HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Bandhan Bank Ltd.
NSE: BANDHANBNKFinancial ServicesBanks - Regional
- Last close
- ₹149.89
- Day change
- −₹8.55 (−5.40%)vs
- Market cap
- ₹27,444 crIndian rupees
- Research updated
- 1 report
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About Bandhan Bank
Bandhan Bank Ltd. operates as a commercial banking institution providing a range of banking products and services throughout India. Established to serve the underbanked sector, its primary focus is on microfinance and small enterprise loans, helping support financial inclusion across the nation. Bandhan Bank offers savings and current accounts, fixed deposits, and various loan products tailored to the needs of low and middle-income customers. With a substantial presence in rural and urban areas, especially in the eastern and northeastern regions of India, the bank plays a vital role in promoting economic growth and equitable development. Its extensive network of branches and customer touchpoints enhances accessibility to formal banking. Since becoming a public company, Bandhan Bank has grown its market share in the financial services sector, maintaining a robust portfolio and contributing to India's broader financial stability. The bank’s efforts in microfinance exemplify its commitment to uplift underserved communities and catalyze small business ventures, reflecting its foundational principles.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: BANDHANBNK
- Next results
- Chief executive
- Mr. Partha Pratim Sengupta
- Employees
- 74,500
- Headquarters
- Kolkata, India
- ISIN
- INE545U01014
- Website
- bandhan.bank.in
Public research · Report of
Business model & financial foundation
Bandhan Bank (NSE: BANDHANBNK), Private-sector banking: revenue of ₹13,564 crore in FY26 (-6.2% on FY25) and net profit of ₹1,224 crore.
- Revenue, FY26 (₹ crore)
- 13,564
- standalone
- Revenue growth, FY26
- -6.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,224
- to owners
- Return on equity, FY26
- 4.9%
- on average equity
- Market capitalisation (₹ crore)
- 27,792
- at the close of 15 Oct 2026
Company profile
Indian private-sector commercial bank with a microfinance/EEB heritage and a deposit-funded lending business. It is diversifying toward secured retail, MSME and wholesale lending while retaining an East/North-East franchise. Reporting is standalone; promoter entities must not be treated as Bank subsidiaries.
| Item | Value |
|---|---|
| Legal name | Bandhan Bank Limited |
| Exchange and ticker | NSE: BANDHANBNK; BSE: 541153 |
| ISIN | INE545U01014 |
| CIN | L67190WB2014PLC204622 |
| Sector | Financial Services |
| Industry | Private-sector banking |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | V. Sankar Aiyar & Co. and V. Singhi & Associates (joint statutory auditors) |
| Market capitalisation | ₹27,792 crore (15 Oct 2026) |
| Shares outstanding | 161.10 crore shares (FY26) |
| Price | ₹168.6 (close, 15 Oct 2026) |
| 52-week range | ₹134.3 - ₹220.8 (to 15 Oct 2026) |
| Website | https://bandhan.bank.in |
Corporate structure and shareholding
Parent: Bandhan Financial Holdings Limited (BFHL).
No subsidiary is recorded.
BFHL is the direct promoter/NOFHC; Bandhan Financial Services Limited is an upstream promoter entity, not a subsidiary of the Bank. No Bank subsidiaries, associates or JVs at 31 March and 30 June 2026 (S29:note17; S30:note14).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 40.29% | 39.74% | 38.98% | 37.54% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 23.43% | 22.31% | 22.07% | 18.65% |
| Domestic institutions | 17.82% | 18.76% | 22.33% | 27.48% |
| of which mutual funds | 8.99% | 11.79% | 15.60% | 19.65% |
| Retail | 18.40% | 19.11% | 16.55% | 16.27% |
| Other | 0.07% | 0.07% | 0.07% | 0.07% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bandhan Bank is a standalone universal bank, with no subsidiaries. It converted from a microfinance NBFC in 2015 and earns mainly net interest income: NII was 10,829.69 cr out of FY26 net total income of 13,563.71 cr. It lends to micro-entrepreneurs through its EEB group and small-business loans, and increasingly to secured retail, housing (ex-GRUH), MSME and wholesale borrowers. Funding comes from a retail-heavy deposit base: 73.7% retail at Mar-26, but CASA was only 26.71% by Sep-26. Distribution is about 6,388 outlets, concentrated in East and North-East India. West Bengal is 24% of loans and 44% of the microfinance book.
