Indusind Bank
Indusind Bank
Banks F&OKey Fundamentals
MidcapPrivate BankBanksTapetide Score
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Key Insights
Strengths
1- Stock is trading at 1.16 times its book value
Weaknesses
7- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.79% over past five years.
- Promoter holding is low: 15.8%
- Company has a low return on equity of 6.60% over last 3 years.
- Contingent liabilities of Rs.12,08,438 Cr.
- Promoters have pledged 42.8% of their holding.
- Dividend payout has been low at 9.15% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoIndusInd Bank trades at a market cap of ₹76,308 Cr with a P/B of 1.19x, significantly below historical private bank averages, reflecting a period of stress marked by a sharp ROE decline to 1% last year and a 3-year compounded profit CAGR of -51%. The bank's TTM sales contracted 6% while TTM profit grew 31%, suggesting a potential base-effect recovery, though structural concerns around promoter holding at 15.8% with 42.8% pledged and contingent liabilities of ₹12,08,438 Cr remain material overhangs.
- Stock trades at just 1.19x book value, well below the 2x-3x range typical for mid-to-large private banks, offering a valuation cushion if fundamentals stabilize
- TTM compounded profit growth of 31% indicates a meaningful earnings recovery from a depressed base, signaling potential normalization of profitability
- 10-year compounded sales CAGR of 15% demonstrates that the underlying franchise has historically been capable of solid revenue growth
- 10-year average ROE of 10% shows the bank's longer-term earnings power is materially higher than the current 1% last-year ROE, leaving room for mean reversion
- P/E of 58.6x is elevated on currently depressed earnings; if earnings normalize to historical levels, the effective forward P/E could compress significantly
- 1-year stock CAGR of 33% reflects renewed market confidence and potential re-rating momentum from trough levels
- Market cap of ₹76,308 Cr places it among mid-cap private banks, offering potential for re-inclusion in portfolios if governance and earnings concerns ease
- Last-year ROE collapsed to just 1%, down from 7% on a 3-year average and 10% on a 10-year average, indicating severe near-term profitability erosion
- Promoter holding is critically low at 15.8% with 42.8% of that pledged, raising significant governance and forced-sale risks
- Contingent liabilities stand at ₹12,08,438 Cr, a massive figure relative to the ₹76,308 Cr market cap, posing tail-risk if even a fraction crystallizes
- 3-year compounded profit CAGR of -51% and 5-year profit CAGR of -21% reflect a sustained and deep earnings decline, not a one-off event
- 5-year compounded sales growth of only ~10% and 5-year stock CAGR of 0% show the bank has struggled to create value for shareholders over a medium-term horizon
- Dividend payout has averaged just 9.15% of profits over the last 3 years with a current yield of only 0.15%, offering negligible income to shareholders
- Low interest coverage ratio flags potential stress in the bank's ability to service obligations, a critical concern for a lending institution
- TTM sales declined 6%, suggesting the top-line is contracting even as the broader banking sector has posted credit growth, pointing to possible market share loss
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- FY26 profit crashed 65% Aug 31
FY26 net profit fell 65.47% to ₹889 crore from ₹2,575 crore in FY25, while operating profit dropped 65.67% to ₹1,210 crore. Revenue declined 5.11% YoY to ₹53,480 crore.
- Stock in five-session losing streak Aug 31
IndusInd Bank fell for five consecutive sessions to ₹993.7, losing 3.42% in one month and underperforming Nifty Bank's 1.46% decline. PE ratio elevated at ~58-62x on depressed TTM earnings.
- NIM pressure from FCNR deposits Sep 11
CEO Rajiv Anand flagged a 'little bit of a blip downwards' in Q2 margins as the bank deploys $3.5 billion in FCNR deposits raised via RBI's swap window to repay high-cost deposits before lending deployment in H2.
- IRDAI fines ₹1 crore penalty Sep 11
IRDAI fined IndusInd Bank ₹1 crore for grievance redressal lapses in bancassurance operations, including missing renewal notices and inadequate website disclosures following a 2023 inspection.
