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IndusInd Bank Ltd.

•
indusind.bank.inBSE: 532187NSE: INDUSINDBK
Market Cap₹ 77,524 Cr.
Current Price
High / Low₹ 1,078 / 711
Stock P/E58.6
Book Value₹ 852
Price to Book0.90
Dividend Yield0.15 %
ROCE5.0 %
ROE1.4 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 57.8% • Corporate/Wholesale Banking: 18.9% • Treasury: 18.2%

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 17.5%
  • Company has consistently been profitable over the last 5 years
  • Latest quarter profit grew 71.7% YoY, showing strong momentum
  • Healthy net interest margin of 3.7%
  • Institutional investors have been accumulating - FII+DII up 4.2pp
  • Company generates healthy free cash flow

CONS

  • A large part of profit comes from other income (597.2% of PBT)
  • Company has delivered a poor profit growth of -21.2% over past five years
  • Valuation is stretched - P/E of 58.6 is well above its own 5-year median (19.6)
  • Operating margins have contracted to 19.8% from 39.6%
  • Growth is decelerating - 3Y profit CAGR (-50.7%) trails the 5Y trend (-21.2%)
  • Though reporting repeated profits, the company pays out little dividend (13.1%)

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

Peer comparison

Financial ServicesBankBank - Private
Part ofNIFTYM150MOMNTM50NIFTY BANKNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY PVT BANK
S.No.Name
1.HDFCBANK694.0013.541069744.032.23203826.901092.64905753.30936.6612.8135.64
2.ICICIBANK1384.0017.71993414.930.8716209.7412.6252240.856.4416.5132.39
3.KOTAKBANK416.9520.44414767.520.165487.0623.8918354.576.4112.0519.05
4.AXISBANK1260.0014.12392291.690.087656.5122.3135541.969.8711.0463.88
5.IDBI81.609.4287739.600.002130.575.277549.287.4414.7676.80
6.FEDERALBNK347.0018.3285792.150.351297.6137.067861.589.9410.9866.11
7.AUBANK1065.0043.8679980.410.097959.531270.3153027.421111.1014.1756.24
8.INDUSINDBK995.0058.6377524.480.151037.0271.6811309.94-7.784.9755.07
9.IDFCFIRSTB86.7032.4374750.220.291147.82153.1211051.0914.615.4238.45
10.YESBANK22.2418.4969807.900.001071.8132.538054.495.928.0458.47
11.RBLBANK409.4070.6263495.460.242342.30993.4138402.401015.976.4940.95
12.KARURVYSYA335.4011.8132423.570.78755.7044.923049.4218.7223.6271.82
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
10,73011,24811,57212,19912,54712,68612,80110,63412,26411,60911,37311,00511,310
Interest Expended5,8636,1716,2776,8227,1397,3397,5737,5867,6247,1996,8116,6346,625
Net Interest Income4,8675,0775,2965,3765,4085,3475,2283,0484,6404,4094,5624,3714,685
2,2102,2822,3962,5082,4422,1852,3557092,1571,6511,7071,7141,787
Total Income000014,98814,87115,15611,34314,42113,26013,08012,71913,096
Operating Expenses000038,97439,32439,82542,48042,29440,13339,99237,8993,698
Operating Profit000039,51835,99836,006-4,90925,67320,47322,69622,9532,773
Provisions & Contingencies000010,49818,20117,43625,22117,60026,31220,95814,8211,384
Profit before Tax2,8402,9353,0733,1312,9021,7801,857-3,013807-5841748131,389
Tax %25.19%24.97%25.11%24.98%25.20%25.20%24.48%22.70%25.18%25.16%26.41%26.93%25.35%
Net Profit00002,1711,3311,402-2,329604-4371285941,037
EPS27283030281718-308-6281

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
000000045,74848,66846,251—
Interest Expended8,3439,78313,41516,72415,47215,82218,77625,13229,63628,26827,270
Net Interest Income-8,343-9,783-13,415-16,724-15,472-15,822-18,77620,61619,03117,982—
4,1714,7505,6476,9536,5017,3458,1739,3967,6907,2296,859
Total Income000000055,14456,35853,48052,156
000000014,14816,06016,032—
Operating Profit-8,343-9,783-13,415-16,724-15,472-15,822-18,77615,86410,6619,180—
7461,0223,1084,1105,6694,4504,1863,8857,1367,969—
Profit before Tax4,3605,4814,9806,1773,9296,4339,93211,9793,5261,2101,792
Tax %0.00%0.00%0.00%0.00%0.00%0.00%0.00%25.06%26.95%26.54%26.23%
Net Profit2,8683,6063,3004,4582,9304,8057,4438,9772,5758891,322
EPS486054644062961153311—