The bank controls underwriting and the shift in its lending mix. It does not control microfinance industry leverage, state-level disruptions, the repo cycle or the regulatory sell-down timetable for its promoter.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Treasury | 3,084 | 10.9% | 981.9 | 56.6% |
| Retail Banking | 21,912 | 77.5% | 466.3 | 26.9% |
| Wholesale Banking | 2,728 | 9.6% | -238.0 | -13.7% |
| Other Banking Operations | 548.3 | 1.9% | 523.6 | 30.2% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Federal Bank (FEDERALBNK) | Mid-size private-bank benchmark for retail deposit funding, asset quality and profitability; business mix differs from Bandhan's microfinance heritage. |
| RBL Bank (RBLBANK) | Mid-size private bank with unsecured retail/microfinance exposure; FY26 ratios predate June 2026 ENBD capital infusion and need temporal care. |
| IDFC First Bank (IDFCFIRSTB) | Retail-led private bank building its deposit franchise; useful funding-cost and retail transition comparator, not identical credit mix. |
| AU Small Finance Bank (AUBANK) | Secured-retail and deposit-franchise comparator; small-finance-bank regulation and Fincare integration limit exact comparability. |
| Ujjivan Small Finance Bank (UJJIVANSFB) | Microfinance-led lender transitioning toward secured retail; relevant collection, credit-cost and deposit benchmark. |
| Equitas Small Finance Bank (EQUITASBNK) | Financial-inclusion lender with microfinance, small-business and vehicle loans; useful diversified retail/MFI comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net total income | 11,536 | 11,722 | 12,490 | 14,457 | 13,564 |
| Other operating costs (vendor classification) * | 934.2 | 1,361 | 1,674 | 2,421 | 2,338 |
| Profit before tax | 128.6 | 2,893 | 2,943 | 3,623 | 1,734 |
| Tax expense | 2.83 | 698.3 | 713.4 | 878.0 | 510.3 |
| Net profit after tax | 125.8 | 2,195 | 2,230 | 2,745 | 1,224 |
| Diluted EPS (₹) | 0.78 | 13.62 | 13.84 | 17.04 | 7.59 |
| Interest earned | 18,870 | 21,948 | 21,689 | ||
| Interest expended | 8,551 | 10,458 | 10,859 | ||
| Net interest income | 10,319 | 11,491 | 10,830 | ||
| Other income | 2,171 | 2,967 | 2,734 | ||
| Employee cost | 3,543 | 4,361 | 4,493 | ||
| Other operating expenses | 2,308 | 2,708 | 3,206 | ||
| Operating expenses | 5,851 | 7,069 | 7,699 | ||
| Operating profit before provisions and contingencies | 6,639 | 7,389 | 5,865 | ||
| Provisions (other than tax) and contingencies | 3,697 | 3,765 | 4,131 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net worth (capital + ESOP outstanding + reserves) | 17,381 | 19,584 | 21,610 | 24,605 | 25,575 |
| Borrowings | 20,581 | 25,019 | 16,372 | 11,138 | 14,303 |
| Cash & balances with RBI + balances with banks/call money | 12,622 | 15,047 | 16,171 | 9,569 | 13,951 |
| Trade payables * | 110.4 | 119.6 | 279.1 | 393.0 | 391.6 |
| Net property, plant and equipment * | 955.3 | 1,163 | 1,846 | 2,017 | 2,333 |
| Capital work-in-progress incl capital advances | 173.3 | 345.7 | 214.4 | 325.2 | 470.3 |
