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Bandhan Bank

BANDHANBNK NSE

Key Fundamentals

SmallcapPrivate BankBanks
Market Cap
₹25,295 Cr
P/E (TTM)
18.69
EBITDA
₹2,038 Cr
Return on Equity
4.78%
Debt to Equity
0
Book Value
₹156.76
EPS (TTM)
₹8.40
52W High
₹220.76
52W Low
₹134.25

Price-based figures as of 09 Oct 2026, 15:58 IST · EPS basis: Standalone · TTM

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 1.06 times its book value
  • Company's working capital requirements have reduced from 71.8 days to 38.5 days

Weaknesses

6
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -1.44%
  • The company has delivered a poor sales growth of 11.6% over past five years.
  • Company has a low return on equity of 9.01% over last 3 years.
  • Contingent liabilities of Rs.28,896 Cr.
  • Dividend payout has been low at 13.1% of profits over last 3 years

Growth Rate

Revenue Growth
-1.97% lower than 3Y

change over 1 year

Net Income Growth
-55.43% lower than 3Y

change over 1 year

Cash Flow Change
-58.49%

change over 1 year

EBITDA Margin Change
-8.38%

change over 1 year

AI Analysis — Bull vs Bear

Figures as of 8 Oct 2026
AI opinion · based on fundamentals
Risk high

As of the 2026-10-08 close, Bandhan Bank trades at Rs 155.54, giving a market capitalisation of Rs 25,059.79 Cr, a P/E (TTM) of 18.52 and a P/B of 0.99. Profitability has weakened: ROE is 4.78% against a 10-year average of 12%, and TTM profit growth is -34%. Valuation sits around book value, while earnings, returns and stock performance have trended lower over the past 3 to 5 years.

Bull Case 7
  • The stock trades at a P/B of 0.99 as of 2026-10-08, roughly at or below book value. For a bank, that leaves less room for further valuation de-rating if asset quality and earnings stabilise.
  • Over 10 years, sales compounded at 30% and profit at 16%. The bank has shown it can build a large franchise and grow profit over a full cycle.
  • The 10-year ROE of 12% is well above the current 4.78%. If credit costs normalise, returns could recover toward historical levels.
  • Sales have kept growing through a difficult earnings period, compounding at 11% over 3 years and 12% over 5 years. That points to continued expansion of the balance sheet and loan book.
  • At Rs 155.54, the stock is about 29.5% below its 52-week high of Rs 220.76. Much of the earnings decline may already be reflected in the price.
  • The 1-year stock CAGR of +2% compares with -13% annualised over both 3 and 5 years. Price performance may be stabilising after a prolonged decline.
  • Working capital days fell from 71.8 to 38.5. This metric matters less for a bank than for an industrial company, but it does point to better efficiency on the reported numbers.
Bear Case 8
  • Profit growth is negative over every recent period: -34% TTM, -18% CAGR over 3 years and -11% CAGR over 5 years. That is a sustained deterioration in earnings, not a one-off dip.
  • ROE has fallen to 4.78% (5% last year), against 9% over 3 years, 8% over 5 years and 12% over 10 years. ROCE is also low at 5.96%. Current returns are probably below the bank's cost of equity.
  • TTM sales growth is 0%, against 11-12% over 3 to 5 years. Top-line momentum has stalled.
  • Contingent liabilities are Rs 28,896 Cr, about 1.15 times the Rs 25,059.79 Cr market capitalisation. That is a large off-balance-sheet exposure relative to equity value.
  • Promoter holding fell by 1.44% last quarter, which may weigh on investor sentiment.
  • The stock has compounded at -13% a year over both 3 and 5 years. Long-term shareholders have lost a significant amount of value.
  • The P/E (TTM) of 18.52 on EPS of 8.4 is not obviously cheap for a bank earning a 4.78% ROE. The low P/B may reflect weak return expectations rather than mispricing.
  • Shareholder payouts are limited: the dividend yield is 0.92% and the payout ratio averaged 13.1% of profits over 3 years. The low interest coverage ratio is partly structural for a bank, but it adds to the weak earnings picture.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

7h ago
Headwinds 3
  • CASA ratio slips sharply Oct 4

    CASA deposits fell 4.8% QoQ to ₹46,131 crore, which pulled the CASA ratio down to 26.71% from 29.40% in June. Bulk deposits jumped 10% QoQ to ₹47,218 crore and retail's share of deposits eased to 72.66% from 73.96%, which could raise funding costs.

  • Promoter stake sale overhang Sep 21

    The promoter's holding dropped from 39.74% at end-2025 to 37.54% by June 2026, likely through open-market sales. It must reach 26% by 2030 through gradual sales, which means steady supply pressure on the stock.

  • Sequential loan growth sluggish Oct 4

    Advances grew only 1.8% QoQ to ₹1,58,335 crore from ₹1,55,555 crore in June, well below the 13.1% YoY pace. That points to slowing momentum in the quarter.