- ECL norms to hit CET1 Sep 6
Expected Credit Loss guidelines effective April 2027 will require ~1-1.5% of assets in provisions, with an estimated ~1% impact on CET1 ratio currently at 16.1% as of June 2026.
- Q1 FY27 profit surges 72% Sep 6
Consolidated net profit jumped 72% YoY to ₹1,037 crore in Q1 FY27. Gross NPAs improved from 3.43% to 3.25% QoQ, provisions fell 7% sequentially, and loans grew 3.3% QoQ to ₹3.26 trillion after five quarters of decline.
- Crisil upgrades outlook to stable Aug 20
Crisil upgraded IndusInd Bank's outlook to 'stable' from 'negative' while reaffirming AA+ rating, citing credit cost moderation to ~1% in Q1 FY27 from 1.5% in FY26 and rising retail deposit share to 49.5%.
- Targets 16-17% credit growth, 1% RoA Sep 11
CEO Rajiv Anand guided for 16-17% credit growth in FY27 with 1% RoA exit target. CET1 at ~16.5% is comfortable, with capital raise possible in 6-12 months as growth returns.
- Microfinance crisis declared over Sep 6
CEO confirmed the microfinance crisis involving ₹674 crore of reversed interest income and ₹172 crore fraud is behind the bank. Microfinance segment expected to grow 15-20% in FY27 starting Q2.
- OD/CC linked corporate credit card Sep 11
Launched a corporate credit card linked to existing OD/CC accounts on RuPay, Mastercard, and Visa networks, targeting SME/MSME fee income without incremental credit risk from pre-sanctioned limits.
- Navi UPI payment switch partnership Sep 10
Partnered with Navi UPI to deploy a new UPI payment switch announced at Global Fintech Fest 2026, diversifying technology infrastructure and positioning for growing digital payments volumes.
- AGM approves dividend, board changes Aug 27
Shareholders approved all 10 resolutions at the 32nd AGM including a ₹1.50 per share dividend and new board appointments.
- UBS India Summit analyst meet Sep 10
IndusInd Bank held one-on-one and group meetings with analysts and institutional investors at the UBS India Summit 2026 in Mumbai on September 10.
- ESG rating of 68 from ESGRI Sep 9
IndusInd Bank received an independent ESG rating of 68 from ESGRI based on public data. The bank clarified it did not engage the rating agency.
- Tier 2 bond interest record date Sep 9
Record date set for October 14, 2026 for Tier 2 bond interest payment of ₹227.08 crore due on October 29, 2026.
- Joins PCAF for carbon accounting Aug 18
IndusInd Bank joined the Partnership for Carbon Accounting Financials to measure GHG emissions from its lending portfolios, supporting its ESG and sustainable financing commitments.
- Ashwamedh 2026 investor meet scheduled Aug 27
IndusInd Bank scheduled an analyst and institutional investor meet on September 2, 2026 in Mumbai as part of the Elara India Dialogue 2026.
TL;DR: IndusInd Bank is in early-stage recovery after its 2025 microfinance and derivatives governance crisis, with Q1 FY27 profit surging 72% YoY to ₹1,037 crore and Crisil upgrading its outlook to stable. Management is guiding for 16-17% credit growth and 1% RoA by FY27-end, supported by improving asset quality (GNPA down to 3.25%) and rising retail deposits at 49.5%. Key risks include near-term NIM pressure from $3.5 billion FCNR deposit deployment, ECL norms impact on CET1, and the need to sustain recovery from a deeply depressed FY26 base. The trend is improving but the bank remains in prove-it mode with a stock PE of ~58x reflecting both recovery hopes and lingering uncertainty.
