HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Yes Bank Ltd.
NSE: YESBANKFinancial ServicesBanks - Regional
- Last close
- ₹15.80
- Day change
- −₹0.25 (−1.56%)vs
- Market cap
- ₹54,932 crIndian rupees
- Research updated
- 3 reports
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About Yes Bank
Yes Bank Ltd. is a prominent private sector financial institution in India, offering a comprehensive suite of banking products and services. Founded in 2004, the bank provides a robust platform for various financial solutions, including corporate financing, wealth management, investment banking, and retail banking services. Yes Bank plays a crucial role in supporting multiple sectors, with particular emphasis on fostering digital transformation and financial innovation in the banking space. Its service framework is designed to meet the diverse needs of small to medium enterprises, large corporations, and retail customers. The bank is well-regarded for its emphasis on using technology to enhance customer experience and operational efficiency. Yes Bank's approach to risk management and corporate governance has helped it navigate the Indian banking landscape challenges effectively. By actively participating in financial inclusion and sustainable development, Yes Bank Ltd. holds significant market influence in India's banking sector, contributing to the country’s economic growth and connecting disparate financial ecosystems.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: YESBANK
- Chief executive
- Mr. Vinay Muralidhar Tonse
- Employees
- 29,577
- Headquarters
- Mumbai, India
- ISIN
- INE528G01035
- Website
- yes.bank.in
Public research · Report of
Business model & financial foundation
Yes Bank (NSE: YESBANK), Private sector bank: revenue of ₹16,535 crore in FY26 (+11.7% on FY25) and net profit of ₹3,476 crore.
- Revenue, FY26 (₹ crore)
- 16,535
- standalone
- Revenue growth, FY26
- +11.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 3,476
- to owners
- Return on equity, FY26
- 7.0%
- on average equity
- Market capitalisation (₹ crore)
- 56,878
- at the close of 17 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | YES BANK Limited |
| Exchange and ticker | NSE: YESBANK; BSE: 532648 |
| ISIN | INE528G01035 |
| Sector | Financial Services |
| Industry | Private sector bank |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | G. M. Kapadia & Co. and CNK & Associates LLP (joint, FY26); MSKA & Associates replaces G. M. Kapadia from FY27 |
| Market capitalisation | ₹56,878 crore (17 Oct 2026) |
| Shares outstanding | 3,138 crore shares (FY26) |
| Price | ₹17.50 (close, 17 Oct 2026) |
| 52-week range | ₹16.96 - ₹25.78 (to 17 Oct 2026) |
| Website | https://www.yes.bank.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| YES Securities (India) Limited | n.d. | Broking and investment banking |
No promoter. Largest shareholder Sumitomo Mitsui Banking Corporation 24.9% (Mar-26), then SBI 10.8% and Verventa Holdings (Advent) 8.5%. Reconstructed under the RBI's March 2020 Yes Bank Reconstruction Scheme.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.34% | 13.02% | 12.73% | |
| Domestic institutions | 21.13% | 21.82% | 24.05% | |
| of which mutual funds | 3.58% | 4.28% | 6.43% | |
| Retail | 33.12% | 31.76% | 29.83% | |
| Other | 33.40% | 33.40% | 33.39% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Yes Bank is a standalone Indian lender: earnings are driven by advances, NIM, fees, operating costs and provisions. The operating model remains a useful earnings baseline, but the 15-Oct-26 AT1 judgment makes common equity and funding economics not yet fully measurable.
