HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Union Bank of India
NSE: UNIONBANKFinancial ServicesBanks - Regional
- Last close
- ₹186.00
- Day change
- −₹0.50 (−0.27%)vs
- Market cap
- ₹1.38 lakh crIndian rupees
- Research updated
- 4 reports
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About Union Bank of India
Union Bank of India, a prominent Indian public sector bank, serves a key role in the country's banking and financial systems. With its origins dating back to 1919, the bank has steadily expanded its services to include a comprehensive range of financial products designed to cater to various customer segments. Its offerings span personal and corporate banking, agricultural finance, and international banking services. Union Bank of India has made significant strides in digital banking, providing customers with convenient online banking services, mobile banking apps, and a plethora of tech-driven financial solutions aimed at enhancing accessibility and customer satisfaction. The bank's network stretches across India, with a robust presence in urban, semi-urban, and rural areas, underscoring its commitment to financial inclusion. Furthermore, it plays a crucial role in supporting economic development by providing credit to priority sectors such as agriculture, small-scale industries, and export-driven businesses. As a public sector entity, Union Bank of India contributes to the government's efforts in implementing various socio-economic initiatives aimed at fostering sustainable economic growth.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: UNIONBANK
- Chief executive
- Mr. Asheesh Pandey
- Employees
- 73,885
- Headquarters
- Mumbai, India
- ISIN
- INE692A01016
- Website
- unionbankofindia.bank.in
Public research · Report of
Business model & financial foundation
Union Bank (NSE: UNIONBANK), Banks - Public Sector: revenue of ₹58,922 crore in FY26 (-0.5% on FY25) and net profit of ₹19,430 crore.
- Revenue, FY26 (₹ crore)
- 58,922
- consolidated
- Revenue growth, FY26
- -0.5%
- on FY25
- Net profit, FY26 (₹ crore)
- 19,430
- to owners
- Return on equity, FY26
- 15.7%
- on average equity
- Market capitalisation (₹ crore)
- 1,31,054
- at the close of 21 Oct 2026
Company profile
Union Bank of India is the fifth-largest public sector bank by business (Rs24.75 lakh crore at 30 Sep 2026), majority-owned by the Government of India (74.76%). After absorbing Andhra Bank and Corporation Bank in 2020 it runs ~8,700 domestic branches and ~74,000 staff, lending ~57% of domestic advances to retail, agriculture and MSME and the rest to large corporates, funded by deposits with a ~35% CASA ratio.
| Item | Value |
|---|---|
| Legal name | Union Bank of India |
| Exchange and ticker | NSE: UNIONBANK; BSE: 532477 |
| ISIN | INE692A01016 |
| Sector | Financial Services |
| Industry | Banks - Public Sector |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Joint statutory central auditors: Chhajed & Doshi, G.S. Mathur & Co, P. Chandrasekar LLP, V.K. Ladha & Associates (FY26) |
| Market capitalisation | ₹1,31,054 crore (21 Oct 2026) |
| Shares outstanding | 763.36 crore shares (FY26) |
| Price | ₹180.7 (close, 21 Oct 2026) |
| 52-week range | ₹140.8 - ₹205.5 (to 21 Oct 2026) |
| Website | https://www.unionbankofindia.bank.in |
Corporate structure and shareholding
Parent: Government of India (74.76%).
| Entity | Holding | Business |
|---|---|---|
| Union Bank of India (UK) Ltd | 100% | Banking subsidiary in London |
| Union Asset Management Company Pvt Ltd | n.d. | Mutual fund asset manager |
| Union Trustee Company Pvt Ltd | n.d. | Trustee to Union Mutual Fund |
| UBI Services Ltd | n.d. | Para-banking / securities services (erstwhile Corp Bank Securities) |
| Andhra Bank Financial Services Ltd | n.d. | Para-banking financial services |
| Andhra Pradesh Grameena Bank (associate) | n.d. | Regional rural bank; associate share of profit ~Rs650 cr in FY26 |
Per Brickwork rationale (S5): 2 overseas branches (DIFC, Sydney), 1 UK banking subsidiary, 1 banking JV in Malaysia, 4 domestic para-banking subsidiaries, 2 JVs and 1 associate. Holding percentages not retrieved (FY26 annual report scanned).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 74.76% | 74.76% | 74.76% | 74.76% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.86% | 8.14% | 9.37% | 8.63% |
| Domestic institutions | 11.70% | 11.91% | 11.51% | 11.97% |
| of which mutual funds | 3.76% | 3.82% | 4.03% | 4.73% |
| Retail | 5.68% | 5.19% | 4.36% | 4.64% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| State Bank of India (SBIN) | |
| Bank of Baroda (BANKBARODA) | Large PSU bank of similar size and mix |
| Punjab National Bank (PNB) | PSU bank of similar size, amalgamated franchise |
| Canara Bank (CANBK) | PSU bank of similar size, RAM-heavy book |
| Bank of India (BANKINDIA) | Similar-size PSU; previously rumoured merger partner |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net total income (NII + other income) | 41,576 | 49,047 | 54,825 | 59,246 | 58,922 |