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 | 10,730 | 11,248 | 11,572 | 12,199 | 12,547 | 12,686 | 12,801 | 10,634 | 12,264 | 11,609 | 11,373 | 11,005 | 11,310 |
| Expenses | 4,237 | 4,424 | 4,618 | 4,753 | 4,947 | 5,752 | 5,726 | 6,770 | 5,989 | 6,644 | 6,095 | 5,272 | 5,082 |
| Financing Profit | 630 | 653 | 677 | 623 | 460 | -405 | -498 | -3,722 | -1,350 | -2,235 | -1,533 | -901 | -397 |
| Fin. Margin % | 6% | 6% | 6% | 5% | 4% | -3% | -4% | -35% | -11% | -19% | -13% | -8% | -4% |
| Other Income | 2,210 | 2,282 | 2,396 | 2,508 | 2,442 | 2,185 | 2,355 | 709 | 2,157 | 1,651 | 1,707 | 1,714 | 1,787 |
| Interest | 5,863 | 6,171 | 6,277 | 6,822 | 7,139 | 7,339 | 7,573 | 7,586 | 7,624 | 7,199 | 6,811 | 6,634 | 6,625 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 2,840 | 2,935 | 3,073 | 3,131 | 2,902 | 1,780 | 1,857 | -3,013 | 807 | -584 | 174 | 813 | 1,389 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 24% | -23% | 25% | -25% | 26% | 27% | 25% |
| Net Profit | 2,124 | 2,202 | 2,301 | 2,349 | 2,171 | 1,331 | 1,402 | -2,329 | 604 | -437 | 128 | 594 | 1,037 |
| EPS in Rs | 27.38 | 28.34 | 29.59 | 30.18 | 27.88 | 17.09 | 18 | -29.89 | 7.75 | -5.61 | 1.64 | 7.63 | 13.31 |
| Gross NPA % | 1.94% | 1.93% | 1.92% | 1.92% | 2.02% | 2.11% | 2.25% | 3.13% | 3.64% | 3.6% | 3.56% | 3.43% | 3.25% |
| Net NPA % | 0.58% | 0.57% | 0.57% | 0.57% | 0.6% | 0.64% | 0.68% | 0.95% | 1.12% | 1.04% | 1.04% | 1% | 0.95% |
Profit & Loss
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11,872 | 14,406 | 17,281 | 22,261 | 28,783 | 29,000 | 30,822 | 36,368 | 45,748 | 48,668 | 46,251 | 45,297 |
| Expenses | 4,188 | 5,684 | 6,555 | 9,284 | 12,544 | 15,772 | 15,561 | 15,425 | 17,569 | 22,664 | 23,437 | 23,094 |
| Financing Profit | 329 | 379 | 942 | -438 | -485 | -2,244 | -560 | 2,167 | 3,046 | -3,632 | -5,455 | -5,066 |
| Fin. Margin % | 3% | 3% | 5% | -2% | -2% | -8% | -2% | 6% | 7% | -7% | -12% | -11% |
| Other Income | 3,297 | 4,171 | 4,750 | 5,647 | 6,953 | 6,501 | 7,345 | 8,173 | 9,396 | 7,690 | 7,229 | 6,859 |
| Interest | 7,355 | 8,343 | 9,783 | 13,415 | 16,724 | 15,472 | 15,822 | 18,776 | 25,132 | 29,636 | 28,268 | 27,270 |
| Depreciation | 157 | 191 | 212 | 229 | 291 | 328 | 352 | 407 | 463 | 532 | 564 | 0 |
| PBT | 3,469 | 4,360 | 5,481 | 4,980 | 6,177 | 3,929 | 6,433 | 9,932 | 11,979 | 3,526 | 1,210 | 1,792 |
| Tax % | 34% | 34% | 34% | 34% | 28% | 25% | 25% | 25% | 25% | 27% | 27% | — |
| Net Profit | 2,287 | 2,868 | 3,606 | 3,301 | 4,458 | 2,930 | 4,805 | 7,444 | 8,977 | 2,576 | 889 | 1,322 |
| EPS in Rs | 38.43 | 47.95 | 60.08 | 54.77 | 64.28 | 37.89 | 62.03 | 95.93 | 115 | 33.06 | 11.41 | 16.97 |
| Div. Payout % | 12% | 13% | 12% | 14% | 0% | 13% | 14% | 15% | 14% | 0% | 13% | — |
Balance Sheet
