IndusInd Bank Ltd.
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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 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
- Comfortable capital adequacy - CAR of 17.5%
- Latest quarter profit grew 46.5% YoY, showing strong momentum
- Strong provisioning - provision coverage ratio of 71.0%
- 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 (568.7% of PBT)
- Valuation is stretched - P/E of 61.9 is well above its own 5-year median (19.1)
- Company has delivered a poor profit growth of -19.9% over past five years
- Operating margins have contracted to 19.9% from 39.4%
- Growth is decelerating - 3Y profit CAGR (-49.8%) trails the 5Y trend (-19.9%)
- Though reporting repeated profits, the company pays out little dividend (12.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | 694.00 | 13.54 | 1069744.03 | 2.23 | 203826.90 | 1092.64 | 905753.30 | 936.66 | 12.81 | 35.64 |
| ICICIBANK | 1384.00 | 17.71 | 993414.93 | 0.87 | 16209.74 | 12.62 | 52240.85 | 6.44 | 16.51 | 32.39 |
| KOTAKBANK | 416.95 | 20.44 | 414767.52 | 0.16 | 5487.06 | 23.89 | 18354.57 | 6.41 | 12.05 | 19.05 |
| AXISBANK | 1260.00 | 14.12 | 392291.69 | 0.08 | 7656.51 | 22.31 | 35541.96 | 9.87 | 11.04 | 63.88 |
| IDBI | 81.60 | 9.42 | 87739.60 | 0.00 | 2130.57 | 5.27 | 7549.28 | 7.44 | 14.76 | 76.80 |
| FEDERALBNK | 347.00 | 18.32 | 85792.15 | 0.35 | 1297.61 | 37.06 | 7861.58 | 9.94 | 10.98 | 66.11 |
| AUBANK | 1065.00 | 43.86 | 79980.41 | 0.09 | 7959.53 | 1270.31 | 53027.42 | 1111.10 | 14.17 | 56.24 |
| INDUSINDBK | 995.00 | 58.63 | 77524.48 | 0.15 | 1037.02 | 71.68 | 11309.94 | -7.78 | 4.97 | 55.07 |
| IDFCFIRSTB | 86.70 | 32.43 | 74750.22 | 0.29 | 1147.82 | 153.12 | 11051.09 | 14.61 | 5.42 | 38.45 |
| YESBANK | 22.24 | 18.49 | 69807.90 | 0.00 | 1071.81 | 32.53 | 8054.49 | 5.92 | 8.04 | 58.47 |
| RBLBANK | 409.40 | 70.62 | 63495.46 | 0.24 | 2342.30 | 993.41 | 38402.40 | 1015.97 | 6.49 | 40.95 |
| KARURVYSYA | 335.40 | 11.81 | 32423.57 | 0.78 | 755.70 | 44.92 | 3049.42 | 18.72 | 23.62 | 71.82 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,730 | 11,248 | 11,572 | 12,199 | 12,547 | 12,686 | 12,801 | 10,634 | 12,264 | 11,609 | 11,373 | 11,005 | 11,310 | |
| Interest Expended | 5,863 | 6,171 | 6,277 | 6,822 | 7,139 | 7,339 | 7,573 | 7,586 | 7,624 | 7,199 | 6,811 | 6,634 | 6,625 |
| Net Interest Income | 4,867 | 5,077 | 5,296 | 5,376 | 5,408 | 5,347 | 5,228 | 3,048 | 4,640 | 4,409 | 4,562 | 4,371 | 4,685 |
| 2,210 | 2,282 | 2,396 | 2,500 | 2,441 | 2,184 | 2,350 | 709 | 2,156 | 1,648 | 1,707 | 1,706 | 1,785 | |
| Total Income | 0 | 0 | 0 | 0 | 14,988 | 14,871 | 15,156 | 11,343 | 14,421 | 13,260 | 13,080 | 12,719 | 13,095 |
| Operating Expenses | 3,247 | 3,478 | 3,689 | 3,850 | 3,922 | 3,939 | 3,979 | 4,230 | 4,144 | 4,029 | 3,961 | 3,863 | 3,787 |
| Operating Profit | 3,830 | 3,881 | 4,002 | 4,027 | 3,927 | 3,592 | 3,599 | -473 | 2,652 | 2,028 | 2,307 | 2,215 | 2,683 |
