Dhanlaxmi Bank Ltd.

•

dhan.bank.inBSE: 532180NSE: DHANBANK

Market Cap₹ 1,249 Cr.

Current Price

High / Low₹ 37 / 19

Stock P/E10.8

Book Value₹ 38

Price to Book0.95

Dividend Yield0.00 %

ROCE5.9 %

ROE6.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Retail Banking: 55.0% • Corporate/Wholesale Banking: 26.7% • Treasury: 17.2%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 16.1%
Latest quarter profit grew 104.5% YoY, showing strong momentum
Strong provisioning - provision coverage ratio of 92.8%
Healthy loan book growth of 18.4% with stable asset quality
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.5

CONS

A large part of profit comes from other income (253.9% of PBT)
Weak return ratios for a lender: 3Y avg ROA 0.4%
Equity base is being diluted - shares outstanding up 56.0%
Effective tax rate is unusually low at 0.0% - earnings may be flattered
Company has delivered a poor profit growth of 0.3% over past five years
Operating margins have contracted to 7.2% from 14.7%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesBankBank - Private

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	HDFCBANK	700.95	13.67	1080456.88	2.21	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1428.00	18.27	1024929.49	0.84	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	424.65	20.81	422427.21	0.15	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1255.00	14.07	390712.28	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	91.38	10.54	98255.45	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	353.10	18.64	87288.79	0.34	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1079.45	44.46	81021.15	0.09	7959.53	1270.31	53027.42	1111.10	14.17	56.24
8.	INDUSINDBK	977.10	57.57	76129.82	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	84.95	31.78	73241.42	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	22.18	18.44	69619.24	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	389.50	67.19	60409.09	0.26	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	DHANBANK	31.65	10.82	1249.22	0.00	24.91	104.52	449.36	22.19	5.87	60.62

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	289	304	308	306	306	329	335	351	368	384	407	443	4,494
Interest Expended	171	183	194	201	206	208	206	216	229	242	253	256	2,717
Net Interest Income	119	121	114	105	100	121	128	134	139	142	154	187	1,776
	52	24	36	41	32	52	42	43	39	35	49	69	349
Total Income	0	0	0	0	0	0	0	0	0	0	0	0	4,842
Operating Expenses	113	127	139	163	135	140	144	139	145	148	162	143	1,611
Operating Profit	58	18	11	-17	-3	33	27	39	33	28	41	114	514
Provisions & Contingencies	28	-9	8	-28	5	1	7	12	21	5	17	35	159
Profit before Tax	30	26	3	11	-8	33	20	27	12	23	24	79	355
Tax %	6.60%	12.34%	0.00%	69.09%	-0.00%	20.73%	0.15%	-6.62%	0.00%	0.00%	0.00%	44.92%	29.91%
Net Profit	28	23	3	3	-8	26	20	29	12	23	24	43	249
EPS	1	1	0	0	-0	1	1	1	0	1	1	1	1
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.82%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	92.77%
NIM %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.57%
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	28.81%
Capital Adequacy %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.19%
Return on Assets %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%
Branches / ATMs / Employees	—	—	—	—	—	—	—	—	—	—	—	—	—

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	0	0	0	0	0	0	0	0	1,207	1,320	—
Interest Expended	900	757	668	625	614	601	554	595	749	837	1,022
Net Interest Income	-900	-757	-668	-625	-614	-601	-554	-595	458	483	—
	77	111	102	53	113	122	169	75	153	169	188
Total Income	0	0	0	0	0	0	0	0	1,360	1,489	484
	0	0	0	0	0	0	0	0	542	557	—
Operating Profit	-900	-757	-668	-625	-614	-601	-554	-595	69	95	—
	16	-13	35	-11	-7	0	30	-6	11	28	—
Profit before Tax	-196	12	-25	12	66	37	36	49	58	67	162
Tax %	0	0	0	0	0	0	0	0	0	0	29
Net Profit	-209	12	-25	12	66	37	36	49	58	67	115
EPS	0	0	0	0	0	1	1	2	2	2	—
NIM %	—	—	—	—	—	—	—	—	—	—	—
Cost-to-Income %	0	0	0	0	0	0	0	0	89	85	—
Credit Cost %	—	—	—	—	—	—	—	—	—	—	—

