Canara Bank
Canara Bank
Banks F&OKey Fundamentals
LargecapPublic Sector BankBanksPrice-based figures as of 9 Oct 2026, 3:58 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Stock is trading at 0.87 times its book value
- Stock is providing a good dividend yield of 3.54%.
- Company has been maintaining a healthy dividend payout of 20.4%
Weaknesses
4- Company has low interest coverage ratio.
- Contingent liabilities of Rs.6,04,935 Cr.
- Company might be capitalizing the interest cost
- Working capital days have increased from 258 days to 423 days
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-07 close, Canara Bank traded at Rs 119.15, giving a market capitalisation of Rs 108,076.81 Cr. It sat at 5.44x trailing earnings (EPS Rs 21.89) and 0.92x book value, with a 16.09% ROE and a 3.56% dividend yield. The stock was 26.9% below its 52-week high of Rs 162.89 and 2.3% above its 52-week low of Rs 116.51. Growth has slowed: trailing-twelve-month sales growth was 3% and profit growth was 7%, compared with 3-year compounded rates of 14% and 18%.
- As of 2026-10-07 the stock traded at a trailing P/E of 5.44x on EPS of Rs 21.89. That is a low multiple for a lender earning a 16.09% ROE.
- The price-to-book ratio was 0.92x as of 2026-10-07, so the market valued the bank below its stated book value even though it generated a 16.09% return on equity.
- ROE has stayed in a mid-to-high teens range: 16% last year, 17% on a 3-year average and 16% on a 5-year average. The 10-year average is 11%, so profitability has structurally improved over the last decade.
- Compounded profit growth was 44% over 5 years, 18% over 3 years and 24% over 10 years. Earnings have expanded substantially over multiple time frames.
- The dividend yield was 3.56% as of 2026-10-07, with a payout ratio of about 20.4%. Shareholders receive cash income while about 80% of profits are retained to support balance-sheet growth.
- Long-term shareholder returns have been strong. The stock compounded at 28% annually over 5 years and 16% over 3 years, despite a -7% return over the last year.
- Sales compounded at 14% over 3 years and 12% over 5 years, showing sustained balance-sheet and income growth over the medium term.
- At Rs 119.15, the stock was 26.9% below its 52-week high of Rs 162.89 as of 2026-10-07. Much of the recent de-rating is already reflected in the price.
- Growth has slowed sharply. TTM sales growth was 3%, against 14% compounded over 3 years. TTM profit growth was 7%, against 18% over 3 years, which suggests pressure on margins or loan growth.
- The stock returned -7% over the last year and traded at Rs 119.15 as of 2026-10-07, just 2.3% above its 52-week low of Rs 116.51 and 26.9% below its high of Rs 162.89. Price momentum was weak.
- Contingent liabilities of Rs 6,04,935 Cr are about 5.6 times the market cap of Rs 108,076.81 Cr. That is a large off-balance-sheet exposure (guarantees, letters of credit and derivatives) that could turn into actual losses under stress.
- The 10-year average ROE is only 11%, below the recent 16-17% range. This history of weaker profitability raises the question of whether current returns can hold through a credit cycle.
- The 10-year stock CAGR is only 6%, far below the 5-year CAGR of 28%. Over a full cycle, shareholder returns have been modest, and the strong recent run partly reflects recovery from a low base.
- ROCE was 6.03%, reflecting the bank's highly leveraged, deposit-funded model. Small changes in asset quality or funding costs can have an outsized effect on equity returns.
- Screening flags show working capital days rising from 258 to 423 and a low interest coverage ratio. These metrics are less meaningful for banks, where interest expense is the main operating cost, but they still point to higher funding costs relative to earnings.
- The payout ratio is about 20.4%, so the 3.56% yield depends on continued profit generation. If TTM profit growth of 7% slows further, dividends could be under pressure.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Credit-deposit growth gap widens Oct 1
Global advances grew 19.35% YoY to ₹13.74 lakh crore, while deposits grew only 13.13% YoY to ₹16.97 lakh crore, a gap of about 6 percentage points. Domestic deposit growth was weaker at 10.96% YoY, which points to tighter liquidity and possible pressure on net interest margins.
