Union Bank of India
UNIONBANK NSE
Union Bank of India
Financial Services F&ONSE: UNIONBANK BSE: 532477 Banks
Key Fundamentals
LargecapPublic Sector BankBanksMarket Cap
1.3L Cr
Volatility
Moderate
P/E Ratio
6.58
EBITDA
₹25,488 Cr
Return on Equity
14.06%
Debt to Equity
0
Book Value
₹173.63
EPS
₹18.56
52W High
₹205.49
52W Low
₹127.87
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Stock is trading at 0.97 times its book value
- Company has delivered good profit growth of 46.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.9%
Weaknesses
4- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.03% over past five years.
- Contingent liabilities of Rs.6,97,277 Cr.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
0.19% lower than
3Y
Net Income Growth
4.8% lower than
3Y
Cash Flow Change
-75.59% higher than
3Y
ROE
-10.67% lower than
3Y
ROCE
-3.27% lower than
3Y
EBITDA Margin (Avg.)
1.45% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoAI opinion · based on fundamentals
Risk high
Union Bank of India trades at a market cap of ₹1,34,893 Cr with a PE of 6.7x and PB of ~1.0x, reflecting a valuation well below broader market averages. The bank has delivered strong profit CAGR of 47% over five years and improved ROE to 16%, but revenue growth has been sluggish at 9% over five years with a TTM sales decline of -1%, and contingent liabilities of ₹6,97,277 Cr remain a material overhang.
Bull Case 7
- Exceptional profit growth of 46.9% CAGR over the last 5 years, indicating a strong earnings recovery trajectory from prior stressed-asset cycles
- PE ratio of 6.7x is significantly below the banking sector median and Nifty average, suggesting the stock is not priced for high expectations
- Trading at 0.97x book value (PB of 1.04x reported, ~0.97x per screener), near or below replacement cost of equity — a level historically associated with PSU bank re-rating phases
- ROE has improved to 16% on a last-year and 3-year average basis, up from a 10-year average of just 9%, reflecting structural improvement in profitability
- Dividend yield of 2.79% with a consistent payout ratio of 19.9%, providing income support while the bank retains capital for growth
- Stock CAGR of 39% over 5 years and 33% over 1 year shows sustained re-rating momentum, though the 10-year CAGR of just 2% highlights the long period of underperformance that preceded it
- Compounded profit growth of 10% TTM on top of a high base (32% 3-year CAGR) suggests the earnings trajectory, while decelerating, remains positive
Bear Case 8
- Contingent liabilities of ₹6,97,277 Cr are massive — roughly 5x the bank's market cap — posing a tail risk if even a fraction crystallizes
- TTM sales growth is -1%, indicating top-line contraction and potential pressure on net interest income or fee income
- Five-year compounded sales growth of only 9% is modest for a large PSU bank in a growing economy, suggesting market share stagnation or pricing pressure
- Low interest coverage ratio flagged as a concern, which in a banking context may indicate thinning margins or elevated cost of deposits relative to lending yields
- Potential capitalization of interest cost raises questions about the quality of reported earnings and true asset performance
- 10-year stock CAGR of just 2% versus 39% over 5 years shows that long-term wealth creation has been poor and the recent rally could partly reflect mean reversion rather than structural change
- ROE of 16% is respectable but still trails top private sector banks, and the 10-year average of 9% shows this level of profitability is not yet proven as sustainable
- As a PSU bank, Union Bank remains subject to government-directed lending priorities, potential capital dilution, and governance constraints that can cap valuation multiples
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Headwinds 2
- RBI penalty for currency violations Aug 18
RBI fined Union Bank ₹3.09 lakh for currency note violations, disclosed under SEBI LODR regulations on August 18, 2026.
- Multiple strike disruption risk Sep 9
Bank flagged work disruptions from strikes on Sep 11, Sep 28-30, and an ongoing strike from Oct 26 onwards, potentially affecting branch operations and customer services.
