Announcement
Announcement under Regulation 30 (LODR)-Interest Rates Updates 7 Oct - Indian Bank revises repo-linked lending rates to 8.20% effective 08.10.2026 after RBI repo hike.
Source: Bse
Indian Bank (INDIANB)
Mid CapFinancial Services stocks · Mid cap · NSE
Indian Bank is a public sector bank offering a wide range of financial services. The bank focuses on retail, agriculture, and MSME (RAM) segments, alongside corporate banking, and is expanding its digital footprint and financial inclusion initiatives across India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result15 Oct, 12:54 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -4.8% / mo · MACD +
Stock trend: 41
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
INDIANBD candles · FIT view-5.8%Latest close ₹856.85 on 2026-10-19
Bar
+0.2%
RSI
57
MACD hist
6.30
52W pos
39%
2026-10-19O ₹855.15H ₹874.65L ₹855.15C ₹856.85Vol 11.1L 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
INDIANBNifty Financial ServicesNifty 500
- INDIANB
- -0.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +5.4 pp
Chart stats
19 Oct 2026- From 52W high
- -14.4%
- 52W range position
- 41%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹108 Cr
- 20D price channel
- ₹786.9 - ₹874.7
₹1,000.9
₹756.5 - ₹1,000.9
₹22.8
Latest completed session
20-session average
29.4% annualized volatility
Research snapshot
What the evidence says now
Investable 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
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED70
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +40.3% · PAT +10.9% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model+65.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
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 Sept 2026
Good · 60/100Rev +40% YoY · PAT +11% YoY · +29% QoQ
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹23,336 Cr | +40.3% | +29.0% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹3,446.9 Cr | +10.9% | +2.7% |
| PAT margin | 14.8% | -393 bps | -378 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.51
- P/B
- 1.29
- EV/EBITDA
- —
- Market Cap
- 112471.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 6.32%
- ROA
- 1.23%
- Dividend Y
- 2.19%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- —
- Altman Z
- 1.77
- Book Value
- 645.00
Cash Flow
- FCF Yield
- 16.35%
- FCF Positive Y
- 6/5
- OCF
- 18815.00 Cr
- EPS TTM
- 98.13
Shareholding
- Promoter Hold
- 73.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-90.0% vs prev
Net Profit
₹ CrLatest: 11.7k+3.9% vs prev
Return on Equity
%Latest: 14.6-7.1% 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
Mixed signalsSignals are conflicting — long-term trend down. RSI 57. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.1% over last month) — short-term momentum negative.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 14% off 52W high · 12% 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
63
RS percentile
Stage 1 Base / Transition
1M return
+2.0%
3M return
-0.2%
6M return
-7.4%
1Y return
+0.5%
RS 1D
-1
RS 20D
+8
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is within 0.2% of the 30-week proxy.
- The 30-week proxy changed -1.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 121.99+1.36%
RS vs Nifty 500122
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation24/30
Growth20/25
Quality8/20
Balance Sheet6/15
Cash Flow9/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
70
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
70/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 16.4%.
- Fair-value margin of safety is positive at 65.8%.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.8, in distress territory.
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; 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
8.5
PB
1.3
EV/EBITDA
—
ROE
15.4%
ROCE
6.3%
FCF Yield
16.4%
Debt/Equity
0.1
MoS
+65.8%
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
70
Previous: 70
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+65.8%
Previous: +65.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
74
74
74
74
74
74
71
71
70
70
70
70
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
₹1,193.36
+28.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹2,502.32
+65.8% MoS
PEG
0.29
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
UNIONBANK
Large
Union Bank of India
Banking
match 160
63
6.4
15.7%
+75%
UNDERVALUED
PNB
Large
Punjab National Bank
Banking
match 160
67
6.2
13.0%
+75%
UNDERVALUED
CANBK
Large
Canara Bank
Banking
match 158
72
5.6
16.1%
+79%
UNDERVALUED
BANKBARODA
Large
Bank of Baroda
Banking
match 157
70
5.4
12.7%
+73%
UNDERVALUED
MAHABANK
Large
Bank of Maharashtra
Banking
match 157
64
8.5
22.6%
+68%
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 intactReviewed 2026-07-11T05:41:34.713Z
Management commentary snapshot
Indian Bank reported strong Q1FY27 results with Net Profit up 10% YoY to ₹3273 Cr, driven by 17% YoY growth in Net Interest Income and Operating Profit. Advances grew 13.89% YoY, while asset quality improved significantly with GNPA at 1.86% (down 115 bps YoY) and NNPA at 0.15%.
The bank delivered robust Q1FY27 performance, marked by healthy business growth, improved profitability, and continued asset quality enhancement. The strong RAM segment growth and digital expansion are positive, aligning with management's optimistic FY27 guidance for key metrics.
Current business mix
Domestic Advances by Sector
Latest issuer-disclosed distribution across 4 reported categories.
Retail23.0%
Agriculture25.0%
MSME18.0%
Corporate34.0%
Growth engines
RAM Segment Growth
RAM advances grew 14.80% YoY to ₹4.17 lakh Cr, with its share in domestic advances increasing to 66.00%.
Retail Loan Momentum
Retail advances grew 18.74% YoY, driven by Jewel Loan Non Priority (up 77.23% YoY) and Auto Loan (up 32.58% YoY).
Digital Business Expansion
Digital Business grew ~1.2x YoY in amount, with Digital MSME Loans showing ~1.8x YoY growth.
Infrastructure Sector Deployment
Advances to the Infrastructure sector grew 34.02% YoY, reaching ₹76057 Cr, indicating strong credit deployment.
Capacity and execution
Branch Network Expansion
Opened 2 Senior Konnect Branches in Q1FY27, contributing to 367 such branches since amalgamation.
