Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 8 Oct - CARE Ratings withdrew one Additional Tier-1 bond rating on redemption; reaffirmed AAA ratings for other bonds.
Source: Bse
Union Bank of India (UNIONBANK)
Large CapFinancial Services stocks · Large cap · NSE
Union Bank of India is a public sector bank with a pan-India presence, operating 8,700 branches and 8,758 ATMs. It serves diverse customer segments including retail, agriculture, and MSME, with a significant focus on financial inclusion and digital banking initiatives.
Data qualityVerify one data layerQuote updated 21 Oct, 04:45 am ISTPost-result recalculation pendingDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result19 Oct, 12:03 pm IST
Score21 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
51NeutralSMA20 -5.4% / mo · MACD +
Stock trend: 55
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
UNIONBANKD candles · FIT view+2.1%Latest close ₹180.70 on 2026-10-19
Bar
+4.5%
RSI
58
MACD hist
0.94
52W pos
62%
2026-10-19O ₹172.90H ₹182.99L ₹172.42C ₹180.70Vol 4.6Cr 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
UNIONBANKNifty Financial ServicesNifty 500
- UNIONBANK
- +2.7%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +8.3 pp
Chart stats
19 Oct 2026- From 52W high
- -12.1%
- 52W range position
- 64%
- ATR (14)
- 3.0%
- Volume vs 20D
- 4.43x
- Avg traded value
- ₹214 Cr
- 20D price channel
- ₹164.8 - ₹183
₹205.5
₹135.8 - ₹205.5
₹5.4
Latest completed session
20-session average
34.2% 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 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 · UNDERVALUED63
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +27.7% · PAT +25.9% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+73.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
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 · 70/100Rev +28% YoY · PAT +26% YoY · +22% QoQ
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹33,471.3 Cr | +27.7% | +22.0% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹5,570.4 Cr | +25.9% | -1.3% |
| PAT margin | 16.6% | -25 bps | -393 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.39
- P/B
- 0.95
- EV/EBITDA
- —
- Market Cap
- 131817.00Cr
Profitability
- ROE
- 15.70%
- ROCE
- 6.30%
- ROA
- 1.30%
- Dividend Y
- 2.90%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 47.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- —
- Altman Z
- 1.75
- Book Value
- 183.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -358.00 Cr
- EPS TTM
- 27.05
Shareholding
- Promoter Hold
- 74.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-93.6% vs prev
Net Profit
₹ CrLatest: 19.4k+7.8% vs prev
Return on Equity
%Latest: 14.6-8.1% 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 uptrend intact. RSI 58. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 58 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 12% off 52W high · 28% 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
78
RS percentile
Stage 3 Topping
1M return
+2.3%
3M return
+2.7%
6M return
-6.9%
1Y return
+22.9%
RS 1D
+6
RS 20D
+8
Sector rank
#9
Industry rank
#9
Stage evidence
- 10.7% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-1.1% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 138.88+6.35%
RS vs Nifty 500139
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation29/30
Growth15/25
Quality8/20
Balance Sheet7/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
63
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
63/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 73.8%.
- Valuation contributes 29/30 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Altman Z is 1.8, in distress territory.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Quality is weaker at 8/20; 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
6.4
PB
0.9
EV/EBITDA
—
ROE
15.7%
ROCE
6.3%
FCF Yield
—
Debt/Equity
0.1
MoS
+73.8%
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
63
Previous: 63
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+73.8%
Previous: +75.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
63
63
63
63
63
63
63
63
63
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
₹333.73
+45.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹689.78
+73.8% MoS
PEG
0.16
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
PNB
Large
Punjab National Bank
Banking
match 167
67
6.2
13.0%
+75%
UNDERVALUED
MAHABANK
Large
Bank of Maharashtra
Banking
match 163
64
8.5
22.6%
+68%
UNDERVALUED
IOB
Large
Indian Overseas Bank
Banking
match 162
64
10.1
15.6%
+61%
UNDERVALUED
BANKBARODA
Large
Bank of Baroda
Banking
match 162
70
5.4
12.7%
+73%
UNDERVALUED
CANBK
Large
Canara Bank
Banking
match 162
72
5.6
16.1%
+79%
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 2026-07-16T05:11:28.839Z
Management commentary snapshot
Union Bank of India reports strong Q1 FY2027 results with Net Profit up 29.54% YoY to ₹5,332 Cr and NII up 10.14% YoY to ₹10,037 Cr. Asset quality improved significantly with GNPA at 2.65% and NNPA at 0.47%.
The bank demonstrates robust financial performance with double-digit growth in Net Interest Income and Net Profit, coupled with consistent improvement in asset quality metrics. Strategic focus on RAM advances and digital initiatives supports future growth, despite some QoQ declines in deposits and overseas advances.
Current business mix
Global Advances by Segment (Jun-26)
Latest issuer-disclosed distribution across 5 reported categories.
Retail23.4%
Agriculture16.7%
MSME15.3%
Large Corporate40.4%
Others1.0%
Growth engines
RAM Advances Growth
RAM (Retail, Agriculture, MSME) Advances grew by 11.56% YoY to ₹6,08,095 Cr.
Digital Business
Digital channels generated ₹600 Cr+ in Retail Loans, ₹320 Cr+ in MSME Loans, and ₹6,500 Cr+ in Deposits in Q1 FY27.
