Karur Vysya Bank Ltd
Karur Vysya Bank Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY15–FY26.
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Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 47.2% CAGR over last 5 years
Weaknesses
4- Company has low interest coverage ratio.
- Promoter holding is low: 2.07%
- Contingent liabilities of Rs.14,661 Cr.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Karur Vysya Bank is a mid-cap private sector bank trading at a P/E of 11.9x and P/B of 2.32x with a market cap of Rs 32,542 Cr. The bank has delivered 47% profit CAGR over five years, improved its ROE to 19% last year, and reduced GNPA from 2.27% in March 2023 to approximately 0.75% by March 2025, but faces headwinds from very low promoter holding at 2.07%, declining CASA ratio, and contingent liabilities of Rs 14,661 Cr.
- Exceptional profit growth with 47% CAGR over 5 years and 37% TTM profit growth, demonstrating sustained earnings momentum
- Dramatic asset quality improvement with GNPA declining from 2.27% (March 2023) to ~0.75% (March 2025) and NNPA at just 0.19%, indicating clean book
- ROE trajectory improving from 12% (10-year average) to 16% (5-year) to 19% (last year), with recent quarters showing ROE exceeding 20%
- Healthy NIM of 4.09% for FY25 and NII growth of 15-16% YoY, supporting core income visibility
- Reasonable valuation at P/E of 11.9x versus profit growth of 37% TTM, implying a PEG ratio well below 1x
- Compounded sales growth of 19% over 3 years and 15% over 5 years, showing consistent top-line expansion
- Specific provision coverage ratio (PCR) strengthened to ~75% with contingent and floating provision buffers built up, adding resilience against future credit stress
- Stock CAGR of 50% over 3 years and 56% over 5 years reflects sustained re-rating driven by fundamental improvement
- Promoter holding at just 2.07% is extremely low for a private bank, raising governance and takeover vulnerability concerns
- Contingent liabilities of Rs 14,661 Cr are material relative to the Rs 32,542 Cr market cap, posing potential off-balance-sheet risk
- CASA ratio declining from 30.39% (March 2024) to 27.27% (March 2025), increasing reliance on costlier term deposits and pressuring future margins
- Low interest coverage ratio indicates limited buffer for servicing debt obligations under stressed conditions
- NIM compressed 11 bps YoY to 4.09% in FY25 and further to 3.86% in Q1 FY26, signalling margin pressure in a competitive deposit environment
- Dividend yield of only 0.77% offers limited income return despite strong profitability, suggesting limited shareholder payout
- Possible capitalisation of interest cost raises questions about the true cost structure and earnings quality
- 10-year compounded sales CAGR of just 7% indicates historically slow growth before the recent acceleration, questioning sustainability of the current pace
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 profit surges 45% YoY Jul 24
Net profit rose 45% YoY to ₹756 crore in Q1FY27, driven by 17.13% advances growth and NIM of 4.26%. GNPA remained healthy at 0.74%.
- New corporate banking head appointed Jul 20
Ravikumar Sadhana appointed as Head - Corporate & Commercial Banking for a three-year term, signaling focus on scaling corporate lending.
- Investor meets in Asia planned Aug 6
KVB to conduct institutional investor and analyst meetings in Hong Kong and Singapore from August 12-14, 2026, as part of the Avendus Spark conference.
- Cautious growth guidance ahead Jul 24
Management guided for cautious growth in remaining quarters of FY27 despite strong Q1 performance.
TL;DR: Karur Vysya Bank delivered a strong Q1FY27 with 45% profit growth, healthy NIMs at 4.26%, and stable asset quality at 0.74% GNPA. No material headwinds are visible currently. The bank is actively engaging institutional investors in Asia, suggesting confidence in its growth story. However, management's cautious guidance for upcoming quarters warrants monitoring for any slowdown in momentum.
Quarterly Results
| 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 | 1,883 | 1,997 | 2,139 | 2,187 | 2,285 | 2,387 | 2,489 | 2,516 | 2,569 | 2,808 | 2,794 | 2,904 | 3,049 |
| Expenses | 741 | 743 | 833 | 1,051 | 800 | 896 | 878 | 925 | 839 | 1,030 | 848 | 985 | 859 |
| Financing Profit | 156 | 173 | 168 | -53 | 225 | 167 | 203 | 164 | 240 | 231 | 392 | 373 | 564 |
| Fin. Margin % | 8% | 9% | 8% | -2% | 10% | 7% | 8% | 7% | 9% | 8% | 14% | 13% | 18% |
