Canara Bank
Canara Bank
Banks F&OKey Fundamentals
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Key Insights
Strengths
3- Stock is trading at 0.91 times its book value
- Stock is providing a good dividend yield of 3.39%.
- Company has been maintaining a healthy dividend payout of 20.4%
Weaknesses
4- Company has low interest coverage ratio.
- Contingent liabilities of Rs.6,04,935 Cr.
- Company might be capitalizing the interest cost
- Working capital days have increased from 258 days to 423 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoCanara Bank trades at a market cap of ₹1,11,877 Cr with a PE of 5.7x and PB of 0.96x, reflecting a valuation below book value. The bank has delivered strong 3-year profit CAGR of 18% and maintains a 3-year ROE of 17%, but faces headwinds from slowing top-line growth (TTM sales growth at 3%), large contingent liabilities of ₹6,04,935 Cr, and rising working capital days.
- Trades at 0.96x price-to-book, below book value of 1.0x, indicating the stock is available at a discount to its net asset base
- PE ratio of 5.7x is significantly below the broader banking sector average, suggesting earnings are cheaply priced relative to peers
- Dividend yield of 3.37% with a consistent payout ratio of 20.4% offers meaningful income to shareholders
- Compounded profit growth of 44% CAGR over 5 years reflects a sharp turnaround in earnings from a low base
- 3-year ROE of 17% and 5-year ROE of 16% demonstrate improving return efficiency on shareholder equity
- 3-year compounded sales growth of 14% shows the bank expanded its top line at a healthy pace over the medium term
- Stock price CAGR of 32% over 5 years and 21% over 3 years indicates sustained market re-rating of the franchise
- Market cap of ₹1,11,877 Cr positions it as a large-cap PSU bank with systemic importance and implicit sovereign backing
- Contingent liabilities stand at ₹6,04,935 Cr, a massive off-balance-sheet exposure that could crystallize into real losses
- TTM sales growth has decelerated sharply to 3% from a 3-year CAGR of 14%, signaling a meaningful slowdown in revenue momentum
- Low interest coverage ratio indicates the bank's operating earnings may not comfortably service its own interest obligations
- Working capital days have surged from 258 days to 423 days, a 64% increase that suggests deteriorating asset-liability efficiency
- TTM profit growth has slowed to 7% compared to 18% over 3 years, pointing to a deceleration in the earnings trajectory
- Potential capitalization of interest costs raises concerns about the true quality of reported earnings and asset values
- 10-year ROE of 11% is considerably lower than the recent 3-year figure of 17%, reflecting historical periods of weak profitability and asset quality stress
- 10-year stock price CAGR of only 8% versus 32% over 5 years suggests much of the recent re-rating may have already played out
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Union strike threat Sep-Oct Sep 10
United Forum of Bank Unions plans strikes on Sep 11 and Sep 28-30, with continuous action from Oct 26, 2026. Branch operations may be disrupted across multiple weeks.
- ₹8,500 Cr capital raise approved Sep 10
Board approved raising ₹4,500 crore via AT-1 bonds and ₹4,000 crore via Tier 2 bonds, rated AA+ Stable by ICRA and India Ratings. AT-1 issuance scheduled on NSE's EBP on Sep 16 at expected coupon of 7.85%-7.90%.
- $5.8B FCNR(B) mobilisation Sep 10
Canara Bank mobilised $5.80 billion under the RBI's FCNR(B) swap facility, demonstrating strong liability mobilisation and customer confidence.
- On track for ₹30L Cr business Sep 10
Bank is on track to achieve ₹30 lakh crore business size, backed by continuous growth in deposits and advances across retail, agriculture, MSME and corporate segments.
- CGM promotion strengthens leadership Sep 1
Sunil Kumar Yadav promoted to Chief General Manager effective Sep 1, 2026, bringing 26 years of banking leadership experience.
- ₹4,000 Cr AT1 call option exercised Sep 4
Canara Bank decided to exercise the call option on its Basel III compliant AT-1 bonds worth ₹4,000 crore, subject to RBI approval. This aligns with the fresh ₹8,500 crore capital raise plan.
- ATM free limit cut to 5 Sep 3
Effective Sep 1, free ATM transactions reduced from 6 to 5 per month. Cash withdrawal charges beyond free limit increased from ₹20 to ₹23 plus GST.
- Foreign currency bond issuance planned Aug 29
Board meeting scheduled for Sep 3 to approve raising foreign currency funds via Senior Unsecured Bonds or MTNs under its existing programme.
- Selling 70% stake in Canbank Factors Aug 29
Board approved sale of 70% stake in unlisted subsidiary Canbank Factors to Vidvedaa Private Limited for ₹80.50 crore, subject to regulatory approvals.
