State Bank of India

“SBI is India's dominant deposit franchise with a genuinely repaired balance sheet, real moat in distribution and sovereign trust, and an undemanding valuation of 1.67x book for 18-19% RoE in a structurally growing credit market — the PSU discount is too punitive and the risk of permanent capital loss is low, making it a modest buy in tranches, though government ownership permanently caps both RoA and multiple re-rating, keeping this a solid compounder rather than a multi-bagger.”