YESBANK
Mid CapYes Bank Limited
Financial Services
Yes Bank is India's 6th largest private bank, founded in 2003. It offers a comprehensive product suite across retail, commercial, corporate, and institutional segments, with a pan-India presence of 1,334 branches and 1,364 ATMs. The bank emphasizes digital leadership and a granular, retail-led franchise.
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.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
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
Good · 55/100Rev +1% YoY · PAT +45% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,662 Cr | +0.5% | +1.4% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,082 Cr | +45.2% | +13.1% |
| PAT margin | 14.1% | +435 bps | +145 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
Yes Bank reported its highest quarterly net profit since reconstruction in Q4FY26, up 44.7% YoY, driven by strong balance sheet growth, improved asset quality, and expanding NIMs. Full-year FY26 profit also saw significant YoY growth.
The bank's turnaround story shows continued progress with robust Q4FY26 and FY26 results. Key metrics like NIM, RoA, and asset quality have improved significantly. Granularization of deposits and advances, coupled with strong capital, supports future growth, though sustained execution and managing non-core income contributions are crucial.
Advances by Segment (Q4FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Retail & Commercial Segment Growth
Commercial Banking Advances sustained momentum with 6.0% QoQ and 14.5% YoY growth. Retail Banking advances growth improved to 4.7% YoY.
Corporate & Institutional Banking Growth
Corporate & Institutional Banking advances posted robust 9.7% QoQ growth and 19.7% YoY.
Digital Leadership
Processes every 1 in 3 Digital Transactions in India; Preferred Banker to Unicorns/Soonicorns; Strong stack of 1,500+ APIs.
SMBC Strategic Partnership
SMBC became YES Bank’s largest shareholder (24.9% stake), strengthening governance and offering cross-border expertise for new business opportunities.
Branch Network Expansion
6 new Branches operationalized during Q4FY26, taking the cumulative count to 82 branches in FY26, in line with guidance.
Resilient Indian Economy
India's growth likely resilient in FY27, with IMF growth forecasts at 6.5% for 2026 & 2027, driven by domestic consumption revival.
Growing Financial Inclusion
India’s financial inclusion displaying robust momentum backed by strong policy support, with RBI Financial Inclusion Index up 24% since 2021.
Banking System Resilience
Indian banking system shows decadal best asset quality, improving profitability, and robust capital adequacy, pivotal to financial system strength.
Moderating Consumption Demand
Moderation in private consumption demand expected as GST rationalization impact peters out.
Monetary Tightening
Likely monetary tightening later in FY27 to depress demand.
Inflationary Pressures
Petrol and diesel price pass-through may cool discretionary consumption demand due to a rise in retail prices of goods; CPI to average 4.9-5.0% in FY27.
Legacy Balance Sheet Structure
The bank acknowledges 'Legacy issues in the Balance Sheet structure' which are undergoing consistent improvement over the last few years.
Reliance on Security Receipt Gains
P&L gain from Security Receipts of INR 446 Crs in Q4FY26 and INR 1,559 Crs for FY26 continues to support bottom-line performance.
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.
For financial services, both YoY and QoQ comparisons are essential. YoY captures seasonal trends and long-term growth, while QoQ highlights sequential momentum in disbursements, asset quality, utilization, and spreads, which are critical for assessing operational efficiency and project execution.
Advances Growth
Advances at INR 2,73,445 Crs, up 6.2% QoQ and 11.1% YoY in Q4FY26. FY26 Advances up 11.1% YoY.
Disbursements
Q4FY26 disbursements were INR 33,224 Crs, grew 23.1% QoQ and 19.8% YoY. FY26 total disbursements at INR 1,03,545 Crs, up 5.8% YoY.
Net Interest Margin (NIM)
NIM up 10 bps QoQ and 20 bps YoY to 2.7% in Q4FY26. FY26 NIM at 2.6% up 20 bps YoY.
Cost of Funds
Cost of Funds at 5.8% in Q4FY26, lower by 60 bps YoY and 20 bps QoQ. FY26 Cost of Funds at 6.0%, lower by 50 bps YoY.
RoA Accretive Growth
Focus on higher-yielding assets, particularly within retail, to enhance income and support RoA accretive growth.
Funding Stability & Cost Management
Greater proportion of CASA in liability mix to help manage cost and reduced reliance on borrowings providing funding stability.
Operational Efficiency
Operating leverage to unlock further efficiencies, with operating expenses growing slower than total income.
Reduced Provisioning
Improving asset quality to help reduce provisioning requirements in the future.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Return on Assets (RoA) | 1.0% (Q4FY26 annualized) | Sustained expansion in earnings and RoA, particularly from core operations excluding SR gains. |
| Net Interest Margin (NIM) | 2.7% (Q4FY26) | Continued expansion driven by improved funding mix, lower cost of funds, and higher-yielding assets. |
| GNPA/NNPA Ratios | GNPA 1.3%, NNPA 0.2% (Q4FY26) | Maintenance of low asset quality ratios and further reduction in fresh slippages, especially from the retail segment. |
| Retail & Commercial Advances Growth | Retail 4.7% YoY, Commercial 14.5% YoY (Q4FY26) | Sustained momentum and acceleration in these granular segments to drive overall advances growth and improve asset mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +4.4% / mo · near 52W high
Technical chart
YESBANKweekly · 1Y+15.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 61.
- SMA20 rising (~4.2% over last month) — short-term momentum positive.
- RSI(14) at 61 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 36% 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
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 22.5%.
- Fair-value margin of safety is positive at 36.8%.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; 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: +1 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.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 66th percentile within Financial Services. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.50.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 66th pctile, median 62 · Mid: 28th pctile, median 76
117 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 pledge is zero.
- ▸FCF yield is 22.5%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.50.
- ▸ROCE is low at 6%.
- ▸ROE is low at 7.1%.
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.60
- P/B
- 1.41
- EV/EBITDA
- —
- Market Cap
- 72157.00Cr
Profitability
- ROE
- 7.10%
- ROCE
- 5.98%
- ROA
- 0.75%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 69.00%
Balance Sheet
- Debt/Equity
- 0.20
- Interest Coverage
- —
- Altman Z
- 1.50
- Book Value
- 16.30
Cash Flow
- FCF Yield
- 22.51%
- FCF Positive Y
- 4/5
- OCF
- 21217.00 Cr
- EPS TTM
- 1.12
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
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.