Buy Indusind Bank; target of Rs 1126: YES Securities

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26 Aug, 2025 12:21

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YES Securities' research report on Indusind Bank

Slippages rise sequentially driven by restructured book slippages while recoveries and upgrades decline: Gross NPA additions had amounted to Rs 20.88bn during 4QFY22, implying a sequential rise of Rs 1.6bn in 1QFY23. Recoveries and upgrades amounted to Rs 6.04bn in 1QFY23, implying a sequential decline of Rs 3.9bn. Credit costs for the quarter amounted to 50 bps on non-annualised basis but management stuck to a guidance of 120-150 bps annualised credit costs, which is a planning cycle 5 aspiration. The slippages from restructured book amounted to Rs 9.21bn for the quarter. The restructured book itself declined from 2.6% of loan book to 2.1% of loan book on sequential basis, with management stating that it would run down 70% of this book by the end of the current financial year.

Outlook

We maintain ‘Buy’ rating on IIB with a revised price target of Rs 1126: We value the bank at 1.5x FY24 P/BV for an FY23E/24E/25E RoE profile of 13.5/14.4%/15.5%.

More Info

At 11:38 hrs IndusInd Bank was quoting at Rs 938.90, up Rs 60.00, or 6.83 percent.

It has touched an intraday high of Rs 941.45 and an intraday low of Rs 893.90.

It was trading with volumes of 306,626 shares, compared to its thirty day average of 109,230 shares, an increase of 180.72 percent.

In the previous trading session, the share closed up 1.20 percent or Rs 10.40 at Rs 878.90.

The share touched its 52-week high Rs 1,241.85 and 52-week low Rs 763.75 on 28 October, 2021 and 23 June, 2022, respectively.

Currently, it is trading 24.4 percent below its 52-week high and 22.93 percent above its 52-week low.

Market capitalisation stands at Rs 72,774.39 crore.For all recommendations report, click here

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Indusind Bank - 210722 - yes