HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
IndusInd Bank Ltd.
NSE: INDUSINDBKFinancial ServicesBanks - Regional
- Last close
- ₹835.00
- Day change
- −₹15.50 (−1.82%)vs
- Market cap
- ₹65,059 crIndian rupees
- Research updated
- 2 reports
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About IndusInd Bank
IndusInd Bank Ltd. is a public Indian banking and financial services company headquartered in Mumbai, operating as a leading private sector universal bank. It provides a broad suite of products for retail and corporate clients, including savings and current accounts, fixed deposits, microfinance, personal and commercial vehicle loans, credit cards, SME financing, and wealth management solutions. The bank is structured around key segments such as treasury, corporate and wholesale banking, retail banking, and other banking operations, enabling it to serve individuals, mid-sized and large corporates, government entities, and public sector undertakings. IndusInd Bank plays a significant role in India’s financial ecosystem through its extensive branch network, digital banking platforms, and transaction and payment services, as well as its presence in international financial centers and select overseas locations. Today, it is recognized as one of India’s prominent financial services brands, combining traditional banking with technology-led solutions to support diverse funding, transactional, and credit needs across the economy.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: INDUSINDBK
- Chief executive
- Mr. Rajiv Anand Prattipati
- Employees
- 46,778
- Headquarters
- Mumbai, India
- ISIN
- INE095A01012
- Website
- indusind.bank.in
Public research · Report of
Business model & financial foundation
IndusInd Bank (NSE: INDUSINDBK), Private sector banking: revenue of ₹25,211 crore in FY26 (-5.7% on FY25) and net profit of ₹889.3 crore.
- Revenue, FY26 (₹ crore)
- 25,211
- consolidated
- Revenue growth, FY26
- -5.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 889.3
- to owners
- Return on equity, FY26
- 1.4%
- on average equity
- Market capitalisation (₹ crore)
- 66,461
- at the close of 23 Oct 2026
Company profile
IndusInd Bank is an Indian private-sector universal lender serving retail, SME and corporate customers through deposits, loans, payments and treasury services. Its lending franchise includes vehicle finance and rural/microfinance businesses supported by wholly owned BFIL. Consolidated reporting also includes the Bank's 30% interest in manpower-services associate IMFS through equity accounting.
| Item | Value |
|---|---|
| Legal name | IndusInd Bank Limited |
| Exchange and ticker | NSE: INDUSINDBK; BSE: 532187 |
| ISIN | INE095A01012 |
| CIN | L65191PN1994PLC076333 |
| Sector | Financial Services |
| Industry | Private sector banking |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Chokshi & Chokshi LLP; Borkar & Muzumdar (joint statutory auditors) (since 2024 / 2025) |
| Market capitalisation | ₹66,461 crore (23 Oct 2026) |
| Shares outstanding | 77.91 crore shares (FY26) |
| Price | ₹850.5 (close, 23 Oct 2026) |
| 52-week range | ₹750.5 - ₹1,078 (to 23 Oct 2026) |
| Website | https://www.indusind.bank.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Bharat Financial Inclusion Limited | 100% | Loan origination and servicing; business correspondent supporting the Bank's financial inclusion and microfinance operations. |
| IndusInd Marketing and Financial Services Private Limited | 30% | Manpower services; associate, not a subsidiary; equity accounted under AS 23. |
