HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Jammu and Kashmir Bank Ltd.
NSE: J&KBANKFinancial ServicesBanks - Regional
- Last close
- ₹117.19
- Day change
- −₹5.06 (−4.14%)vs
- Market cap
- ₹14,921 crIndian rupees
- Research updated
- 3 reports
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About Jammu and Kashmir Bank
Jammu and Kashmir Bank Ltd. is a leading banking and financial services institution in India. It primarily functions to provide a wide range of banking products and services tailored for personal, business, and government clients. The bank offers services such as personal loans, savings accounts, credit facilities, mortgages, foreign exchange, investment products, and insurance. It plays a critical role in driving regional economic development, focusing heavily on the northern states of Jammu and Kashmir and Ladakh. Its unique positioning allows it to cater to the specific banking needs of these regions while also broadening to a national scale. Over the years, Jammu and Kashmir Bank Ltd. has enhanced its operational capabilities and expanded its reach, contributing significantly to the Indian banking sector's overall growth and integration into the broader financial market system.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: J&KBANK
- Chief executive
- Mr. Amitava Chatterjee
- Employees
- 11,934
- Headquarters
- Srinagar, India
- ISIN
- INE168A01041
- Website
- jkb.bank.in
Public research · Report of
Business model & financial foundation
J&K Bank (NSE: J&KBANK), Banking: revenue of ₹14,085 crore in FY26 (+3.0% on FY25) and net profit of ₹2,363 crore.
- Revenue, FY26 (₹ crore)
- 14,085
- standalone
- Revenue growth, FY26
- +3.0%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,363
- to owners
- Return on equity, FY26
- 15.2%
- on average equity
- Market capitalisation (₹ crore)
- 14,921
- at the close of 22 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | The Jammu & Kashmir Bank Limited |
| Exchange and ticker | NSE: J&KBANK; BSE: 532209 |
| ISIN | INE168A01041 |
| Sector | Financial Services |
| Industry | Banking |
| Headquarters | Srinagar, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Gupta Gupta & Associates LLP; JCR & Co LLP; Dhar Tiku & Co; Gupta Sharma & Associates (since FY26) |
| Market capitalisation | ₹14,921 crore (22 Oct 2026) |
| Shares outstanding | 110.12 crore shares (FY26) |
| Price | ₹135.1 (close, 22 Oct 2026) |
| 52-week range | ₹97.35 - ₹201.8 (to 22 Oct 2026) |
| Website | https://jkb.bank.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| JKB Financial Services Limited | 100% | Capital-market services |
| J&K Grameen Bank | 35% | Associate rural bank; EDB amalgamation effective 1 May 2025 |
| J&K Asset Reconstruction Limited | 49% | Associate; winding-up/removal application under consideration |
Government-controlled regional bank. PNB MetLife partial stake disposal completed 16 October 2026; consideration is not treated as profit.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 59.40% | 59.40% | 59.40% | 59.40% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 8.14% | 8.35% | 9.38% | 11.62% |
| Domestic institutions | 5.84% | 6.00% | 7.85% | 7.42% |
| of which mutual funds | 3.74% | 3.89% | 6.36% | |
| Retail | 16.93% | 14.60% | ||
| Other | 26.62% | 21.57% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY25 (₹ crore) | Share | result, FY25 (₹ crore) | Share |
|---|---|---|---|---|
| Treasury Operations | 3,187 | 23.3% | 99.7 | 3.4% |
| Corporate/Wholesale Banking | 2,741 | 20.0% | 1,821 | 62.1% |
| Retail Banking | 8,998 | 65.8% | 2,309 | 78.7% |
| Other Banking Business | 106.5 | 0.8% | 104.8 | 3.6% |
| Un-Allocated Business | 0.00 | 0.0% | -1,400 | -47.7% |
| Inter-segment revenue elimination | -1,361 | -10.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Federal Bank (FEDERALBNK) | Diversifying regional private bank; funding and ROE comparator. |
| City Union Bank (CUB) | Regional deposit franchise and SME exposure. |
| South Indian Bank (SOUTHBANK) | Old private regional bank with turnaround and margin risks. |
| Karnataka Bank (KTKBANK) | Regional old private bank; growth and cost comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Interest earned | 11,212 | 12,536 | 13,145 | ||
| Interest expended | 6,009 | 6,742 | 7,269 | ||
| Net interest income | 5,204 | 5,794 | 5,876 | ||
| Other income | 825.5 | 1,137 | 939.9 | ||
| Total income (interest earned + other income) | 12,038 | 13,673 | 14,085 | ||
| Total income (interest earned + other income) | 12,038 | 13,673 | 14,085 | ||
| Payments to and provisions for employees | 2,572 | 2,780 | 2,479 | ||
| Other operating expenses (including depreciation) | 1,181 | 1,220 | 1,350 | ||
| Operating expenses | 3,752 | 4,001 | 3,829 | ||
