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IndusInd Bank · Research view

IndusInd Bank Ltd.

NSE: INDUSINDBKBSE: 532187ISIN INE095A01012Face value ₹10consolidated
₹880
−1.97% · 2026-10-01 · 52-wk ₹739–₹1,069
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
ConcernTalking point

Returns at a multi-year low

ROE of 1.4% is the lowest in 7 years (prior range 4.2% to 15.2%).

Importance 58 / 95 · profitability

ConcernTalking point

Less profitable than peers

ROE of 1.4% is below the private sector bank median of 11.3%.

Importance 58 / 95 · profitability

ConcernTalking point

Gross NPA at a multi-year high

Gross NPA of 3.4% is the highest in 7 years (prior range 1.9% to 3.1%).

Importance 54 / 95 · financial health

Section 03 · The company

Who is this company?

Classified by the exchange under Financial Services › Financial Services › Banks › Private Sector Bank.

Market cap
₹68,562 cr
FY2026 total income
₹53,480 cr
FY2026 net profit
₹889 cr
Net worth
₹65,740 cr
Advances
₹3,15,871 cr
EPS (basic)
₹11.42
Listed
NSE · BSE
Reporting
Banking (Sch. III)Apr–Mar

Peer set used on this page: 8 private sector bank.

Section 04 · Business performance

Is the business growing?

Total income & net profit — FY20 to FY26₹ crore · consolidated
₹'000 cr015304560059TOTAL INCOMENET PROFIT36k4,458FY2036k2,930FY2138k4,805FY2245k7,443FY2355k8,977FY2456k2,576FY2553k889FY26
Total incomeNet profit
Advances & deposits — FY20 to FY26₹ crore · consolidated
0k167k333k500k2.07L2.02LFY202.13L2.56LFY212.39L2.93LFY222.90L3.36LFY233.43L3.85LFY243.45L4.11LFY253.16L4.00LFY26
Advances (loans)Deposits

Total income and profit over the loaded history are shown above.

Advances growth per year
+7.3%over 6 years
Advances growth
−8.4%vs last year
Deposits growth
−2.7%vs last year
Net profit growth
−65.5%vs last year
Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹1,037 cr, up 71.7% from ₹604 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 net profit grew 71.7% while total income declined 9.2% vs the same quarter last year — a gap of 80.9 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Strength

Q1 FY27 net margin was 7.9%, up 3.73 percentage points from 4.2% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr05101520012TOTAL INCOMENET PROFIT15k1,331Q2 '2515k1,402Q3 '2511k-2,329Q4 '2514k604Q1 '2613k-437Q2 '2613k128Q3 '2613k594Q4 '2613k1,037Q1 '27
Total incomeNet profit
QuarterTotal incomeYoYNet profitYoY
Q2 FY2514,871—1,331—
Q3 FY2515,156+8.5%1,402−39.1%
Q4 FY2511,343−22.9%−2,329−199.1%
Q1 FY2614,421−3.8%604−72.2%
Q2 FY2613,260−10.8%−437−132.8%
Q3 FY2613,080−13.7%128−90.9%
Q4 FY2612,719+12.1%594−125.5%
Q1 FY2713,096−9.2%1,037+71.7%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Total income
₹52,156 crTTM
PBT
₹1,792 crTTM
Net profit
₹1,322 crTTM

C. Corporate actions

25 Jun 2026DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
28 Jun 2024DividendFinal Dividend - Rs. - 16.5000 — ₹16.50/share
2 Jun 2023DividendFinal Dividend - Rs. - 14.0000 — ₹14.00/share
11 Aug 2022DividendDividend - Rs. - 8.5000 — ₹8.50/share
17 Aug 2021DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
8 Aug 2019DividendDividend - Rs. - 7.5000 — ₹7.50/share
18 Jul 2018DividendDividend - Rs. - 7.5000 — ₹7.50/share
18 Jul 2017DividendDividend - Rs. - 6.0000 — ₹6.00/share
23 Jun 2016DividendDividend - Rs. - 4.5000 — ₹4.50/share
7 Aug 2015DividendDividend - Rs. - 4.0000 — ₹4.00/share
16 Jun 2014DividendDividend - Rs. - 3.5000 — ₹3.50/share
17 Jun 2013DividendDividend - Rs. - 3.0000 — ₹3.00/share
5 Jul 2012DividendDividend - Rs. - 2.2000 — ₹2.20/share
30 Jun 2011DividendDividend - Rs. - 2.0000 — ₹2.00/share
17 Jun 2010DividendDividend - Rs. - 1.8000 — ₹1.80/share
22 Jun 2009DividendDividend - Rs. - 1.2000 — ₹1.20/share
4 Sept 2008DividendDividend - Rs. - 0.6000 — ₹0.60/share
31 Aug 2007DividendDividend - Rs. - 0.6000 — ₹0.60/share
1 Aug 2001DividendDividend - Rs. - 1.3000 — ₹1.30/share
Section 06 · Business performance

Is it becoming more profitable?

Net interest margin & ROE — FY20 to FY26% · consolidated
0%1%2%3%4%5%0%5%10%15%20%3.3%FY20FY21FY22FY23FY24FY25FY26
Net interest margin (left)Return on equity (right)
Concern

ROE of 1.4% is the lowest in 7 years (prior range 4.2% to 15.2%).

Rule ROE_AT_MULTI_YEAR_LOW

NIM FY2026
3.28%
Cost-to-income
63.6%
ROE FY2026
1.4%
ROA FY2026
0.16%

ROE of 1.4% is below the private sector bank median of 11.3%.

ROE declined from 4.2% to 1.4% year on year.

Net interest margin fell from 3.6% to 3.3% year on year.

Section 07 · Financial health

Is financial health improving?