- ₹149.60 Cr Tier 2 bond interest paid Aug 27
Timely payment of ₹149.60 crore annual interest on ₹2,000 crore Tier 2 bonds (ISIN INE476A08175) confirmed on Aug 27, 2026.
- CGM Mahesh M Pai resigns Sep 1
Chief General Manager Mahesh M Pai ceased to hold office effective Sep 1, 2026, following his resignation.
TL;DR: Canara Bank is actively strengthening its capital base with an ₹8,500 crore bond raise and impressive $5.80 billion FCNR(B) mobilisation, positioning it well toward its ₹30 lakh crore business target. The key risk is potential operational disruption from planned union strikes in Sep-Oct 2026. Overall the trend is constructive with proactive capital management, though strike-related uncertainty bears monitoring in the near term.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,451 | 27,290 | 28,492 | 29,286 | 29,173 | 30,182 | 30,751 | 31,496 | 31,523 | 32,072 | 30,938 | 31,839 | 32,957 |
| Expenses | 10,990 | 10,859 | 12,001 | 13,198 | 12,010 | 12,066 | 10,752 | 12,124 | 13,141 | 13,251 | 4,002 | 8,870 | 10,391 |
| Financing Profit | -1,876 | -1,504 | -2,129 | -3,138 | -2,371 | -2,312 | -1,165 | -2,185 | -3,610 | -3,591 | 4,227 | 944 | -172 |
| Fin. Margin % | -7% | -6% | -7% | -11% | -8% | -8% | -4% | -7% | -11% | -11% | 14% | 3% | -1% |
| Other Income | 6,809 | 6,602 | 7,138 | 8,098 | 7,793 | 7,824 | 6,679 | 8,761 | 8,086 | 9,942 | 2,152 | 4,700 | 6,739 |
| Interest | 16,337 | 17,934 | 18,620 | 19,226 | 19,534 | 20,427 | 21,163 | 21,556 | 21,992 | 22,412 | 22,709 | 22,024 | 22,737 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 4,933 | 5,098 | 5,009 | 4,960 | 5,422 | 5,513 | 5,515 | 6,576 | 4,475 | 6,351 | 6,379 | 5,644 | 6,567 |
| Tax % | 28% | 28% | 25% | 24% | 27% | 26% | 25% | 22% | 33% | 23% | 24% | 22% | 26% |
| Net Profit | 3,755 | 3,829 | 3,827 | 3,991 | 4,098 | 4,227 | 4,256 | 5,111 | 3,233 | 4,896 | 5,174 | 4,575 | 5,182 |
| EPS in Rs | 4.12 | 4.19 | 4.18 | 4.36 | 4.48 | 4.62 | 4.65 | 5.59 | 3.52 | 5.35 | 5.79 | 5.04 | 5.71 |
| Gross NPA % | 5.16% | 4.76% | 4.39% | 4.23% | 4.14% | 3.73% | 3.34% | 2.94% | 2.69% | 2.35% | 2.08% | 1.84% | 1.57% |
| Net NPA % | 1.57% | 1.41% | 1.32% | 1.27% | 1.24% | 0.99% | 0.89% | 0.7% | 0.63% | 0.54% | 0.45% | 0.43% | 0.36% |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 43,813 | 44,039 | 41,457 | 41,345 | 47,951 | 49,759 | 70,253 | 70,614 | 85,885 | 1,10,519 | 1,21,601 | 1,26,371 | 1,27,805 |
| Expenses | 10,302 | 17,785 | 15,691 | 25,582 | 27,202 | 26,809 | 43,437 | 41,235 | 42,772 | 46,146 | 46,082 | 38,340 | 36,515 |
| Financing Profit | -621 | -8,008 | -5,775 | -13,350 | -11,590 | -12,867 | -18,367 | -13,657 | -9,877 | -7,745 | -7,162 | -1,106 | 1,408 |
| Fin. Margin % | -1% | -18% | -14% | -32% | -24% | -26% | -26% | -19% | -12% | -7% | -6% | -1% | 1% |
| Other Income | 4,733 | 5,266 | 7,852 | 7,398 | 9,907 | 11,799 | 23,086 | 23,643 | 25,325 | 28,646 | 31,057 | 26,712 | 23,532 |
| Interest | 34,133 | 34,263 | 31,540 | 29,113 | 32,339 | 35,817 | 45,182 | 43,035 | 52,990 | 72,118 | 82,681 | 89,138 | 89,883 |
| Depreciation | 429 | 172 | 331 | 456 | 429 | 446 | 838 | 841 | 1,021 | 902 | 870 | 925 | 0 |