Infrastructure & NBFCs Credit
Credit to Infrastructure grew 19.42% YoY and to NBFCs & HFCs grew 33.23% YoY.
Government Schemes
Active participation in schemes like PMSVANidhi (11.36 lakh accounts, ₹1,835 Cr sanctioned) and PM Mudra Yojana (1.53 lakh accounts, ₹4,868 Cr sanctioned in Q1FY27).
Capacity and execution
Branch Expansion
8 new branches were added in Q1 FY27, with a target of 150 new branches for FY26-27.
Tailwinds
Digital Adoption
~11 lakh new users registered on Union Ease App and 8.2 Million registered users on UVConn WhatsApp Banking.
Improved Asset Quality
Consistent reduction in GNPA, NNPA, and slippage ratio, indicating better credit health.
Strong ESG Ratings
Received CARE Edge-ESG 1+ rating and Moody’s SQS2 (Very Good Sustainability Quality) for its Sustainable Financing Framework.
Headwinds
Overseas Advances Decline
Overseas Advances declined by 3.26% YoY and 6.52% QoQ.
Treasury Income Volatility
Treasury Income declined by 54.51% YoY.
Global Deposits Decline QoQ
Global Deposits declined by 1.80% QoQ to ₹12,83,366 Cr.
Risk radar
Concentration in NBFCs/HFCs
NBFCs and HFCs constitute 16.03% of domestic advances, representing a significant sectoral exposure.
SMA-2 Exposure
Outstanding SMA-2 amount for accounts >₹5 Cr was ₹1,157 Cr as of Jun-26.
Credit Cost Fluctuation
Credit cost increased QoQ from 0.16% in Mar-26 Q to 0.38% in Jun-26 Q.
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 underlying business growth and seasonal trends in banking. QoQ comparison is vital for tracking sequential momentum, asset quality changes, and operational efficiency, especially for a financial services company.
Sector KPIs management disclosed
Global Advances Growth
Global Advances grew by 12.50% YoY and 1.64% QoQ to ₹10,96,331 Cr.
Net Interest Margin (NIM)
NIM for Q1 FY2027 was 2.80%, improving by 16 bps QoQ from 2.64% in Mar-26 Q.
Gross Non-Performing Assets (GNPA)
GNPA stood at 2.65% in Jun-26 Q, improving by 87 bps YoY.
Net Non-Performing Assets (NNPA)
NNPA was 0.47% in Jun-26 Q, improving by 15 bps YoY.
Management forward view
Commitment to Compliance
Management's motto is 'Business First, Compliance Always', emphasizing strong governance and regulatory adherence.
Strengthening Governance & Risk Management
Creation of specialized departments for OTS settlements, NPA monitoring, and a unified Central Reconciliation, Transaction Monitoring & AML Vertical.
Enhancing Customer Service
Initiatives include feedback mechanisms, auto complaint tickets, customer education, and instant support via SMS and Digital Call Centre.
ESG Targets
The Bank has set emission reduction targets for Scope I and Scope II within its own operations, to be achieved by FY2034-35.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 2.80% | Sustained improvement or pressure from rising cost of funds. |
| GNPA/NNPA | 2.65% / 0.47% | Continued reduction in asset quality ratios and control over fresh slippages. |
| RAM Advances Growth | 11.56% YoY | Maintenance of double-digit growth in the high-yielding RAM segments. |
| Digital Business Contribution | ₹600 Cr+ Retail Loans, ₹320 Cr+ MSME Loans, ₹6,500 Cr+ Deposits (Q1 FY27) | Increasing share of digital channels in overall business generation and efficiency gains. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited 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 45th percentile of the scored universe and 59th percentile within Financial Services. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
124 docs text-extracted · 39 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Financial Services: 59th pctile, median 62 · Large: 23rd pctile, median 73
Evidence depth
Financial-only
124 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
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
48
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.8%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸Operating cash flow is negative at ₹-358 Cr.
- ▸Altman Z is 1.75.
- ▸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 Union Bank of India
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Sep - Brickwork reaffirmed Tier-II bond rating at AAA/Stable; withdrew AT1 bond ratings after full redemption.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Sep - Union Bank of India CGM Suresh Chandra Teli superannuated on August 31, 2026; Omprakash Karwa elevated from September 1, 2026.
Source: Bse
Credit ratingAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 27 Aug - S&P assigned BBB ratings on 27 Aug 2026 to UBI DIFC branch’s US$300 million notes due 2029 and 2031.
Source: Bse
Credit ratingAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 21 Aug - S&P assigned BBB rating to Union Bank DIFC branch’s proposed U.S. dollar senior notes on 21 August 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 21 Aug - Fitch assigned 'BBB-(EXP)' to Union Bank's proposed USD senior unsecured notes from DIFC branch.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 2 Jul - Shri Bhaskara Rao Chaganti Venkata Naga elevated to Chief General Manager effective July 1, 2026.
Source: Bse
Annual reportJul 2026
Jul 2026 · Integrated Annual Report Of The Bank For FY 2025-26. 18 Jun - Union Bank of India submitted FY2025-26 annual report; 24th AGM on July 10, 2026 via VC/OAVM.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul - Submission of newspaper advertisement- Unaudited reviewed financial results (Standalone and Consolidated) of the Bank for the quarter ended on June 30, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.