Buy IndusInd Bank; target of Rs 1200: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi's research report on IndusInd Bank

Indusind Bank’s Q4 FY22 profitability improved, with a 1.51% RoA (up 16bps q/q) and better asset quality. Key positives are 1) strong dis-bursements in the corporate and VF books, 2) strong retail deposit growth, 3) sturdy balance sheet with 72% coverage and a Rs33bn provision buffer (1.4% of loans) and 4) strong liquidity and capitalisation. With credit growth picking up and normalising credit costs, earnings would improve.

Outlook

We maintain our positive view on the bank with a TP of Rs1,200, valuing it at 1.6x P/ABV on its FY24e book.

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