Positives 4
  • Loans up 13.1% YoY Oct 4

    Q2FY27 loans, including on-book and PTC assets, rose 13.1% YoY to ₹1,58,335 crore as of Sep 30, up from ₹1,40,041 crore a year ago. This was the provisional unaudited business update.

  • Deposits grow 9.2% YoY Oct 4

    Total deposits rose 9.2% YoY and 4.7% QoQ to ₹1,72,689 crore. Retail deposits grew 11.9% YoY to ₹1,25,471 crore, and retail term deposits rose 16.8% YoY to ₹79,340 crore.

  • Collections steady, liquidity comfortable Oct 4

    Collection efficiency held at 98.9%, the same as June, with the EEB segment improving to 98.6% from 98.5%. The liquidity coverage ratio stood at about 137.9%.

  • Stock up 20%+ YTD Oct 4

    Shares closed 1.64% higher at ₹175.30 after the business update. The stock is up more than 20% so far this year.

Neutral 5
  • Holdco restructuring, Jefferies mandated Oct 9

    Bandhan Financial Services hired Jefferies for its first major restructuring in about 25 years. The goals are exits for early investors such as GIC (16.7%) and IFC (13.59%), monetising part of its stake in the bank (37%, which must fall to 26%) and raising capital for the bank, with ₹837 crore in cash as of Mar 31, 2026.

  • Ghosh defends physical microcredit model Oct 9

    Founder and former MD Chandra Shekhar Ghosh called microcredit business credit and said group meetings and field visits are still essential. He noted about 60% of customers have credit histories and 40% are new to credit.

  • Promoter proposes 1:5 stock split Sep 21

    Bandhan Financial Services proposed splitting each ₹10 share into five ₹2 shares, up for shareholder vote at the Sep 22 AGM. The aim is to appeal to retail investors ahead of a possible listing.

  • Vinay Jain named interim CFO Sep 25

    Vinay Jain becomes interim CFO and KMP from Sep 26, 2026, for a term ending Mar 31, 2027. A permanent CFO has not been named yet.

  • Active institutional investor outreach Sep 22

    The bank met investors at the Jefferies India Forum on Sep 17 (including Schroders and C Worldwide) and the J.P. Morgan India Conference on Sep 21. It also scheduled an analyst meet for Sep 28.