Positives 1
- Q1FY27 profit surges 29% YoY Aug 21
Net profit rose 29% YoY to $563mn in Q1FY27 with record operating profit. RoA expanded to 1.36% while GNPA improved to 2.65%.
Neutral 1
- $600M dual tranche notes issued Aug 24
Union Bank issued US$600 million in senior unsecured notes due 2029 and 2031, listed on NSE IFSC, to fund DIFC branch operations and general corporate purposes.
TL;DR: Union Bank delivered a strong Q1FY27 with 29% profit growth, improving return ratios and declining NPAs, signaling solid operational momentum. The $600M bond issuance supports international expansion. Key risks include potential service disruptions from multiple upcoming strikes starting September through October, though the RBI penalty is negligible in magnitude. The fundamental trend is improving, but prolonged strike action could weigh on near-term operational efficiency.
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 | 23,613 | 24,732 | 25,521 | 26,510 | 26,527 | 26,887 | 26,720 | 27,869 | 27,099 | 26,205 | 26,819 | 26,676 | 27,427 |
| Expenses | 7,978 | 7,962 | 8,012 | 9,365 | 9,367 | 8,686 | 8,096 | 9,673 | 8,844 | 9,056 | 7,994 | 8,744 | 8,388 |
| Financing Profit | 971 | 1,271 | 1,273 | 179 | 156 | 480 | 1,274 | -49 | 400 | -98 | 1,455 | 927 | 1,834 |
| Fin. Margin % | 4% | 5% | 5% | 1% | 1% | 2% | 5% | 0% | 1% | 0% | 5% | 3% | 7% |
| Other Income | 4,209 | 4,221 | 4,281 | 5,102 | 4,799 | 5,926 | 4,614 | 6,223 | 4,869 | 5,550 | 5,183 | 5,999 | 5,233 |
| Interest | 14,664 | 15,498 | 16,236 | 16,966 | 17,004 | 17,720 | 17,350 | 18,245 | 17,855 | 17,247 | 17,370 | 17,005 | 17,206 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 5,180 | 5,492 | 5,554 | 5,281 | 4,954 | 6,406 | 5,889 | 6,175 | 5,269 | 5,453 | 6,638 | 6,926 | 7,067 |
| Tax % | 37% | 35% | 35% | 37% | 27% | 26% | 22% | 19% | 21% | 21% | 24% | 23% | 24% |
| Net Profit | 3,272 | 3,572 | 3,625 | 3,328 | 3,642 | 4,751 | 4,623 | 5,011 | 4,428 | 4,426 | 5,073 | 5,504 | 5,642 |
| EPS in Rs | 4.79 | 4.82 | 4.89 | 4.36 | 4.77 | 6.22 | 6.06 | 6.56 | 5.8 | 5.8 | 6.65 | 7.21 | 7.39 |
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 | 32,164 | 32,316 | 32,817 | 32,952 | 34,314 | 37,479 | 69,311 | 68,230 | 81,163 | 1,00,376 | 1,06,600 | 1,06,799 | 1,07,127 |
| Expenses | 9,498 | 10,349 | 13,871 | 21,181 | 19,019 | 21,166 | 36,270 | 32,264 | 36,155 | 32,422 | 34,738 | 33,434 | 34,181 |
| Financing Profit | -973 | -1,928 | -4,830 | -11,700 | -8,601 | -9,523 | -11,071 | -4,213 | -3,024 | 4,590 | 2,946 | 3,888 | 4,118 |
| Fin. Margin % | -3% | -6% | -15% | -36% | -25% | -25% | -16% | -6% | -4% | 5% | 3% | 4% | 4% |
| Other Income | 3,957 | 3,934 | 5,430 | 5,462 | 5,042 | 5,789 | 14,307 | 13,524 | 15,915 | 17,813 | 21,562 | 21,601 | 21,965 |
| Interest | 23,640 | 23,894 | 23,776 | 23,471 | 23,896 | 25,837 | 44,112 | 40,178 | 48,033 | 63,364 | 68,916 | 69,477 | 68,828 |
| Depreciation | 225 | 249 | 241 | 368 | 374 | 417 | 908 | 745 | 745 | 896 | 1,084 | 1,204 | 0 |