| Provisions & Contingencies | 992 | 974 | 934 | 899 | 1,050 | 1,820 | 1,744 | 2,417 | 1,738 | 2,622 | 2,089 | 1,484 | 1,340 |
| Profit before Tax | 2,838 | 2,907 | 3,068 | 3,128 | 2,877 | 1,772 | 1,855 | -2,889 | 914 | -594 | 218 | 731 | 1,343 |
| Tax % | 25.18% | 24.96% | 25.10% | 24.97% | 25.19% | 25.19% | 24.47% | 22.61% | 25.17% | 25.17% | 26.13% | 27.12% | 25.37% |
| Net Profit | 2,124 | 2,181 | 2,298 | 2,347 | 2,152 | 1,325 | 1,401 | -2,236 | 684 | -445 | 161 | 533 | 1,002 |
| EPS | 27 | 28 | 30 | 30 | 28 | 17 | 18 | -29 | 9 | -6 | 2 | 7 | 1 |
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 | 45,748 | 48,668 | 46,251 | — | |
| Interest Expended | 8,343 | 9,783 | 13,415 | 16,724 | 15,472 | 15,822 | 18,776 | 25,132 | 29,636 | 28,268 | 27,270 |
| Net Interest Income | -8,343 | -9,783 | -13,415 | -16,724 | -15,472 | -15,822 | -18,776 | 20,616 | 19,031 | 17,982 | — |
| 4,171 | 4,750 | 5,647 | 6,951 | 6,559 | 7,334 | 8,166 | 9,388 | 7,684 | 7,217 | 6,846 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55,136 | 56,352 | 53,468 | 52,154 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,263 | 16,071 | 15,997 | — | |
| Operating Profit | -8,343 | -9,783 | -13,415 | -16,724 | -15,472 | -15,822 | -18,776 | 15,740 | 10,645 | 9,202 | — |
| 746 | 1,022 | 2,892 | 4,110 | 5,669 | 4,450 | 4,186 | 3,799 | 7,030 | 7,933 | — | |
| Profit before Tax | 4,360 | 5,481 | 4,981 | 6,121 | 3,784 | 6,174 | 9,860 | 11,942 | 3,615 | 1,269 | 1,698 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 25.05% | 26.89% | 26.46% | 26.29% |
| Net Profit | 2,868 | 3,606 | 3,301 | 4,418 | 2,836 | 4,611 | 7,390 | 8,950 | 2,643 | 933 | 1,252 |
| EPS | 48 | 60 | 54 | 64 | 39 | 59 | 95 | 115 | 34 | 12 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 10%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -9%
- 5 Years:
- -20%
- 3 Years:
- -50%
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
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 | 598 | 600 | 603 | 694 | 773 | 775 | 776 | 778 | 779 | 779 |
| 20,033 | 23,227 | 26,072 | 33,330 | 42,587 | 46,906 | 53,801 | 61,915 | 63,571 | 64,510 | |
| 1,26,572 | 1,51,639 | 1,94,868 | 2,02,040 | 2,56,205 | 2,93,681 | 3,36,438 | 3,84,793 | 4,11,078 | 4,00,174 | |
| 22,454 | 38,289 | 47,321 | 60,754 | 51,323 | 47,323 | 49,011 | 47,611 | 53,704 | 42,789 | |
| Other Liabilities & Provisions | 8,976 | 7,856 | 8,944 | 9,558 | 12,080 | 13,273 | 17,733 | 19,734 | 24,744 | 35,016 |
| Total Liabilities | 1,78,648 | 2,21,626 | 2,77,819 | 3,07,058 | 3,62,973 | 4,01,975 | 4,57,804 | 51 | 5,54,018 | 5,43,419 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 7,749 | 10,962 | 9,961 | 13,675 | 17,871 | 60,141 | 42,961 | 18,557 | 50,889 | 29,875 | |
| Balances with Banks & Money at Call | 10,880 | 2,253 | 4,822 | 2,328 | 38,457 | 8,133 | 13,550 | 18,244 | 8,276 | 18,914 |
| 36,702 | 50,077 | 59,266 | 59,980 | 69,695 | 70,971 | 83,116 | 1,06,527 | 1,14,497 | 1,25,047 | |
