Buy IndusInd Bank; target of Rs 1300: Motilal Oswal

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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26 Aug, 2025 12:21

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Motilal Oswal's research report on IndusInd Bank

IIB reported a stable quarter, with PAT of INR16.3b (+61% YoY, 11% beat) aided by higher other income as NII, Opex and provisions came in line in 1QFY23. Asset quality deteriorated QoQ due to slippages from the restructuring book. Loan growth remained steady across both Corporate and Consumer Finance books. The CV book and Credit Card portfolio too witnessed a robust sequential growth. -However, fresh slippages remained elevated at INR22.5b (3.8% annualized) led by INR9b worth of slippages from the restructuring pool. As a result, restructuring book declined to 2.1% from 2.6% in 4QFY22. GNPA/NNPA ratio increased marginally by 8bp/3bp QoQ to 2.35%/0.67%, respectively.

Outlook

We estimate PAT to grow at 35% CAGR over FY22-24 leading to 15.2% RoE in FY24. We maintain our BUY rating with a TP of INR1,300.

More Info

At 14:07 hrs IndusInd Bank was quoting at Rs 946.15, up Rs 67.25, or 7.65 percent.

It has touched an intraday high of Rs 961.20 and an intraday low of Rs 893.90.

It was trading with volumes of 597,756 shares, compared to its thirty day average of 109,230 shares, an increase of 447.24 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 23.81 percent below its 52-week high and 23.88 percent above its 52-week low.

Market capitalisation stands at Rs 73,336.34 crore.

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IndusInd Bank - 210722 - moti