| PBT | 3,683 | -2,914 | 1,746 | -6,408 | -2,111 | -1,514 | 3,882 | 9,145 | 14,427 | 20,000 | 23,025 | 24,681 | 24,940 |
| Tax % | 22% | -13% | 29% | -36% | -126% | 34% | 30% | 37% | 25% | 26% | 25% | 23% | — |
| Net Profit | 2,931 | -2,535 | 1,411 | -3,873 | 696 | -1,921 | 2,957 | 6,158 | 11,345 | 15,401 | 17,692 | 19,712 | 19,828 |
| EPS in Rs | 10.96 | -8.73 | 4.55 | -10.78 | 1.6 | -3.86 | 3.51 | 6.75 | 12.41 | 16.84 | 19.34 | 19.7 | 21.89 |
| Div. Payout % | 17% | 0% | 4% | 0% | 0% | 0% | 0% | 19% | 19% | 19% | 21% | 21% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 475 | 543 | 597 | 733 | 753 | 1,030 | 1,647 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 |
| Reserves | 32,017 | 31,867 | 34,088 | 36,164 | 36,936 | 40,176 | 60,763 | 68,147 | 76,240 | 90,319 | 1,03,603 | 1,15,891 |
| Borrowing | 13,686 | 26,963 | 39,592 | 38,910 | 41,043 | 42,762 | 50,013 | 46,285 | 58,073 | 57,538 | 89,665 | 1,55,288 |
| Deposits | 4,85,802 | 4,79,749 | 4,95,266 | 5,24,847 | 5,99,123 | 6,25,408 | 10,10,985 | 10,86,341 | 11,79,086 | 13,12,242 | 14,56,495 | 15,68,333 |
| Other Liabilities | 26,578 | 24,603 | 26,615 | 30,781 | 33,928 | 32,064 | 56,132 | 56,202 | 65,816 | 73,104 | 80,950 | 45,999 |
| Total Liabilities | 5,58,558 | 5,63,725 | 5,96,159 | 6,31,435 | 7,11,783 | 7,41,440 | 11,79,540 | 12,58,789 | 13,81,030 | 15,35,018 | 17,32,527 | 18,87,325 |
| Fixed Assets | 6,969 | 7,206 | 7,185 | 8,335 | 8,433 | 8,323 | 11,269 | 11,447 | 10,334 | 12,184 | 10,302 | 10,595 |
| CWIP | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 0 | 147 | 0 | 0 |
| Investments | 1,52,122 | 1,52,470 | 1,62,073 | 1,57,444 | 1,68,678 | 1,92,645 | 2,86,191 | 3,11,347 | 3,52,893 | 3,99,207 | 4,28,024 | 4,07,389 |
| Other Assets | 3,99,466 | 4,04,049 | 4,26,901 | 4,65,657 | 5,34,672 | 5,40,472 | 8,82,077 | 9,35,992 | 10,17,803 | 11,23,480 | 12,94,201 | 14,69,341 |
| Total Assets | 5,58,558 | 5,63,725 | 5,96,159 | 6,31,435 | 7,11,783 | 7,41,440 | 11,79,540 | 12,58,789 | 13,81,030 | 15,35,018 | 17,32,527 | 18,87,325 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 6,344 | 9,346 | 2,575 | -11,120 | 18,237 | -5,289 | 59,118 | 919 | -39,978 | 15,046 | 60,669 | 7,942 |
| Investing | -1,104 | -443 | -476 | -487 | -745 | -445 | -1,116 | -1,429 | -1,156 | -1,750 | -2,437 | -2,707 |
| Financing | -1,464 | -806 | 124 | 2,865 | -1,185 | 7,792 | 290 | 4,035 | 445 | -3,834 | -3,506 | -4,795 |
| Net Cash Flow | 3,776 | 8,096 | 2,224 | -8,743 | 16,307 | 2,059 | 58,291 | 3,525 | -40,689 | 9,462 | 54,725 | 440 |
| Free Cash Flow | 5,530 | 8,976 | 2,195 | -11,580 | 17,631 | -5,627 | 58,195 | 98 | -40,591 | 13,793 | 61,830 | 6,652 |
| CFO/OP | 24 | 41 | 17 | -61 | 94 | -30 | 226 | 17 | -83 | 28 | 86 | 12 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 9% | -8% | 4% | -11% | 2% | -5% | 6% | 9% | 15% | 18% | 18% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Canara Bank was merged with erstwhile Syndicate Bank in FY21. Canara was incorporated in 1906 and nationalised in 1969, along with 13 other major commercial banks of India, by the GoI. The bank is headquartered in Bangalore.Canara Bank was merged with erstwhile Syndicate Bank (e-SB) on April 1, 2020.
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