 36 per cent jump year-on-year that beat estimates by 23 per cent, driven largely by treasury gains of approximately ₹31 billion from its NSE stake sale and revaluation. Net interest income rose 9 per cent year-on-year to ₹130.3 billion. Net interest margins slipped 3 basis points quarter-on-quarter to 2.74 per cent, pressured by softer overseas margins, though the bank retained its full-year NIM guidance of 2.75–2.95 per cent.

Management raised FY27 credit growth guidance to 13–15 per cent from 12–14 per cent and deposit growth guidance to 11–13 per cent from 10–12 per cent. The gross NPA ratio improved 21 basis points to 1.78 per cent, while the bank created additional prudential provisions of ₹16 billion to strengthen its balance sheet ahead of the transition to expected credit loss provisioning.

Despite today’s gains, the stock remains down nearly 12 per cent over the past year, still a significant distance from its 52-week high of ₹325.50 reached in February 2026.

Published on November 2, 2026

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