IDFC First Bank
IDFC First Bank
Banks F&OKey Fundamentals
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Key Insights
Strengths
1- Company's median sales growth is 26.4% of last 10 years
Weaknesses
5- Company has low interest coverage ratio.
- Company has a low return on equity of 5.71% over last 3 years.
- Contingent liabilities of Rs.5,47,873 Cr.
- Earnings include an other income of Rs.7,956 Cr.
- Dividend payout has been low at 8.38% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoIDFC First Bank has a market cap of ₹74,100 Cr and trades at a P/E of 32.5x and P/B of 1.54x. The bank has delivered strong revenue growth (20% CAGR over 5 years) but profitability remains subdued with a 3-year average ROE of roughly 6%, and TTM profit growth of 72% signals a recovery from a low base.
- Strong revenue compounding with 5-year sales CAGR of 20% and 10-year sales CAGR of 27%, indicating consistent franchise expansion
- TTM profit growth of 72% suggests a meaningful inflection in earnings trajectory after years of muted profitability
- Median sales growth of 26.4% over the last 10 years reflects a durable top-line growth engine rare among mid-size banks
- 5-year compounded profit growth of 30% shows the bank is progressively converting revenue growth into bottom-line gains
- P/B ratio of 1.54x is reasonable for a high-growth retail-focused bank, leaving room for re-rating if ROE improves toward double digits
- Stock has returned 20% over the last 1 year, indicating renewed investor confidence in the bank's turnaround story
- Dividend yield of 0.29% signals the bank has begun returning capital to shareholders, a positive governance signal for a bank still in growth phase
- 3-year average ROE of approximately 6% and last year ROE of just 4% remain well below the 12-15% typically expected of quality banks
- Contingent liabilities of ₹5,47,873 Cr are exceptionally large relative to the ₹74,100 Cr market cap, posing a material tail risk
- Low interest coverage ratio signals that debt servicing costs consume a significant share of operating income, limiting financial flexibility
- P/E of 32.5x is elevated for a bank generating sub-6% ROE, implying the stock prices in substantial future improvement that may not materialise
- 3-year compounded profit has declined at -12%, indicating that the recent TTM profit surge follows a period of earnings erosion
- Other income of ₹7,956 Cr forms a notable portion of earnings, raising questions about the sustainability and quality of reported profits
- Dividend payout of just 8.38% of profits over 3 years suggests limited near-term income return for shareholders
- 3-year stock CAGR of -2% shows the market has not rewarded shareholders over a medium-term horizon despite strong revenue growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- $350M 5-year notes priced Aug 24
IDFC First Bank priced US$350 million in 5-year senior notes at 5.80% coupon on Aug 24, following strong global investor demand and a recent $600 million issuance.
- $600M international debt debut Aug 19
The bank upsized its maiden senior notes offering to $600 million (from $500M) through its IFSC Banking Unit, priced Aug 18-19, marking its first entry into international debt markets and diversifying funding sources.
- FCNR deposit consumption by Q3-Q4 Sep 9
IDFC First Bank expects to fully absorb its FCNR (foreign currency non-resident) deposits by Q3 or Q4, signaling a defined internal timeline for managing these liabilities.
- 12th AGM held Aug 31 Aug 31
The bank concluded its 12th Annual General Meeting on Aug 31, with the MD & CEO addressing governance and digital growth. E-voting results expected by Sep 2.
- Sept investor meets scheduled Aug 25
IDFC First Bank will present its Q1-FY27 investor deck at analyst and institutional investor meetings in Mumbai and Hong Kong during September 2026.
TL;DR: IDFC First Bank is actively diversifying its funding base, raising a combined US$950 million through two international senior note issuances in August 2026 — a significant milestone as its first foray into global debt markets. No material headwinds emerged in recent news flow. The FCNR deposit absorption timeline and upcoming investor meets suggest steady operational execution. The trend is constructive, with improving access to global capital likely to support the bank's growth and liability management going forward.