TL;DR: Bandhan Bank's YoY numbers look healthy: loans grew 13.1%, deposits 9.2% and collection efficiency held at 98.9%, and the stock is up more than 20% this year. The risks are a sharp drop in the CASA ratio to 26.71% with more reliance on bulk deposits, slow sequential loan growth of 1.8%, an ongoing promoter stake-sale overhang as holdings fall from 37.54% toward 26%, and only an interim CFO in place. Asset quality looks stable, but the funding mix is getting worse. Watch Q2FY27 margins, how the CASA ratio recovers and the pricing of any holdco restructuring deals for direction.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
4,523
4,492
4,665
5,189
5,536
5,500
5,479
5,434
5,476
5,354
5,431
5,428
5,631
Expenses
1,916
2,036
2,099
3,496
2,115
2,294
3,281
3,144
2,962
2,977
3,089
2,802
2,849
Financing Profit
575
407
426
-637
890
640
-466
-388
-204
-389
-401
-7
72
Fin. Margin %
13%
9%
9%
-12%
16%
12%
-9%
-7%
-4%
-7%
-7%
0%
1%
Other Income
385
540
545
701
528
609
1,112
700
726
546
691
771
604
Interest
2,032
2,049
2,140
2,330
2,531
2,566
2,664
2,678
2,718
2,765
2,743
2,633
2,710
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
960
947
971
64
1,418
1,249
645
311
521
158
290
764
676
Tax %
25%
24%
25%
15%
25%
25%
34%
-2%
29%
29%
29%
30%
26%
Net Profit
721
721
733
55
1,063
937
426
318
372
112
206
534
502
EPS (₹)
4.48
4.48
4.55
0.34
6.6
5.82
2.65
1.97
2.31
0.69
1.28
3.32
3.11
Gross NPA %
6.76%
7.32%
7.02%
3.84%
4.23%
4.68%
4.68%
4.71%
4.96%
5.02%
3.33%
3.27%
3.15%
Net NPA %
2.18%
2.32%
2.21%
1.11%
1.15%
1.29%
1.28%
1.28%
1.36%
1.37%
0.99%
0.97%
0.93%
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015 4mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
0
1,581
3,909
4,802
6,643
10,885
12,524
13,871
15,905
18,870
21,948
21,689
21,844
Expenses
6
633
1,044
1,597
2,467
3,739
6,534
11,298
8,693
9,310
10,555
11,526
11,717
Financing Profit
-6
299
1,360
1,436
2,028
2,584
1,029
-2,584
567
1,009
936
-696
-724
Fin. Margin %
—
19%
35%
30%
31%
24%
8%
-19%
4%
5%
4%
-3%
-3%
Other Income
8
150
411
706
1,063
1,549
2,022
2,823
2,469
2,171
2,967
2,734
2,612
Interest
0
649
1,505
1,770
2,148
4,562
4,961
5,157
6,645
8,551
10,458
10,859
10,851
Depreciation
0
36
67
86
78
80
103
110
143
238
279
304
0
PBT
2
414
1,704
2,056
3,013
4,053
2,949
129
2,893
2,943
3,623
1,734
1,888
Tax %
75%
33%
35%
35%
35%
25%
25%
2%
24%
24%
24%
29%
—
Net Profit
1
275
1,112
1,346
1,952
3,024
2,205
126
2,195
2,230
2,745
1,224
1,353
EPS (₹)
0.01
2.51
10.15
11.28
16.36
18.78
13.69
0.78
13.62
13.84
17.04
7.6
8.4
Div. Payout %
0%
0%
0%
9%
18%
0%
7%
0%
11%
11%
9%
20%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
501
1,095
1,095
1,193
1,193
1,610
1,611
1,611
1,611
1,611
1,611
1,611
Reserves
1
2,239
3,351
8,189
10,009
13,585
15,798
15,770
17,973
19,999
22,994
23,964
Borrowing
0
3,052
1,029
285
521
16,379
16,960
19,921
24,711
16,372
11,138
14,303
Deposits
—
12,089
23,229
33,869
43,232
57,082
77,972
96,331
1,08,065
1,35,202
1,51,212
1,66,344
Other Liabilities
25
1,282
1,532
774
1,487
3,062
2,675
5,234
3,677
4,659
4,520
4,902
Total Liabilities
527
19,756
30,236
44,310
56,442
91,718
1,15,016
1,38,867
1,56,037
1,77,842
1,91,476
2,11,124
Fixed Assets
0
237
252
238
222
347
432
415
509
959
855
931
CWIP
108
0
0
0
109
22
55
173
346
214
325
470
Investments
0
3,758
5,516
8,372
10,037
15,352
25,155
29,079
32,366
29,288
40,712
38,668
Other Assets
418
15,761
24,468
35,700
46,073
75,997
89,374
1,09,200
1,22,817
1,47,381
1,49,584
1,71,054
Total Assets
527
19,756
30,236
44,310
56,442
91,718
1,15,016
1,38,867
1,56,037
1,77,842
1,91,476
2,11,124
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
8,885
-2,599
2,695
6,583
-909
902
-4,245
14,808
2,752
1,143
Investing
—
—
-2,671
-2,237
-2,373
-4,187
-1,804
-612
-1,618
1,691
-3,879
317
Financing
—
—
-2,023
2,846
105
154
588
2,803
4,791
-8,579
-5,475
2,923
Net Cash Flow
—
—
4,192
-1,989
427
2,550
-2,125
3,093
-1,071
7,921
-6,601
4,382
Free Cash Flow
—
—
8,803
-2,671
2,524
6,481
-1,129
691
-4,654
14,252
2,466
616
CFO/OP
—
—
330
-56
91
108
3
62
-49
167
29
18
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
0%
14%
29%
19%
19%
23%
14%
1%
12%
11%
12%
5%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs27.48%Govt.0.07%Promot.37.54%Others3.13%Public13.13%FIIs18.65%As ofJun 2026

Documents

Frequently Asked Questions about Bandhan Bank

What does Bandhan Bank Ltd do?
Incorporated in 2014, Bandhan Bank is a commercial bank focused on serving underbanked and underpenetrated markets in India. The company has a PAN-India presence and offers a wide range of banking products & services and asset & liability products and services designed for micro banking and gener...
Where is Bandhan Bank Ltd (BANDHANBNK) listed?
Bandhan Bank Ltd trades as BANDHANBNK on the NSE and under code 541153 on the BSE.
Which sector does Bandhan Bank Ltd belong to?
Bandhan Bank Ltd is classified under the Banks sector, in the Private Bank industry.
What is the market capitalisation of Bandhan Bank Ltd?
Bandhan Bank Ltd has a market capitalisation of ₹25,295 Cr as of 9 Oct 2026, which places it in the Large Cap band.
What is the PE ratio of Bandhan Bank Ltd?
Bandhan Bank Ltd trades at a PE ratio of 18.69 as of 9 Oct 2026, on earnings per share of ₹8.4, against a book value of ₹156.76 per share.
What is the 52-week high and low of Bandhan Bank Ltd?
Over the last 52 weeks Bandhan Bank Ltd has traded between ₹134.25 and ₹220.76 as of 9 Oct 2026.
Does Bandhan Bank Ltd pay dividends?
Bandhan Bank Ltd has a dividend yield of 0.96%.
What is the Return on Equity (ROE) of Bandhan Bank Ltd?
Bandhan Bank Ltd reported a return on equity of 4.78%. Its debt-to-equity ratio is 0.00.

Company Information

Incorporated in 2014, Bandhan Bank is a commercial bank focused on serving underbanked and underpenetrated markets in India. The company has a PAN-India presence and offers a wide range of banking products & services and asset & liability products and services designed for micro banking and general banking. [1][2]

Website bandhanbank.com
CEO Mr. Partha Pratim Sengupta
Employees 74,500
Listed 2018-03-27
Face Value ₹ 10
Shares Outstanding 1,61,11,47,348

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