Indusind Bank
Indusind Bank
Banks F&OKey Fundamentals
MidcapPrivate BankBanksPrice-based figures as of 9 Oct 2026, 3:56 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Stock is trading at 1.02 times its book value
Weaknesses
7- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.79% over past five years.
- Promoter holding is low: 15.8%
- Company has a low return on equity of 6.60% over last 3 years.
- Contingent liabilities of Rs.12,08,438 Cr.
- Promoters have pledged 42.8% of their holding.
- Dividend payout has been low at 9.15% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, IndusInd Bank traded at Rs 886.85, giving a market cap of Rs 69,098.08 Cr. That is 1.06x book value, but the trailing P/E is 52.26 because TTM EPS is only Rs 16.97. ROE fell to 1.35% (about 1% last year), against a 10-year average of 10%. Profit has dropped at a 51% CAGR over 3 years. TTM profit is up 31% and the stock is up 19% over 1 year, but it remains below its 3-, 5- and 10-year levels, with stock CAGRs of -14%, -5% and -3%.
- At a P/B of 1.06x, the stock trades close to book value of roughly Rs 836 per share (implied from Rs 886.85 / 1.06). That is low by the standards of Indian private banks. If book value holds up, the cushion against further downside is fairly small, but the gap to a rerating is meaningful if returns recover.
- TTM profit grew 31%, which suggests earnings may be bouncing back from the low point. If profit keeps recovering from today's EPS of Rs 16.97, the trailing P/E of 52.26 could fall quickly without the share price moving.
- ROE averaged 10% over 10 years and 9% over 5 years, compared with about 1% last year and 1.35% TTM. The bank has earned much higher returns before, so a partial return toward its 7-10% historical range would mean a large rise in earnings from the current base.
- Sales (interest income) grew at a 15% CAGR over 10 years and 10% over 5 years. This shows the bank has a large and lasting lending franchise, even though TTM revenue fell 6%.
- The stock is up 19% over 1 year and, at Rs 886.85, sits 22.1% above its 52-week low of Rs 726.3. This suggests the market has started pricing in some stabilization after a long stretch of losses.
- With a market cap of Rs 69,098.08 Cr, IndusInd is still one of India's larger private-sector banks. It has the scale and deposit franchise that smaller lenders lack.
- The stock is 17.7% below its 52-week high of Rs 1,077.85, and its 3-year stock CAGR is -14%. Much of the earnings decline may already be in the price compared with a few years ago.
- Profit has fallen at a 51% CAGR over 3 years, 21% over 5 years and 9% over 10 years. The 31% TTM rebound comes off a heavily depressed base and has not undone this long-term decline.
- ROE is 1.35% TTM and about 1% last year, with a 3-year average of only 6.60%. These returns are well below a bank's typical cost of equity, which raises the question of whether a P/B of 1.06x actually reflects value.
- Promoters have pledged 42.8% of their already low 15.8% stake. That increases the risk of overhang and governance concerns if the pledged shares are ever invoked.
- On depressed earnings, the trailing P/E is 52.26 with TTM EPS of Rs 16.97. Earnings-based valuation only works if profitability recovers, and that recovery has not yet shown up in ROE.
- TTM sales fell 6%, compared with 8% growth over 3 years and 15% over 10 years. The loan book and interest income seem to be shrinking or slowing, not just profit.
- Shareholders have lost money over long periods, with stock CAGRs of -3% over 10 years, -5% over 5 years and -14% over 3 years. That is weak compounding for a large private bank.
- Dividend payout averaged only 9.15% of profits over 3 years, and the yield is 0.17%. Shareholders get almost no income while waiting for a recovery.
- Contingent liabilities total Rs 12,08,438 Cr, which is large next to a market cap of Rs 69,098.08 Cr. For banks this figure is mostly derivative and guarantee notionals, so it is not a direct loss measure. Still, after the bank's derivative-accounting problems disclosed in 2025, off-balance-sheet exposure deserves close scrutiny. The low interest coverage flag is structural for banks and less meaningful on its own.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q2 margin dip and capital raise Sep 11
CEO Rajiv Anand expects a 'little bit of a blip downwards' in Q2 NIMs as $3.5 billion of FCNR deposits are first used to repay high-cost CDs, with recovery guided for H2. CET1 is comfortable at about 16.5%, but a capital raise is likely in 6-12 months as growth and ECL provisioning needs pick up, which could dilute shareholders.