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 | 6,868 | 7,356 | 7,879 | 8,219 | 8,789 | 8,957 | 9,343 | 9,413 | 9,642 | 9,937 | 10,417 | 10,553 | 11,051 |
| Expenses | 4,135 | 4,398 | 4,895 | 5,169 | 5,426 | 6,285 | 6,261 | 6,441 | 6,580 | 6,576 | 6,982 | 7,118 | 6,873 |
| Financing Profit | -390 | -448 | -609 | -700 | -731 | -1,497 | -1,359 | -1,534 | -1,647 | -1,463 | -1,490 | -1,441 | -901 |
| Fin. Margin % | -6% | -6% | -8% | -9% | -8% | -17% | -15% | -16% | -17% | -15% | -14% | -14% | -8% |
| Other Income | 1,414 | 1,430 | 1,517 | 1,642 | 1,619 | 1,727 | 1,780 | 1,895 | 2,227 | 1,891 | 2,125 | 1,630 | 2,309 |
| Interest | 3,123 | 3,406 | 3,593 | 3,750 | 4,094 | 4,169 | 4,441 | 4,506 | 4,709 | 4,824 | 4,925 | 4,876 | 5,079 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 1,024 | 982 | 908 | 942 | 888 | 230 | 421 | 361 | 580 | 428 | 635 | 189 | 1,409 |
| Tax % | 25% | 23% | 21% | 23% | 23% | 13% | 19% | 16% | 20% | 18% | 21% | -68% | 24% |
| Net Profit | 765 | 751 | 716 | 724 | 681 | 201 | 339 | 304 | 463 | 352 | 503 | 319 | 1,075 |
| EPS in Rs | 1.15 | 1.12 | 1.01 | 1.02 | 0.96 | 0.27 | 0.46 | 0.42 | 0.63 | 0.48 | 0.58 | 0.37 | 1.25 |
| Gross NPA % | 2.17% | 2.11% | 2.04% | 1.88% | 1.9% | 1.92% | 1.94% | 1.87% | 1.97% | 1.86% | 1.69% | 1.61% | 1.51% |
| Net NPA % | 0.7% | 0.68% | 0.68% | 0.6% | 0.59% | 0.48% | 0.52% | 0.53% | 0.55% | 0.52% | 0.53% | 0.48% | 0.44% |
Profit & Loss
| Particulars | Mar 2015 6m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 3,649 | 8,533 | 8,930 | 11,948 | 16,308 | 15,968 | 17,173 | 22,728 | 30,322 | 36,501 | 40,549 | 41,958 |
| Expenses | 3 | 494 | 1,425 | 1,725 | 4,534 | 9,871 | 8,786 | 12,380 | 13,410 | 17,979 | 23,593 | 26,412 | 27,549 |
| Financing Profit | -3 | 353 | 592 | 73 | -1,335 | -3,795 | -1,406 | -2,674 | -775 | -1,528 | -4,301 | -5,197 | -5,295 |
| Fin. Margin % | — | 10% | 7% | 1% | -11% | -23% | -9% | -16% | -3% | -5% | -12% | -13% | -13% |
| Other Income | 0 | 403 | 1,013 | 1,118 | 852 | 1,722 | 2,211 | 3,222 | 4,467 | 6,002 | 7,022 | 7,873 | 7,956 |
| Interest | 0 | 2,802 | 6,515 | 7,132 | 8,749 | 10,232 | 8,588 | 7,467 | 10,092 | 13,872 | 17,210 | 19,334 | 19,703 |
| Depreciation | 0 | 41 | 134 | 163 | 2,813 | 305 | 329 | 373 | 425 | 618 | 820 | 844 | 0 |
| PBT | -3 | 716 | 1,471 | 1,027 | -3,295 | -2,379 | 476 | 175 | 3,267 | 3,855 | 1,900 | 1,833 | 2,661 |
| Tax % | 0% | 35% | 31% | 16% | -41% | 20% | 5% | 17% | 25% | 23% | 20% | 11% | — |
| Net Profit | -3 | 467 | 1,020 | 859 | -1,944 | -2,864 | 452 | 145 | 2,437 | 2,957 | 1,525 | 1,636 | 2,249 |
| EPS in Rs | -516 | 1.38 | 3 | 2.52 | -4.07 | -5.95 | 0.8 | 0.23 | 3.68 | 4.18 | 2.08 | 1.9 | 2.68 |
