IndusInd Bank · Research view

IndusInd Bank Ltd.

NSE: INDUSINDBKBSE: 532187ISIN INE095A01012Face value ₹10standalone

₹880

−1.97% · 2026-10-01 · 52-wk ₹739–₹1,069

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

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: ₹53,468 cr
FY2026 net profit: ₹933 cr
Net worth: ₹65,441 cr
Advances: ₹3,15,871 cr
EPS (basic): ₹11.98
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 — FY19 to FY26₹ crore · consolidated

Total incomeNet profit

Advances & deposits — FY19 to FY26₹ crore · consolidated

Advances (loans)Deposits

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

Advances growth per year: +7.8%over 7 years
Advances growth: −8.4%vs last year
Deposits growth: −2.7%vs last year
Net profit growth: −64.7%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

Total incomeNet profit

Quarter	Total income	YoY	Net profit	YoY
Q2 FY25	14,871	—	1,331	—
Q3 FY25	15,156	+8.5%	1,402	−39.1%
Q4 FY25	11,343	−22.9%	−2,329	−199.1%
Q1 FY26	14,421	−3.8%	604	−72.2%
Q2 FY26	13,260	−10.8%	−437	−132.8%
Q3 FY26	13,080	−13.7%	128	−90.9%
Q4 FY26	12,719	+12.1%	594	−125.5%
Q1 FY27	13,096	−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 — FY19 to FY26% · consolidated

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: 63.5%
ROE FY2026: 1.4%
ROA FY2026: 0.17%

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, FY19 to FY26% of advances · lower is better

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 — FY19 to FY26₹ crore · consolidated

Net worth (capital + reserves)

Gross NPA FY2026: 3.43%
Net NPA: 1.00%
Credit cost: 2.40%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%

P/E ratio

INDUSINDBK · 8th of 8 · set median 16.9×

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

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

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
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Total income	27,908	35,734	35,558	38,219	44,534	55,136	56,352	53,468
Interest earned	22,261	28,783	29,000	30,822	36,368	45,748	48,668	46,251
Interest expended	13,415	16,724	15,472	15,822	18,776	25,132	29,636	28,268
Net interest income	8,846	12,059	13,528	15,001	17,592	20,616	19,031	17,982
Pre-provision operating profit	8,088	10,773	11,727	12,839	14,346	15,740	10,645	9,202
Provisions & contingencies	3,108	4,652	7,943	6,665	4,487	3,799	7,030	7,933
Profit before tax	4,981	6,121	3,784	6,174	9,860	11,942	3,615	1,269
Net profit	3,301	4,418	2,836	4,611	7,390	8,950	2,643	933
EPS (₹)	54.9	63.8	38.8	59.6	95.3	115.2	33.9	12.0
Net worth	26,686	34,707	43,365	47,697	54,622	62,797	64,493	65,441
Total debt	47,321	60,754	51,323	47,323	49,011	47,611	53,704	42,789
Advances	1,86,394	2,06,783	2,12,595	2,39,052	2,89,924	3,43,298	3,45,019	3,15,871
Deposits	1,94,868	2,02,040	2,56,205	2,93,681	3,36,438	3,84,793	4,11,078	4,00,174
Borrowings	47,321	60,754	51,323	47,323	49,011	47,611	53,704	42,789
Investments	59,266	59,980	69,695	70,971	83,116	1,06,527	1,14,497	1,25,047
Gross NPAs	3,947	5,147	5,795	5,517	5,826	6,693	11,046	11,095
Net NPAs	2,248	1,887	1,477	1,530	1,715	1,969	3,287	3,169
Operating cash flow	—	—	44,646	16,600	−12,438	−16,843	18,113	1,045

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Advances growth YoY	—	10.9	2.8	12.4	21.3	18.4	0.5	-8.4
Deposits growth YoY	—	3.7	26.8	14.6	14.6	14.4	6.8	-2.7
Profit growth YoY	—	33.8	-35.8	62.6	60.3	21.1	-70.5	-64.7
Profitability
Net interest margin %	3.2	4.1	4.0	3.9	4.1	4.2	3.6	3.3
Cost-to-income %	44.2	43.3	41.6	42.7	44.3	47.5	60.2	63.5
Return on equity %	12.4	14.4	7.3	10.1	14.4	15.2	4.2	1.4
Return on assets %	1.2	1.5	0.8	1.2	1.7	1.8	0.5	0.2
Asset quality
Gross NPA %	2.1	2.5	2.7	2.3	2.0	1.9	3.1	3.4
Net NPA %	1.2	0.9	0.7	0.6	0.6	0.6	1.0	1.0
Credit cost %	1.7	2.4	3.8	3.0	1.7	1.2	2.0	2.4
Credit / deposit %	95.7	102.3	83.0	81.4	86.2	89.2	83.9	78.9