Indian Bank
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Other Retail Banking: 41.1% • Corporate / Wholesale Banking: 31.9% • Treasury: 23.9%
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
- Comfortable capital adequacy - CAR of 17.9%
- Strong return ratios for a lender: 3Y avg ROE 17.7%, ROA 1.2%
- 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 (65.7% of PBT)
- Operating margins have contracted to 29.7% from 34.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBIN | 1004.50 | 10.76 | 927215.54 | 1.73 | 24579.04 | 13.65 | 136240.49 | 8.36 | 12.16 | 52.34 |
| UNIONBANK | 180.80 | 6.69 | 138015.59 | 2.77 | 5368.17 | 29.77 | 27427.10 | 1.21 | 14.57 | 69.42 |
| PNB | 116.85 | 6.08 | 134295.04 | 2.57 | 5339.15 | 191.40 | 33589.17 | 3.12 | 13.26 | 75.40 |
| BANKBARODA | 238.00 | 6.78 | 123078.42 | 3.57 | 1572.59 | -53.08 | 35114.52 | 6.84 | 11.20 | 33.10 |
| INDIANB | 860.00 | 9.06 | 115838.90 | 2.12 | 3299.48 | 48.73 | 18095.14 | 11.11 | 16.28 | 67.14 |
| CANBK | 124.20 | 5.67 | 112657.49 | 3.38 | 4864.08 | 61.96 | 32957.16 | 4.55 | 14.46 | 68.47 |
| MAHABANK | 84.10 | 8.58 | 64685.98 | 2.62 | 2020.54 | 26.83 | 8034.65 | 13.90 | 16.53 | 68.61 |
| BANKINDIA | 142.00 | 5.49 | 64647.88 | 3.27 | 3138.46 | 77.92 | 20096.90 | 8.83 | 10.97 | 73.18 |
| IOB | 32.83 | 10.61 | 63219.38 | 0.00 | 1659.24 | 49.25 | 8777.57 | 18.82 | 11.31 | 54.56 |
| UCOBANK | 23.92 | 12.15 | 29994.63 | 1.84 | 652.43 | 24.09 | 6744.59 | 15.10 | 11.00 | 54.71 |
| CENTRALBK | 30.79 | 6.11 | 27869.26 | 3.90 | 1328.95 | 5.43 | 9725.90 | 12.79 | 8.27 | 67.83 |
| PSB | 22.59 | 11.58 | 16028.93 | 1.73 | 331.51 | 23.16 | 3213.37 | 10.40 | 9.07 | 71.38 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13,050 | 13,764 | 14,203 | 14,633 | 15,041 | 15,369 | 15,770 | 15,860 | 16,285 | 16,628 | 17,102 | 17,488 | 18,095 | |
| Interest Expended | 7,346 | 8,003 | 8,383 | 8,609 | 8,861 | 9,154 | 9,345 | 9,467 | 9,924 | 10,040 | 10,203 | 10,372 | 10,657 |
| Net Interest Income | 5,704 | 5,761 | 5,819 | 6,024 | 6,180 | 6,216 | 6,425 | 6,393 | 6,361 | 6,589 | 6,899 | 7,117 | 7,438 |
| 1,871 | 2,166 | 2,113 | 2,432 | 2,077 | 2,602 | 2,397 | 2,935 | 2,620 | 2,643 | 2,793 | 2,773 | 2,902 | |
| Total Income | 0 | 0 | 0 | 0 | 17,118 | 17,971 | 18,168 | 18,794 | 18,906 | 19,271 | 19,895 | 20,261 | 20,997 |
| Operating Expenses | 0 | 0 | 0 | 0 | 37,332 | 40,447 | 40,421 | 43,032 | 41,891 | 43,699 | 46,354 | 45,835 | 4,752 |
| Operating Profit | 0 | 0 | 0 | 0 | 45,240 | 47,731 | 47,803 | 50,241 | 47,924 | 48,615 | 50,565 | 53,058 | 5,588 |
| Provisions & Contingencies | 0 | 0 | 0 | 0 | 12,611 | 10,991 | 10,596 | 7,943 | 6,910 | 7,385 | 8,571 | 12,280 | 1,194 |
| Profit before Tax | 2,415 | 2,777 | 2,774 | 3,078 | 3,263 | 3,674 | 3,721 | 4,230 | 3,335 | 4,123 | 4,199 | 4,078 | 4,394 |
| Tax % | 28.58% | 27.68% | 22.99% | 26.57% | 25.92% | 25.42% | 22.70% | 29.99% | 33.47% | 26.25% | 26.51% | 23.61% | 24.92% |
| Net Profit | 0 | 0 | 0 | 0 | 2,417 | 2,740 | 2,876 | 2,961 | 2,219 | 3,041 | 3,086 | 3,115 | 3,299 |
| EPS | 15 | 17 | 17 | 17 | 19 | 21 | 22 | 22 | 17 | 23 | 23 | 24 | 2 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 55,650 | 62,039 | 67,504 | — | |
| Interest Expended | 10,891 | 10,851 | 12,167 | 13,798 | 23,439 | 22,129 | 24,717 | 32,341 | 36,826 | 40,539 | 41,271 |
| Net Interest Income | -10,891 | -10,851 | -12,167 | -13,798 | -23,439 | -22,129 | -24,717 | 23,309 | 25,213 | 26,965 | — |
| 2,222 | 2,417 | 1,891 | 3,326 | 6,111 | 7,380 | 7,804 | 8,582 | 10,011 | 10,829 | 11,110 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64,232 | 72,051 | 78,333 | 80,424 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,953 | 16,123 | 17,778 | — | |