- Higher AT1 coupon costs Sep 16
The AT1 issue priced at an 8.10% coupon. That is above the market's expected range of 7.85%-7.90% and the 7.55% the bank paid on a similar issue in late 2025, so capital is getting more expensive.
- Bank union strikes threaten operations Sep 10
The United Forum of Bank Unions planned strikes on September 11 and September 28-30, 2026, with continuous action from October 26. Branch operations may be disrupted in Q3.
- Growth far above stated guidance Oct 1
Credit growth of 19.35% YoY is well above the bank's FY27 guidance of 11-12%. If loans keep growing faster than deposits, funding costs and capital use could become harder to sustain.
- Q2 global business hits ₹30.71L cr Oct 1
Global business rose 15.83% YoY and 5.71% QoQ to ₹30.71 lakh crore in Q2 FY27. Global advances grew 6.21% QoQ, and domestic advances rose 16.83% YoY to ₹12.63 lakh crore.
- RAM segment surges 21% Oct 1
Retail, Agriculture and MSME advances grew 21% YoY to ₹8.12 lakh crore. This higher-yield book supports profitability and shows healthy demand from consumers and small businesses.
- AT1 raise oversubscribed at ₹2,042 cr Sep 16
The bank raised ₹2,042 crore through perpetual AT1 bonds, drawing 111 bids, as part of a board-approved ₹8,500 crore plan (up to ₹4,500 crore AT1 and ₹4,000 crore Tier 2). The bonds are rated AA+ Stable by ICRA and India Ratings, which adds capital headroom for growth.
- $5.8B FCNR(B) deposit mobilisation Sep 10
The bank mobilised $5.80 billion through the RBI's FCNR(B) swap facility. This lets it replace high-cost bulk deposits, and sequential deposit growth was 5.31%, from ₹16.12 lakh crore to ₹16.97 lakh crore.
- PSU banks outpacing private peers Oct 1
Industry reports put public sector bank credit growth at about 18.4%, ahead of about 16.8% for private lenders, in Q2 FY27. Medium-term system credit growth is projected at 15-16%.
- AT1 call option and record date Sep 28
On September 15, the RBI approved the call option on ₹1,500 crore of AT1 bonds. The record date for ISIN INE476A08126 was moved from October 9 to October 8, 2026, ahead of the October 23 call exercise.
- Outstanding debt at ₹53,445 cr Oct 3
Outstanding debt securities stood at ₹53,445 crore as of September 30, 2026. They include perpetual and fixed-term instruments with coupons of 7.09%-8.40%.
- Timely bond interest payouts Sep 27
The bank paid ₹377 crore of annual NCD interest on September 27 and ₹159.80 crore of AT1 bond interest on September 15, 2026, both on time.
- ED Bhavendra Kumar term extended Sep 23
The Department of Financial Services extended Executive Director Bhavendra Kumar's term to October 31, 2027, or his superannuation, which keeps senior leadership stable.
- Two new Chief General Managers Oct 1
Shambhu Lal and Barun Singh Thakur were appointed Chief General Managers effective October 1, 2026, filling key HR and Inspection roles.
- MTN offering circular updated Sep 21
The bank updated the listing of its medium-term note programme offering circular on India INX and NSE International Exchange under Regulation S.
TL;DR: Canara Bank's Q2 FY27 operating momentum is strong. Global business reached ₹30.71 lakh crore (+15.83% YoY), advances grew 19.35%, and the high-yield RAM book grew 21%, supported by ₹2,042 crore of fresh AT1 capital and $5.8B in FCNR(B) inflows. The main risks are deposit growth (13.13%) lagging credit growth by about 6 percentage points, rising capital costs with an 8.10% AT1 coupon versus 7.55% before, and union strikes that could disrupt operations from October 26. The trend is improving on growth but tightening on funding, so Q2 margins and how quickly deposits catch up will decide whether this pace can last.
