HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Karur Vysya Bank Ltd.
NSE: KARURVYSYAFinancial ServicesBanks - Regional
- Last close
- ₹336.30
- Day change
- −₹19.75 (−5.55%)vs
- Market cap
- ₹32,988 crIndian rupees
- Research updated
- 5 reports
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About Karur Vysya Bank
Karur Vysya Bank Ltd. is a prominent Indian financial services company, primarily focused on retail and corporate banking. Established in 1916, the bank has steadily grown to become a significant player in the Indian banking sector, offering a comprehensive range of services, including savings and deposit accounts, loans, insurance, and wealth management. Its services cater to a diverse customer base spanning individuals, small and medium enterprises (SMEs), and large corporate clients. Karur Vysya Bank is notable for its extensive branch network, primarily concentrated in southern India, but with a strong presence across the rest of the country as well. It utilizes both traditional branches and digital banking platforms to provide convenient solutions to its customers. The bank actively engages in digital transformation, constantly enhancing its online and mobile banking capabilities to meet the evolving needs of its clientele. In the financial market, Karur Vysya Bank holds an important role as a regional bank with a focus on personalized customer service and community engagement. Its balance of traditional banking practices with innovative digital solutions makes it a key contributor to the Indian financial ecosystem.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: KARURVYSYA
- Chief executive
- Mr. Ramesh Babu Boddu
- Employees
- 9,765
- Headquarters
- Karur, India
- ISIN
- INE036D01028
- Website
- kvb.bank.in
Public research · Report of
Business model & financial foundation
Karur Vysya Bank (NSE: KARURVYSYA), Banks - Private Sector (old private, South India): revenue of ₹7,023 crore in FY26 (+15.3% on FY25) and net profit of ₹2,510 crore.
- Revenue, FY26 (₹ crore)
- 7,023
- standalone
- Revenue growth, FY26
- +15.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,510
- to owners
- Return on equity, FY26
- 19.3%
- on average equity
- Market capitalisation (₹ crore)
- 32,988
- at the close of 15 Oct 2026
Company profile
Karur Vysya Bank is a 110-year-old private sector bank headquartered in Karur, Tamil Nadu, with about 920 branches concentrated in South India. Its loan book of about Rs 1.1 lakh crore (Sep 2026) is built around RAM lending — commercial (MSME), retail (largely jewel and mortgage loans) and agriculture (mostly gold-backed) — with corporate lending around 14%. It earns from net interest income, fees and recoveries from written-off accounts, and has delivered an ROA above 2% in recent quarters with GNPA under 1%.
| Item | Value |
|---|---|
| Legal name | The Karur Vysya Bank Limited |
| Exchange and ticker | NSE: KARURVYSYA; BSE: 590003 |
| ISIN | INE036D01028 |
| CIN | L65110TN1916PLC001295 |
| Sector | Financial Services |
| Industry | Banks - Private Sector (old private, South India) |
| Headquarters | Karur, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Kalyaniwalla & Mistry LLP and Varma & Varma (joint statutory central auditors) |
| Market capitalisation | ₹32,988 crore (15 Oct 2026) |
| Shares outstanding | 96.66 crore shares (FY26) |
| Price | ₹341.3 (close, 15 Oct 2026) |
| 52-week range | ₹220.3 - ₹358.6 (to 15 Oct 2026) |
| Website | https://www.kvb.bank.in |
Corporate structure and shareholding
No subsidiary is recorded.
