Karur Vysya Bank
Karur Vysya Bank
BanksKey Fundamentals
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Key Insights
Strengths
1- Company has delivered good profit growth of 47.2% CAGR over last 5 years
Weaknesses
4- Company has low interest coverage ratio.
- Promoter holding is low: 2.07%
- Contingent liabilities of Rs.14,661 Cr.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoKarur Vysya Bank, with a market cap of ~Rs.32,146 Cr, trades at a PE of 11.8x and PB of 2.3x. The bank has delivered strong profit growth of 47% CAGR over 5 years with ROE improving to 19% in the last year, though concerns around low promoter holding at 2.07% and contingent liabilities of Rs.14,661 Cr warrant attention.
- Exceptional profit growth with 47% CAGR over the last 5 years and 31% CAGR over 3 years, indicating sustained earnings momentum
- ROE has improved steadily from 12% (10-year average) to 16% (5-year) to 19% (last year), showing improving return on equity and capital efficiency
- PE of 11.8x is relatively undemanding for a bank delivering 19% ROE, suggesting the market has not fully priced in the profitability improvement
- Revenue growth is accelerating with TTM sales growth at 16% and 3-year compounded sales growth at 19%, reflecting healthy loan book expansion
- Stock has delivered 57% CAGR over 5 years and 46% CAGR over 3 years, demonstrating strong price momentum and market re-rating
- TTM profit growth of 37% continues to outpace sales growth of 16%, indicating operating leverage and improving margins or lower provisioning
- PB of 2.3x, while not cheap, is justified by the 19% ROE — the bank is generating returns well above its cost of equity
- Promoter holding is extremely low at just 2.07%, raising governance concerns and leaving the bank vulnerable to hostile takeover or lack of strategic direction
- Contingent liabilities stand at Rs.14,661 Cr, which is significant relative to the Rs.32,146 Cr market cap — any crystallization could materially impact book value
- Low interest coverage ratio suggests the bank's earnings buffer over its interest obligations is thin, creating vulnerability in a rising rate or stress environment
- Potential capitalization of interest costs could be inflating reported profitability, meaning true earnings power may be lower than the 47% 5-year profit CAGR suggests
- Dividend yield of just 0.78% is modest, indicating limited capital return to shareholders despite strong profitability
- 10-year compounded sales growth of only 7% reveals that the recent acceleration is relatively recent and the bank's long-term growth track record is below-average
- 10-year compounded profit growth of 16% compared to the recent 47% 5-year CAGR suggests the first half of the decade saw weak or negative earnings, raising cyclicality concerns
- After a 60% stock price rise in the last 1 year, much of the near-term re-rating may already be captured, increasing the risk of mean reversion
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ITAT clears ₹40.34cr tax demand Sep 2
ITAT ruled in Karur Vysya Bank's favour for AY 2022-23, setting aside ₹40.34 crore tax demand and removing the financial impact.
- Record Q1FY27 profit ₹756cr Aug 31
Q1FY27 net profit hit a record high of ₹756 crore, with total business reaching ₹2,27,267 crore as of June 30, 2026.
- Crisil ESG rating of 74 Aug 28
Karur Vysya Bank received a Crisil ESG rating of 74 and Core ESG rating of 77 for FY26, based on independent assessment of public disclosures.
- New CFO, COO leadership transition Sep 2
Ramasamy G V appointed CFO effective September 1, 2026, while outgoing CFO Ramshankar R transitions to COO role as Chief General Manager in a planned succession.
- 16 new branches, network at 919 Aug 31
Opened 16 branches in one day across Tamil Nadu (6), Andhra Pradesh (5), Telangana (3), Karnataka (1), and Delhi NCR (1), bringing total network to 919 outlets.