- Stock slides about 7% in September Sep 28
Shares fell from ₹977.70 on Sep 11 (down 1.6% that day) to ₹905 on Sep 28 (down 0.82%), even with several product launches. The stock is still up about 31% over one year.
- Loan growth lags FY27 guidance Oct 5
Q2FY27 net advances grew 11.2% YoY, well below management's 16-17% credit growth target for FY27. Deposits grew more slowly at 10.1% YoY, which may squeeze funding.
- ₹1 crore IRDAI penalty Sep 11
IRDAI fined the bank ₹1 crore for gaps in grievance redressal within its bancassurance operations, following a 2023 inspection. The amount is small but adds to governance concerns.
- Q1 FY27 profit up 72% Sep 11
Consolidated net profit rose 72% YoY to ₹1,037 crore from ₹604 crore, and NII edged up 1% to ₹4,685 crore. Total income from operations fell to ₹6,471 crore from ₹6,797 crore, so profit growth relied heavily on lower costs and provisions.
- 16-17% growth, 1% RoA target Sep 11
Management guides FY27 credit growth of 16-17% with a 1% exit RoA and a loan mix of about 35% corporate and 65% retail. Q1 retail disbursements rose 16% QoQ, and corporate credit growth is returning.
- Q2 net advances at ₹3.62 lakh crore Oct 5
Net advances grew 11.2% YoY to ₹3.62 lakh crore in Q2FY27, with deposits up 10.1% YoY. This shows growth has resumed after the earlier microfinance and accounting disruption.
- OD/CC-linked corporate credit card Sep 11
Launched Sep 11 on RuPay, Mastercard and Visa and powered by PropelGo, the card lets businesses spend directly from their sanctioned OD/CC limits. It could raise fee income and limit utilisation without adding new credit risk.
- GCC banking vertical launched Sep 28
A dedicated vertical targets India's 2,117 GCCs, a base that has grown 32% since FY21, offering corporate and employee banking, FEMA solutions and GIFT City IBU accounts. GCC hiring reached about 228,000 in H1 2026, up 11% YoY.
- Navi UPI payment switch partnership Sep 10
Announced at Global Fintech Fest 2026, the partnership with Navi UPI deploys a new UPI payment switch in a phased rollout. It strengthens IndusInd's role in digital payments infrastructure.
- HYROX partnership expands to 3 cities Sep 16
The partnership now covers Ahmedabad, Bengaluru and Noida after HYROX Mumbai 2026, giving customers cashback and race-day perks. It supports brand building across a base of about 42 million customers and 3,137 branches.
- Global investor roadshows in September Sep 25
The bank met investors at the UBS Summit in Mumbai (Sep 10) and the Jefferies Forum in Gurugram (Sep 17), then in London (Sep 21-22, Goldman Sachs), Boston (Sep 23) and New York (Sep 24-25, Jefferies). It confirmed no unpublished price-sensitive information was shared.
- ESG ratings of 73 and 68 Sep 17
Niche99 assigned an ESG rating of 73 on Sep 17, and ESGRI assigned 68 on Sep 9. Both were unsolicited and based on public information.
- ₹227.08 crore Tier 2 interest due Sep 9
Interest of ₹227.08 crore on Tier 2 bonds is due on Oct 29, 2026, with a record date of Oct 14, 2026.
- H1FY27 debt securities disclosure Oct 1
As of Sep 30, 2026, two debentures totalling ₹4,300 crore are outstanding, with coupons of 7.60% and 8.11%.
TL;DR: IndusInd Bank is recovering: Q1 FY27 profit rose 72% to ₹1,037 crore, Q2 advances grew 11.2% YoY, CET1 is solid at about 16.5%, and new products target MSMEs, GCCs and UPI. The risks are weak NII growth (1%), a guided Q2 margin dip, loan growth well below the 16-17% target, a likely capital raise within 6-12 months, and a small regulatory penalty. The stock has fallen about 7% since mid-September, which suggests investors are cautious despite the turnaround. The outlook depends on H2 FY27 delivering faster loan growth, recovering margins and the targeted 1% RoA.
