Buy IndusInd Bank; target of Rs 1400: 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 Q2 FY23 profitability improved, with a 1.78% RoA (up 49bps y/y) and better asset quality. Key positives were 1) strong disbursements in the MFI and VF books, 2) strong retail deposit growth, 3) sturdy balance sheet with 72% coverage and a Rs26bn provision buffer (1.1% of loans) and 4) strong liquidity and capitalisation. With credit growth picking up and moderating credit costs, earnings are expected to be strong.

Outlook

We maintain our positive view on the bank with a TP of Rs1,400, valuing it at 1.6x P/ABV on its FY25e book.

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IndusInd Bank - 201022 - anand