| PBT | 2,759 | 1,758 | 359 | -6,607 | -3,933 | -4,151 | 2,327 | 8,566 | 12,147 | 21,507 | 23,424 | 24,284 | 26,083 |
| Tax % | 36% | 24% | -58% | -21% | -25% | -27% | -22% | 39% | 31% | 36% | 23% | 23% | — |
| Net Profit | 1,771 | 1,347 | 573 | -5,212 | -2,922 | -3,121 | 2,863 | 5,265 | 8,512 | 13,797 | 18,027 | 19,430 | 20,644 |
| EPS in Rs | 27.69 | 19.73 | 8.33 | -44.61 | -16.58 | -9.12 | 4.47 | 7.7 | 12.45 | 18.07 | 23.62 | 25.45 | 27.05 |
| Div. Payout % | 22% | 10% | 0% | 0% | 0% | 0% | 0% | 25% | 24% | 20% | 20% | 20% | — |
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 | 636 | 687 | 687 | 1,169 | 1,763 | 3,423 | 6,407 | 6,835 | 6,835 | 7,634 | 7,634 | 7,634 |
| Reserves | 19,263 | 22,361 | 23,406 | 24,083 | 25,073 | 30,567 | 58,331 | 64,026 | 71,969 | 89,964 | 1,06,200 | 1,25,918 |
| Borrowing | 26,628 | 30,637 | 41,226 | 45,680 | 43,276 | 52,714 | 51,922 | 51,245 | 42,737 | 26,974 | 64,992 | 77,798 |
| Deposits | 3,25,990 | 3,44,118 | 3,77,195 | 4,10,288 | 4,17,505 | 4,52,436 | 9,25,654 | 10,34,368 | 11,20,322 | 12,24,593 | 12,74,789 | 13,09,759 |
| Other Liabilities | 11,048 | 9,562 | 13,167 | 9,900 | 10,964 | 16,369 | 40,063 | 37,292 | 46,495 | 52,831 | 57,714 | 66,395 |
| Total Liabilities | 3,83,566 | 4,07,365 | 4,55,681 | 4,91,120 | 4,98,581 | 5,55,509 | 10,82,377 | 11,93,766 | 12,88,357 | 14,01,996 | 15,11,329 | 15,87,503 |
| Fixed Assets | 2,690 | 3,939 | 3,896 | 3,824 | 3,743 | 4,734 | 7,303 | 7,171 | 8,826 | 9,224 | 9,765 | 11,596 |
| CWIP | 4 | 13 | 21 | 34 | 44 | 54 | 63 | 37 | 22 | 36 | 59 | 64 |
| Investments | 85,818 | 90,573 | 1,13,441 | 1,25,485 | 1,28,391 | 1,54,251 | 3,39,059 | 3,51,839 | 3,43,727 | 3,43,953 | 3,61,903 | 3,43,623 |
| Other Assets | 2,95,053 | 3,12,840 | 3,38,322 | 3,61,777 | 3,66,402 | 3,96,470 | 7,35,952 | 8,34,718 | 9,35,782 | 10,48,783 | 11,39,602 | 12,32,220 |
| Total Assets | 3,83,566 | 4,07,365 | 4,55,681 | 4,91,120 | 4,98,581 | 5,55,509 | 10,82,377 | 11,93,766 | 12,88,357 | 14,01,996 | 15,11,329 | 15,87,503 |
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 | -3,567 | 81 | -6,624 | 6,097 | -7,778 | -7,681 | 20,527 | 36,339 | 6,056 | 19,930 | -204 | -358 |
| Investing | -318 | -9 | -280 | -315 | -297 | -377 | -601 | -558 | -2,561 | -1,394 | -19 | -71 |
| Financing | 3,168 | -2 | 10,194 | 10,792 | 1,758 | 20,144 | -18,861 | -786 | -10,654 | -11,489 | 338 | 77 |
| Net Cash Flow | -718 | 70 | 3,289 | 16,574 | -6,317 | 12,086 | 1,066 | 34,995 | -7,159 | 7,047 | 115 | -351 |
| Free Cash Flow | -3,909 | 72 | -6,911 | 5,782 | -8,076 | -8,058 | 19,926 | 35,897 | 3,673 | 18,624 | -220 | -388 |
| CFO/OP | -13 | 0 | -27 | 74 | -45 | -55 | 63 | 103 | 21 | 34 | 0 | 0 |
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% | 6% | 2% | -21% | -11% | -10% | 6% | 8% | 11% | 16% | 17% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Union Bank of India insights
62 extracted metrics + investor summaries across FY15–FY27.
