HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Indian Bank
NSE: INDIANBFinancial ServicesBanks - Regional
- Last close
- ₹865.50
- Day change
- +₹1.40 (+0.16%)vs
- Market cap
- ₹1.14 lakh crIndian rupees
- Research updated
- 5 reports
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About Indian Bank
Indian Bank is a prominent financial institution that operates within the Indian banking sector. Established in 1907, it functions as a public sector bank providing a broad range of banking services. The primary purpose of Indian Bank is to offer financial solutions through its various products such as savings and current accounts, fixed deposits, loans, and credit facilities to individuals, SMEs, and larger corporations. Known for its robust branch network, Indian Bank has a significant presence across India, enabling it to cater to both urban and rural markets effectively. Additionally, the bank engages in international banking services to support trade finance and foreign exchange operations, underlining its role in facilitating global economic interactions. Indian Bank holds a significant position in India's financial infrastructure, contributing to economic development by promoting financial inclusion and serving as a key player in supporting government initiatives aimed at broadening the reach of banking services across diverse demographics.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: INDIANB
- Chief executive
- Mr. Binod Kumar
- Employees
- 40,161
- Headquarters
- Chennai, India
- ISIN
- INE562A01011
- Website
- indianbank.bank.in
Public research · Report of
Business model & financial foundation
Indian Bank (NSE: INDIANB), Public sector bank: revenue of ₹36,906 crore in FY26 (+7.3% on FY25) and net profit of ₹12,156 crore.
- Revenue, FY26 (₹ crore)
- 36,906
- standalone
- Revenue growth, FY26
- +7.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 12,156
- to owners
- Return on equity, FY26
- 19.8%
- on average equity
- Market capitalisation (₹ crore)
- 1,14,418
- at the close of 15 Oct 2026
Company profile
Indian Bank is a Chennai-headquartered public sector bank, 73.84% owned by the Government of India. At Mar-26 it had gross advances of Rs6.67 lakh crore and deposits of Rs8.28 lakh crore across 6,001 domestic branches. Its lending is weighted to retail, agriculture and MSME (RAM ~62% of domestic advances), with a corporate book of Rs2.13 lakh crore. It earns mainly net interest income, plus fees, recoveries from written-off accounts and treasury gains.
| Item | Value |
|---|---|
| Legal name | Indian Bank |
| Exchange and ticker | NSE: INDIANB; BSE: 532814 |
| ISIN | INE562A01011 |
| Sector | Financial Services |
| Industry | Public sector bank |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Joint central statutory auditors: G Balu Associates LLP; Dass Gupta & Associates; Arun K Agarwal & Associates; SPARK & Associates; Bhatia & Bhatia |
| Market capitalisation | ₹1,14,418 crore (15 Oct 2026) |
| Shares outstanding | 134.70 crore shares (FY26) |
| Price | ₹849.5 (close, 15 Oct 2026) |
| 52-week range | ₹756.5 - ₹1,001 (to 15 Oct 2026) |
| Website | https://indianbank.bank.in |
Corporate structure and shareholding
Parent: Government of India (73.84%).
| Entity | Holding | Business |
|---|---|---|
| Indbank Merchant Banking Services | 64.84% | Merchant banking and broking |
| Ind Bank Housing | n.d. | Housing finance (subsidiary) |
| Indbank Global Support Services | n.d. | Back-office services |
| Universal Sompo General Insurance (JV) | 28.52% | General insurance |
| ASREC (India) (JV) | n.d. | Asset reconstruction |
| Tamil Nadu Grama Bank (associate) | 35% | Regional rural bank |
| Puducherry Grama Bank (associate) | 35% | Regional rural bank |
Allahabad Bank was amalgamated into Indian Bank on 1 Apr 2020.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 73.84% | 73.84% | 73.84% | 73.84% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.64% | 5.82% | 6.16% | 6.87% |
| Domestic institutions | 17.82% | 17.75% | 17.03% | 16.77% |
| of which mutual funds | 13.73% | 13.69% | 13.52% | 13.36% |
| Retail | 2.71% | 2.58% | 2.97% | 2.54% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Indian Bank is a Chennai-headquartered public-sector bank, 73.84% owned by the Government of India. Its core earnings are net interest income: Rs26,915cr of FY26 net total income of Rs36,906cr. Fees, recoveries and treasury/forex income make up the remainder. At Q2FY27, gross advances were Rs723,000cr and deposits Rs873,000cr; the domestic CASA ratio was 39.28%. The operating model is a loan book funded mainly by deposits: loan mix and pricing, deposit franchise, operating cost discipline, asset quality and regulatory capital are the material controllable variables.
