BANKINDIA
Large CapBank of India
Financial Services
Bank of India (BOI) is an Indian public sector bank providing a wide range of banking and financial services. It operates domestically and internationally, focusing on retail, agriculture, and MSME (RAM) segments, alongside corporate lending. The bank is actively pursuing digital transformation and financial inclusion initiatives.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 35/100Rev +6% YoY · PAT +19% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19,573 Cr | +5.9% | +2.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹3,089 Cr | +18.7% | +9.8% |
| PAT margin | 15.8% | +170 bps | +101 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Bank of India reported robust FY26 performance with global advances up 15.82% and net profit up 14.85% YoY. Asset quality significantly improved, with Gross NPA at 1.98% and Net NPA at 0.56%. However, Net Interest Margin (NIM) compressed to 2.52% from 2.82% in FY25.
The bank demonstrated strong business growth, particularly in RAM segments, and notable asset quality improvement. The declining NIM and CASA ratio warrant close monitoring, but overall performance indicates a positive trajectory driven by strategic focus on retail and digital initiatives.
Retail Loans Composition as on 31.03.2026
Latest issuer-disclosed distribution across 6 reported categories.
Retail Advances Growth
Retail advances grew by 21.19% YoY to Rs 1,62,025 Cr as on 31.03.2026.
Agriculture Advances Growth
Agriculture advances grew by 17.60% YoY to Rs 1,15,642 Cr as on 31.03.2026.
MSME Advances Growth
MSME advances grew by 17.68% YoY to Rs 1,06,660 Cr as on 31.03.2026.
Digital Lending Platform
Digital Lending Platform's sanction value grew by 87% YoY to Rs 1.28 Lakh Cr in FY26, with 28.6 Lakh loans (+24% YoY).
Domestic Branch Network Expansion
Increased domestic branches to 5,511 as on 31.03.2026 from 5,304 as on 31.03.2025.
Business Correspondent (BC) Network Expansion
Increased BCs to 25,053 as on 31.03.2026 from 23,281 as on 31.03.2025.
Tier II Capital Raise
Raised ₹2500 Crores through Tier II Bonds on 12.12.2025.
Digital Lending Product Expansion
50 products (32 Assisted + 18 Self-serve) are now live on the Digital Lending Platform.
Strong Asset Quality Improvement
Gross NPA decreased by 129 bps and Net NPA by 26 bps YoY, indicating effective bad loan management.
Digital Transformation Initiatives
Increased UPI users (271 lakhs), Mobile Banking users (131 lakhs), and significant growth in digitally generated business volumes and values.
Green Finance and Deposits
Raised ₹963 Cr in Green Deposits in FY26 and green finance exposure crossed ₹14,000 Cr, supporting sustainable growth.
Net Interest Margin (NIM) Compression
NIM declined to 2.52% in FY26 from 2.82% in FY25, indicating pressure on profitability from core lending activities.
Decline in CASA Ratio
Domestic CASA % decreased to 37.64% as on 31.03.2026 from 40.29% as on 31.03.2025, potentially increasing cost of funds.
Lower Profit from Investments
Profit from Sale and Revaluation of Investments decreased by 91% YoY in QE Mar 26 and 11% YoY for FY26.
Concentration in Agriculture and MSME NPAs
Agriculture and MSME sectors collectively account for 82% of total global Gross NPA as on 31.03.2026.
Unrated Corporate Advances
Unrated accounts constitute 6.30% of the Standard Corporate Advances portfolio as on 31.03.2026.
SMA-2 Accounts in Corporate Segment
Corporate sector had Rs 27 Cr in SMA-2 accounts as on 31.03.2026, indicating potential future slippages.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for financial services. YoY provides a clear view of annual trends and overall business growth, while QoQ highlights recent momentum, asset quality shifts, and sequential operational efficiency.
Global Advances Growth (YoY)
Global Advances grew by 15.82% YoY to Rs 7,71,391 Cr as on 31.03.2026.
Global Deposits Growth (YoY)
Global Deposits grew by 13.56% YoY to Rs 9,27,271 Cr as on 31.03.2026.
RAM Advances Growth (YoY)
RAM (Retail, Agriculture, MSME) advances grew by 19.11% YoY to Rs 3,84,327 Cr as on 31.03.2026.
Net Interest Margin (NIM)
Net Interest Margin (NIM) was 2.52% for FY26, down from 2.82% in FY25.
Focus on Digital Transformation
Management is redefining API framework, building fintech partnerships, and automating manual tasks to enhance digital offerings.
Human Resource Development
Project StarLIGHT aims to link business strategy with HR, drive employee engagement, and build a strong learning culture.
Commitment to Exponential Growth
Management expressed gratitude to stakeholders and solicited continued patronage to make the Bank grow exponentially in the coming years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 2.52% (FY26) | Stabilization or improvement in NIM to support core profitability. |
| RAM Advances Growth | 19.11% (FY26) | Sustained growth momentum in the high-yielding Retail, Agriculture, and MSME segments. |
| Asset Quality (GNPA/NNPA) | GNPA 1.98%, NNPA 0.56% (FY26) | Continued reduction in bad loans, particularly in Agriculture and MSME sectors. |
| CASA Ratio | 37.64% (31.03.26) | Stabilization or improvement in CASA ratio to manage the cost of funds effectively. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -7.3% / mo
Technical chart
BANKINDIAweekly · 6M+4.7%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 57.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 17% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.9%.
- Fair-value margin of safety is positive at 80.2%.
- Valuation contributes 30/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 90th percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
High Trust Lite: Promoter holding is 73.4%. Key concern: Altman Z is 1.55.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 90th pctile, median 62 · Large: 58th pctile, median 74
127 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.9%.
- ▸5 years of positive FCF.
Trust risks
- ▸Altman Z is 1.55.
- ▸ROCE is low at 5.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 6.02
- P/B
- 0.71
- EV/EBITDA
- 249.52
- Market Cap
- 63774.00Cr
Profitability
- ROE
- 12.40%
- ROCE
- 5.93%
- ROA
- 0.87%
- Dividend Y
- 3.32%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 42.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- —
- Altman Z
- 1.55
- Book Value
- 198.00
Cash Flow
- FCF Yield
- 6.94%
- FCF Positive Y
- 5/5
- OCF
- 4753.00 Cr
- EPS TTM
- 22.64
Shareholding
- Promoter Hold
- 73.38%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 45%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.