Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 17 Oct - Crisil reaffirmed ratings for ₹1,60,000 crore fixed deposits, ₹8,000 crore Tier II bonds, and ₹45,000 crore CDs.
Source: Bse
IDFC First Bank Limited (IDFCFIRSTB)
Mid CapFinancial Services stocks · Mid cap · NSE
IDFC First Bank is a private sector bank in India, transitioning from a high-yield, high-credit-cost NBFC model to a diversified bank offering prime loans while retaining specialized lending capabilities. It is actively building its deposit franchise, digital capabilities, and expanding its product lines across retail, rural, MSME, and corporate segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result25 Jul, 09:35 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
37BearishSMA20 -5.4% / mo · MACD −
Stock trend: 32
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IDFCFIRSTBD candles · FIT view+13.5%Latest close ₹76.33 on 2026-10-19
Bar
-2.2%
RSI
32
MACD hist
-0.33
52W pos
58%
2026-10-19O ₹78.01H ₹78.59L ₹76.24C ₹76.33Vol 1.2Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IDFCFIRSTBNifty Financial ServicesNifty 500
- IDFCFIRSTB
- -6.7%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -1.1 pp
Chart stats
19 Oct 2026- From 52W high
- -14.8%
- 52W range position
- 58%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.54x
- Avg traded value
- ₹173 Cr
- 20D price channel
- ₹76.2 - ₹89.6
₹89.6
₹58.1 - ₹89.6
₹1.9
Latest completed session
20-session average
31.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +14.6% · PAT +153.4% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model-9.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 65/100Rev +15% YoY · PAT +153% YoY · operating leverage
Filed 25 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,051 Cr | +14.6% | +4.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,148 Cr | +153.4% | +246.8% |
| PAT margin | 10.4% | +569 bps | +725 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.60
- P/B
- 1.41
- EV/EBITDA
- —
- Market Cap
- 68185.00Cr
Profitability
- ROE
- 3.76%
- ROCE
- 5.98%
- ROA
- 0.58%
- Dividend Y
- 0.32%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- -13.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- —
- Altman Z
- 1.73
- Book Value
- 56.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 6817.00 Cr
- EPS TTM
- 2.74
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-89.3% vs prev
Net Profit
₹ CrLatest: 1,611+8.1% vs prev
Return on Equity
%Latest: 3.4-13.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
67
RS percentile
Stage 1 Base / Transition
1M return
-11.2%
3M return
-6.7%
6M return
+11.6%
1Y return
-3.6%
RS 1D
-2
RS 20D
-10
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is within 0.1% of the 30-week proxy.
- The 30-week proxy changed +2.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 114.67-1.23%
RS vs Nifty 500115
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth16/25
Quality0/20
Balance Sheet1/15
Cash Flow4/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 16/25 to the score.
- Cash flow contributes 4/10 to the score.
- Balance sheet contributes 1/15 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Fair-value margin of safety is negative at -9.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
29.6
PB
1.4
EV/EBITDA
—
ROE
3.8%
ROCE
6.0%
FCF Yield
—
Debt/Equity
0.1
MoS
-9.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-9.3%
Previous: -9.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
24
24
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹58.86
-29.7% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹69.87
-9.3% MoS
PEG
1.06
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FEDERALBNK
Mid
The Federal Bank Limited
Banking
match 165
36
17.7
11.6%
+28%
WATCHLIST
YESBANK
Mid
Yes Bank Limited
Banking
match 164
55
14.6
7.1%
+44%
FAIR VALUE
INDUSINDBK
Large
IndusInd Bank Limited
Banking
match 161
10
51.2
1.4%
-2121%
OVERVALUED
RBLBANK
Small
RBL Bank Limited
Banking
match 161
26
48.7
5.4%
+1%
OVERVALUED
IDBI
Small
IDBI Bank Limited
Banking
match 155
65
9.7
14.1%
+63%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-14T07:53:49.784Z
Management commentary snapshot
Q4 FY26 PAT reported at Rs. 319 crores, significantly impacted by a Rs. 480 crores post-tax fraud incident and Rs. 118 crores post-tax treasury loss. Normalized PAT, excluding these and a tax refund, was Rs. 746 crores, up 145% YoY. Loan growth was healthy at 20% YoY, while deposits grew 16.8% YoY but were flat QoQ. Asset quality improved with GNPA at 1.61% and NNPA at 0.48%.
The bank demonstrated strong underlying operational performance in Q4 FY26, with robust loan growth and improving asset quality. However, the significant one-off fraud incident and flat sequential deposit growth raise concerns about short-term stability and the deposit franchise's resilience. Management is confident of a strong recovery in deposit growth and continued operational improvement, but the path to sustained higher ROA remains under scrutiny.
Growth engines
Diversified Lending Machine
PositiveThe bank's lending machine operates across 25 lines of businesses, with a book yield of 13%+ and credit costs less than 2%, providing a unique risk-adjusted yield.
MFI Book Recovery
PositiveMFI book decline has been arrested, with disbursements up 27% QoQ. Management expects the MFI book to grow by 15-20% next year.
Credit Card Business
PositiveCredit cards have crossed 4.5 million, and the book has grown strongly at about 22% on a Y-o-Y basis.