Documents
1
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, As Amended.
11 Sep - RBI imposed ₹1,33,850 penalty on Union Bank for currency chest deficiencies; impact not significant. 11 Sep - RBI imposed ₹1,33,850 penalty on Union Bank for currency chest deficiencies; impact not significant.
2
Disclosures Pertaining To Analysts/Investors Meet/Call - Schedule
7 May - Union Bank of India to meet Aditya Birla Sun Life AMC on 12 May 2026 in Mumbai. 7 May - Union Bank of India to meet Aditya Birla Sun Life AMC on 12 May 2026 in Mumbai.
3
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
30 Apr - Union Bank clarifies media report on deposit variations, citing unverified source and no material impact. 30 Apr - Union Bank clarifies media report on deposit variations, citing unverified source and no material impact.
4
Intimation Of Record Dates
30 Apr - Union Bank of India announced record dates for interest/redemption on multiple bond series through March 2027. 30 Apr - Union Bank of India announced record dates for interest/redemption on multiple bond series through March 2027.
5
Disclosure Regarding Centralized Database For Corporate Bonds/ Debentures As On 31.03.2026
30 Apr - Annual disclosure of non-convertible securities as on 31 March 2026; ratings reaffirmed and payments timely. 30 Apr - Annual disclosure of non-convertible securities as on 31 March 2026; ratings reaffirmed and payments timely.
Frequently Asked Questions about Union Bank of India
What does Union Bank of India do?
Union Bank of India is engaged in the Business of Banking Services, Government Business ,Merchant Banking, Agency Business Insurance, Mutual Funds, Wealth Management etc.[1]
Where is Union Bank of India (UNIONBANK) listed?
Union Bank of India trades as UNIONBANK on the NSE and under code 532477 on the BSE.
Which sector does Union Bank of India belong to?
Union Bank of India is classified under the Financial Services sector, in the Banks industry.
What is the market capitalisation of Union Bank of India?
Union Bank of India has a market capitalisation of ₹1,34,893 Cr, which places it in the Large Cap band.
What is the PE ratio of Union Bank of India?
Union Bank of India trades at a PE ratio of 6.58, on earnings per share of ₹18.56, against a book value of ₹173.63 per share.
What is the 52-week high and low of Union Bank of India?
Over the last 52 weeks Union Bank of India has traded between ₹127.87 and ₹205.49.
Does Union Bank of India pay dividends?
Union Bank of India has a dividend yield of 2.79%.
What is the Return on Equity (ROE) of Union Bank of India?
Union Bank of India reported a return on equity of 14.06%. Its debt-to-equity ratio is 0.00.
Company Information
Union Bank of India is engaged in the Business of Banking Services, Government Business ,Merchant Banking, Agency Business Insurance, Mutual Funds, Wealth Management etc.[1]
Website unionbankofindia.co.in
CEO Mr. S. Ramasubramanian
Employees 73,945
Listed 2002-09-24
Face Value ₹ 10
Issued Size 7,63,36,05,607
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