HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
IDFC First Bank Ltd.
NSE: IDFCFIRSTBFinancial ServicesBanks - Regional
- Last close
- ₹72.30
- Day change
- −₹2.59 (−3.46%)vs
- Market cap
- ₹62,347 crIndian rupees
- Research updated
- 4 reports
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About IDFC First Bank
IDFC First Bank Ltd. is a prominent banking institution in India, established with the objective of providing comprehensive financial services. This bank emerged from the merger of IDFC Bank and Capital First in December 2018, combining expertise in infrastructure finance with retail lending capabilities. IDFC First Bank primarily serves retail and small businesses, offering diverse products such as savings accounts, loans, credit cards, and wealth management services. Notable for its focus on customer-centric services, the bank has made significant strides in enhancing its digital banking solutions, ensuring ease of access and convenience for its clientele. Operating in sectors such as SME banking, infrastructure finance, and corporate banking, IDFC First Bank plays a crucial role in supporting economic growth and development in India. Its expanded range of services caters to a broad demographic, from individuals and families to small enterprises and large corporates, cementing its position as a versatile and reliable financial institution in the Indian banking landscape.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: IDFCFIRSTB
- Chief executive
- Mr. Vembu Vaidyanathan AMP (HBS), MBA
- Employees
- 43,059
- Headquarters
- Mumbai, India
- ISIN
- INE092T01019
- Website
- idfcfirst.bank.in
Public research · Report of
Business model & financial foundation
IDFC FIRST Bank (NSE: IDFCFIRSTB), Private sector bank: revenue of ₹29,363 crore in FY26 (+11.6% on FY25) and net profit of ₹1,636 crore.
- Revenue, FY26 (₹ crore)
- 29,363
- standalone
- Revenue growth, FY26
- +11.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,636
- to owners
- Return on equity, FY26
- 3.8%
- on average equity
- Market capitalisation (₹ crore)
- 67,332
- at the close of 24 Oct 2026
Company profile
IDFC FIRST Bank earns net interest income on retail, rural, MSME and wholesale loans and fee income on banking products. Its retail deposit franchise replaces legacy wholesale funding while branch and credit-card investment keeps cost-to-income elevated.
| Item | Value |
|---|---|
| Legal name | IDFC FIRST Bank Limited (formerly IDFC Bank Limited) |
| Exchange and ticker | NSE: IDFCFIRSTB; BSE: 539437 |
| ISIN | INE092T01019 |
| CIN | L65110TN2014PLC097792 |
| Sector | Financial Services |
| Industry | Private sector bank |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | M.P. Chitale & Co. and Walker Chandiok & Co LLP (since FY26) |
| Market capitalisation | ₹67,332 crore (24 Oct 2026) |
| Shares outstanding | 860.17 crore shares (FY26) |
| Price | ₹72.30 (close, 24 Oct 2026) |
| 52-week range | ₹58.08 - ₹89.61 (to 24 Oct 2026) |
| Website | https://www.idfcfirstbank.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| IDFC FIRST Bharat Limited | 100% | Business correspondent serving rural customers |
Professionally managed bank without promoter following IDFC reverse merger effective 1 Oct 2024.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Promoter holding pledged | 0.00% | |||
| Foreign institutions | 36.80% | 36.50% | 36.10% | |
| Domestic institutions | 30.20% | 30.50% | 32.10% | |
| of which mutual funds | 10.93% | 11.19% | 12.76% | |
| Retail | 14.24% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IDFC FIRST Bank earns NII on a retail-focused loan book funded through granular deposits, then fees and transaction income. Its economic bottlenecks are cost of funds, operating cost scale, credit losses and the capital required to grow.