Asset quality — gross & net NPA, FY20 to FY26% of advances · lower is better
0%1%2%3%4%3.4%1.0%FY20FY21FY22FY23FY24FY25FY26
Gross NPA %Net NPA %
Concern

Gross NPA of 3.4% is the highest in 7 years (prior range 1.9% to 3.1%).

Rule BANK_GNPA_MULTIYEAR_HIGH

Net worth — FY20 to FY26₹ crore · consolidated
₹'000 cr023477035kFY2044kFY2148kFY2255kFY2363kFY2465kFY2566kFY26
Net worth (capital + reserves)
Gross NPA FY2026
3.43%
Net NPA
1.00%
Credit cost
2.41%of advances
Credit / deposit
79%

Provisions ran at 2.4% of advances this year — above a through-cycle norm of roughly 0.8–1.2%.

Section 08 · Relative position

How does it compare with peers?

Ranked against 8 private sector bank (FY2026, consolidated).

Return on equity

INDUSINDBK · 8th of 8 · set median 11.4%

ICICIBANK15.3%HDFCBANK13.8%AXISBANK13.2%KOTAKBANK11.4%FEDERALBNK11.4%YESBANK7.1%IDFCFIRSTB3.8%INDUSINDBK1.4%

P/E ratio

INDUSINDBK · 8th of 8 · set median 16.9×

AXISBANK13.6×HDFCBANK14.0×FEDERALBNK16.7×ICICIBANK16.7×YESBANK17.2×KOTAKBANK20.6×IDFCFIRSTB30.0×INDUSINDBK51.8×
Context

Trades at 1.04× book — 43% below the private sector bank median of 1.83×.

Rule PB_BELOW_PEERS

P / E
51.8×TTM to Jun 26
P / B
1.0×latest book
P / S
1.3×TTM sales
Earnings yield
1.9%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 77.1× · P/S 1.3× · ROE 1.4%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k₹8802020202120222023202420252026

Long-term price performance is shown above.

1-year return
+18.4%
3-year return
−38.4%
5-year return
−20.3%
From 52-wk high
−17.7%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹988
vs 200-day avg
Below₹923
RSI (14)
27.3oversold
MACD histogram
-7.7
From 52-wk high
−17.7%
From 52-wk low
+19.0%
30-day volatility
23.2%ann.
6-month return
+17.0%
RSI (14) · 0–10027.3 — oversold
0305070100OVERSOLDOVERBOUGHT27.3
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Concern
    Returns at a multi-year low
    ROE of 1.4% is the lowest in 7 years (prior range 4.2% to 15.2%).
    ROE_AT_MULTI_YEAR_LOW · conviction 58
  • Concern
    Less profitable than peers
    ROE of 1.4% is below the private sector bank median of 11.3%.
    ROE_BELOW_PEER_MEDIAN · conviction 58
  • Concern
    Gross NPA at a multi-year high
    Gross NPA of 3.4% is the highest in 7 years (prior range 1.9% to 3.1%).
    BANK_GNPA_MULTIYEAR_HIGH · conviction 54
  • Concern
    Returns declining
    ROE declined from 4.2% to 1.4% year on year.
    ROE_DETERIORATED_YOY · conviction 42
  • Watch
    Credit cost running high
    Provisions ran at 2.4% of advances this year — above a through-cycle norm of roughly 0.8–1.2%.
    BANK_CREDIT_COST_ELEVATED · conviction 40
  • Concern
    Net interest margin compressing
    Net interest margin fell from 3.6% to 3.3% year on year.
    BANK_NIM_COMPRESSED_YOY · conviction 38
  • Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY20FY21FY22FY23FY24FY25FY26
Total income35,73635,50138,23044,54155,14456,35853,480
Interest earned28,78329,00030,82236,36845,74848,66846,251
Interest expended16,72415,47215,82218,77625,13229,63628,268
Net interest income12,05913,52815,00117,59220,61619,03117,982
Pre-provision operating profit10,82911,87213,09814,41915,86410,6619,180
Provisions & contingencies4,6527,9436,6654,4873,8857,1367,969
Profit before tax6,1773,9296,4339,93211,9793,5261,210
Net profit4,4582,9304,8057,4438,9772,576889
EPS (₹)64.340.062.196.0115.533.111.4
Net worth34,74843,50148,02655,00563,20864,83665,740
Total debt60,75451,32347,32349,01147,61153,70442,789
Advances2,06,7832,12,5952,39,0522,89,9243,43,2983,45,0193,15,871
Deposits2,02,0272,55,8702,93,3493,36,1203,84,5864,10,8623,99,931
Borrowings60,75451,32347,32349,01147,61153,70442,789
Investments59,93869,65370,93083,0761,06,4861,14,4571,25,007
Gross NPAs5,1475,7955,5175,8266,69311,04611,095
Net NPAs1,8871,4771,5301,7151,9693,2873,169
Operating cash flow—44,97616,672−12,442−16,92518,278993
Key ratios — consolidated
RatioFY20FY21FY22FY23FY24FY25FY26
Growth
Advances growth YoY—2.812.421.318.40.5-8.4
Deposits growth YoY—26.714.614.614.46.8-2.7
Profit growth YoY—-34.364.054.920.6-71.3-65.5
Profitability
Net interest margin %3.94.03.94.14.23.63.3
Cost-to-income %43.040.741.544.047.160.163.6
Return on equity %12.87.510.514.415.24.01.4
Return on assets %1.50.91.31.71.80.50.2
Asset quality
Gross NPA %2.52.72.32.01.93.13.4
Net NPA %0.90.70.60.60.61.01.0
Credit cost %2.23.83.01.71.22.12.4
Credit / deposit %102.483.181.586.389.384.079.0
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.