TL;DR: Karur Vysya Bank is in a strong operational phase with record Q1FY27 profits of ₹756 crore, aggressive branch expansion to 919 outlets, and a favourable ₹40.34 crore tax ruling removing an overhang. No material headwinds are visible in recent news. The leadership transition appears orderly, and a solid ESG rating adds to institutional appeal. The trend is positive, with expanding reach and clean financials supporting a constructive near-term outlook.
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 | 1,883 | 1,997 | 2,139 | 2,187 | 2,285 | 2,387 | 2,489 | 2,516 | 2,569 | 2,808 | 2,794 | 2,904 | 3,049 |
| Expenses | 741 | 743 | 833 | 1,051 | 800 | 896 | 878 | 925 | 839 | 1,030 | 848 | 985 | 859 |
| Financing Profit | 156 | 173 | 168 | -53 | 225 | 167 | 203 | 164 | 240 | 231 | 392 | 373 | 564 |
| Fin. Margin % | 8% | 9% | 8% | -2% | 10% | 7% | 8% | 7% | 9% | 8% | 14% | 13% | 18% |
| Other Income | 333 | 339 | 358 | 626 | 388 | 469 | 465 | 509 | 447 | 512 | 509 | 616 | 442 |
| Interest | 986 | 1,082 | 1,138 | 1,189 | 1,260 | 1,324 | 1,407 | 1,427 | 1,489 | 1,547 | 1,555 | 1,545 | 1,627 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 489 | 512 | 526 | 574 | 613 | 636 | 668 | 674 | 687 | 743 | 901 | 989 | 1,005 |
| Tax % | 27% | 26% | 22% | 20% | 25% | 26% | 26% | 24% | 24% | 23% | 23% | 27% | 25% |
| Net Profit | 359 | 378 | 412 | 456 | 459 | 474 | 496 | 513 | 521 | 574 | 690 | 725 | 756 |
| EPS in Rs | 3.72 | 3.93 | 4.27 | 4.73 | 4.75 | 4.9 | 5.14 | 5.31 | 5.4 | 5.94 | 7.14 | 7.5 | 7.82 |
| Gross NPA % | 1.99% | 1.73% | 1.58% | 1.4% | 1.32% | 1.1% | 0.83% | 0.76% | 0.66% | 0.76% | 0.71% | 0.75% | 0.74% |
| Net NPA % | 0.59% | 0.47% | 0.42% | 0.4% | 0.38% | 0.28% | 0.2% | 0.2% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
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 | 5,396 | 5,443 | 5,622 | 5,700 | 5,816 | 5,990 | 5,470 | 5,588 | 6,517 | 8,213 | 9,678 | 11,074 | 11,555 |
| Expenses | 1,503 | 1,494 | 1,887 | 2,609 | 2,902 | 3,112 | 2,620 | 2,434 | 2,965 | 3,267 | 3,385 | 3,576 | 3,723 |
| Financing Profit | -37 | 288 | 187 | -311 | -539 | -764 | -260 | 281 | 384 | 551 | 875 | 1,363 | 1,559 |
| Fin. Margin % | -1% | 5% | 3% | -5% | -9% | -13% | -5% | 5% | 6% | 7% | 9% | 12% | 13% |
| Other Income | 590 | 707 | 782 | 900 | 963 | 1,155 | 919 | 769 | 1,159 | 1,649 | 1,830 | 2,084 | 2,079 |
| Interest | 3,930 | 3,662 | 3,549 | 3,402 | 3,453 | 3,642 | 3,111 | 2,872 | 3,168 | 4,395 | 5,418 | 6,136 | 6,273 |
| Depreciation | 81 | 83 | 86 | 85 | 101 | 119 | 124 | 119 | 106 | 100 | 114 | 127 | 0 |
| PBT | 471 | 912 | 883 | 504 | 322 | 272 | 534 | 931 | 1,437 | 2,100 | 2,591 | 3,320 | 3,638 |