| Segment | revenue, FY26 (₹ crore) | Share | result after provisions before tax, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Treasury | 28,427 | 58.7% | 522.1 | 28.5% |
| Wholesale Banking | 11,166 | 23.1% | 1,090 | 59.5% |
| Retail Banking (includes Digital and Other Retail) | 53,883 | 111.3% | 260.1 | 14.2% |
| Other Banking Business | 1,027 | 2.1% | 487.0 | 26.6% |
| Unallocated | 165.1 | 0.3% | -526.2 | -28.7% |
| Intersegment revenue elimination (not an operating segment) | -46,246 | -95.5% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Bank (HDFCBANK) | Large retail deposit franchise; benchmark profitability |
| ICICI Bank (ICICIBANK) | Diversified private bank; benchmark ROE and asset quality |
| Axis Bank (AXISBANK) | Diversified private bank; retail and corporate mix |
| Kotak Mahindra Bank (KOTAKBANK) | Premium retail deposit and capital franchise |
| IndusInd Bank (INDUSINDBK) | Retail lending and governance recovery comparator |
| RBL Bank (RBLBANK) | Smaller private bank with unsecured lending exposure |
| Bandhan Bank (BANDHANBNK) | Microfinance stress and credit-cost comparator |
| AU Small Finance Bank (AUBANK) | Retail franchise scaling and liability investment comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Interest income | 30,323 | 36,501 | 40,549 | ||
| Interest expense | 13,872 | 17,210 | 19,334 | ||
| Net interest income | 16,451 | 19,292 | 21,215 | ||
| Fee and other income excluding trading gains | 5,795 | 6,676 | 7,659 | ||
| Trading gains / (losses) | 207.0 | 346.0 | 488.0 | ||
| Operating income (NII plus fee plus trading) | 22,453 | 26,314 | 29,363 | ||
| Operating expenses | 16,216 | 18,899 | 21,877 | ||
| Pre-provision operating profit (PPOP; not corporate EBITDA) | 6,237 | 7,415 | 7,485 | ||
| Provisions and contingencies excluding tax | 2,382 | 5,515 | 5,653 | ||
| Profit before tax | 3,855 | 1,900 | 1,833 | ||
| Tax expense / (credit) | 899.0 | 375.0 | 196.5 | ||
| Standalone profit after tax | 2,957 | 1,525 | 1,636 | ||
| Standalone PAT before preference dividend deduction | 2,957 | 1,525 | 1,636 | ||
| Basic EPS as reported (₹) | 4.32 | 2.09 | 1.93 | ||
| Diluted EPS as reported (₹) | 4.25 | 2.08 | 1.91 | ||
| Other operating costs (vendor classification) * | 5,500 | 6,243 | 8,863 | 12,947 | 12,027 |
| Interest earned | 30,323 | 36,501 | 40,549 | ||
| Interest expended | 13,872 | 17,210 | 19,334 | ||
| Other income (fees, commissions, treasury and the rest) | 6,002 | 7,022 | 7,873 | ||
| Employee cost | 4,893 | 5,710 | 6,182 | ||
| Operating expenses | 16,216 | 18,899 | 21,877 | ||
| Operating profit before provisions | 6,237 | 7,415 | 7,211 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' funds | 21,082 | 25,848 | 32,161 | 38,078 | 47,352 |
| Total deposits | 2,00,576 | 2,52,065 | 2,94,475 | ||
| Borrowings | 50,936 | 38,975 | 36,621 | ||
| Net loans and advances including credit investments | 1,97,763 | 2,38,070 | 2,86,636 | ||
| Investments excluding credit investments in advances | n.r. | 75,758 | 79,721 | ||
| Total assets | 2,96,115 | 3,43,819 | 3,99,780 | ||
| Cash and balances with banks and RBI | 15,702 | 13,779 | 12,480 | 15,097 | 12,762 |
| Trade payables * | 1,580 | 1,503 | 1,755 | 1,825 | 1,398 |
| Fixed assets | 2,619 | 2,663 | 2,557 | ||
| Capital work in progress * | 79.4 | 218.6 | 94.5 | 73.6 | 113.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 11,328 | 14,395 | 6,915 | ||
| Purchase of fixed assets (positive cash outflow) | 1,349 | 885.9 | 763.8 | ||
| Dividends paid including CCPS (positive cash outflow) | 0.00 | 0.00 | 295.7 | ||