| 1,13,081 | 1,44,954 | 1,86,394 | 2,06,783 | 2,12,595 | 2,39,052 | 2,89,924 | 3,43,298 | 3,45,019 | 3,15,871 | |
| 1,307 | 1,313 | 1,688 | 1,742 | 1,734 | 1,754 | 1,857 | 2,001 | 2,168 | 2,312 | |
| 8,902 | 12,041 | 15,666 | 22,471 | 22,546 | 21,829 | 26,260 | 26,111 | 32,981 | 51,273 | |
| Total Assets | 1,78,648 | 2,21,626 | 2,77,819 | 3,07,058 | 3,62,973 | 4,01,975 | 4,57,804 | 51 | 5,54,018 | 5,43,419 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11,569 | -20,700 | -6,389 | -12,039 | 44,646 | 16,600 | -12,438 | -16,843 | 18,113 | 1,045 | |
| Cash from Investing | -274 | -220 | -638 | -400 | -233 | -362 | -520 | -633 | -647 | -619 |
| Cash from Financing | -2,768 | 15,505 | 8,590 | 12,733 | -4,096 | -4,302 | 1,115 | -2,242 | 4,876 | -10,912 |
| 8,527 | -5,415 | 1,563 | 294 | 40,317 | 11,936 | -11,843 | -19,718 | 22,341 | -10,486 |
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 (₹) | 47.95 | 60.08 | 54.77 | 63.70 | 36.68 | 59.52 | 95.24 | 114.99 | 33.92 | 11.98 |
| Book Value (₹) | 338.65 | 390.94 | 437.20 | 485.97 | 556.61 | 611.54 | 699.52 | 801.70 | 822.28 | 834.52 |
| Dividend per Share (₹) | 6.00 | 7.50 | 7.50 | 0.00 | 5.00 | 8.50 | 14.00 | 16.50 | 0.00 | 1.50 |
| 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% | 1.51% | 0.85% | 1.21% | 1.72% | 1.84% | 0.49% | 0.17% |
| ROE % | 15.27% | 16.50% | 13.25% | 14.71% | 7.39% | 10.20% | 14.54% | 15.34% | 4.18% | 1.45% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 47.54% | 60.15% | 63.48% | |
| 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% | 72.00% | 0.00% | 0.00% | 0.00% | 70.00% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 37.91% | 32.84% | 31.28% |
| 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% | 17.23% | 16.24% | 17.48% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 25.43% | 25.74% | -8.46% | 33.83% | -35.80% | 62.57% | 60.26% | 21.11% | -70.47% | -64.68% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 14.61% | 2.57% | 1.49% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.53x | 19.15x | 62.84x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.94x | 0.79x | 0.90x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.06% | 0.00% | 0.20% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - Indusind Bank Limited has informed the Exchange regarding Exercise of 4160 Options.
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 - IndusInd Bank Limited has informed the Exchange about outcome of Schedule of Analysts/Institutional investors meet
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 - Indusind Bank Limited has informed the Exchange about ESG Rating by Crisil ESG Ratings & Analytics Limited
2026-09-09 - IndusInd Bank Limited has informed the Exchange regarding ESG rating by ESG Risk Assessments and Insights Limited
2026-09-03 - IndusInd Bank Limited has informed the Exchange about Schedule of analysts/Institutional investors meet to be held on September 10, 2026.
News
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