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 595 | 598 | 600 | 603 | 694 | 773 | 775 | 776 | 778 | 779 | 779 |
| Reserves | 17,102 | 20,049 | 23,243 | 26,085 | 34,054 | 42,727 | 47,252 | 54,229 | 62,429 | 64,057 | 64,961 |
| Borrowing | 24,996 | 21,454 | 38,289 | 47,321 | 60,754 | 51,323 | 47,323 | 49,011 | 47,611 | 53,704 | 42,789 |
| Deposits | 93,000 | 1,27,572 | 1,51,639 | 1,94,868 | 2,02,027 | 2,55,870 | 2,93,349 | 3,36,120 | 3,84,586 | 4,10,862 | 3,99,931 |
| Other Liabilities | 7,205 | 8,976 | 7,856 | 8,944 | 9,700 | 12,210 | 13,268 | 17,701 | 19,689 | 24,706 | 34,934 |
| Total Liabilities | 1,42,898 | 1,78,650 | 2,21,628 | 2,77,821 | 3,07,229 | 3,62,903 | 4,01,967 | 4,57,837 | 5,15,094 | 5,54,107 | 5,43,394 |
| Fixed Assets | 1,218 | 1,307 | 1,313 | 1,688 | 1,792 | 1,801 | 1,834 | 1,944 | 2,127 | 2,309 | 2,420 |
| CWIP | 37 | 28 | 25 | 22 | 79 | 75 | 95 | 135 | 197 | 188 | 126 |
| Investments | 34,056 | 36,704 | 50,078 | 59,268 | 59,938 | 69,653 | 70,930 | 83,076 | 1,06,486 | 1,14,457 | 1,25,007 |
| Other Assets | 1,07,587 | 1,40,611 | 1,70,211 | 2,16,843 | 2,45,419 | 2,91,374 | 3,29,109 | 3,72,682 | 4,06,283 | 4,37,154 | 4,15,841 |
| Total Assets | 1,42,898 | 1,78,650 | 2,21,628 | 2,77,821 | 3,07,229 | 3,62,903 | 4,01,967 | 4,57,837 | 5,15,094 | 5,54,107 | 5,43,394 |
Cash Flow
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -2,927 | 11,569 | -20,700 | -6,389 | -12,907 | 44,976 | 16,672 | -12,442 | -16,925 | 18,278 | 993 |
| Investing | -258 | -285 | -217 | -633 | 1,445 | -324 | -395 | -481 | -703 | -685 | -524 |
| Financing | 2,517 | -2,768 | 15,505 | 8,590 | 12,733 | -4,096 | -4,302 | 1,115 | -2,242 | 4,876 | -10,912 |
| Net Cash Flow | -667 | 8,516 | -5,412 | 1,568 | 1,271 | 40,556 | 11,975 | -11,808 | -19,869 | 22,468 | -10,443 |
| Free Cash Flow | -3,184 | 11,296 | -20,920 | -7,027 | -13,324 | 44,645 | 16,266 | -13,002 | -17,636 | 17,569 | 359 |
| CFO/OP | -21 | 154 | -175 | -31 | -66 | 346 | 124 | -54 | -49 | 82 | 5 |
Ratios
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 13% | 15% | 16% | 13% | 15% | 7% | 10% | 14% | 15% | 4% | 1% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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69 extracted metrics + investor summaries across FY08–FY27.
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Company Information
IndusInd Bank Limited was incorporated in 1994 as a commercial bank under the Banking Regulation Act, 1949. The Bank is publicly held and provides a wide range of banking products and financial services to corporate and retail clients besides undertaking treasury operations. The Bank operates in India including at the International Financial Service Centres in India.[1]
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