IDFC First Bank
IDFC First Bank
Banks F&OKey Fundamentals
MidcapPrivate BankBanksPrice-based figures as of 09 Oct 2026, 15:59 IST · EPS basis: Standalone · TTM
Tapetide Score
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Key Insights
Strengths
1- Company's median sales growth is 26.4% of last 10 years
Weaknesses
5- Company has low interest coverage ratio.
- Company has a low return on equity of 5.71% over last 3 years.
- Contingent liabilities of Rs.5,47,873 Cr.
- Earnings include an other income of Rs.7,956 Cr.
- Dividend payout has been low at 8.38% of profits over last 3 years
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, IDFC First Bank traded at Rs 80.39, with a market cap of Rs 69,313.84 Cr, a trailing P/E of 30, and a P/B of 1.43. Revenue has grown fast: 21% compounded over 3 years and 27% over 10 years. Profitability is weak, though. ROE is 3.4%, and 3-year compounded profit growth is -12%, even though TTM profit is up 72% from a low base.
- Sales have grown consistently. Compounded sales growth is 27% over 10 years, 20% over 5 years and 21% over 3 years, and median annual sales growth over the last decade is 26.4%. This points to a strong ability to expand the loan book and franchise.
- TTM profit growth of 72% suggests earnings are recovering from a weak base. If this continues, the current 3.4% ROE could move back toward the 6% 3-year and 5-year averages.
- At the 2026-10-01 close, the stock traded at 1.43x book value. That multiple is modest for a bank that has compounded sales at 20%+ for five years, and it leaves room for a re-rating if returns improve.
- Sales grew 12% on a TTM basis, so the top line is still expanding even as growth slows from its historical pace.
- 5-year compounded profit growth of 30% shows the bank has delivered strong multi-year earnings expansion in the past, despite volatility in between.
- The stock returned 16% over the past year. At Rs 80.39 on 2026-10-01, it was about 38% above its 52-week low of Rs 58.08, which shows improving market sentiment.
- A market cap of Rs 69,313.84 Cr puts the bank among the larger private lenders in India, which supports liquidity and institutional interest.
- ROE is low at 3.4%, and the 3-year average is only 5.71%. Both are well below what is typical for Indian private banks, which means profits per unit of equity are poor.
- A trailing P/E of 30 on EPS of Rs 2.68 (as of 2026-10-01) is demanding given the low ROE. The valuation already assumes a strong earnings recovery.
- 3-year compounded profit growth is -12%, compared with 21% sales growth over the same period. Rising costs and credit costs have absorbed the growth in revenue.
- Contingent liabilities of Rs 5,47,873 Cr are large relative to the Rs 69,313.84 Cr market cap. That is a sizeable off-balance-sheet exposure, although for a bank much of it is typically derivatives and guarantees.
- Other income of Rs 7,956 Cr is a large share of earnings. Profit quality depends partly on fee, treasury and other non-core income rather than core lending spreads alone.
- Shareholder returns have been weak over long periods. Stock CAGR is -4% over 3 years and only 1% over 10 years, despite 27% compounded sales growth over the decade.
- Dividend payout has averaged a low 8.38% of profits over 3 years, and the dividend yield is only 0.31%, so income for shareholders is minimal.
- The interest coverage ratio is low and ROCE is 5.29%. Both point to thin margins between funding costs and asset yields.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q2FY27 loans up 20.4% YoY Oct 5
Domestic loans grew 5.4% QoQ and 20.4% YoY to ₹3,13,864 crore. CASA ratio improved to 51.3%, bulk deposit reliance fell to 13.9%, and LCR strengthened to 125%.
- Nuvama CEO Forum investor meet Sep 24
IDFC First Bank will take part in the Nuvama Emerging India CEO Forum on September 28, 2026, in Mumbai. It will use its existing Q1FY27 investor presentation, so no new disclosures are expected.
- Shyamal Malhotra joins as SMP Sep 22
Shyamal Malhotra was appointed Senior Management Personnel effective September 22, 2026. He brings over 25 years of experience from Deutsche Bank and JSW.