IMFS is an associate, included in this schema's group-entity list, not consolidated line by line. Chokshi appointed in 2024; Borkar & Muzumdar in 2025. FY26 consolidated statements signed April 24, 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 15.82% | 15.82% | 15.82% | |
| Promoter holding pledged | 50.86% | 42.78% | 42.78% | |
| Foreign institutions | 31.60% | 28.57% | 29.16% | |
| Domestic institutions | 35.38% | 40.51% | 42.25% | |
| of which mutual funds | 25.82% | 30.11% | 30.26% | |
| Retail | 17.20% | 15.10% | 12.77% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Treasury | 10,449 | 18.2% | 2,354 | 24.2% | 1,57,665 | 31.0% |
| Corporate / Wholesale Banking | 10,836 | 18.9% | 1,698 | 17.5% | 1,14,785 | 22.6% |
| Retail Banking (parent; includes digital and other retail) | 36,089 | 62.9% | 5,662 | 58.3% | 2,36,519 | 46.5% |
| Other Banking Operations | 24.1 | 0.0% | 4.13 | 0.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Bank (HDFCBANK) | Large private-bank benchmark for retail deposits, distribution, funding cost and through-cycle returns; scale exceeds IndusInd. |
| ICICI Bank (ICICIBANK) | Diversified private-bank benchmark for underwriting, digital execution, asset quality and sustainable ROE. |
| Axis Bank (AXISBANK) | Universal private-bank comparator across corporate, SME and retail credit and deposit franchises. |
| Kotak Mahindra Bank (KOTAKBANK) | Private-bank comparator for capital strength, liability quality and risk-adjusted retail and SME lending. |
| Federal Bank (FEDERALBNK) | Mid-sized private lender useful for deposit competition, NRI franchise and retail/SME business mix. |
| IDFC First Bank (IDFCFIRSTB) | Retailising private-bank comparator for deposit mobilisation, operating leverage and unsecured-credit risk. |
| RBL Bank (RBLBANK) | Mid-sized private lender with relevant microfinance and unsecured-retail exposures; credit-cost and turnaround comparison. |
| Yes Bank (YESBANK) | Private-bank recovery comparator for franchise rebuilding, deposit stability, governance repair and normalised returns. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| NII + other income | 30,012 | 26,721 | 25,211 | ||
| Other operating costs (vendor classification) * | 6,637 | 5,924 | 7,249 | 9,639 | 6,963 |
| Profit before tax | 6,433 | 9,932 | 11,979 | 3,525 | 1,210 |
| Tax expense | 1,628 | 2,489 | 3,002 | 950.0 | 321.0 |
| Net profit (loss) | 4,805 | 7,443 | 8,977 | 2,576 | 889.3 |
| Diluted EPS (₹) | 61.97 | 95.89 | 115.3 | 33.05 | 11.41 |
| Net interest income | 20,616 | 19,031 | 17,982 | ||
| Fee and other income | 9,396 | 7,690 | 7,229 | ||
| Operating expenses | 14,148 | 16,060 | 16,032 | ||
| Pre-provision operating profit | 15,864 | 10,661 | 9,180 | ||
| Provisions and contingencies other than tax | 3,885 | 7,136 | 7,969 | ||
| Interest earned | 45,748 | 48,668 | 46,251 | ||
| Interest expended | 25,132 | 29,636 | 28,268 | ||
| Employee cost | 5,374 | 6,028 | 7,091 | ||
| Share of associates | 0.31 | 0.13 | 0.15 | ||
| Profit attributable to owners | 8,977 | 2,576 | 889.3 | ||
| Basic EPS (₹) | 115.5 | 33.07 | 11.42 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including ESOP outstanding | 50,516 | 56,495 | 63,208 | 64,836 | 65,740 |
| Borrowings | 44,833 | 47,521 | 47,611 | 53,704 | 42,789 |
| Cash and balances with the RBI and other banks | 36,907 | 59,375 | 48,932 | ||
| Trade payables * | 1,311 | 1,830 | 1,943 | 2,621 | 2,118 |
| Fixed assets | 2,324 | 2,496 | 2,546 | ||
| Capital work in progress * | 94.5 | 135.4 | 197.0 | 187.6 | 126.4 |
| Total assets | 5,15,094 | 5,54,107 | 5,43,394 | ||
| Net advances | 3,43,298 | 3,45,019 | 3,15,871 | ||
