Yes Bank Limited (YESBANK)
Mid CapFinancial Services stocks · Mid cap · NSE
Yes Bank is a new-generation Indian private sector bank offering corporate, institutional, retail, MSME, transaction banking, and treasury services. Headquartered in Mumbai, it operates over 1300 branches, 200+ BCBOs, and 1350+ ATMs across 300 districts, with an IBU at GIFT City and a representative office in Abu Dhabi.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 55/100Rev +6% YoY · PAT +33% YoY · +5% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,054 Cr | +5.9% | +5.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,072 Cr | +32.5% | -0.9% |
| PAT margin | 13.3% | +267 bps | -81 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
YESBANK reports strong Q1FY27 with PAT up 33.7% YoY to INR 1,071 Crs, driven by 18.3% YoY advances growth and improved asset quality (GNPA 1.3%, NNPA 0.2%). NIM expanded 20 bps YoY to 2.7%, and cost-to-income improved to 62.8%. Rating upgrades from Moody's, CARE, ICRA, and S&P Global provide external validation.
The bank shows broad-based growth in advances and deposits, coupled with significant asset quality improvement and cost efficiency gains. Rating upgrades validate the strengthening franchise. While QoQ deposit growth was negative, the YoY trend is strong, and management's focus on core earnings and resilience is positive.
Advances Mix by Segment (Q1FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Retail Assets Disbursement
PositiveSustained momentum in Retail Assets with Q1FY27 disbursement growing 27.5% Y-o-Y.
Corporate & Institutional Banking Advances
PositiveCorporate & Institutional Banking advances posted robust 13.9% Q-o-Q growth and 41.4% YoY.
Commercial Banking Advances
PositiveCommercial Banking Advances sustained momentum with 16.9% Y-o-Y growth.
Core Fee Income
PositiveCore Fee growth at 18.7% Y-o-Y.
Branch & BCBO Network
PositiveNetwork Footprint stands at 1,335 branches and 249 BCBO outlets, up 6.5% YoY in total.
Credit Rating Upgrades
PositiveReceived Credit Rating Upgrades from Moody’s, CARE, ICRA; Inaugural Rating of BB+ from S&P Global.
Lower Cost of Deposits
PositiveCost of Deposits for Q1FY27 lower 50bps Y-o-Y & 10bps Q-o-Q at 5.4%.
Strong Institutional Sponsorship
PositiveSumitomo Mitsui Banking Corporation (SMBC) became YES Bank’s largest shareholder through the acquisition of 24.9% stake.
Lower Gains from Security Receipts & Treasury
NegativeNet Profit... despite significantly lower P&L Gains from Security Receipts and treasury fell sharply.
Deposits Q-o-Q Decline
NegativeTotal Deposits at INR 3,15,373 Crs registered -1.1% Q-o-Q growth.
Yield on Advances Decline
NegativeYield on Advances at 9.1% v/s 9.2% Q4FY26 and 9.9% Q1FY26.
Increase in Provision for NPA
NegativeProvision for Non Performing Advances was INR 507 Crs in Q1FY27, up 492.9% Q-o-Q from INR 85 Crs in Q4FY26.
Retail Advances Mix Shift
NegativeRetail Banking mix at 45% v/s. 49% in Q1FY26, indicating a shift away from this segment.
CASA Ratio Decline QoQ
NegativeCASA Ratio at 32.7% v/s 35.1% in Q4FY26, indicating a sequential weakening in low-cost funding.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Financial services performance is influenced by both seasonal factors (YoY) and sequential momentum (QoQ) in disbursements, asset quality, and funding costs. Analyzing both provides a comprehensive view of the bank's trajectory.
Advances Growth
PositiveAdvances Growth at 18.3% Y-o-Y and 4.3% Q-o-Q.
Disbursements
PositiveContinued momentum in Retail Assets Disbursement, up 27.5% Y-o-Y. Q1FY27 disbursements were INR 33,945 Crs, grew 3.0% Q-o-Q.
NIM
PositiveNIM at 2.7% (up 20 bps Y-o-Y) v/s 2.5% in Q1FY26 & 2.7% in Q4FY26.
Cost of Deposits
PositiveCost of Deposits for Q1FY27 lower 50bps Y-o-Y & 10bps Q-o-Q at 5.4%.
Deepen the Core
NeutralOur focus is clear: deepen the core, sustain profitability, and create a resilient franchise.
Sustain Profitability
PositiveWe delivered higher core earnings even as gains from Security Receipts and treasury fell sharply - clear evidence that the underlying franchise is strengthening.
Create Resilient Franchise
Neutralcreate a resilient franchise that delivers lasting value for every stakeholder.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CASA Ratio | 32.7% | Sequential improvement in CASA ratio to reduce funding costs and enhance stability. |
| Retail Slippages | INR 843 Crs (2.7% of Advances), lowest in 10 quarters | Continued reduction in retail slippages and sustained asset quality improvement across segments. |
| Provision for NPA | INR 507 Crs (up 492.9% QoQ) | Explanation for the sharp QoQ increase in NPA provisions despite stable GNPA/NNPA ratios. |
| Retail & Branch Led Deposits Share | 59.2% of Total Deposits | Sustained growth and increasing share of granular retail and branch-led deposits. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 -2.2% / mo · MACD +
Technical chart
YESBANKdaily · 1Y · AUTO+11.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 47. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 13% 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.
Relative Strength & Trend Stage
- 11.7% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.5% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 23.0%.
- Fair-value margin of safety is positive at 31.9%.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 70th percentile within Financial Services. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.49.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 70th pctile, median 62 · Mid: 32nd pctile, median 76
112 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 23%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.49.
- ▸ROCE is low at 6%.
- ▸ROE is low at 7.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.70
- P/B
- 1.35
- EV/EBITDA
- —
- Market Cap
- 70624.00Cr
Profitability
- ROE
- 7.10%
- ROCE
- 5.98%
- ROA
- 0.80%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 69.00%
Balance Sheet
- Debt/Equity
- 0.20
- Interest Coverage
- —
- Altman Z
- 1.49
- Book Value
- 16.70
Cash Flow
- FCF Yield
- 23.03%
- FCF Positive Y
- 4/5
- OCF
- 21217.00 Cr
- EPS TTM
- 1.19
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 62%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.