INDUSINDBK
Large CapIndusInd Bank Limited
Financial Services
IndusInd Bank Limited is an Indian private sector bank focused on retail and wholesale banking. The bank is currently prioritizing balance sheet resilience, asset quality repair, and calibrated retail-led growth, while strategically optimizing its wholesale portfolio and investing in digital capabilities and AI.
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.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
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
Bad · 10/100Rev +3% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,005 Cr | +3.5% | -3.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹594 Cr | NDF | +364.1% |
| PAT margin | 5.4% | +2730 bps | +427 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
Q4 FY26 PAT surged QoQ driven by a 29% decline in provisions due to improved asset quality. Retail deposit mobilization saw healthy traction, and vehicle finance maintained growth momentum, though the overall average loan book declined 2% QoQ.
The bank is executing on its stated priorities of improving asset quality and enhancing its retail mix, with sequential improvements in slippages and retail deposit growth. While overall loan book growth remains calibrated, key retail segments are showing momentum, and management expects system-level growth in FY27, subject to macro stability.
Retail to Wholesale Loan Mix
Latest issuer-disclosed distribution across 2 reported categories.
Vehicle Finance
Vehicle finance loan book stood at Rs.99,876 crores, growing 2% QoQ, with disbursements at Rs.12,600 crores. Asset quality improved across all categories.
Micro Loans
Micro loans disbursements were at Rs.5,400 crores, up 52% QoQ, with significant asset quality improvement. FY27 expected to be a year of calibrated growth.
Home Loans
Home loan book maintained robust momentum with outstanding at Rs.6,510 crores, growing 45% YoY and 6% QoQ.
Gold Loans
Monthly gold loan disbursements have grown 3x in the last six months, and the loan book crossed Rs.1,000 crores.
Branch Co-location/Merger
Around 300 vehicle branches co-located or merged with branch banking; aim to take it towards 600 over next 6 to 9 months.
Gold Loan Branch Enablement
Over 500 branches are now enabled for offering gold loans, supporting continued momentum.
AI Centre of Excellence
Investing in a dedicated AI Centre of Excellence to drive GenAI adoption at scale, with 10 high-impact use cases identified.
Strong Macro Fundamentals
India’s macro-economic fundamentals are considerably stronger than during previous crisis episodes, providing greater resilience against external shocks.
Strengthened Leadership Team
Leadership transition is largely completed, with new Heads for Retail Banking, Global Markets, CRO, CIO, and Board appointments, reinforcing execution confidence.
Improved Digital Capabilities
Average TAT for Assisted Digital account opening reduced by 80% for Savings Account and 63% for Current Account in 6 months.
West Asia Conflict Uncertainty
Heightened uncertainty arising from the ongoing conflict in West Asia has tempered the near-term outlook and requires close monitoring for portfolio impact.
Geopolitical Impact on Portfolios
Management is monitoring the West Asia conflict for potential impact on SME and relevant wholesale portfolios, though no material impact is seen 'at this stage'.
Deposit Growth as Loan Constraint
Deposit growth will be a constraint to credit growth, as the bank can only grow to the extent it can raise deposits, given LCR/LDR constraints.
Unsecured Segment Caution
The bank remains deliberately cautious on unsecured segments, with Personal Loan book de-growing 2% QoQ and Credit Cards Loan book de-growing 5% QoQ.
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.
QoQ comparison is critical for assessing sequential momentum in asset quality metrics (slippages, NNPA), deposit accretion, and segment-specific disbursements. YoY comparison provides context for longer-term growth trends in loan books like home loans and overall portfolio performance.
Average Loan Book Growth
Overall average loan book declined 2% QoQ, driven mainly by wholesale banking advances and micro loan book.
Net Interest Margin (NIM)
Net Interest Margin was at 3.39% vs normalized NIM of 3.35% QoQ, driven by a reduction in cost of funds.
Cost of Deposit
Cost of deposit for the quarter was at 6.07%, improving marginally by 2bps QoQ. The repricing journey is 'pretty much done'.
Gross NPA (GNPA)
GNPA was at 3.43% and NNPA at 1.00%. Slippages have improved across segments.
FY27 Loan Growth Target
FY27 should see the bank grow broadly in line with the market, which is estimated at 13%-14%, with foundations now in place.
ROA Improvement Strategy
The journey to 1% ROA is expected to come from equal contributions from credit cost reduction and operating profit improvement (NIM, fees, expense control).
Micro Loans Portfolio Scaling
With asset quality stabilizing, FY27 will be a year of calibrated growth rather than book contraction in micro loans.
Universal Bank Ambition
The bank is working to convert into a much more universal bank with a predictable profit franchise.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Loan Growth | Overall average loan book declined 2% QoQ. | Growth in line with market (13-14%) in FY27, particularly in retail and mid-market segments. |
| Net NPA Ratio | 1.00% (Q4 FY26). | Gradual reduction towards the stated target of 60 basis points, without aggressive write-offs. |
| Retail Deposit Accretion | Net additions of Rs.6,800 crores QoQ; average retail deposits (LCR) at 47.9%. | Sustained improvement in retail deposit growth and CASA mix, supported by digital and branch integration efforts. |
| Fee Income Growth | Non-interest income remained broadly stable QoQ. | Scaling up fee income through new lines of business (capital markets, FX) and improved cross-sell of insurance/MFs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +2.8% / mo · near 52W high
Technical chart
INDUSINDBKweekly · 3Y-12.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 57. Wait for confirmation.
- SMA20 rising (~2.7% over last month) — short-term momentum positive.
- RSI(14) at 57 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 30% 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
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Cash flow contributes 4/10 to the score.
- Growth contributes 3/25 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Promoter pledge is 42.8%.
- Fair-value margin of safety is negative at -3349.8%.
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.
Weak Trust: Claim history is still being built. It ranks around the 2nd percentile of the scored universe and 4th percentile within Financial Services. Main check: results consistency is weak at 15/100.
Mixed Trust Lite: FCF yield is positive at 0.5%. Key concern: Promoters have pledged 42.8% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 4th pctile, median 62 · Large: 1st pctile, median 74
171 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak 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
- ▸FCF yield is positive at 0.5%.
- ▸5 years of positive FCF.
Trust risks
- ▸Promoters have pledged 42.8% of holding.
- ▸Altman Z is 1.59.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 15.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 78.40
- P/B
- 1.06
- EV/EBITDA
- —
- Market Cap
- 69736.00Cr
Profitability
- ROE
- 1.36%
- ROCE
- 5.68%
- ROA
- 0.16%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- -21.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- -51.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- —
- Altman Z
- 1.59
- Book Value
- 842.00
Cash Flow
- FCF Yield
- 0.51%
- FCF Positive Y
- 5/5
- OCF
- 993.00 Cr
- EPS TTM
- 11.41
Shareholding
- Promoter Hold
- 15.82%
- Promoter Pledge
- 42.80%
- Momentum 52W
- 71%
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.