| Deposits | 3,84,586 | 4,10,862 | 3,99,931 | ||
| Investments | 1,06,486 | 1,14,457 | 1,25,007 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -16,925 | 18,278 | 992.9 | ||
| Free cash flow (vendor definition) * | 16,258 | -13,013 | -17,655 | 17,547 | 301.0 |
| Capital expenditure (an outflow is negative) | -406.2 | -560.2 | -730.0 | -731.0 | -691.9 |
| Dividends paid (an outflow is negative) | -387.0 | -658.9 | -1,086 | -1,285 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end issued and paid-up equity shares | 77.41 | 77.52 | 77.83 | 77.91 | 77.91 |
| Basic EPS weighted-average equity shares | 77.70 | 77.88 | 77.91 | ||
| Diluted EPS weighted-average equity shares | 77.84 | 77.93 | 77.92 | ||
| Gross NPAs (the bank's standalone figure) | 6,693 | 11,046 | 11,095 | ||
| Net NPAs (the bank's standalone figure) | 1,969 | 3,287 | 3,169 | ||
| Gross NPA ratio, % (the bank's standalone figure) | 1.9% | 3.1% | 3.4% | ||
| Net NPA ratio, % (the bank's standalone figure) | 1.0% | 1.0% | |||
| CET1 ratio, % (the bank's standalone figure) | 15.8% | 15.1% | 16.2% | ||
| Additional tier 1 ratio, % (the bank's standalone figure) | 0.0% | 0.0% | 0.0% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| NII + other income | 7,532 | 7,583 | 3,757 | 6,797 | 6,060 | 6,269 | 6,085 | 6,472 |
| Other operating costs (vendor classification) * | 2,278 | 2,341 | 2,496 | 2,424 | 2,094 | 2,073 | 1,906 | |
| Profit before tax | 1,780 | 1,858 | -3,013 | 808.0 | -584.0 | 174.0 | 813.0 | 1,389 |
| Tax expense | 449.0 | 456.0 | -684.0 | 204.0 | -147.0 | 46.0 | 219.0 | 352.0 |
| Net profit (loss) | 1,331 | 1,402 | -2,329 | 604.0 | -437.0 | 128.0 | 594.0 | 1,037 |
| Diluted EPS (₹) | 17.08 | 18.00 | -29.89 | 7.75 | -5.61 | 1.59 | 7.62 | 13.31 |
| Net interest income | 5,347 | 5,228 | 3,048 | 4,640 | 4,409 | 4,562 | 4,371 | 4,685 |
| Fee and other income | 2,185 | 2,355 | 709.0 | 2,157 | 1,651 | 1,707 | 1,714 | 1,787 |
| Operating expenses | 3,932 | 3,982 | 4,248 | 4,229 | 4,013 | 3,999 | 3,790 | 3,698 |
| Pre-provision operating profit | 3,600 | 3,601 | -491.0 | 2,568 | 2,047 | 2,270 | 2,295 | 2,773 |
| Provisions and contingencies other than tax | 1,820 | 1,743 | 2,522 | 1,760 | 2,631 | 2,096 | 1,482 | 1,384 |
| Employee cost | n.d. | 1,641 | 1,752 | 1,805 | 1,664 | 1,905 | 1,717 | 1,792 |
| Other operating expenses | n.d. | 2,341 | 2,496 | 2,424 | 2,349 | 2,094 | 2,073 | 1,906 |
| Interest earned | 12,686 | 12,801 | 10,634 | 12,264 | 11,609 | 11,373 | 11,005 | 11,310 |
| Interest expended | 7,339 | 7,573 | 7,586 | 7,624 | 7,199 | 6,811 | 6,634 | 6,625 |
| Share of associates | 0.03 | -0.02 | 0.05 | 0.02 | 0.06 | 0.04 | 0.03 | 0.03 |
| Profit attributable to owners | 1,331 | 1,402 | -2,329 | 604.1 | -436.9 | 128.0 | 594.2 | 1,037 |
| Basic EPS (₹) | 17.09 | 18.01 | -29.90 | 7.75 | -5.61 | 1.64 | 7.63 | 13.31 |
Consolidated, 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 | -11.0% | -5.7% | |||
| Net margin | 29.9% | 9.6% | 3.5% | ||
| Return on equity | 15.0% | 4.0% | 1.4% | ||
| Return on assets | 1.7% | 0.5% | 0.2% | ||
| Dividend payout | 12.1% | 49.9% | 0.0% | ||
| EPS, diluted (₹) | 61.97 | 95.89 | 115.3 | 33.05 | 11.41 |
| Book value per share (₹) | 652.6 | 728.7 | 812.1 | 832.2 | 843.8 |
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 2, information to 23 Oct 2026); market data at the close of 23 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 IndusInd 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 IndusInd Bank
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 25 Oct 2026.
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