| Other operating costs (vendor classification) * | 6,440 | 7,755 | 8,643 | 9,704 | 11,412 |
| Profit before tax | 5,265 | 8,512 | 21,508 | 23,424 | 24,285 |
| Tax expenses | 3,358 | 3,716 | 7,799 | 5,503 | 5,504 |
| Net profit after tax (before share of associate) | 5,265 | 8,512 | 13,709 | 17,921 | 18,781 |
| Basic and diluted EPS (₹) | 7.77 | 12.45 | 19.15 | 23.62 | 25.45 |
| Interest earned | 1,00,376 | 1,08,417 | 1,06,799 | ||
| Interest expended | 63,364 | 70,733 | 69,477 | ||
| Net interest income | 37,012 | 37,684 | 37,322 | ||
| Other income | 17,813 | 21,562 | 21,601 | ||
| Employees cost | 14,593 | 14,996 | 15,687 | ||
| Other operating expenses | 11,913 | 13,048 | 14,518 | ||
| Operating expenses | 26,506 | 28,044 | 30,206 | ||
| Operating profit before provisions | 28,319 | 31,202 | 28,716 | ||
| Provisions and contingencies (other than tax) | 6,811 | 7,778 | 4,432 | ||
| Share of profit in associate | 88.2 | 105.8 | 649.6 | ||
| Minority interest | 0.00 | 0.00 | 0.00 | ||
| Consolidated net profit for the period (group) | 13,797 | 18,027 | 19,430 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity (capital + reserves & surplus) | 70,861 | 78,804 | 97,494 | 1,13,730 | 1,33,447 |
| Borrowings | 37,036 | 29,355 | 26,974 | 64,992 | 73,798 |
| Cash and cash equivalents * | 1,19,758 | 1,12,599 | 1,19,646 | 1,31,188 | 96,043 |
| Trade payables * | 4,549 | 6,034 | 5,248 | 6,361 | 5,173 |
| Net property, plant and equipment * | 15,031 | 17,101 | 17,995 | 18,964 | 20,350 |
| Capital work in progress * | 37.0 | 22.2 | 35.9 | 58.7 | 64.2 |
| Total assets | 14,01,996 | 15,11,329 | 15,87,503 | ||
| Advances (net) | 9,56,729 | ||||
| Deposits | 12,74,789 | ||||
| Investments | 3,61,903 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 8,652 | 16,876 | 26,882 | 28,721 | -35,798 |
| Free cash flow (vendor definition) * | 35,589 | 2,990 | 18,281 | -22,055 | -39,022 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,299 | -2,050 | -2,748 | -3,626 | |
| Capital expenditure (the provider's sign: an outflow is negative) * | -441.7 | -2,383 | -1,306 | -1,646 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 677.26 | 683.47 | 720.31 | 763.36 | 763.36 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Net total income (NII + other income) | 13,985 | 15,848 | 14,113 | 14,508 | 14,632 | 15,669 | 15,455 | n.r. |
| Other operating costs (vendor classification) * | 3,042 | 3,840 | 3,657 | 3,645 | 4,787 | 3,443 | ||
| Profit before tax | 5,889 | 6,175 | 5,269 | 5,453 | 6,638 | 6,926 | 7,067 | 7,452 |
| Tax expenses | 1,292 | 1,174 | 1,132 | 1,171 | 1,609 | 1,592 | 1,699 | 1,881 |
| Net profit after tax (before share of associate) | 4,597 | 5,001 | 4,137 | 4,281 | 5,029 | 5,334 | 5,368 | 5,570 |
| Basic and diluted EPS (not annualised) (₹) | 6.06 | 6.56 | 5.80 | 5.80 | 6.65 | 7.21 | 7.39 | 7.57 |
| Interest earned | 27,135 | 27,869 | 27,099 | 26,665 | 26,819 | 26,676 | 27,427 | 28,378 |
| Interest expended | 17,765 | 18,245 | 17,855 | 17,707 | 17,370 | 17,005 | 17,206 | n.r. |
| Net interest income | 9,370 | 9,624 | 9,244 | 8,958 | 9,449 | 9,671 | 10,221 | n.r. |
| Other income | 4,614 | 6,223 | 4,869 | 5,550 | 5,183 | 5,999 | 5,233 | 5,097 |
| Employees cost | 3,554 | 4,148 | 4,032 | 4,003 | 4,114 | 3,539 | 3,925 | n.r. |
| Other operating expenses | 2,920 | 3,965 | 3,145 | 3,661 | 3,558 | 4,154 | 3,489 | n.r. |
| Operating expenses | 6,474 | 8,113 | 7,177 | 7,663 | 7,672 | 7,693 | 7,414 | n.r. |
| Operating profit before provisions | 7,511 | 7,735 | 6,936 | 6,845 | 6,960 | 7,976 | 8,040 | n.r. |
| Provisions and contingencies (other than tax) | 1,622 | 1,560 | 1,667 | 1,392 | 322.1 | 1,050 | 973.4 | 702.0 |
| Share of profit in associate (Andhra Pradesh Grameena Bank) | 25.9 | 10.0 | 291.4 | 144.7 | 43.9 | 169.7 | 273.4 | 210.6 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Consolidated net profit for the period (group) | 4,623 | 5,011 | 4,428 | 4,426 | 5,073 | 5,504 | 5,642 | 5,781 |
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 | 6.5% | 18.0% | 11.8% | 8.1% | -0.5% |
| Net margin | 25.2% | 30.4% | 33.0% | ||
| Return on equity | 15.7% | 17.1% | 15.7% | ||
| Return on assets | 1.0% | 1.2% | 1.3% | ||
| Dividend payout | 14.9% | 15.2% | 18.7% | ||
| EPS, diluted (₹) | 7.77 | 12.45 | 19.15 | 23.62 | 25.45 |
| Book value per share (₹) | 104.6 | 115.3 | 135.3 | 149.0 | 174.8 |
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 (Basic and diluted EPS).
- 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 21 Oct 2026); market data at the close of 21 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 Union Bank of India 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 Union Bank of India
- Research reportLatest
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- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 21 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.