Buy Indusind Bank; target of Rs 2150: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal' research report on Indusind Bank

IndusInd Bank’s (IIB) 4QFY18 PAT grew 27% YoY to INR9.53b (in-line). NII rose 20% YoY on stable margins and robust advances growth of 28% YoY.Total income grew 12% YoY due to relatively low other income, as treasury gains stood at a modest INR0.95b v/s INR2.15b in 4QFY17. However, controlled opex growth of 9% YoY (CI ratio declined 100bp QoQ to 45%) led to PPoP growth of 13% YoY (+6% QoQ).

Outlook

Merger with BHAFIN will strengthen the bank's earnings profile and further boost its return ratios. We revise our numbers as we build in the BHAFIN merger and the proposed warrant issuance to promoters in our projections. Maintain Buy with a revised TP of INR2,150 (3.5 FY20E ABV).For all recommendations report, click here

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