TL;DR: IDFC First Bank's Q2FY27 business update shows strong momentum. Loans grew 20.4% YoY, and the liability franchise got stronger: CASA reached 51.3%, bulk deposits fell to 13.9%, and LCR rose to 125%. These articles don't cover any headwinds. However, the update covers only balance-sheet figures, so asset quality, credit costs and margin trends are still unknown. The trend looks better on funding quality, and the full Q2FY27 results will show whether the loan growth leads to higher profits without more stress in microfinance or unsecured lending.
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 | 6,868 | 7,356 | 7,879 | 8,219 | 8,789 | 8,957 | 9,343 | 9,413 | 9,642 | 9,937 | 10,417 | 10,553 | 11,051 |
| Expenses | 4,135 | 4,398 | 4,895 | 5,169 | 5,426 | 6,285 | 6,261 | 6,441 | 6,580 | 6,576 | 6,982 | 7,118 | 6,873 |
| Financing Profit | -390 | -448 | -609 | -700 | -731 | -1,497 | -1,359 | -1,534 | -1,647 | -1,463 | -1,490 | -1,441 | -901 |
| Fin. Margin % | -6% | -6% | -8% | -9% | -8% | -17% | -15% | -16% | -17% | -15% | -14% | -14% | -8% |
| Other Income | 1,414 | 1,430 | 1,517 | 1,642 | 1,619 | 1,727 | 1,780 | 1,895 | 2,227 | 1,891 | 2,125 | 1,630 | 2,309 |
| Interest | 3,123 | 3,406 | 3,593 | 3,750 | 4,094 | 4,169 | 4,441 | 4,506 | 4,709 | 4,824 | 4,925 | 4,876 | 5,079 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 1,024 | 982 | 908 | 942 | 888 | 230 | 421 | 361 | 580 | 428 | 635 | 189 | 1,409 |
| Tax % | 25% | 23% | 21% | 23% | 23% | 13% | 19% | 16% | 20% | 18% | 21% | -68% | 24% |
| Net Profit | 765 | 751 | 716 | 724 | 681 | 201 | 339 | 304 | 463 | 352 | 503 | 319 | 1,075 |
| EPS (₹) | 1.15 | 1.12 | 1.01 | 1.02 | 0.96 | 0.27 | 0.46 | 0.42 | 0.63 | 0.48 | 0.58 | 0.37 | 1.25 |
| Gross NPA % | 2.17% | 2.11% | 2.04% | 1.88% | 1.9% | 1.92% | 1.94% | 1.87% | 1.97% | 1.86% | 1.69% | 1.61% | 1.51% |
| Net NPA % | 0.7% | 0.68% | 0.68% | 0.6% | 0.59% | 0.48% | 0.52% | 0.53% | 0.55% | 0.52% | 0.53% | 0.48% | 0.44% |
Profit & Loss
| Particulars | Mar 2015 6m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 3,649 | 8,533 | 8,930 | 11,948 | 16,308 | 15,968 | 17,173 | 22,728 | 30,322 | 36,501 | 40,549 | 41,958 |
| Expenses | 3 | 494 | 1,425 | 1,725 | 4,534 | 9,871 | 8,786 | 12,380 | 13,410 | 17,979 | 23,593 | 26,412 | 27,549 |
| Financing Profit | -3 | 353 | 592 | 73 | -1,335 | -3,795 | -1,406 | -2,674 | -775 | -1,528 | -4,301 | -5,197 | -5,295 |
| Fin. Margin % | — | 10% | 7% | 1% | -11% | -23% | -9% | -16% | -3% | -5% | -12% | -13% | -13% |
| Other Income | 0 | 403 | 1,013 | 1,118 | 852 | 1,722 | 2,211 | 3,222 | 4,467 | 6,002 | 7,022 | 7,873 | 7,956 |
| Interest | 0 | 2,802 | 6,515 | 7,132 | 8,749 | 10,232 | 8,588 | 7,467 | 10,092 | 13,872 | 17,210 | 19,334 | 19,703 |
| Depreciation | 0 | 41 | 134 | 163 | 2,813 | 305 | 329 | 373 | 425 | 618 | 820 | 844 | 0 |
| PBT | -3 | 716 | 1,471 | 1,027 | -3,295 | -2,379 | 476 | 175 | 3,267 | 3,855 | 1,900 | 1,833 | 2,661 |