COMPOUNDED SALES GROWTH

10 Years:: 0%
5 Years:: 6%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 0%
3 Years:: 23%

STOCK PRICE CAGR

10 Years:: 6%
5 Years:: 20%
3 Years:: 17%
1 Year:: 27%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 6%
3 Years:: 7%
Last Year:: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	177	210	253	253	253	253	253	253	253	395
	331	445	496	508	574	611	647	708	777	1,001
	11,354	11,294	10,920	10,603	10,904	11,712	12,403	13,352	14,290	16,013
	252	145	392	200	178	150	150	492	299	200
Other Liabilities & Provisions	349	240	225	234	357	371	343	327	343	328
Total Liabilities	12,463	12,333	12,286	11,799	12,265	13,097	13,796	15,132	2	2
ASSETS	-	-	-	-	-	-	-	-	-	-
	579	575	603	557	549	602	708	836	760	992
Balances with Banks & Money at Call	254	233	269	66	581	383	27	10	215	87
	3,792	4,194	4,365	4,037	3,682	4,439	4,044	3,889	3,942	3,955
	6,953	6,446	6,110	6,289	6,496	6,787	8,142	9,452	10,102	11,959
	152	183	173	169	179	225	221	251	267	266
	706	671	736	648	744	660	653	688	668	661
Total Assets	12,463	12,333	12,286	11,799	12,265	13,097	13,796	15,132	2	2
CASA Deposits	2,098	2,567	2,679	2,736	2,673	3,211	3,528	3,495	3,533	3,721
CASA Ratio (%)	18.48	22.73	24.53	25.80	24.51	27.41	28.44	26.18	24.72	23.24
Credit-Deposit Ratio (%)	61.24	57.08	55.96	59.31	59.57	57.95	65.65	70.79	70.69	74.68
Contingent Liabilities	698	792	773	686	503	861	516	668	666	608
Bills for Collection	0	0	0	0	0	0	0	0	308	308
Book Value per Share	28.63	31.19	24.08	24.56	27.18	28.67	30.11	31.66	34.40	31.33

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-298	-99	-203	-144	554	-90	139	216	17	-5
Cash from Investing	-9	-11	-3	-10	-25	-27	-388	-106	111	-32
Cash from Financing	-150	84	270	-95	-23	-28	0	0	0	142
	-457	-26	64	-248	506	-144	-249	111	128	105

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-11.80	0.59	-0.98	0.46	2.60	1.47	1.42	1.95	2.29	1.69
Book Value (₹)	28.63	31.19	24.08	24.56	27.18	28.67	30.11	31.66	34.40	31.33
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.05%	2.84%
ROA %	-1.56%	0.10%	-0.20%	0.10%	0.55%	0.29%	0.27%	0.34%	0.37%	0.39%
ROE %	-34.01%	2.13%	-3.94%	1.90%	10.05%	5.26%	4.83%	6.32%	6.92%	6.33%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	88.66%	85.42%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.66%	29.02%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.71%	16.12%
GROWTH & VALUATION
Net Profit Growth %	13.26%	105.91%	-300.96%	146.91%	463.70%	-43.46%	-3.45%	37.48%	17.14%	15.25%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.66%	-8.92%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.64x	17.57x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.20x	0.95x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	5.93	4.97	6.95	15.26	15.52	15.27	15.32	15.42	14.21
	0.07	0.07	0.16	0.05	0.05	0.05	0.05	0.05	0.05
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	94.00	94.95	92.89	84.69	84.43	84.68	84.63	84.53	85.75

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

General Updates

2026-09-01 - Dhanlaxmi Bank Limited has informed the Exchange about General Updates

2026-08-31

Record Date

2026-08-31 - Dhanlaxmi Bank Limited has informed the Exchange that Record date for the purpose of MT is 17-Sep-2026.

2026-08-31

Shareholders meeting

2026-08-31 - Dhanlaxmi Bank Limited has informed the Exchange regarding Notice of 99th Annual General Meeting to be held on September 23, 2026

2026-08-20

Copy of Newspaper Publication

2026-08-20 - Dhanlaxmi Bank Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-20

General Updates

2026-08-20 - Dhanlaxmi Bank Limited has informed the Exchange about General Updates

2026-08-19

Credit Rating

2026-08-19 - Dhanlaxmi Bank Limited has informed the Exchange about Credit Rating

2026-08-19

General Updates

2026-08-19 - Dhanlaxmi Bank Limited has informed the Exchange about General Updates

2026-08-19

Outcome of Board Meeting

2026-08-19 - Dhanlaxmi Bank Limited has informed the Exchange regarding Outcome of Board Meeting held on August 19, 2026.

2026-08-07

Change in Director(s)

2026-08-07 - Dhanlaxmi Bank Limited has informed the Exchange regarding Change in Director(s) of the company.

News

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