Indian Bank
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Other Retail Banking: 41.6% • Corporate / Wholesale Banking: 32.3% • Treasury: 24.2%
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Company has delivered good profit growth of 32.3% CAGR over last 5 years
- Strong return ratios for a lender: 3Y avg ROE 18.1%, ROA 1.2%
- Comfortable capital adequacy - CAR of 17.9%
- Solid return on assets for a lender - ROA of 1.3%
- Asset quality is healthy - gross NPA of just 2.0%
CONS
- A large part of profit comes from other income (60.9% of PBT)
- Operating margins have contracted to 29.5% from 34.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBIN | 997.00 | 10.68 | 920292.57 | 1.74 | 24579.04 | 13.65 | 136240.49 | 8.36 | 12.16 | 52.34 |
| UNIONBANK | 178.00 | 6.58 | 135878.18 | 2.81 | 5368.17 | 29.77 | 27427.10 | 1.21 | 14.57 | 69.42 |
| PNB | 116.65 | 6.07 | 134065.18 | 2.57 | 5339.15 | 191.40 | 33589.17 | 3.12 | 13.26 | 75.40 |
| BANKBARODA | 237.80 | 6.77 | 122974.99 | 3.57 | 1572.59 | -53.08 | 35114.52 | 6.84 | 11.20 | 33.10 |
| INDIANB | 852.90 | 8.99 | 114882.56 | 2.14 | 3299.48 | 48.73 | 18095.14 | 11.11 | 16.28 | 67.14 |
| CANBK | 123.90 | 5.66 | 112385.37 | 3.39 | 4864.08 | 61.96 | 32957.16 | 4.55 | 14.46 | 68.47 |
| MAHABANK | 84.17 | 8.59 | 64739.82 | 2.61 | 2020.54 | 26.83 | 8034.65 | 13.90 | 16.53 | 68.61 |
| IOB | 33.13 | 10.71 | 63797.08 | 0.00 | 1659.24 | 49.25 | 8777.57 | 18.82 | 11.31 | 54.56 |
| BANKINDIA | 139.80 | 5.40 | 63646.30 | 3.33 | 3138.46 | 77.92 | 20096.90 | 8.83 | 10.97 | 73.18 |
| UCOBANK | 23.98 | 12.18 | 30069.86 | 1.83 | 652.43 | 24.09 | 6744.59 | 15.10 | 11.00 | 54.71 |
| CENTRALBK | 30.75 | 6.10 | 27833.06 | 3.90 | 1328.95 | 5.43 | 9725.90 | 12.79 | 8.27 | 67.83 |
| PSB | 22.78 | 11.68 | 16163.74 | 1.71 | 331.51 | 23.16 | 3213.37 | 10.40 | 9.07 | 71.38 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13,049 | 13,743 | 14,198 | 14,624 | 15,039 | 15,348 | 15,759 | 15,856 | 16,283 | 16,590 | 17,098 | 17,480 | 18,090 | |
| Interest Expended | 7,346 | 8,003 | 8,383 | 8,609 | 8,861 | 9,153 | 9,345 | 9,467 | 9,924 | 10,039 | 10,202 | 10,371 | 10,655 |
| Net Interest Income | 5,704 | 5,740 | 5,814 | 6,015 | 6,178 | 6,194 | 6,415 | 6,389 | 6,359 | 6,551 | 6,896 | 7,110 | 7,435 |
| 1,710 | 1,993 | 1,902 | 2,263 | 1,906 | 2,422 | 2,153 | 2,743 | 2,439 | 2,487 | 2,566 | 2,500 | 2,633 | |
| Total Income | 0 | 0 | 0 | 0 | 17,118 | 17,971 | 18,168 | 18,794 | 18,906 | 19,271 | 19,895 | 20,261 | 20,724 |
| Operating Expenses | 3,278 | 3,430 | 3,619 | 3,973 | 3,582 | 3,888 | 3,818 | 4,114 | 4,027 | 4,201 | 4,438 | 4,323 | 4,511 |
| Operating Profit | 4,135 | 4,303 | 4,097 | 4,305 | 4,502 | 4,729 | 4,749 | 5,019 | 4,770 | 4,837 | 5,024 | 5,286 | 5,557 |
| Provisions & Contingencies | 1,741 | 1,551 | 1,349 | 1,248 | 1,258 | 1,099 | 1,059 | 795 | 691 | 739 | 857 | 1,226 | 1,196 |
| Profit before Tax | 2,394 | 2,752 | 2,748 | 3,057 | 3,243 | 3,629 | 3,690 | 4,224 | 4,079 | 4,098 | 4,167 | 4,060 | 4,362 |
| Tax % | 28.62% | 27.77% | 22.87% | 26.50% | 25.89% | 25.43% | 22.71% | 30.02% | 27.12% | 26.35% | 26.52% | 23.57% | 24.96% |
| Net Profit | 1,709 | 1,988 | 2,119 | 2,247 | 2,403 | 2,706 | 2,852 | 2,956 | 2,973 | 3,018 | 3,061 | 3,103 | 3,273 |
