| Scenario | Target (₹, disc.) | Upside | P/BV used | ROE fwd |
|---|---|---|---|---|
| bear | ₹387 | -59.3% | 0.50 | 836.0% |
| base | ₹657 | -30.9% | 0.85 | 924.0% |
| bull | ₹967 | +1.7% | 1.25 | 968.0% |
| Driver | Value | Source |
|---|---|---|
| NIM (%) | 4.20 | Auto |
| Credit Growth (%) | 8.36 | Auto |
| Credit Cost (%) | 0.55 | Auto |
| Cost / Income (%) | 40.00 | Auto |
| Capital Adequacy (%) | 17.11 | Auto |
| Metric | FY2027E | FY2028E | FY2029E |
|---|---|---|---|
| PAT (₹ Cr) | 5,655 | 6,128 | 6,640 |
| EPS (₹) | 7.26 | 7.87 | 8.52 |
| Book Value / Share | 848.6 | 855.8 | 863.5 |
| ROE (%) | 0.9 | 0.9 | 1.0 |
| NII (₹ Cr) | 16,075 | 17,419 | 18,875 |
| Stock | Score | Model P/BV | Mkt P/BV | Premium | Cal. Target | Upside | Signal |
|---|---|---|---|---|---|---|---|
| Axis Bank | 63.0 | 1.52× | 1.85× | 0.32 | ₹1,268 | 0.0% | REDUCE |
| HDFC Bank | 54.2 | 2.53× | 2.06× | 0.32 | ₹1,078 | +38.4% | BUY |
| ICICI Bank | 59.5 | 2.62× | 2.49× | 0.32 | ₹1,478 | +18.1% | BUY |
| IndusInd Bank | 55.8 | 0.53× | 1.13× | 0.32 | ₹715 | -24.8% | REDUCE |
| Kotak Mahindra Bank | 56.3 | 1.36× | 2.09× | 0.32 | ₹307 | -19.3% | REDUCE |
| Quarter | Promoter % | FII % | DII % | Public % |
|---|---|---|---|---|
| Dec 2024 | 16.3 | 24.7 | 42.4 | 16.2 |
| Mar 2025 | 15.8 | 29.5 | 36.3 | 17.9 |
| Jun 2025 | 15.8 | 33.7 | 33.2 | 16.9 |
| Sep 2025 | 15.8 | 34.3 | 31.6 | 17.9 |
| Dec 2025 | 15.8 | 31.6 | 35.0 | 17.2 |
| Mar 2026 | 15.8 | 28.6 | 40.1 | 15.1 |