COMPOUNDED SALES GROWTH

10 Years:
15%
5 Years:
10%
3 Years:
8%

COMPOUNDED PROFIT GROWTH

10 Years:
-9%
5 Years:
-21%
3 Years:
-51%

STOCK PRICE CAGR

10 Years:
-2%
5 Years:
0%
3 Years:
-12%
1 Year:
31%

RETURN ON EQUITY

10 Years:
11%
5 Years:
9%
3 Years:
7%
Last Year:
1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jun 25

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2024

Jun 28

₹ 1.65

Rs.16.5000 per share(165%)Final Dividend

2023

Jun 2

₹ 1.40

Rs.14.0000 per share(140%)Final Dividend

2022

Aug 11

₹ 0.85

Rs.8.5000 per share(85%)Dividend

2021

Aug 17

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2018

Jul 18

₹ 0.75

Rs.7.5000 per share(75%)Dividend

2017

Jul 18

₹ 0.60

2016

Jun 23

₹ 0.45

Rs.4.5000 per share(45%)Dividend

2026

Aug 6

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
LIABILITIES----------
Equity Capital598600603694773775776778779779
20,03423,22826,07333,37142,72247,23654,18462,32663,91464,809
1,26,5721,51,6391,94,8682,02,0272,55,8702,93,3493,36,1203,84,5864,10,8623,99,931
22,45438,28947,32160,75451,32347,32349,01147,61153,70442,789
Other Liabilities & Provisions8,9767,8568,9449,70012,21013,26817,70119,68924,70634,934
Total Liabilities1,78,6502,21,6282,77,8213,07,2293,62,9034,01,9674,57,837525,54,1075,43,394
ASSETS----------
7,74910,9629,96113,68317,95760,19842,97518,56151,00629,946
Balances with Banks & Money at Call10,8802,2534,8222,37238,6528,38713,80218,3478,36918,987
36,70450,07859,26859,93869,65370,93083,0761,06,4861,14,4571,25,007
1,13,0811,44,9541,86,3942,06,7832,12,5952,39,0522,89,9243,43,2983,45,0193,15,871
1,3071,3131,6881,7921,8011,8341,9442,1272,3092,420
8,90212,04115,66622,58222,16921,47225,98226,07832,76051,037
Total Assets1,78,6502,21,6282,77,8213,07,2293,62,9034,01,9674,57,837525,54,1075,43,394

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
11,569-20,700-6,389-12,90744,97616,672-12,442-16,92518,278993
Cash from Investing-274-220-638-416-331-406-560-711-709-634
Cash from Financing-2,76815,5058,59012,733-4,096-4,3021,115-2,2424,876-10,912
8,527-5,4151,563-59140,54911,964-11,888-19,87822,445-10,553

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
PER SHARE
EPS (₹)47.9560.0854.7764.2837.8962.0395.93115.3433.0611.41
Book Value (₹)338.68390.96437.22486.57558.36615.79704.46806.97826.68838.36
Dividend per Share (₹)6.007.507.500.005.008.5014.0016.500.001.50
PROFITABILITY
Net Interest Margin %0.00%0.00%0.00%0.00%0.00%0.00%0.00%4.24%3.67%3.67%
ROA %1.78%1.80%1.32%1.52%0.87%1.26%1.73%1.85%0.48%0.16%
ROE %15.27%16.49%13.25%14.84%7.62%10.57%14.54%15.28%4.05%1.37%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%47.14%60.10%63.59%
ASSET QUALITY
Gross NPA %0.00%0.00%0.00%0.00%0.00%2.27%0.00%0.00%3.13%3.43%
Net NPA %0.00%0.00%0.00%0.00%0.00%0.64%0.00%0.00%0.95%1.00%
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%37.88%32.81%31.24%
Credit-Deposit Ratio %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.12%0.13%0.11%
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 %25.43%25.74%-8.47%35.07%-34.28%63.99%54.92%20.61%-71.31%-65.47%
Book Value Growth %0.00%0.00%0.00%0.00%0.00%0.00%0.00%14.55%2.44%1.41%
P/E (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x13.49x19.65x65.95x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x1.93x0.79x0.90x
0.00%0.00%0.00%0.00%0.00%0.00%0.00%1.06%0.00%0.20%

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
16.3816.3616.2915.8315.8215.8215.8215.8215.82
37.9833.9524.7429.5333.6934.3231.6028.5729.17
29.6934.6042.3136.3233.1831.5735.0040.1341.86
Government0.000.000.000.000.000.000.000.000.00
15.1614.5716.2817.9416.9317.9117.2015.1012.77

Documents

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

2026-09-11
General Updates

2026-09-11 - IndusInd Bank Limited has informed the Exchange about General Updates regarding disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-09-11
Press Release

2026-09-11 - IndusInd Bank Limited has informed the Exchange regarding a press release dated September 11, 2026, titled "IndusInd Bank Launches Overdraft and Cash Credit Linked Corporate Credit Card for Businesses".

2026-09-10
ESOP/ESOS/ESPS

2026-09-10 - Indusind Bank Limited has informed the Exchange regarding Exercise of 4160 Options.

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - IndusInd Bank Limited has informed the Exchange about Schedule of Analysts/Institutional investors meet to be held on September 17, 2026

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - IndusInd Bank Limited has informed the Exchange about outcome of Schedule of Analysts/Institutional investors meet

2026-09-10
Press Release

2026-09-10 - IndusInd Bank Limited has informed the Exchange regarding a press release dated September 10, 2026, titled "Navi UPI and IndusInd Bank partner to strengthen infrastructure behind everyday digital payments".

2026-09-09
General Updates

2026-09-09 - Indusind Bank Limited has informed the Exchange about ESG Rating by Crisil ESG Ratings & Analytics Limited

2026-09-09
General Updates

2026-09-09 - IndusInd Bank Limited has informed the Exchange regarding ESG rating by ESG Risk Assessments and Insights Limited

2026-09-03
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - IndusInd Bank Limited has informed the Exchange about Schedule of analysts/Institutional investors meet to be held on September 10, 2026.

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