| EPS | 14 | 16 | 17 | 17 | 18 | 20 | 21 | 22 | 22 | 22 | 23 | 23 | 2 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55,615 | 62,002 | 67,451 | — | |
| Interest Expended | 10,894 | 10,850 | 12,167 | 13,799 | 23,440 | 22,128 | 24,717 | 32,341 | 36,826 | 40,536 | 41,267 |
| Net Interest Income | -10,894 | -10,850 | -12,167 | -13,799 | -23,440 | -22,128 | -24,717 | 23,273 | 25,176 | 26,915 | — |
| 2,211 | 2,406 | 1,883 | 3,312 | 5,650 | 6,915 | 7,143 | 7,867 | 9,223 | 9,991 | 10,185 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63,481 | 71,226 | 77,441 | 80,151 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,300 | 15,402 | 16,989 | — | |
| Operating Profit | -10,894 | -10,850 | -12,167 | -13,799 | -23,440 | -22,128 | -24,717 | 16,840 | 18,998 | 19,916 | — |
| 2,194 | 3,725 | 4,599 | 4,822 | 7,785 | 9,522 | 9,307 | 5,888 | 4,211 | 3,512 | — | |
| Profit before Tax | 1,758 | 1,076 | 284 | 1,373 | 2,906 | 3,204 | 5,914 | 10,951 | 14,787 | 16,404 | 16,686 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 26.37% | 26.16% | 25.90% | 25.35% |
| Net Profit | 1,406 | 1,259 | 322 | 753 | 3,005 | 3,945 | 5,282 | 8,063 | 10,918 | 12,156 | 12,456 |
| EPS | 29 | 26 | 7 | 14 | 27 | 32 | 42 | 60 | 81 | 90 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 12%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 33%
- 5 Years:
- 32%
- 3 Years:
- 32%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 47%
- 3 Years:
- 31%
- 1 Year:
- 23%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 16%
- 3 Years:
- 18%
- Last Year:
- 18%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 480 | 480 | 480 | 609 | 1,129 | 1,245 | 1,245 | 1,347 | 1,347 | 1,347 |
| 16,682 | 17,968 | 18,908 | 21,480 | 37,283 | 42,463 | 46,727 | 57,041 | 67,963 | 76,944 | |
| 1,82,509 | 2,08,294 | 2,42,076 | 2,60,226 | 5,38,071 | 5,93,618 | 6,21,166 | 6,88,000 | 7,37,154 | 8,27,726 | |
| 12,637 | 19,760 | 12,138 | 20,830 | 24,734 | 17,209 | 22,073 | 23,131 | 41,508 | 46,692 | |
| Other Liabilities & Provisions | 5,925 | 6,213 | 6,463 | 6,323 | 22,209 | 17,132 | 19,289 | 23,100 | 25,439 | 35,243 |
| Total Liabilities | 2,18,233 | 2,52,716 | 2,80,065 | 3,09,468 | 6,23,427 | 6,71,668 | 7,10,501 | 79 | 87 | 99 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 5,589 | 10,502 | 11,702 | 5,736 | 27,545 | 58,555 | 32,693 | 32,703 | 31,948 | 34,055 | |
| Balances with Banks & Money at Call | 4,453 | 2,426 | 8,319 | 8,189 | 23,919 | 21,361 | 17,440 | 9,406 | 22,920 | 31,536 |
| 67,552 | 71,398 | 64,992 | 81,242 | 1,76,537 | 1,74,559 | 1,85,988 | 2,12,554 | 2,25,303 | 2,44,666 | |
| 1,27,699 | 1,56,569 | 1,81,262 | 1,97,887 | 3,62,669 | 3,89,186 | 4,49,297 | 5,14,889 | 5,71,071 | 6,54,888 | |
| 3,432 | 3,418 | 3,961 | 3,895 | 7,375 | 7,680 | 7,455 | 7,499 | 8,796 | 8,613 | |
| 9,498 | 8,403 | 9,829 | 12,519 | 25,380 | 20,324 | 17,624 | 15,551 | 13,342 | 14,162 | |
| Total Assets | 2,18,233 | 2,52,716 | 2,80,065 | 3,09,468 | 6,23,427 | 6,71,668 | 7,10,501 | 79 | 87 | 99 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -10,819 | -3,676 | 6,268 | -8,401 | 17,229 | 28,733 | -27,943 | -8,613 | 17,351 | 18,785 | |
