Credit rating
Credit Rating 26 Sep - ICRA reaffirmed A1+ rating for Bank’s Rs. 12,000 crore certificate of deposit programme.
Source: Bse
Karur Vysya Bank Limited (KARURVYSYA)
Small CapFinancial Services stocks · Small cap · NSE
Karur Vysya Bank is an Indian private sector bank providing retail, commercial, and corporate banking services. It focuses on granular deposit growth, RAM-led advances, and digital transformation. The bank emphasizes sustained profitability, strong asset quality, and comfortable capital adequacy.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 02:06 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
48NeutralSMA20 -2.3% / mo · RSI overbought · MACD + · near 52W high
Stock trend: 51
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
KARURVYSYAD candles · FIT view+25.2%Latest close ₹370.05 on 2026-10-19
Bar
+3.7%
RSI
73
MACD hist
4.28
52W pos
96%
2026-10-19O ₹357.00H ₹376.25L ₹355.45C ₹370.05Vol 1.4Cr 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
KARURVYSYANifty Financial ServicesNifty 500
- KARURVYSYA
- +22.9%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +28.5 pp
Chart stats
19 Oct 2026- From 52W high
- -1.6%
- 52W range position
- 96%
- ATR (14)
- 3.1%
- Volume vs 20D
- 4.22x
- Avg traded value
- ₹132 Cr
- 20D price channel
- ₹311.4 - ₹376.3
₹376.3
₹220.3 - ₹376.3
₹11.5
Latest completed session
20-session average
28.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +30.7% · PAT +37.2% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model+52.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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
Excellent · 75/100Rev +31% YoY · PAT +37% YoY · +5% QoQ · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,670.2 Cr | +30.7% | +5.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹787.7 Cr | +37.2% | +4.2% |
| PAT margin | 21.5% | +102 bps | -19 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.60
- P/B
- 2.24
- EV/EBITDA
- —
- Market Cap
- 34375.00Cr
Profitability
- ROE
- 19.10%
- ROCE
- 7.62%
- ROA
- 1.96%
- Dividend Y
- 0.73%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 47.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- —
- Altman Z
- 2.41
- Book Value
- 159.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -554.00 Cr
- EPS TTM
- 30.61
Shareholding
- Promoter Hold
- 1.95%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,670+5.1% vs prev
Net Profit
₹ CrLatest: 788+4.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 uptrend intact. RSI 73. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 73 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
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
93
RS percentile
Stage 2 UptrendNew S2
1M return
+11.4%
3M return
+22.9%
6M return
+23.2%
1Y return
+48.6%
RS 1D
+2
RS 20D
+6
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is 19.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.1%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
13 Oct 2026
S2 age
5 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 185.43+5.13%
RS vs Nifty 500185
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation16/30
Growth16/25
Quality10/20
Balance Sheet5/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
-1
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 52.6%.
- Growth contributes 16/25 to the score.
- Valuation contributes 16/30 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; 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
11.6
PB
2.2
EV/EBITDA
—
ROE
19.1%
ROCE
7.6%
FCF Yield
—
Debt/Equity
0.0
MoS
+52.6%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+52.6%
Previous: +52.6%
Score history
12 stored score snapshots. Latest stored move: -1 points.
20 Oct 2026
v4.3-runtime-valuation
52
52
51
51
51
51
51
51
56
51
51
50
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
₹330.92
-11.8% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹780.56
+52.6% 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
CUB
Small
City Union Bank Limited
Banking
match 164
38
16.0
13.2%
+36%
WATCHLIST
RBLBANK
Small
RBL Bank Limited
Banking
match 159
26
48.7
5.4%
+1%
OVERVALUED
DHANBANK
Small
Dhanlaxmi Bank Limited
Banking
match 158
55
9.2
7.2%
+50%
FAIR VALUE
TMB
Micro
Tamilnad Mercantile Bank Limited
Banking
match 156
54
9.4
14.0%
+63%
FAIR VALUE
YESBANK
Mid
Yes Bank Limited
Banking
match 156
55
14.6
7.1%
+44%
FAIR VALUE
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 2026-07-21T07:26:36.041Z
Management commentary snapshot
Q1 FY27 sees robust advances (+17% YoY) and deposit (+15% YoY) growth, driving Net Profit up 45% YoY. Asset quality remains strong with GNPA at 0.74% and NNPA at 0.19%, while NIM improved to 4.26%.
KVB delivered strong Q1 FY27 results, marked by healthy RAM-led advances growth and granular deposit accretion. Profitability metrics like Net Profit, ROA, and ROE improved significantly YoY. Asset quality remains robust with low GNPA/NNPA and high PCR, indicating effective risk management. Digital adoption is also increasing, supporting efficiency.
Current business mix
Gross Advance Mix (Jun-26)
Latest issuer-disclosed distribution across 4 reported categories.