Corporate Banking Growth
PositiveAfter de-growing the book from ~Rs. 68,000 crores to ~Rs. 36,000 crores to clean out project financing, the corporate book is now on a growth path with no meaningful credit loss.
Capacity and execution
Branch Expansion
PositiveThe bank added about 80 branches in Q4 FY26.
Tailwinds
Strong Customer Goodwill
PositiveDespite the fraud incident, the bank received significant customer support, with new account openings in March remaining strong, equal to previous months.
Improving Operating Leverage
PositiveManagement expects operating leverage to improve into the next year, with the top line growing faster than opex, contributing positively to ROA.
MFI CGFMU Cover
Positive89% of the MFI book is covered through CGFMU, which is expected to provide some benefit to credit cost in the next year.
Headwinds
One-off Fraud Incident
NegativeA fraud incident in Q4 resulted in claims of Rs. 646 crores principal, with a post-tax impact of Rs. 480 crores on PAT.
Treasury Loss
NegativeThe bank reported a trading loss of Rs. 159 crores (pre-tax) in Q4 due to widening G-Sec yields.
Tight Liquidity & Geopolitical Crisis
NegativeTight liquidity, advanced tax outflows, and the West Asia crisis impacted deposit flows during Q4, leading to modest 1% QoQ growth.
Risk radar
Deposit Growth Stability
NeutralDeposit growth was flat QoQ in Q4 due to rate reductions, a fraud incident, and tight liquidity, raising questions about sustained growth momentum.
Geopolitical Escalation
NeutralThe ongoing West Asia crisis is being monitored for potential escalation that could lead to material supply disruptions, impacting certain sectors.
Future Capital Requirement
NeutralManagement anticipates needing more capital by the end of the next year or starting the year after to support its growth trajectory.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth trends in loans and deposits, which are typically seasonal. QoQ comparison is vital for evaluating sequential momentum in asset quality metrics, NIM, and the immediate impact of one-off events like the fraud incident and MFI recovery.
Sector KPIs management disclosed
Loans and Advances Growth
PositiveLoans and advances, including credit substitutes, grew by 20% on a Y-o-Y basis to Rs. 2.9 lakh crores.
MFI Loan Disbursements Growth
PositiveMFI loan disbursements were higher by almost 27% on a sequential basis.
Net Interest Margin (NIM)
StableQ4 NIM was 5.93% on an AUM basis. Full year FY26 NIM was 5.75%. Management expects NIM to be stable around 5.75% for the next year.
Cost of Funds
PositiveCost of funds came down to 6% in Q4, a reduction of over 50 basis points in the last year.
Management forward view
Normalized Profitability
PositiveManagement claims normalized Q4 PAT was Rs. 746 crores (excluding one-offs), translating to a 145% YoY increase.
Deposit Growth Outlook
PositiveManagement expects strong traction in deposit growth in Q1 FY27, aiming for a 'normal' 5% QoQ growth rate.
ROA Trajectory
PositiveManagement estimates the lending business ROA at 1.5-1.6% of loans, with the liability side drag expected to reduce from 1% to 0% in the next few years.
Long-term Profitability
PositiveManagement believes the bank will not stop at 1% ROA, as operating leverage will continue to improve for the next 4-5 years, leading to further PAT growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Deposit Growth (QoQ) | Flat in Q4 FY26 | Management's target of 5% QoQ growth in Q1 FY27 and subsequent quarters. |
| Net Interest Margin (NIM) | 5.75% for FY26 | Stability around the 5.75% level in FY27, as guided by management. |
| Credit Cost | 2.13% for FY26 | Reduction to the guided range of 170-180 basis points for FY27. |
| Liability Side Drag (ROA impact) | 1% in FY26 | Continued reduction towards 0% over the next few years, as per management's plan. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 49th percentile within Financial Services. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
129 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Financial Services: 49th pctile, median 62 · Mid: 15th pctile, median 76
Evidence depth
Financial-only
129 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
28
weak · capital discipline
Results
82
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.73.
- ▸ROCE is low at 6%.
- ▸ROE is low at 3.8%.
- ▸Revenue CAGR is 21% but EPS CAGR is -13%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching IDFC First Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Oct - Allotment of equity shares pursuant to exercise of ESOP.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 8 Oct - Brickwork reaffirmed BWR AA+/Stable rating on ₹406.90 crore IDFC First Bank NCDs.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Oct - Ind-Ra and CareEdge reaffirmed IDFC First Bank ratings; matured ₹408 crore NCD ratings withdrawn after redemption.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep - Allotment of equity shares pursuant to exercise of ESOP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Sep - Allotment of equity shares pursuant to exercise of ESOP.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI LODR 3 Sep - IDFC FIRST Bank mobilized USD 3.57 billion via FCNR(B) swap window; IBU facilitated USD 2.60 billion lending.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 27 Aug - S&P assigned BBB- to US$350 million notes; CareEdge rated IDFC First Bank BBB-/Positive and USD 600 million notes.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Aug - Allotment of 4,89,934 equity shares pursuant to exercise of ESOP.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 13 Aug - S&P assigned IDFC First Bank BBB-/A-3 issuer ratings with stable outlook.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Jul - Allotment of 21,67,979 equity shares pursuant to exercise of ESOP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Jun - Allotment of 1510378 equity shares pursuant to exercise of ESOP.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.