| Cash from Investing | -179 | -214 | -248 | -247 | -543 | -299 | -297 | -605 | -329 | -414 |
| Cash from Financing | 9,041 | 6,776 | 1,000 | 2,552 | 1,866 | 18 | -1,543 | 1,195 | -4,264 | -7,649 |
| -1,958 | 2,886 | 7,020 | -6,096 | 18,551 | 28,452 | -29,783 | -8,023 | 12,759 | 10,722 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 29.27 | 26.21 | 6.70 | 12.37 | 26.61 | 31.67 | 42.41 | 59.86 | 81.06 | 90.24 |
| Book Value (₹) | 301.10 | 329.53 | 339.24 | 313.76 | 289.16 | 301.08 | 336.15 | 389.12 | 461.10 | 528.77 |
| Dividend per Share (₹) | 6.00 | 6.00 | 0.00 | 0.00 | 2.00 | 6.50 | 8.60 | 12.00 | 16.25 | 18.25 |
| PROFITABILITY | ||||||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.02% | 2.96% | 2.79% |
| ROA % | 0.67% | 0.53% | 0.12% | 0.26% | 0.64% | 0.61% | 0.76% | 1.07% | 1.31% | 1.31% |
| ROE % | 10.06% | 8.31% | 2.00% | 4.26% | 11.61% | 11.25% | 13.31% | 17.10% | 19.07% | 18.23% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 45.92% | 44.77% | 46.03% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 8.47% | 0.00% | 0.00% | 3.09% | 1.98% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.27% | 0.00% | 0.00% | 0.19% | 0.15% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 87.38% | 0.00% | 0.00% | 98.10% | 98.28% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 40.77% | 38.37% | 37.88% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.06% | 0.06% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 16.44% | 17.94% | 17.93% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 97.60% | -10.44% | -74.43% | 134.00% | 298.84% | 31.29% | 33.89% | 52.66% | 35.41% | 11.33% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.76% | 18.50% | 14.68% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.70x | 6.69x | 9.37x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.34x | 1.18x | 1.60x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.30% | 3.00% | 2.16% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Indian Bank has informed the Exchange about strikes/lockouts/disturbances
2026-09-09 - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015- Sale of Shares of NSE held by Indian Bank in the proposed IPO of NSE through Offer for Sale
2026-09-08 - Indian Bank has informed the Exchange about Investors / Analysts interaction / meet - Outcome
2026-09-02 - Indian Bank has informed the Exchange about Newspaper Publication regarding opening of Special Window for Transfer and Dematerialization of Physical Securities
2026-09-01 - Indian Bank has informed the Exchange about Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015: Imposition of monetary penalty on the Bank by Reserve Bank of India on Bank s Currency Chest- Satna
2026-09-01 - Indian Bank has informed the Exchange about Revision in Benchmark Rates
2026-08-20 - Indian Bank has informed the Exchange about Investors interaction / Meet - Outcome
2026-08-19 - Indian Bank has informed the Exchange about Investor Presentation
2026-08-19 - Indian Bank has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
News
Recent coverage and analyst commentary for INDIANB
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