Commercial35.0%
Retail (Personal Banking)26.0%
Agriculture25.0%
Corporate14.0%
Growth engines
RAM-led Growth
RAM verticals (Retail, Agri, MSME) grew 18% YoY and 6% QoQ, contributing to 90,324 Cr of advances.
Secured Retail Products
Retail-Jewel loans grew 47% YoY and 12% QoQ. Mortgage (LAP) loans grew 53% YoY and 9% QoQ.
Digital Banking Adoption
98% of transactions served digitally in Q1 FY27. UPI transactions increased to 4575 lakhs from 4157 lakhs QoQ.
Capacity and execution
Branch Network Expansion
Total branches increased to 903 in Jun-26 from 901 in Mar-26 and 888 in Mar-25.
Tailwinds
Digital Transformation
Launch of 'KVB Corp' mobile app for corporate customers and enhanced features in 'DLite' app drive efficiency and customer engagement.
ESG Integration
CRISIL ESG rating improved to 'Strong' (68). ESG considerations integrated into risk management and credit policy.
Headwinds
Decline in Other Income
Other Income declined 28% QoQ and 1% YoY. 'Others' component of Other Income declined 49% QoQ and 12% YoY.
Specific Retail Loan Declines
Housing loans declined 1% YoY and QoQ. Vehicle loans declined 21% YoY and 5% QoQ.
Risk radar
Sustainability of Other Income
Significant QoQ and YoY decline in 'Other Income' components, particularly 'Others', could pressure overall income growth if not reversed.
Retail Loan Portfolio Concentration
While overall retail grew, declines in housing and vehicle loans suggest potential pockets of stress or reduced demand in certain segments.
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
Financial services performance is influenced by both seasonal factors (YoY) and sequential momentum in lending, deposit mobilization, asset quality, and digital adoption (QoQ). The presentation provides both comparisons.
Sector KPIs management disclosed
Gross Advances Growth
Gross Advances grew 17% YoY to ₹1,04,680 Cr and 6% QoQ.
Total Deposits Growth
Total Deposits grew 15% YoY to ₹1,22,587 Cr and 6% QoQ. CASA grew 15% YoY and 9% QoQ.
Net Interest Margin (NIM)
NIM for Q1 FY27 was 4.26% (after excluding one-off item), up 40 bps YoY and 1 bps QoQ.
Cost of Deposits
Cost of Deposits was 5.45% in Q1 FY27, down 32 bps YoY (from 5.77%) but up 4 bps QoQ (from 5.41%).
Management forward view
Consistent Growth Strategy
Management highlights 'Consistent Growth with Sustained Profitability and Asset Quality' as a core theme.
Comfortable Capital Position
Management states that the 'Capital position remains comfortable to support growth'.
Maintaining Asset Quality
Management emphasizes 'NPA remains low and Consistent' and 'Bank Maintaining high Asset Quality with GNPA 0.74% and NNPA 0.19%'.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 4.26% | Sustained improvement or stability, especially given the slight QoQ increase in Cost of Deposits. |
| RAM Advances Growth | 18% YoY, 6% QoQ | Continued strong growth in Retail, Agriculture, and MSME segments to drive overall advances. |
| Other Income Trend | Down 28% QoQ, 1% YoY | Reversal of the declining trend in 'Other Income' to support overall profitability. |
| Asset Quality (GNPA/NNPA) | GNPA 0.74%, NNPA 0.19% | Maintenance of low NPA levels and high PCR, especially with continued advances growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 69th percentile within Financial Services. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
62 docs text-extracted · 31 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Financial Services: 69th pctile, median 62 · Small: 60th pctile, median 66
Evidence depth
Financial-only
62 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
66
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
80
strong · leverage and solvency
Discipline
64
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.02.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-554 Cr.
- ▸Promoter holding is only 2%.
- ▸ROCE is low at 7.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Karur Vysya Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Credit rating
Credit Rating Intimation 4 Jul - ICRA reaffirmed A1+ rating for Bank's Rs.12,000 crore certificate of deposit programme.
Source: Bse
Credit ratingJun 2026
Jun 2026 · Credit Rating Intimation 4 Jul - ICRA reaffirmed Karur Vysya Bank issuer rating at [ICRA]AA (Stable) on June 29, 2026.
Source: Bse
Credit rating
Credit Rating Intimation 5 Jun - ICRA reaffirmed A1+ rating for the Bank’s Rs. 10,000 Cr certificate of deposit programme.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcript
Transcript of the Conference Call 12 May - Karur Vysya Bank Ltd has informed BSE regarding "Transcript of the Conference Call held with respect to the Audited Financial Results of the Bank for …
Source: Bse
Concall transcriptJan 2026
Jan 2026 · Transcript
Source: Bse
Investor presentationJan 2026
Jan 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.