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 | 25,451 | 27,290 | 28,492 | 29,286 | 29,173 | 30,182 | 30,751 | 31,496 | 31,523 | 32,072 | 30,938 | 31,839 | 32,957 |
| Expenses | 10,990 | 10,859 | 12,001 | 13,198 | 12,010 | 12,066 | 10,752 | 12,124 | 13,141 | 13,251 | 4,002 | 8,870 | 10,391 |
| Financing Profit | -1,876 | -1,504 | -2,129 | -3,138 | -2,371 | -2,312 | -1,165 | -2,185 | -3,610 | -3,591 | 4,227 | 944 | -172 |
| Fin. Margin % | -7% | -6% | -7% | -11% | -8% | -8% | -4% | -7% | -11% | -11% | 14% | 3% | -1% |
| Other Income | 6,809 | 6,602 | 7,138 | 8,098 | 7,793 | 7,824 | 6,679 | 8,761 | 8,086 | 9,942 | 2,152 | 4,700 | 6,739 |
| Interest | 16,337 | 17,934 | 18,620 | 19,226 | 19,534 | 20,427 | 21,163 | 21,556 | 21,992 | 22,412 | 22,709 | 22,024 | 22,737 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 4,933 | 5,098 | 5,009 | 4,960 | 5,422 | 5,513 | 5,515 | 6,576 | 4,475 | 6,351 | 6,379 | 5,644 | 6,567 |
| Tax % | 28% | 28% | 25% | 24% | 27% | 26% | 25% | 22% | 33% | 23% | 24% | 22% | 26% |
| Net Profit | 3,755 | 3,829 | 3,827 | 3,991 | 4,098 | 4,227 | 4,256 | 5,111 | 3,233 | 4,896 | 5,174 | 4,575 | 5,182 |
| EPS in Rs | 4.12 | 4.19 | 4.18 | 4.36 | 4.48 | 4.62 | 4.65 | 5.59 | 3.52 | 5.35 | 5.79 | 5.04 | 5.71 |
| Gross NPA % | 5.16% | 4.76% | 4.39% | 4.23% | 4.14% | 3.73% | 3.34% | 2.94% | 2.69% | 2.35% | 2.08% | 1.84% | 1.57% |
| Net NPA % | 1.57% | 1.41% | 1.32% | 1.27% | 1.24% | 0.99% | 0.89% | 0.7% | 0.63% | 0.54% | 0.45% | 0.43% | 0.36% |
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 | 43,813 | 44,039 | 41,457 | 41,345 | 47,951 | 49,759 | 70,253 | 70,614 | 85,885 | 1,10,519 | 1,21,601 | 1,26,371 | 1,27,805 |
| Expenses | 10,302 | 17,785 | 15,691 | 25,582 | 27,202 | 26,809 | 43,437 | 41,235 | 42,772 | 46,146 | 46,082 | 38,340 | 36,515 |
| Financing Profit | -621 | -8,008 | -5,775 | -13,350 | -11,590 | -12,867 | -18,367 | -13,657 | -9,877 | -7,745 | -7,162 | -1,106 | 1,408 |
| Fin. Margin % | -1% | -18% | -14% | -32% | -24% | -26% | -26% | -19% | -12% | -7% | -6% | -1% | 1% |
| Other Income | 4,733 | 5,266 | 7,852 | 7,398 | 9,907 | 11,799 | 23,086 | 23,643 | 25,325 | 28,646 | 31,057 | 26,712 | 23,532 |
| Interest | 34,133 | 34,263 | 31,540 | 29,113 | 32,339 | 35,817 | 45,182 | 43,035 | 52,990 | 72,118 | 82,681 | 89,138 | 89,883 |
| Depreciation | 429 | 172 | 331 | 456 | 429 | 446 | 838 | 841 | 1,021 | 902 | 870 | 925 | 0 |
| PBT | 3,683 | -2,914 | 1,746 | -6,408 | -2,111 | -1,514 | 3,882 | 9,145 | 14,427 | 20,000 | 23,025 | 24,681 | 24,940 |
| Tax % | 22% | -13% | 29% | -36% | -126% | 34% | 30% | 37% | 25% | 26% | 25% | 23% | — |
| Net Profit | 2,931 | -2,535 | 1,411 | -3,873 | 696 | -1,921 | 2,957 | 6,158 | 11,345 | 15,401 | 17,692 | 19,712 | 19,828 |
| EPS in Rs | 10.96 | -8.73 | 4.55 | -10.78 | 1.6 | -3.86 | 3.51 | 6.75 | 12.41 | 16.84 | 19.34 | 19.7 | 21.89 |