| Tax % | 0% | 35% | 31% | 16% | -41% | 20% | 5% | 17% | 25% | 23% | 20% | 11% | — |
| Net Profit | -3 | 467 | 1,020 | 859 | -1,944 | -2,864 | 452 | 145 | 2,437 | 2,957 | 1,525 | 1,636 | 2,249 |
| EPS (₹) | -516 | 1.38 | 3 | 2.52 | -4.07 | -5.95 | 0.8 | 0.23 | 3.68 | 4.18 | 2.08 | 1.9 | 2.68 |
| Div. Payout % | 0% | 18% | 25% | 30% | 0% | 0% | 0% | 0% | 0% | 0% | 12% | 13% | — |
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 | 0.05 | 3,393 | 3,399 | 3,404 | 4,782 | 4,810 | 5,676 | 6,218 | 6,618 | 7,070 | 7,322 | 8,602 |
| Reserves | -3 | 10,240 | 11,279 | 11,852 | 13,378 | 10,533 | 12,132 | 14,786 | 19,103 | 25,091 | 30,756 | 38,750 |
| Borrowing | 0 | 57,160 | 50,262 | 57,287 | 69,983 | 57,397 | 45,786 | 52,963 | 57,212 | 50,936 | 38,975 | 36,621 |
| Deposits | — | 8,219 | 40,208 | 48,198 | 70,479 | 65,108 | 88,688 | 1,05,634 | 1,44,637 | 2,00,576 | 2,52,065 | 2,94,475 |
| Other Liabilities | 3 | 4,204 | 7,011 | 5,778 | 8,563 | 11,353 | 10,861 | 10,581 | 12,371 | 12,442 | 14,701 | 21,333 |
| Total Liabilities | 0 | 83,216 | 1,12,160 | 1,26,520 | 1,67,185 | 1,49,200 | 1,63,144 | 1,90,182 | 2,39,942 | 2,96,115 | 3,43,819 | 3,99,780 |
| Fixed Assets | 0 | 644 | 781 | 781 | 917 | 965 | 1,201 | 1,282 | 1,876 | 2,525 | 2,596 | 2,444 |
| CWIP | 0 | 29 | 5 | 3 | 34 | 73 | 65 | 79 | 214 | 95 | 67 | 113 |
| Investments | 0 | 29,729 | 50,472 | 61,202 | 58,475 | 45,405 | 45,412 | 46,145 | 61,124 | 74,710 | 80,716 | 85,966 |
| Other Assets | 0 | 52,814 | 60,901 | 64,535 | 1,07,759 | 1,02,758 | 1,16,466 | 1,42,676 | 1,76,728 | 2,18,785 | 2,60,440 | 3,11,257 |
| Total Assets | 0 | 83,216 | 1,12,160 | 1,26,520 | 1,67,185 | 1,49,200 | 1,63,144 | 1,90,182 | 2,39,942 | 2,96,115 | 3,43,819 | 3,99,780 |
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 | 0 | -13,034 | 14,247 | -5,941 | 17,293 | 10,927 | 14,061 | 2,604 | 3,600 | 11,328 | 14,395 | 6,915 |
| Investing | 0 | 7,171 | -5,074 | -1,008 | -412 | -3,764 | -2,826 | -2,884 | -11,969 | -9,792 | -3,095 | -14,219 |
| Financing | 0 | 7,475 | -6,974 | 6,744 | -12,207 | -12,539 | -9,598 | 10,211 | 6,509 | -2,954 | -8,682 | 4,969 |
| Net Cash Flow | 0 | 1,612 | 2,198 | -205 | 4,675 | -5,376 | 1,637 | 9,930 | -1,860 | -1,418 | 2,617 | -2,335 |
| Free Cash Flow | 0 | -13,212 | 13,993 | -6,104 | 17,037 | 10,534 | 13,519 | 2,131 | 2,447 | 10,189 | 13,542 | 6,178 |
| CFO/OP | 0 | -406 | 204 | -78 | 232 | 172 | 188 | 51 | 42 | 98 | 113 | 51 |
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 % | — | 7% | 7% | 6% | -12% | -17% | 3% | 1% | 10% | 10% | 4% | 4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about IDFC First Bank
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Company Information
IDFC First Bank is engaged in the business of Banking Services. IDFC FIRST Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018.
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