| Div. Payout % | 0% | 18% | 25% | 30% | 0% | 0% | 0% | 0% | 0% | 0% | 12% | 13% | — |
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 | 0.05 | 3,393 | 3,399 | 3,404 | 4,782 | 4,810 | 5,676 | 6,218 | 6,618 | 7,070 | 7,322 | 8,602 |
| Reserves | -3 | 10,240 | 11,279 | 11,852 | 13,378 | 10,533 | 12,132 | 14,786 | 19,103 | 25,091 | 30,756 | 38,750 |
| Borrowing | 0 | 57,160 | 50,262 | 57,287 | 69,983 | 57,397 | 45,786 | 52,963 | 57,212 | 50,936 | 38,975 | 36,621 |
| Deposits | — | 8,219 | 40,208 | 48,198 | 70,479 | 65,108 | 88,688 | 1,05,634 | 1,44,637 | 2,00,576 | 2,52,065 | 2,94,475 |
| Other Liabilities | 3 | 4,204 | 7,011 | 5,778 | 8,563 | 11,353 | 10,861 | 10,581 | 12,371 | 12,442 | 14,701 | 21,333 |
| Total Liabilities | 0 | 83,216 | 1,12,160 | 1,26,520 | 1,67,185 | 1,49,200 | 1,63,144 | 1,90,182 | 2,39,942 | 2,96,115 | 3,43,819 | 3,99,780 |
| Fixed Assets | 0 | 644 | 781 | 781 | 917 | 965 | 1,201 | 1,282 | 1,876 | 2,525 | 2,596 | 2,444 |
| CWIP | 0 | 29 | 5 | 3 | 34 | 73 | 65 | 79 | 214 | 95 | 67 | 113 |
| Investments | 0 | 29,729 | 50,472 | 61,202 | 58,475 | 45,405 | 45,412 | 46,145 | 61,124 | 74,710 | 80,716 | 85,966 |
| Other Assets | 0 | 52,814 | 60,901 | 64,535 | 1,07,759 | 1,02,758 | 1,16,466 | 1,42,676 | 1,76,728 | 2,18,785 | 2,60,440 | 3,11,257 |
| Total Assets | 0 | 83,216 | 1,12,160 | 1,26,520 | 1,67,185 | 1,49,200 | 1,63,144 | 1,90,182 | 2,39,942 | 2,96,115 | 3,43,819 | 3,99,780 |
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 | 0 | -13,034 | 14,247 | -5,941 | 17,293 | 10,927 | 14,061 | 2,604 | 3,600 | 11,328 | 14,395 | 6,915 |
| Investing | 0 | 7,171 | -5,074 | -1,008 | -412 | -3,764 | -2,826 | -2,884 | -11,969 | -9,792 | -3,095 | -14,219 |
| Financing | 0 | 7,475 | -6,974 | 6,744 | -12,207 | -12,539 | -9,598 | 10,211 | 6,509 | -2,954 | -8,682 | 4,969 |
| Net Cash Flow | 0 | 1,612 | 2,198 | -205 | 4,675 | -5,376 | 1,637 | 9,930 | -1,860 | -1,418 | 2,617 | -2,335 |
| Free Cash Flow | 0 | -13,212 | 13,993 | -6,104 | 17,037 | 10,534 | 13,519 | 2,131 | 2,447 | 10,189 | 13,542 | 6,178 |
| CFO/OP | 0 | -406 | 204 | -78 | 232 | 172 | 188 | 51 | 42 | 98 | 113 | 51 |
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 % | — | 7% | 7% | 6% | -12% | -17% | 3% | 1% | 10% | 10% | 4% | 4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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68 extracted metrics + investor summaries across FY14–FY27.
Documents
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Company Information
IDFC First Bank is engaged in the business of Banking Services. IDFC FIRST Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018.
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