No subsidiaries, associates or JVs as of 31 Mar 2026 (S2 note 13). Promoter group holds about 2% of equity; the bank is widely held and board-run.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 2.10% | 2.07% | 2.07% | 2.07% |
| Promoter holding pledged | 3.71% | 3.77% | 3.85% | 3.85% |
| Foreign institutions | 15.81% | 16.87% | 19.25% | 17.92% |
| Domestic institutions | 39.97% | 40.20% | 39.26% | 41.22% |
| of which mutual funds | 32.16% | 32.24% | 31.00% | 32.43% |
| Retail | 20.89% | 20.62% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
KVB is a standalone old-private-sector lender with RAM-led lending, corporate/commercial credit, regional deposits, treasury and transaction/fee income. Earnings are driven by loan growth, NIM, fee/recovery income, operating leverage and provisions. Q2 FY27 reported NII was ₹1,497cr and PAT ₹787.7cr.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Treasury | 2,127 | 16.2% | 590.9 | 14.5% | 339.6 | 2.4% |
| Corporate/Wholesale banking | 2,577 | 19.6% | 882.5 | 21.7% | 2,749 | 19.5% |
| Retail banking including Digital | 8,233 | 62.6% | 2,764 | 67.8% | 10,224 | 72.5% |
| Other banking operations | 222.2 | 1.7% | 177.7 | 4.4% | ||
| Unallocated income/expenses (deduction) | -340.1 | -8.3% | 795.3 | 5.6% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| City Union Bank (CUB) | Tamil Nadu old private bank with MSME and gold-loan heavy book of similar size |
| Federal Bank (FEDERALBNK) | South Indian mid-size private bank, retail and gold loans, the larger regional benchmark |
| South Indian Bank (SOUTHBANK) | Kerala old private bank, similar balance sheet size and gold-loan exposure |
| DCB Bank (DCBBANK) | Small private bank with MSME and mortgage focus, comparable size |
| IDFC First Bank (IDFCFIRSTB) | New private bank used as the high-growth, lower-ROA contrast in the private mid-cap set |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net total income (NII plus other income) | 5,468 | 6,089 | 7,023 | ||
| Net interest income | 3,818 | 4,260 | 4,939 | ||
| Interest earned | 8,213 | 9,678 | 11,074 | ||
| Other income | 1,649 | 1,830 | 2,084 | ||
| Statutory gross total income | 9,863 | 11,508 | 13,159 | ||
| Interest expended | 4,395 | 5,418 | 6,136 | ||
| Operating expenses | 2,639 | 2,877 | 2,948 | ||
| Employee cost | 1,461 | 1,449 | 1,434 | ||
| Other operating expenses | 1,178 | 1,428 | 1,514 | ||
| Operating profit before provisions | 2,829 | 3,212 | 4,075 | ||
| Provisions and contingencies excluding tax | 729.0 | 621.6 | 754.9 | ||
| Profit before tax | 930.9 | 1,437 | 2,100 | 2,591 | 3,320 |
| Tax expense | 257.7 | 330.8 | 495.4 | 649.1 | 809.7 |
| Net profit | 673.3 | 1,106 | 1,605 | 1,942 | 2,510 |
| Diluted EPS, bonus adjusted (₹) | 8.41 | 13.78 | 16.64 | 20.10 | 25.97 |
| Profit attributable to owners | 1,605 | 1,942 | 2,510 | ||
| Depreciation on bank property | 100.3 | 113.7 | 127.0 | ||
| Other operating costs (vendor classification) * | 928.1 | 807.9 | 751.3 | 1,441 | 1,514 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Share capital | 160.9 | 161.0 | 193.3 | ||
| Reserves and surplus | 9,879 | 11,769 | 13,915 | ||
| Deposits | 89,113 | 1,02,078 | 1,15,666 | ||
| Borrowings | 1,339 | 1,432 | 2,478 | 1,217 | 2,623 |
| Total assets | 1,05,453 | 1,19,367 | 1,36,603 | ||
| Cash and RBI balances | 5,588 | 7,354 | 5,154 | ||