| Total assets | 1,77,842 | 1,91,476 | 2,11,124 | ||
| Deposits | 1,35,202 | 1,51,213 | 1,66,344 | ||
| Advances (net of provisions) | 1,21,137 | 1,31,987 | 1,50,104 | ||
| Investments (net) | 29,288 | 40,712 | 38,668 | ||
| Other liabilities and provisions | 4,659 | 4,520 | 4,902 | ||
| Fixed assets incl CWIP | 1,173 | 1,180 | 1,401 | ||
| Other assets | 10,073 | 8,027 | 6,999 | ||
| Contingent liabilities (Schedule 12, incl derivative notionals) | 9,214 | 16,769 | 28,875 | ||
| Net debt | n.a. | n.a. | n.a. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -4,838 | -1,460 | 14,808 | 2,752 | 1,143 |
| Free cash flow (vendor definition) * | 690.3 | -4,657 | 14,251 | 2,464 | 613.9 |
| Cash dividends paid (positive spending) | 161.1 | 241.6 | 241.7 | 241.7 | |
| Gross fixed asset/CWIP purchase spending (positive outflow) | n.r. | n.r. | 557.4 | 288.1 | 528.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 161.07 | 161.08 | 161.09 | 161.11 | 161.10 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net total income | 3,543 | 3,926 | 3,456 | 3,483 | 3,135 | 3,379 | 3,566 | 3,524 |
| Other operating costs (vendor classification) * | 559.6 | 582.0 | 703.4 | 596.6 | 700.6 | 864.8 | 705.2 | |
| Profit before tax | 1,249 | 645.4 | 311.2 | 521.5 | 157.8 | 290.4 | 764.2 | 675.5 |
| Tax expense | 311.4 | 218.9 | -6.72 | 149.5 | 45.9 | 84.8 | 230.0 | 173.9 |
| Net profit after tax | 937.5 | 426.5 | 317.9 | 372.0 | 111.9 | 205.6 | 534.1 | 501.7 |
| Diluted EPS (₹) | 5.82 | 2.65 | 1.97 | 2.31 | 0.69 | 1.28 | 3.31 | 3.11 |
| Interest earned | 5,500 | 5,479 | 5,434 | 5,476 | 5,354 | 5,431 | 5,428 | 5,631 |
| Interest expended | 2,566 | 2,664 | 2,678 | 2,718 | 2,765 | 2,743 | 2,633 | 2,710 |
| Net interest income | 2,934 | 2,814 | 2,756 | 2,757 | 2,589 | 2,688 | 2,796 | 2,921 |
| Other income | 609.2 | 1,112 | 699.6 | 725.9 | 546.4 | 691.0 | 770.7 | 603.8 |
| Employee cost | 1,044 | 1,227 | 1,084 | 1,124 | 1,077 | 1,133 | 1,158 | 1,358 |
| Other operating expenses | 643.9 | 677.4 | 800.0 | 691.1 | 747.4 | 800.8 | 966.7 | 808.0 |
| Operating expenses | 1,688 | 1,905 | 1,884 | 1,815 | 1,825 | 1,934 | 2,125 | 2,166 |
| Operating profit before provisions and contingencies | 1,855 | 2,021 | 1,571 | 1,668 | 1,310 | 1,445 | 1,441 | 1,358 |
| Provisions (other than tax) and contingencies | 606.2 | 1,376 | 1,260 | 1,147 | 1,153 | 1,155 | 677.0 | 682.6 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 20.4% | 1.6% | 6.6% | 15.7% | -6.2% |
| Net margin | 1.1% | 18.7% | 17.9% | 19.0% | 9.0% |
| Return on equity | 0.7% | 11.9% | 10.8% | 11.9% | 4.9% |
| Return on assets | 1.3% | 1.5% | 0.6% | ||
| Dividend payout | 128.0% | 10.8% | 8.8% | 19.7% | |
| EPS, diluted (₹) | 0.78 | 13.62 | 13.84 | 17.04 | 7.59 |
| Book value per share (₹) | 107.9 | 121.6 | 134.1 | 152.7 | 158.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bandhan Bank includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bandhan Bank
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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