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 | 10,730 | 11,248 | 11,572 | 12,199 | 12,547 | 12,686 | 12,801 | 10,634 | 12,264 | 11,609 | 11,373 | 11,005 | 11,310 |
| Expenses | 4,237 | 4,424 | 4,618 | 4,753 | 4,947 | 5,752 | 5,726 | 6,770 | 5,989 | 6,644 | 6,095 | 5,272 | 5,082 |
| Financing Profit | 630 | 653 | 677 | 623 | 460 | -405 | -498 | -3,722 | -1,350 | -2,235 | -1,533 | -901 | -397 |
| Fin. Margin % | 6% | 6% | 6% | 5% | 4% | -3% | -4% | -35% | -11% | -19% | -13% | -8% | -4% |
| Other Income | 2,210 | 2,282 | 2,396 | 2,508 | 2,442 | 2,185 | 2,355 | 709 | 2,157 | 1,651 | 1,707 | 1,714 | 1,787 |
| Interest | 5,863 | 6,171 | 6,277 | 6,822 | 7,139 | 7,339 | 7,573 | 7,586 | 7,624 | 7,199 | 6,811 | 6,634 | 6,625 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 2,840 | 2,935 | 3,073 | 3,131 | 2,902 | 1,780 | 1,857 | -3,013 | 807 | -584 | 174 | 813 | 1,389 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 24% | -23% | 25% | -25% | 26% | 27% | 25% |
| Net Profit | 2,124 | 2,202 | 2,301 | 2,349 | 2,171 | 1,331 | 1,402 | -2,329 | 604 | -437 | 128 | 594 | 1,037 |
| EPS in Rs | 27.38 | 28.34 | 29.59 | 30.18 | 27.88 | 17.09 | 18 | -29.89 | 7.75 | -5.61 | 1.64 | 7.63 | 13.31 |
| Gross NPA % | 1.94% | 1.93% | 1.92% | 1.92% | 2.02% | 2.11% | 2.25% | 3.13% | 3.64% | 3.6% | 3.56% | 3.43% | 3.25% |
| Net NPA % | 0.58% | 0.57% | 0.57% | 0.57% | 0.6% | 0.64% | 0.68% | 0.95% | 1.12% | 1.04% | 1.04% | 1% | 0.95% |
Profit & Loss
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11,872 | 14,406 | 17,281 | 22,261 | 28,783 | 29,000 | 30,822 | 36,368 | 45,748 | 48,668 | 46,251 | 45,297 |
| Expenses | 4,188 | 5,684 | 6,555 | 9,284 | 12,544 | 15,772 | 15,561 | 15,425 | 17,569 | 22,664 | 23,437 | 23,094 |
| Financing Profit | 329 | 379 | 942 | -438 | -485 | -2,244 | -560 | 2,167 | 3,046 | -3,632 | -5,455 | -5,066 |
| Fin. Margin % | 3% | 3% | 5% | -2% | -2% | -8% | -2% | 6% | 7% | -7% | -12% | -11% |
| Other Income | 3,297 | 4,171 | 4,750 | 5,647 | 6,953 | 6,501 | 7,345 | 8,173 | 9,396 | 7,690 | 7,229 | 6,859 |
| Interest | 7,355 | 8,343 | 9,783 | 13,415 | 16,724 | 15,472 | 15,822 | 18,776 | 25,132 | 29,636 | 28,268 | 27,270 |
| Depreciation | 157 | 191 | 212 | 229 | 291 | 328 | 352 | 407 | 463 | 532 | 564 | 0 |
| PBT | 3,469 | 4,360 | 5,481 | 4,980 | 6,177 | 3,929 | 6,433 | 9,932 | 11,979 | 3,526 | 1,210 | 1,792 |
| Tax % | 34% | 34% | 34% | 34% | 28% | 25% | 25% | 25% | 25% | 27% | 27% | — |
| Net Profit | 2,287 | 2,868 | 3,606 | 3,301 | 4,458 | 2,930 | 4,805 | 7,444 | 8,977 | 2,576 | 889 | 1,322 |
| EPS in Rs | 38.43 | 47.95 | 60.08 | 54.77 | 64.28 | 37.89 | 62.03 | 95.93 | 115 | 33.06 | 11.41 | 16.97 |