| Other Income | 333 | 339 | 358 | 626 | 388 | 469 | 465 | 509 | 447 | 512 | 509 | 616 | 442 |
| Interest | 986 | 1,082 | 1,138 | 1,189 | 1,260 | 1,324 | 1,407 | 1,427 | 1,489 | 1,547 | 1,555 | 1,545 | 1,627 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 489 | 512 | 526 | 574 | 613 | 636 | 668 | 674 | 687 | 743 | 901 | 989 | 1,005 |
| Tax % | 27% | 26% | 22% | 20% | 25% | 26% | 26% | 24% | 24% | 23% | 23% | 27% | 25% |
| Net Profit | 359 | 378 | 412 | 456 | 459 | 474 | 496 | 513 | 521 | 574 | 690 | 725 | 756 |
| EPS in Rs | 3.72 | 3.93 | 4.27 | 4.73 | 4.75 | 4.9 | 5.14 | 5.31 | 5.4 | 5.94 | 7.14 | 7.5 | 7.82 |
| Gross NPA % | 1.99% | 1.73% | 1.58% | 1.4% | 1.32% | 1.1% | 0.83% | 0.76% | 0.66% | 0.76% | 0.71% | 0.75% | 0.74% |
| Net NPA % | 0.59% | 0.47% | 0.42% | 0.4% | 0.38% | 0.28% | 0.2% | 0.2% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
Profit & Loss
| 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 | 5,396 | 5,443 | 5,622 | 5,700 | 5,816 | 5,990 | 5,470 | 5,588 | 6,517 | 8,213 | 9,678 | 11,074 | 11,555 |
| Expenses | 1,503 | 1,494 | 1,887 | 2,609 | 2,902 | 3,112 | 2,620 | 2,434 | 2,965 | 3,267 | 3,385 | 3,576 | 3,723 |
| Financing Profit | -37 | 288 | 187 | -311 | -539 | -764 | -260 | 281 | 384 | 551 | 875 | 1,363 | 1,559 |
| Fin. Margin % | -1% | 5% | 3% | -5% | -9% | -13% | -5% | 5% | 6% | 7% | 9% | 12% | 13% |
| Other Income | 590 | 707 | 782 | 900 | 963 | 1,155 | 919 | 769 | 1,159 | 1,649 | 1,830 | 2,084 | 2,079 |
| Interest | 3,930 | 3,662 | 3,549 | 3,402 | 3,453 | 3,642 | 3,111 | 2,872 | 3,168 | 4,395 | 5,418 | 6,136 | 6,273 |
| Depreciation | 81 | 83 | 86 | 85 | 101 | 119 | 124 | 119 | 106 | 100 | 114 | 127 | 0 |
| PBT | 471 | 912 | 883 | 504 | 322 | 272 | 534 | 931 | 1,437 | 2,100 | 2,591 | 3,320 | 3,638 |
| Tax % | 2% | 38% | 31% | 31% | 35% | 14% | 33% | 28% | 23% | 24% | 25% | 24% | — |
| Net Profit | 464 | 568 | 606 | 346 | 211 | 235 | 359 | 673 | 1,106 | 1,605 | 1,942 | 2,510 | 2,745 |
| EPS in Rs | 4.95 | 6.05 | 6.46 | 3.6 | 2.2 | 2.45 | 3.75 | 7.01 | 11.49 | 16.63 | 20.1 | 25.97 | 28.4 |
| Div. Payout % | 34% | 30% | 26% | 13% | 23% | 0% | 11% | 19% | 14% | 12% | 11% | 10% | — |
Balance Sheet
| 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 | 122 | 122 | 122 | 145 | 160 | 160 | 160 | 160 | 160 | 161 | 161 | 193 |
| Reserves | 4,124 | 4,451 | 4,914 | 6,119 | 6,263 | 6,440 | 6,800 | 7,436 | 8,424 | 9,879 | 11,769 | 13,915 |
| Borrowing | 2,751 | 2,894 | 1,696 | 2,394 | 1,565 | 1,184 | 2,528 | 1,339 | 1,432 | 2,478 | 1,217 | 2,623 |
| Deposits | 44,840 | 50,079 | 53,700 | 56,890 | 59,868 | 59,075 | 63,278 | 68,486 | 76,638 | 89,113 | 1,02,078 | 1,15,666 |
| Other Liabilities | 1,315 | 1,439 | 1,376 | 1,393 | 1,484 | 1,419 | 1,857 | 2,650 | 3,526 | 3,822 | 4,143 | 4,207 |
| Total Liabilities | 53,152 | 58,985 | 61,808 | 66,941 | 69,340 | 68,278 | 74,623 | 80,071 | 90,179 | 1,05,453 | 1,19,367 | 1,36,603 |
| Fixed Assets | 395 | 417 | 411 | 475 | 545 | 563 | 518 | 464 | 418 | 412 | 451 | 455 |
| CWIP | 17 | 4 | 8 | 53 | 38 | 23 | 21 | 15 | 17 | 20 | 39 | 47 |
| Investments | 12,375 | 14,443 | 14,857 | 15,803 | 14,882 | 15,762 | 16,019 | 17,216 | 18,808 | 22,344 | 23,831 | 29,020 |
| Other Assets | 40,366 | 44,122 | 46,532 | 50,610 | 53,876 | 51,929 | 58,065 | 62,377 | 70,936 | 82,677 | 95,046 | 1,07,082 |
| Total Assets | 53,152 | 58,985 | 61,808 | 66,941 | 69,340 | 68,278 | 74,623 | 80,071 | 90,179 | 1,05,453 | 1,19,367 | 1,36,603 |
Cash Flow
| 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 | -309 | 580 | 1,611 | -550 | -1,576 | 2,504 | 3,366 | 295 | 1,217 | 2,954 | 4,487 | -554 |
| Investing | -102 | -92 | -84 | -170 | 549 | -1,535 | -1,379 | -1,594 | -1,270 | -1,296 | -2,151 | -1,745 |
| Financing | 482 | -346 | -74 | 683 | 414 | -274 | -59 | -96 | -178 | -694 | -188 | -205 |
| Net Cash Flow | 71 | 143 | 1,453 | -36 | -612 | 696 | 1,928 | -1,394 | -231 | 963 | 2,148 | -2,504 |
| Free Cash Flow | -411 | 488 | 1,527 | -744 | -1,730 | 2,369 | 3,289 | 238 | 1,156 | 2,864 | 4,319 | -683 |
| CFO/OP | -5 | 19 | 49 | -11 | -47 | 91 | 123 | -1 | 28 | 69 | 79 | 2 |
Ratios
| 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 % | 12% | 13% | 13% | 6% | 3% | 4% | 5% | 9% | 14% | 17% | 18% | 19% |
Documents
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Company Information
Karur Vysya Bank is engaged in providing a wide range of banking and financial services including commercial banking and treasury operations.[1]