| Bank balances and money at call | 70.6 | 452.5 | 148.3 | ||
| Net advances | 73,667 | 84,005 | 98,191 | ||
| Net investments | 22,344 | 23,831 | 29,020 | ||
| Fixed assets | 1,641 | 1,697 | 432.9 | 490.2 | 501.6 |
| Book equity | 10,040 | 11,930 | 14,108 | ||
| Cash and cash equivalents | 5,659 | 7,807 | 5,303 | ||
| Net debt not meaningful for bank | n.a. | n.a. | n.a. | ||
| Trade payables * | 146.2 | 418.0 | 513.3 | 590.4 | |
| Capital work in progress * | 14.9 | 17.4 | 20.5 | 39.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 61.8 | 1,062 | 2,954 | 4,487 | -554.0 |
| Purchase of fixed assets (positive outflow) | -57.5 | -61.2 | 98.1 | 171.6 | 152.1 |
| Dividends paid (positive outflow) | -40.4 | -127.9 | 160.4 | 192.5 | 208.6 |
| Free cash flow (vendor definition) * | 236.9 | 1,155 | 2,856 | 4,315 | -706.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual period-end shares | 80.44 | 80.51 | 96.66 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Net revenue | 1,546 | 1,599 | 1,527 | 1,774 | 1,748 | 1,975 | 1,865 | 1,932 |
| Net interest income | 1,081 | 1,089 | 1,079 | 1,261 | 1,239 | 1,359 | 1,423 | 1,497 |
| Interest income | 2,489 | 2,516 | 2,569 | 2,808 | 2,794 | 2,904 | 3,049 | 3,235 |
| Other income | 464.8 | 509.3 | 447.3 | 512.3 | 509.0 | 615.8 | 441.8 | 434.8 |
| Total income | 2,953 | 3,025 | 3,016 | 3,320 | 3,303 | 3,519 | 3,491 | 3,670 |
| Interest expense | 1,407 | 1,427 | 1,489 | 1,547 | 1,555 | 1,545 | 1,627 | 1,627 |
| Operating expenses | 731.0 | 763.6 | 721.1 | 756.1 | 742.9 | 727.8 | 768.9 | |
| Employee cost | 373.8 | 384.9 | 364.9 | 365.1 | 363.2 | 340.8 | 399.3 | |
| Other operating expenses | 357.1 | 378.7 | 356.2 | 391.0 | 379.6 | 387.1 | 369.7 | |
| Operating profit | 815.3 | 835.0 | 805.5 | 1,017 | 1,005 | 1,247 | 1,096 | 1,162 |
| Provisions and contingencies ex tax | 147.4 | 161.4 | 118.1 | 274.4 | 104.8 | 257.7 | 90.3 | 118.5 |
| Profit before tax | 667.8 | 673.6 | 687.4 | 743.0 | 900.6 | 989.1 | 1,005 | 1,044 |
| Tax expense | 171.8 | 160.2 | 165.9 | 169.1 | 210.6 | 264.1 | 249.6 | 256.0 |
| Profit after tax | 496.0 | 513.4 | 521.5 | 574.0 | 690.0 | 725.0 | 755.7 | 787.7 |
| Diluted EPS (₹) | 5.13 | 5.31 | 5.40 | 5.94 | 7.14 | 7.50 | 7.82 | 8.14 |
| Profit attributable to owners | 496.0 | 513.4 | 521.5 | 574.0 | 690.0 | 725.0 | 755.7 | 787.7 |
| Other operating costs (vendor classification) * | 357.1 | 378.7 | 356.2 | 379.6 | 387.1 | 369.7 |
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 | 11.4% | 15.3% | |||
| Net margin | 29.3% | 31.9% | 35.7% | ||
| Return on equity | 16.0% | 17.7% | 19.3% | ||
| Return on assets | 1.5% | 1.7% | 2.0% | ||
| Dividend payout | 10.0% | 9.9% | 8.3% | ||
| EPS, diluted (₹) | 8.41 | 13.78 | 16.64 | 20.10 | 25.97 |
| Book value per share (₹) | 124.8 | 148.2 | 145.9 |
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, bonus adjusted).
- 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 Karur Vysya 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
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- The claims the view rests on, and what would change it
The analyses, among them
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- 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 Karur Vysya Bank
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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