| Div. Payout % | 17% | 0% | 4% | 0% | 0% | 0% | 0% | 19% | 19% | 19% | 21% | 21% | — |
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 | 475 | 543 | 597 | 733 | 753 | 1,030 | 1,647 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 |
| Reserves | 32,017 | 31,867 | 34,088 | 36,164 | 36,936 | 40,176 | 60,763 | 68,147 | 76,240 | 90,319 | 1,03,603 | 1,15,891 |
| Borrowing | 13,686 | 26,963 | 39,592 | 38,910 | 41,043 | 42,762 | 50,013 | 46,285 | 58,073 | 57,538 | 89,665 | 1,55,288 |
| Deposits | 4,85,802 | 4,79,749 | 4,95,266 | 5,24,847 | 5,99,123 | 6,25,408 | 10,10,985 | 10,86,341 | 11,79,086 | 13,12,242 | 14,56,495 | 15,68,333 |
| Other Liabilities | 26,578 | 24,603 | 26,615 | 30,781 | 33,928 | 32,064 | 56,132 | 56,202 | 65,816 | 73,104 | 80,950 | 45,999 |
| Total Liabilities | 5,58,558 | 5,63,725 | 5,96,159 | 6,31,435 | 7,11,783 | 7,41,440 | 11,79,540 | 12,58,789 | 13,81,030 | 15,35,018 | 17,32,527 | 18,87,325 |
| Fixed Assets | 6,969 | 7,206 | 7,185 | 8,335 | 8,433 | 8,323 | 11,269 | 11,447 | 10,334 | 12,184 | 10,302 | 10,595 |
| CWIP | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 0 | 147 | 0 | 0 |
| Investments | 1,52,122 | 1,52,470 | 1,62,073 | 1,57,444 | 1,68,678 | 1,92,645 | 2,86,191 | 3,11,347 | 3,52,893 | 3,99,207 | 4,28,024 | 4,07,389 |
| Other Assets | 3,99,466 | 4,04,049 | 4,26,901 | 4,65,657 | 5,34,672 | 5,40,472 | 8,82,077 | 9,35,992 | 10,17,803 | 11,23,480 | 12,94,201 | 14,69,341 |
| Total Assets | 5,58,558 | 5,63,725 | 5,96,159 | 6,31,435 | 7,11,783 | 7,41,440 | 11,79,540 | 12,58,789 | 13,81,030 | 15,35,018 | 17,32,527 | 18,87,325 |
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 | 6,344 | 9,346 | 2,575 | -11,120 | 18,237 | -5,289 | 59,118 | 919 | -39,978 | 15,046 | 60,669 | 7,942 |
| Investing | -1,104 | -443 | -476 | -487 | -745 | -445 | -1,116 | -1,429 | -1,156 | -1,750 | -2,437 | -2,707 |
| Financing | -1,464 | -806 | 124 | 2,865 | -1,185 | 7,792 | 290 | 4,035 | 445 | -3,834 | -3,506 | -4,795 |
| Net Cash Flow | 3,776 | 8,096 | 2,224 | -8,743 | 16,307 | 2,059 | 58,291 | 3,525 | -40,689 | 9,462 | 54,725 | 440 |
| Free Cash Flow | 5,530 | 8,976 | 2,195 | -11,580 | 17,631 | -5,627 | 58,195 | 98 | -40,591 | 13,793 | 61,830 | 6,652 |
| CFO/OP | 24 | 41 | 17 | -61 | 94 | -30 | 226 | 17 | -83 | 28 | 86 | 12 |
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% | -8% | 4% | -11% | 2% | -5% | 6% | 9% | 15% | 18% | 18% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Canara Bank was merged with erstwhile Syndicate Bank in FY21. Canara was incorporated in 1906 and nationalised in 1969, along with 13 other major commercial banks of India, by the GoI. The bank is headquartered in Bangalore.Canara Bank was merged with erstwhile Syndicate Bank (e-SB) on April 1, 2020.
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