| Operating Profit | -10,891 | -10,851 | -12,167 | -13,798 | -23,439 | -22,129 | -24,717 | 16,938 | 19,101 | 20,016 | — |
| 2,194 | 3,725 | 4,599 | 486 | 7,785 | 9,522 | 9,307 | 5,921 | 4,238 | 3,541 | — | |
| Profit before Tax | 1,765 | 1,080 | 283 | 1,377 | 2,917 | 3,253 | 5,963 | 11,017 | 14,864 | 16,475 | 16,795 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 26.22% | 26.03% | 25.78% | 25.33% |
| Net Profit | 1,413 | 1,263 | 321 | 758 | 3,016 | 3,994 | 5,330 | 8,129 | 10,995 | 12,227 | 12,541 |
| EPS | 30 | 27 | 8 | 0 | 28 | 34 | 45 | 63 | 84 | 87 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 12%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 32%
- 5 Years:
- 30%
- 3 Years:
- 28%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 47%
- 3 Years:
- 31%
- 1 Year:
- 23%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 15%
- 3 Years:
- 18%
- Last Year:
- 18%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 16,954 | 18,235 | 19,235 | 22,159 | 38,329 | 43,706 | 48,261 | 58,901 | 70,166 | 78,696 | |
| 1,82,480 | 2,08,262 | 2,42,041 | 2,60,184 | 5,38,030 | 5,93,571 | 6,21,123 | 6,87,953 | 7,37,098 | 8,27,654 | |
| 12,637 | 19,760 | 12,138 | 20,830 | 24,763 | 17,218 | 22,092 | 23,143 | 41,552 | 46,807 | |
| Other Liabilities & Provisions | 5,938 | 6,224 | 6,474 | 6,338 | 23,262 | 18,331 | 20,585 | 24,335 | 26,843 | 37,015 |
| Total Liabilities | 2,18,507 | 2,52,981 | 2,80,388 | 3,10,141 | 6,25,535 | 6,74,096 | 7,13,334 | 7,95,709 | 8,77,039 | 9,91,553 |
| 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 | 4,459 | 2,432 | 8,326 | 8,200 | 23,959 | 21,414 | 17,524 | 9,474 | 23,014 | 31,645 |
| 67,781 | 71,619 | 65,272 | 81,871 | 1,78,292 | 1,76,502 | 1,88,366 | 2,15,242 | 2,28,421 | 2,47,682 | |
| 1,27,708 | 1,56,569 | 1,81,262 | 1,97,887 | 3,62,669 | 3,89,186 | 4,49,294 | 5,14,889 | 5,71,071 | 6,54,888 | |
| 3,436 | 3,421 | 3,964 | 3,898 | 7,391 | 7,693 | 7,470 | 7,523 | 8,826 | 8,642 | |
| 9,525 | 8,438 | 9,862 | 12,547 | 25,677 | 20,742 | 17,976 | 15,861 | 13,728 | 14,606 | |
| Total Assets | 2,18,507 | 2,52,981 | 2,80,388 | 3,10,141 | 6,25,535 | 6,74,096 | 7,13,334 | 7,95,709 | 8,77,039 | 9,91,553 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -10,814 | -3,676 | 6,270 | -8,396 | 17,231 | 28,750 | -27,894 | -8,617 | 17,396 | 18,815 | |
| Cash from Investing | -179 | -214 | -249 | -247 | -545 | -305 | -314 | -618 | -348 | -428 |
| Cash from Financing | 9,041 | 6,776 | 1,000 | 2,552 | 1,866 | 18 | -1,543 | 1,195 | -4,264 | -7,649 |
| -1,952 | 2,886 | 7,021 | -6,091 | 18,552 | 28,464 | -29,751 | -8,040 | 12,784 | 10,738 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 30.25 | 27.29 | 7.91 | 14.15 | 27.88 | 33.26 | 44.74 | 62.51 | 83.61 | 86.89 |
| Book Value (₹) | 306.76 | 335.09 | 346.05 | 373.97 | 349.38 | 311.06 | 348.47 | 402.93 | 477.46 | 541.78 |
| 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% | 2.95% | 2.78% |
| ROA % | 0.67% | 0.54% | 0.12% | 0.26% | 0.64% | 0.61% | 0.77% | 1.08% | 1.31% | 1.31% |
| ROE % | 9.94% | 8.19% | 1.96% | 3.85% | 9.69% | 10.21% | 12.98% | 16.65% | 18.54% | 17.81% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 46.89% | 45.77% | 47.04% | |
| 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% | 0.00% | 0.00% | 0.00% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 97.74% | -10.62% | -74.59% | 136.21% | 297.81% | 32.44% | 33.47% | 52.50% | 35.25% | 11.21% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.63% | 18.50% | 13.47% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.33x | 6.49x | 9.74x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.29x | 1.14x | 1.56x |
| 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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