| Peer | Why the dossier compares them |
|---|---|
| IDFC First Bank (IDFCFIRSTB) | |
| RBL Bank (RBLBANK) | Mid-size private bank with foreign strategic investor and sub-par RoA |
| Federal Bank (FEDERALBNK) | Mid-size private bank, benchmark for 1.1-1.3% RoA franchise |
| Bandhan Bank (BANDHANBNK) | |
| AU Small Finance Bank (AUBANK) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total net income (NII + non-interest income) | 13,209 | 14,801 | 16,535 |
| Net interest income | 8,095 | 8,944 | 9,776 |
| Non-interest income | 5,114 | 5,857 | 6,759 |
| Staff (human resource) cost | 3,774 | 4,008 | 4,237 |
| Other operating expenses | 6,048 | 6,539 | 6,792 |
| Operating expenses | 9,823 | 10,547 | 11,029 |
| Operating profit (pre-provision) | 3,386 | 4,254 | 5,506 |
| Provisions and contingencies (non-tax) | 1,886 | 1,086 | 912.0 |
| Profit before tax | 1,500 | 3,168 | 4,594 |
| Tax expense | 249.0 | 762.0 | 1,118 |
| Net profit | 1,251 | 2,406 | 3,476 |
| EPS (basic as reported; diluted equal) (₹) | 0.44 | 0.77 | 1.11 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Advances (net) | 2,27,799 | 2,46,188 | 2,73,445 |
| Deposits | 2,66,372 | 2,84,525 | 3,18,969 |
| Net worth (capital + reserves) | 42,155 | 47,780 | 51,062 |
| Borrowings | 71,603 | 64,864 | |
| Investments | 85,104 | 88,140 | |
| Total assets | 4,23,422 | 4,69,105 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations * | -12,615 | 9,415 | 21,217 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity shares outstanding | 2,876 | 3,135 | 3,138 |
| Book value per share (₹) | 15.24 | 16.27 | |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Total net income (NII + non-interest income) | 3,736 | 4,015 | 4,123 | 3,945 | 4,099 | 4,368 | 4,584 | 4,704 |
| Net interest income | 2,224 | 2,276 | 2,371 | 2,301 | 2,466 | 2,638 | 2,786 | 2,822 |
| Non-interest income | 1,512 | 1,739 | 1,752 | 1,644 | 1,633 | 1,730 | 1,798 | 1,882 |
| Staff (human resource) cost | 1,004 | 1,017 | 1,020 | 1,007 | 1,169 | 1,040 | n.r. | 1,164 |
| Other operating expenses | 1,653 | 1,684 | 1,745 | 1,642 | 1,696 | 1,709 | n.r. | 1,862 |
| Operating expenses | 2,657 | 2,701 | 2,766 | 2,649 | 2,865 | 2,750 | 2,880 | 3,026 |
| Operating profit (pre-provision) | 1,079 | 1,314 | 1,358 | 1,296 | 1,234 | 1,618 | 1,704 | 1,678 |
| Provisions and contingencies (non-tax) | 259.0 | 318.0 | 284.0 | 419.0 | 22.0 | 188.0 | 394.5 | 317.4 |
| Profit before tax | 820.0 | 996.0 | 1,074 | 878.0 | 1,212 | 1,431 | 1,309 | 1,360 |
| Tax expense | 208.0 | 258.0 | 273.0 | 223.0 | 260.0 | 362.0 | 238.5 | 280.4 |
| Net profit | 612.0 | 738.0 | 801.0 | 654.0 | 952.0 | 1,068 | 1,071 | 1,080 |
| EPS (basic as reported; diluted not separately disclosed) (₹) | 0.20 | 0.24 | 0.26 | 0.21 | 0.30 | 0.34 | 0.34 | 0.34 |
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 | 12.1% | 11.7% | |
| Net margin | 9.5% | 16.3% | 21.0% |
| Return on equity | 3.0% | 5.4% | 7.0% |
| Return on assets | 0.6% | 0.8% | |
| EPS, diluted (₹) | 0.44 | 0.77 | 1.11 |
| Book value per share (₹) | 14.66 | 15.24 | 16.27 |
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 (basic as reported; diluted equal)).
- 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 17 Oct 2026); market data at the close of 17 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 Yes 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 Yes Bank
- Research reportLatest
- Research report
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 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.