| Free cash flow (vendor definition) * | 2,128 | 2,375 | 10,169 | 13,546 | 6,039 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued year-end equity shares (not weighted) | 706.99 | 732.21 | 860.17 | ||
| Weighted average basic equity shares | 684.57 | 729.55 | 791.52 | ||
| Weighted average diluted equity shares | 696.36 | 733.68 | 798.72 | ||
| Net profit attributable to equity for EPS computation | 2,957 | 1,525 | 1,524 | ||
| CCPS dividend deducted in EPS numerator | 0.00 | 112.4 | |||
| Equity shares allotted on exercise of ESOPs | 2.18 | 2.97 | |||
| Gross NPAs (the bank's standalone figure) | 3,718 | 4,434 | 4,559 | ||
| Net NPAs (the bank's standalone figure) | 1,160 | 1,230 | 1,346 | ||
| Gross NPA ratio, % (the bank's standalone figure) | 1.9% | 1.9% | 1.6% | ||
| Net NPA ratio, % (the bank's standalone figure) | 0.5% | 0.5% | |||
| CET1 ratio, % (the bank's standalone figure) | 13.4% | 13.2% | 13.7% | ||
| Additional tier 1 ratio, % (the bank's standalone figure) | 0.0% | 0.0% | 0.0% |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Interest income | 9,343 | 9,413 | 9,642 | 9,937 | 10,417 | 10,553 | 11,051 | 11,922 |
| Interest expense | 4,441 | 4,506 | 4,709 | 4,824 | 4,925 | 4,876 | 5,079 | 5,737 |
| Net interest income | 4,902 | 4,907 | 4,933 | 5,113 | 5,492 | 5,677 | 5,972 | 6,184 |
| Fee & other income | 1,757 | 1,702 | 1,731 | 1,836 | 2,029 | 2,063 | 2,128 | 2,285 |
| Trading gains | 23.0 | 194.0 | 495.0 | 56.0 | 96.0 | -159.0 | 181.0 | 12.0 |
| Operating income (NII plus fee plus trading) | 6,682 | 6,803 | 7,160 | 7,004 | 7,617 | 7,581 | 8,282 | |
| Operating expenses | 4,923 | 4,991 | 4,921 | 5,124 | 5,584 | 6,249 | 5,729 | 5,942 |
| Pre-provision operating profit | 1,759 | 1,812 | 2,239 | 1,880 | 2,033 | 1,333 | 2,553 | 2,539 |
| Provisions | 1,338 | 1,450 | 1,659 | 1,452 | 1,398 | 1,143 | 1,144 | 1,137 |
| Profit before tax | 421.0 | 361.0 | 580.0 | 428.0 | 635.0 | 189.3 | 1,409 | 1,402 |
| Tax | 82.0 | 57.0 | 118.0 | 76.0 | 132.5 | -129.6 | 334.0 | 357.0 |
| Profit after tax | 339.0 | 304.0 | 463.0 | 352.0 | 503.0 | 318.9 | 1,075 | 1,045 |
| Basic EPS as reported (not annualized) (₹) | 0.46 | 0.42 | 0.63 | 0.36 | 0.57 | 0.37 | 1.25 | n.r. |
| Diluted EPS as reported (not annualized) (₹) | 0.46 | 0.41 | 0.63 | 0.35 | 0.57 | 0.37 | 1.24 | n.r. |
| Other operating costs (vendor classification) * | 3,308 | 3,272 | 3,169 | 3,565 | 4,233 | 3,528 | ||
| Interest earned | 9,343 | 9,413 | 9,642 | 10,417 | 10,553 | 11,051 | ||
| Interest expended | 4,441 | 4,506 | 4,709 | 4,925 | 4,876 | 5,079 | ||
| Other income (fees, commissions, treasury and the rest) | 1,780 | 1,895 | 2,227 | 2,125 | 1,630 | 2,309 | ||
| Employee cost | 1,420 | 1,528 | 1,496 | 1,602 | 1,594 | 1,696 | ||
| Operating expenses | 4,923 | 4,991 | 4,921 | 5,584 | 6,249 | 5,729 | ||
| Operating profit before provisions | 1,759 | 1,812 | 2,239 | 2,033 | 1,059 | 2,553 |
Standalone, management. 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 | 17.2% | 11.6% | |||
| Net margin | 13.2% | 5.8% | 5.6% | ||
| Return on equity | 10.2% | 4.3% | 3.8% | ||
| Return on assets | 1.0% | 0.5% | 0.4% | ||
| Dividend payout | 0.0% | 0.0% | 18.1% | ||
| EPS, diluted (₹) | 4.25 | 2.08 | 1.91 | ||
| Book value per share (₹) | 45.49 | 52.00 | 55.05 |
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 as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 24 Oct 2026); market data at the close of 24 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 IDFC First 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 IDFC First Bank
- Research reportLatest
- Research report
- Research report
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 25 Oct 2026.
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