BANDHANBNK Q2 FY27 Guidance vs Delivery (BANDHANBNK Management Mirror)

H1 FY27 ROA at 1.1% Tracks the Q4 Exit Guidance Reaffirmed at 1.2%-1.4% Following Jun'26 Qtr Downgrade

For the Sep'26 Qtr, the bank reported an ROA of 1.2%, bringing the H1 FY27 ROA to 1.1%. This trajectory aligns with the Q4 FY27 exit ROA target of 1.2% to 1.4%, which management reaffirmed in Sep'26 Qtr following a downgrade from an initial 1.6% to 1.8% aspiration during the Jun'26 Qtr concall due to external headwinds. Additionally, Sep'26 Qtr operating expense to total assets guidance was explicitly revised back to 4.2% for FY27, improving from the 4.3% expected in Jun'26 Qtr. Going forward, management maintains a medium-term ROA aspiration of 1.6% to 1.8%, supported by an expectation that the quarterly employee expense run-rate will remain stable at Rs 1,300 crore to Rs 1,400 crore through Q4 FY27.