| Peer | Why the dossier compares them |
|---|---|
| State Bank of India (SBIN) | |
| Bank of Baroda (BANKBARODA) | Large PSU bank with similar loan mix |
| Punjab National Bank (PNB) | Large PSU bank, merged entity |
| Canara Bank (CANBK) | South India-headquartered PSU bank of similar size |
| Bank of India (BANKINDIA) | Mid-size PSU bank |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net interest income | 23,274 | 25,176 | 26,915 |
| Interest earned | 55,615 | 62,002 | 67,451 |
| Interest expended | 32,341 | 36,826 | 40,536 |
| Fee income | 3,298 | 3,528 | 3,709 |
| Non-interest income (total) | 7,867 | 9,223 | 9,991 |
| Net total income (NII + non-interest income) | 31,141 | 34,399 | 36,906 |
| Staff expenses | 9,265 | 9,883 | 10,760 |
| Overheads | 5,036 | 5,518 | 6,229 |
| Operating expenses | 14,301 | 15,401 | 16,989 |
| Operating profit (pre-provision) | 16,840 | 18,998 | 19,916 |
| Provisions and contingencies (excl. tax) | 5,889 | 4,211 | 3,512 |
| Profit before tax | 10,951 | 14,787 | 16,404 |
| Provision for taxes | 2,888 | 3,869 | 4,248 |
| Net profit | 8,063 | 10,918 | 12,156 |
| EPS (₹) | 63.23 | 81.06 | 90.24 |
| Dividend per share (₹) | 12.00 | 16.25 | 18.25 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Gross advances (global) | 5,33,773 | 5,88,140 | 6,67,113 |
| Advances (balance sheet, net) | n.r. | 5,71,071 | 6,54,888 |
| Deposits (global) | 6,88,000 | 7,37,154 | 8,27,726 |
| Net worth | 47,491 | 57,029 | 65,628 |
| Total assets * | 7,95,709 | 8,77,039 | 9,91,553 |
| Gross NPA | n.r. | 18,179 | 13,190 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding (year end) | n.r. | 134.70 | 134.70 |
| Book value per share (reported) (₹) | 352.6 | 423.4 | 487.2 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Net interest income | 6,415 | 6,389 | 6,359 | 6,551 | 6,896 | 7,109 | 7,435 | 7,719 |
| Fee income | 931.0 | 918.0 | 790.0 | 830.0 | 998.0 | 1,092 | 930.0 | |
| Other income | 2,152 | 2,743 | 2,439 | 2,487 | 2,566 | 2,500 | 2,633 | 3,953 |
| Net total income (NII plus other income) | 8,567 | 9,132 | 8,798 | 9,038 | 9,462 | 9,609 | 10,068 | 11,672 |
| Staff expenses | 2,417 | 2,700 | 2,612 | 2,651 | 2,786 | 2,711 | 3,071 | |
| Overheads | 1,401 | 1,413 | 1,415 | 1,550 | 1,652 | 1,612 | 1,440 | |
| Operating expenses | 3,818 | 4,113 | 4,028 | 4,201 | 4,438 | 4,323 | 4,511 | 4,582 |
| Pre-provision operating profit | 4,749 | 5,019 | 4,770 | 4,837 | 5,024 | 5,286 | 5,557 | 7,090 |
| Provisions and contingencies | 1,059 | 795.0 | 691.0 | 739.0 | 858.0 | 1,226 | 1,196 | 2,222 |
| Profit before tax | 3,690 | 4,224 | 4,079 | 4,098 | 4,166 | 4,060 | 4,361 | 4,868 |
| Tax expense | 838.0 | 1,268 | 1,106 | 1,080 | 1,105 | 957.0 | 1,088 | 1,405 |
| Profit after tax | 2,852 | 2,956 | 2,973 | 3,018 | 3,061 | 3,103 | 3,273 | 3,462 |
| Diluted EPS (₹) | 21.17 | 21.95 | 22.07 | 22.41 | 22.73 | 23.04 | 24.30 | 25.70 |
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 | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 10.5% | 7.3% | |
| Net margin | 25.9% | 31.7% | 32.9% |
| Return on equity | 17.0% | 20.9% | 19.8% |
| Return on assets | 1.0% | 1.3% | 1.3% |
| EPS, diluted (₹) | 63.23 | 81.06 | 90.24 |
| Book value per share (₹) | 423.4 | 487.2 |
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.
- EPS, diluted (₹): as reported (EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 5, 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 Indian 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 Indian Bank
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.