| Tax % | 2% | 38% | 31% | 31% | 35% | 14% | 33% | 28% | 23% | 24% | 25% | 24% | — |
| Net Profit | 464 | 568 | 606 | 346 | 211 | 235 | 359 | 673 | 1,106 | 1,605 | 1,942 | 2,510 | 2,745 |
| EPS in Rs | 4.95 | 6.05 | 6.46 | 3.6 | 2.2 | 2.45 | 3.75 | 7.01 | 11.49 | 16.63 | 20.1 | 25.97 | 28.4 |
| Div. Payout % | 34% | 30% | 26% | 13% | 23% | 0% | 11% | 19% | 14% | 12% | 11% | 10% | — |
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 | 122 | 122 | 122 | 145 | 160 | 160 | 160 | 160 | 160 | 161 | 161 | 193 |
| Reserves | 4,124 | 4,451 | 4,914 | 6,119 | 6,263 | 6,440 | 6,800 | 7,436 | 8,424 | 9,879 | 11,769 | 13,915 |
| Borrowing | 2,751 | 2,894 | 1,696 | 2,394 | 1,565 | 1,184 | 2,528 | 1,339 | 1,432 | 2,478 | 1,217 | 2,623 |
| Deposits | 44,840 | 50,079 | 53,700 | 56,890 | 59,868 | 59,075 | 63,278 | 68,486 | 76,638 | 89,113 | 1,02,078 | 1,15,666 |
| Other Liabilities | 1,315 | 1,439 | 1,376 | 1,393 | 1,484 | 1,419 | 1,857 | 2,650 | 3,526 | 3,822 | 4,143 | 4,207 |
| Total Liabilities | 53,152 | 58,985 | 61,808 | 66,941 | 69,340 | 68,278 | 74,623 | 80,071 | 90,179 | 1,05,453 | 1,19,367 | 1,36,603 |
| Fixed Assets | 395 | 417 | 411 | 475 | 545 | 563 | 518 | 464 | 418 | 412 | 451 | 455 |
| CWIP | 17 | 4 | 8 | 53 | 38 | 23 | 21 | 15 | 17 | 20 | 39 | 47 |
| Investments | 12,375 | 14,443 | 14,857 | 15,803 | 14,882 | 15,762 | 16,019 | 17,216 | 18,808 | 22,344 | 23,831 | 29,020 |
| Other Assets | 40,366 | 44,122 | 46,532 | 50,610 | 53,876 | 51,929 | 58,065 | 62,377 | 70,936 | 82,677 | 95,046 | 1,07,082 |
| Total Assets | 53,152 | 58,985 | 61,808 | 66,941 | 69,340 | 68,278 | 74,623 | 80,071 | 90,179 | 1,05,453 | 1,19,367 | 1,36,603 |
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 | -309 | 580 | 1,611 | -550 | -1,576 | 2,504 | 3,366 | 295 | 1,217 | 2,954 | 4,487 | -554 |
| Investing | -102 | -92 | -84 | -170 | 549 | -1,535 | -1,379 | -1,594 | -1,270 | -1,296 | -2,151 | -1,745 |
| Financing | 482 | -346 | -74 | 683 | 414 | -274 | -59 | -96 | -178 | -694 | -188 | -205 |
| Net Cash Flow | 71 | 143 | 1,453 | -36 | -612 | 696 | 1,928 | -1,394 | -231 | 963 | 2,148 | -2,504 |
| Free Cash Flow | -411 | 488 | 1,527 | -744 | -1,730 | 2,369 | 3,289 | 238 | 1,156 | 2,864 | 4,319 | -683 |
| CFO/OP | -5 | 19 | 49 | -11 | -47 | 91 | 123 | -1 | 28 | 69 | 79 | 2 |
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 % | 12% | 13% | 13% | 6% | 3% | 4% | 5% | 9% | 14% | 17% | 18% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Karur Vysya Bank is engaged in providing a wide range of banking and financial services including commercial banking and treasury operations.[1]
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