| Div. Payout % | 12% | 13% | 12% | 14% | 0% | 13% | 14% | 15% | 14% | 0% | 13% | — |
Balance Sheet
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 595 | 598 | 600 | 603 | 694 | 773 | 775 | 776 | 778 | 779 | 779 |
| Reserves | 17,102 | 20,049 | 23,243 | 26,085 | 34,054 | 42,727 | 47,252 | 54,229 | 62,429 | 64,057 | 64,961 |
| Borrowing | 24,996 | 21,454 | 38,289 | 47,321 | 60,754 | 51,323 | 47,323 | 49,011 | 47,611 | 53,704 | 42,789 |
| Deposits | 93,000 | 1,27,572 | 1,51,639 | 1,94,868 | 2,02,027 | 2,55,870 | 2,93,349 | 3,36,120 | 3,84,586 | 4,10,862 | 3,99,931 |
| Other Liabilities | 7,205 | 8,976 | 7,856 | 8,944 | 9,700 | 12,210 | 13,268 | 17,701 | 19,689 | 24,706 | 34,934 |
| Total Liabilities | 1,42,898 | 1,78,650 | 2,21,628 | 2,77,821 | 3,07,229 | 3,62,903 | 4,01,967 | 4,57,837 | 5,15,094 | 5,54,107 | 5,43,394 |
| Fixed Assets | 1,218 | 1,307 | 1,313 | 1,688 | 1,792 | 1,801 | 1,834 | 1,944 | 2,127 | 2,309 | 2,420 |
| CWIP | 37 | 28 | 25 | 22 | 79 | 75 | 95 | 135 | 197 | 188 | 126 |
| Investments | 34,056 | 36,704 | 50,078 | 59,268 | 59,938 | 69,653 | 70,930 | 83,076 | 1,06,486 | 1,14,457 | 1,25,007 |
| Other Assets | 1,07,587 | 1,40,611 | 1,70,211 | 2,16,843 | 2,45,419 | 2,91,374 | 3,29,109 | 3,72,682 | 4,06,283 | 4,37,154 | 4,15,841 |
| Total Assets | 1,42,898 | 1,78,650 | 2,21,628 | 2,77,821 | 3,07,229 | 3,62,903 | 4,01,967 | 4,57,837 | 5,15,094 | 5,54,107 | 5,43,394 |
Cash Flow
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -2,927 | 11,569 | -20,700 | -6,389 | -12,907 | 44,976 | 16,672 | -12,442 | -16,925 | 18,278 | 993 |
| Investing | -258 | -285 | -217 | -633 | 1,445 | -324 | -395 | -481 | -703 | -685 | -524 |
| Financing | 2,517 | -2,768 | 15,505 | 8,590 | 12,733 | -4,096 | -4,302 | 1,115 | -2,242 | 4,876 | -10,912 |
| Net Cash Flow | -667 | 8,516 | -5,412 | 1,568 | 1,271 | 40,556 | 11,975 | -11,808 | -19,869 | 22,468 | -10,443 |
| Free Cash Flow | -3,184 | 11,296 | -20,920 | -7,027 | -13,324 | 44,645 | 16,266 | -13,002 | -17,636 | 17,569 | 359 |
| CFO/OP | -21 | 154 | -175 | -31 | -66 | 346 | 124 | -54 | -49 | 82 | 5 |
Ratios
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 13% | 15% | 16% | 13% | 15% | 7% | 10% | 14% | 15% | 4% | 1% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
IndusInd Bank Limited was incorporated in 1994 as a commercial bank under the Banking Regulation Act, 1949. The Bank is publicly held and provides a wide range of banking products and financial services to corporate and retail clients besides undertaking treasury operations. The Bank operates in India including at the International Financial Service Centres in India.[1]
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