Business Correspondent Network
Increased Business Correspondents to 17314, expanding pan-India touch points to 28,994.
Digital Platform Enhancements
Launched new digital initiatives like IND Cash Optima, IndEngage Hub (CRM), IndSMA₹T Biz, and Virtual Banking Experience (VBX).
Employee Induction
Inducted 2075 new employees (632 POs, 261 Specialized officers, 1182 Customer Service Associates) in Q1FY27.
Tailwinds
Digital Adoption
Significant YoY growth in digital transactions and digital business, indicating increasing customer adoption and operational efficiency.
Asset Quality Improvement
Consistent reduction in GNPA and NNPA percentages, reflecting improved asset health and recovery efforts.
Strong RAM Segment Performance
Robust growth in the high-yielding Retail, Agriculture, and MSME (RAM) segments, driving overall advances growth.
Headwinds
Decline in Personal Loans
Personal Loan portfolio declined by 12.87% YoY, indicating a contraction in this specific retail segment.
Volatility in Non-Interest Income
Profit/Loss on Sale of Investments declined 64.59% YoY, and PSLC Commission income decreased 21.19% QoQ.
Regional Rural Bank Performance
Operating Profit and Net Profit of total RRBs declined by 49% YoY, impacting overall group performance.
Risk radar
Rising Standard Asset Provisions
Provisions for Standard advances increased 139.01% YoY and 48.89% QoQ, which could signal a more cautious outlook on asset quality.
MSME Credit RWA Density
MSME Credit RWA density remains high at 69.28%, indicating higher capital allocation for this segment.
Exposure to Lower-Rated Advances
7% of total rated exposure is in BB and below categories, posing potential credit risk.
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
Both YoY and QoQ comparisons are essential for financial services. YoY provides insight into underlying business trends and seasonal impacts, while QoQ tracks sequential momentum in credit growth, asset quality, and operational efficiency.
Sector KPIs management disclosed
AUM Growth
Business (Deposits + Advances) grew 13.66% YoY to ₹15.29 lakh Cr; Advances grew 13.89% YoY to ₹6.85 lakh Cr; Deposits grew 13.47% YoY to ₹8.44 lakh Cr.
NIM
Net Interest Margin (NIM) Domestic improved to 3.41% (up 6 bps YoY, 6 bps QoQ); Overall NIM at 3.29% (up 34 bps YoY, 3 bps QoQ).
Borrowing Cost
Cost of Deposits decreased to 4.80% (down 34 bps YoY, 3 bps QoQ); Cost of Funds decreased to 4.83% (down 40 bps YoY, 5 bps QoQ).
GNPA/NNPA
Gross NPA % improved to 1.86% (down 115 bps YoY, 12 bps QoQ); Net NPA % remained stable at 0.15% (down 3 bps YoY).
Management forward view
FY27 Advances Growth Target
Management guides for 11% - 13% advances growth for FY27, compared to Q1FY27 actual of 13.89%.
FY27 Asset Quality Targets
Targets GNPA % at 1.50% - 1.60% and NNPA % at 0.15% - 0.20% for FY27, indicating continued focus on asset quality improvement.
FY27 Profitability Targets
Aims for NIM of 3.10% - 3.25% and RoA of 1.20% - 1.30% for FY27, suggesting a stable to slightly lower outlook on margins and returns.
FY27 Recovery Target
Projects total recovery of ₹4500 Cr - ₹5500 Cr for FY27, significantly higher than Q1FY27 actual of ₹1885 Cr.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| GNPA % | 1.86% | Sustained reduction towards management's FY27 guidance of 1.50% - 1.60% and any sector-specific slippages. |
| Domestic NIM | 3.41% | Stability or improvement, especially given management's FY27 guidance of 3.10% - 3.25% for overall NIM. |
| RAM Advances Growth | 14.80% YoY | Continued outperformance relative to overall advances growth and contribution to profitability. |
| Provisions for Standard Advances | ₹733 Cr (up 139.01% YoY) | Trend in these provisions as a leading indicator of potential future asset quality stress. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited 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 81st percentile of the scored universe and 89th percentile within Financial Services. Main check: financial discipline is weak at 56/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
100 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Financial Services: 89th pctile, median 62 · Mid: 54th pctile, median 76
Evidence depth
Financial-only
100 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
Can support position sizing if valuation and trend also agree.
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
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
56
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 73.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 16.4%.
- ▸6 years of positive FCF.
Trust risks
- ▸Altman Z is 1.77.
- ▸ROCE is low at 6.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Bank
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Interest Rates Updates 1 Oct - Indian Bank revises TBLR effective 03.10.2026; MCLR, Base Rate, BPLR and RBLR unchanged.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Oct - Indian Bank announced Q2 FY27 and H1 FY27 unaudited results; net profit rose 14.71% to ₹3,462 crore.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 28 Sep - Indian Bank held a virtual one-to-one investor meeting with Dymon Asia Capital on 28 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 8 Sep - Indian Bank held a virtual one-on-one investor meeting with Millennium on 08.09.2026; only public information discussed.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Newspaper Publication regarding opening of Special Window for Transfer and Dematerialization of Physical Securities
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 20 Aug - Indian Bank held a virtual investor meeting with CTBC Bank and Commerzbank on 20.08.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015- Schedule of Investors interaction/ meet: Intimation
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 1 Aug - Shri Satish Kumar, Chief General Manager, retired on 31.07.2026 and ceased as senior management from 01.08.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Interest Rates Updates 1 Aug - Indian Bank revised TBLR rates from 03.08.2026; MCLR, base rate and BPLR unchanged.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 1 Jul - Shri Sudhanshu Gaur, GM-International Banking Division, superannuated on 30.06.2026 and ceased as SMP from 01.07.2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.