| Operating profit before provisions and contingencies | 2,277 | 2,930 | 2,986 | ||
| Provisions and contingencies (excluding tax; signed) | -107.7 | -3.91 | 28.6 | ||
| Profit before tax | 746.7 | 1,786 | 2,385 | 2,934 | 2,958 |
| Tax expense (current + deferred) | 242.3 | 587.5 | 617.3 | 851.2 | 594.4 |
| Net profit after tax | 494.9 | 1,181 | 1,767 | 2,082 | 2,363 |
| Diluted earnings per share (INR) | 5.96 | 12.25 | 16.80 | 18.91 | 21.46 |
| Exceptional items (statutory line, signed) | 0.00 | 0.00 | n.r. | ||
| Other operating costs (vendor classification) * | 1,026 | 531.4 | 690.7 | 1,222 | 906.6 |
| Interest expended | 6,009 | 6,742 | |||
| Basic EPS (₹) | 16.80 | 18.91 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net advances | 93,763 | 1,04,199 | 1,22,641 | ||
| Deposits | 1,34,776 | 1,48,569 | 1,65,354 | ||
| Shareholders funds (capital + reserves, incl revaluation) | 8,077 | 9,896 | 12,236 | 14,252 | 16,750 |
| Borrowings (balance sheet Schedule 4) | 2,371 | 2,892 | 2,885 | 2,383 | 3,431 |
| Net investments | 34,987 | 41,213 | 40,822 | ||
| Total assets | 1,54,527 | 1,69,468 | 1,89,194 | ||
| Cash and balances with the RBI and other banks | 8,177 | 9,760 | |||
| Trade payables * | 18.0 | 29.0 | 23.7 | 135.5 | 210.6 |
| Fixed assets | 2,257 | 2,191 | |||
| Capital work in progress * | 46.4 | 47.3 | 49.5 | 65.6 | 88.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | -851.5 | 2,718 | n.r. | ||
| Purchase of fixed assets cash outflow | -85.2 | -123.5 | 185.6 | 101.6 | n.r. |
| Dividends paid cash outflow | 51.6 | 236.8 | n.r. | ||
| Free cash flow (vendor definition) * | -1,653 | -530.6 | -1,038 | 2,621 | -1,595 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore shares) | 83.03 | 96.36 | 110.12 | 110.12 | 110.12 |
| Gross NPAs (the bank's standalone figure) | 3,956 | 3,605 | |||
| Net NPAs (the bank's standalone figure) | 736.9 | 818.1 | |||
| Gross NPA ratio, % (the bank's standalone figure) | 4.1% | 3.4% | |||
| Net NPA ratio, % (the bank's standalone figure) | 0.8% | ||||
| CET1 ratio, % (the bank's standalone figure) | 12.0% | 13.0% | |||
| Additional tier 1 ratio, % (the bank's standalone figure) | 13.1% | 14.0% |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Interest earned | 3,206 | 3,212 | 3,268 | 3,292 | 3,313 | 3,272 | 3,546 | 3,727 |
| Interest expended | 1,697 | 1,732 | 1,803 | 1,858 | 1,825 | 1,784 | 2,049 | 2,225 |
| Net interest income | 1,509 | 1,480 | 1,465 | 1,434 | 1,489 | 1,487 | 1,497 | 1,502 |
| Other income | 242.3 | 404.3 | 250.3 | 154.9 | 279.5 | 259.4 | 214.0 | 314.9 |
| Total income (interest earned + other income) | 3,448 | 3,616 | 3,519 | 3,447 | 3,593 | 3,531 | 3,760 | |
| Total income | 3,448 | 3,616 | 3,519 | 3,447 | 3,593 | 3,531 | 3,760 | 4,042 |
| Operating expenses | 1,003 | 1,084 | 1,043 | 966.3 | 988.1 | 836.1 | 1,008 | 1,028 |
| Pre-provision operating profit | 748.1 | 800.0 | 672.8 | 622.6 | 780.3 | 910.8 | 703.3 | 789.1 |
| Provisions other than tax | -9.80 | -9.16 | 15.1 | -10.9 | -25.8 | 50.3 | 84.0 | 72.3 |
| Profit before tax | 757.9 | 809.2 | 657.8 | 633.6 | 806.1 | 860.5 | 619.2 | 716.8 |
| Tax expense | 226.4 | 224.6 | 172.9 | 139.4 | 219.3 | 62.7 | 195.1 | 170.4 |
| Profit after tax | 531.5 | 584.5 | 484.8 | 494.1 | 586.7 | 797.8 | 424.2 | 546.4 |
| Employee cost | 701.2 | 731.7 | 660.9 | 645.9 | 656.5 | 509.2 | 651.0 | 647.6 |
| Other operating expenses | 301.7 | 352.6 | 382.0 | 320.4 | 331.6 | 326.9 | 356.9 | 380.5 |
| Diluted EPS (₹) | 4.83 | 5.31 | 4.40 | 4.49 | 5.33 | 7.24 | n.r. | 4.96 |
| Exceptional items (statutory line, signed) | 0.00 | 0.00 | n.r. | n.r. | n.r. | n.r. | n.r. | |
| Other operating costs (vendor classification) * | 270.1 | 281.2 | 360.4 | 384.7 | 338.1 | 411.6 | ||
| Interest expended | 1,697 | 1,732 | 1,803 | 1,858 | 1,825 | 2,049 | 2,225 | |
| Basic EPS (₹) | 4.83 | 5.31 | 4.40 | 4.49 | 5.33 | 3.85 | 4.96 |
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 | 13.6% | 3.0% | |||
| Net margin | 14.7% | 15.2% | 16.8% | ||
| Return on equity | 6.7% | 13.1% | 16.0% | 15.7% | 15.2% |
| Return on assets | 1.1% | 1.3% | 1.3% | ||
| Dividend payout | 2.9% | 11.4% | |||
| EPS, diluted (₹) | 5.96 | 12.25 | 16.80 | 18.91 | 21.46 |
| Book value per share (₹) | 97,28,12,950 | 1,02,70,28,121 | 1,11,11,40,107 | 1,29,42,39,645 | 1,52,10,79,436 |
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 earnings per share (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 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 Jammu and Kashmir 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 Jammu and Kashmir Bank
- Research reportLatest
- Research report
- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 2 Nov 2026.
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