IndusInd Bank Limited (INDUSINDBK)
₹877.00 -0.95% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)IndusInd Bank Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, IndusInd Bank's net interest income was ₹4,685 Cr (+1.0% year on year, +7.2% on the previous quarter), and net profit ₹1,037 Cr (+71.7% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹4,685 | +1.0% | +7.2% |
| Operating profit | ₹2,773 | +8.0% | — |
| Net profit | ₹1,037 | +71.7% | +74.6% |
| EPS (₹) | 13.31 | +71.7% | +74.4% |
| Gross NPA | 3.25% | — | — |
INDUSINDBK delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.36% of the INDUSINDBK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.55%. That is close to its usual level. In INDUSINDBK futures, open interest fell 1.23% while the futures price fell 0.82%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 68.6% · 76.2% · 67.4% · 52.4% · 55.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
IndusInd Bank reported its provisional business figures for the quarter ended September 30, 2026, showing net advances of ₹3,62,393 crore, up 11.2% YoY and 11.1% QoQ. Total deposits grew 10.1% YoY to ₹4,29,038 crore, while retail and small business deposits reached ₹2,14,504 crore. However, the CASA ratio weakened sequentially and annually to 28.0%, down from 29.4% in June 2026 and 30.7% in September 2025. Additionally, the bank mobilized USD 3.51 billion (~₹33,627 crore) in FCNR(B) deposits under the RBI swap facility.
- Net advances increased 11.2% YoY and 11.1% QoQ to ₹3,62,393 crore as of September 30, 2026.
- Total deposits grew 10.1% YoY and 3.4% QoQ to ₹4,29,038 crore.
- CASA ratio contracted to 28.0%, compared to 29.4% in the previous quarter and 30.7% a year ago.
- Mobilised USD 3.51 billion (~₹33,627 crore) in FCNR(B) deposits under RBI swap scheme, with GIFT City loans of USD 1.73 billion (~₹16,564 crore) extended against them.
IndusInd Bank has launched a specialized banking vertical targeting India's growing ecosystem of 2,117 Global Capability Centres (GCCs), which has expanded by 32% since FY2021. The proposition integrates corporate banking, employee banking, commercial cards, FEMA advisory, and GIFT City foreign currency accounts under a single relationship. As of June 30, 2026, the bank serves 42 million customers via 3,137 branches. While no direct revenue targets were disclosed, the move is aimed at driving corporate fee income and low-cost liability mobilization.
- Targets India's GCC ecosystem comprising 2,117 centres, which grew 32% since FY2021
- Integrates 5 core capabilities: digital banking, employee banking, commercial cards, FEMA solutions, and GIFT City IBU foreign-currency accounts
- Leverages IndusInd's distribution base of 42 million customers and 3,137 branches as of June 30, 2026
- GIFT City International Banking Unit deployed to handle foreign-currency account needs
IndusInd Bank Limited announced that Niche Ninety Nine Capability and Certifications (OPC) Private Limited (Niche99) has assigned an ESG Rating of '73' to the bank. The bank clarified that it did not engage Niche99, and the rating was assigned independently using publicly available information. The disclosure was made pursuant to Regulation 30 following SEBI guidelines dated January 30, 2026. This informational rating update carries no operational or direct financial impact on the bank's Rs 52,156 Cr TTM revenue base.
- ESG Rating of '73' assigned to IndusInd Bank by Niche99
- Rating reported to BSE Limited on September 17, 2026
- IndusInd Bank did not solicit or engage the agency for this assessment
- Filing made pursuant to SEBI circular dated January 30, 2026
IndusInd Bank held group and 1-on-1 meetings with 13 institutional investors at the Jefferies 5th India Forum in Gurgaon on September 17, 2026. Participating funds included Wellington Management, Invesco Asset Management, and California State Teachers Retirement System, among others. The bank confirmed that only publicly available information was discussed and no unpublished price sensitive information (UPSI) was shared.
- Meeting conducted on September 17, 2026, at the Jefferies 5th India Forum in Gurgaon
- Interacted with 13 institutional investors across group and 1x1 physical formats
- Presentations and discussions relied on publicly available Q1 FY26-27 investor materials
- Confirmed no unpublished price sensitive information (UPSI) was shared
IndusInd Bank has scheduled physical 1x1 institutional investor meetings organized by Jefferies in New York on September 24-25, 2026. The bank confirmed that an existing investor presentation is available on its website. This is a routine institutional interaction under SEBI LODR Regulation 30. No new operational or price-sensitive financial disclosures were made in the filing.
- 1x1 investor meetings organized by Jefferies
- Scheduled for September 24-25, 2026 in New York
- Standard regulatory disclosure under Regulation 30 of SEBI LODR
- Investor presentation referenced as already available on the bank website
IndusInd Bank has informed the exchanges that it will participate in a group of investor meetings organized by Jefferies. The physical 1x1 meetings are scheduled to take place on September 24-25, 2026, in New York. The bank stated that the existing investor presentation available on its website will be used, with no unpublished price-sensitive information shared.
- Investor meetings organized by Jefferies scheduled for September 24-25, 2026
- Format consists of physical 1x1 meetings held in New York
- Filing made in compliance with Regulation 30 of SEBI LODR Regulations 2015
IndusInd Bank has informed stock exchanges regarding an upcoming physical investor meet scheduled for September 24-25, 2026. The 1x1 meetings are organized by Jefferies and will take place in New York. The bank stated that its standard investor presentation is accessible via its website. This is a routine institutional outreach intimation and does not disclose any price-sensitive or financial data.
- 1x1 investor meetings organized by Jefferies scheduled for September 24-25, 2026
- Physical mode meetings to be held in New York
- Investor presentation uploaded to the bank's official website
- Filing made under Regulation 30 of SEBI LODR Regulations, 2015
IndusInd Bank Limited has informed the exchanges regarding the closure of its trading window pursuant to SEBI Insider Trading Regulations. The trading window for designated persons will remain closed starting Thursday, October 1, 2026. It will reopen 48 hours after the declaration of the unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2026. The date of the board meeting to approve the results will be announced separately.
- Trading window closure begins on Thursday, October 1, 2026
- Closure applies until 48 hours after financial results announcement
- Results pertain to the quarter and half-year ending September 30, 2026
- Board meeting date to approve results will be intimated separately
IndusInd Bank has announced the multi-city expansion of its brand partnership with HYROX India following their initial association in Mumbai. The partnership extends to cities including Ahmedabad, Bengaluru, and Noida, offering bank customers race privileges, cashback offers, and dedicated event access. HYROX anticipates engaging over 1.5 million participants across 123 events globally this season. The announcement is a routine marketing and customer-engagement initiative with no disclosed financial terms.
- Expanded HYROX India partnership across multiple cities including Ahmedabad, Bengaluru, and Noida
- HYROX global series expected to engage over 1.5 million participants across 123 events this season
- Customer incentives include exclusive cashback offers, race-day priority check-in, and curated experiences
- IndusInd Bank customer base stood at approximately 42 million across 3,137 branches as of June 30, 2026
IndusInd Bank Limited has received an order from the Insurance Regulatory and Development Authority of India (IRDAI) imposing a monetary penalty of ₹1 crore. The penalty follows an onsite inspection conducted in June 2023 regarding non-compliance with the IRDAI (Registration of Corporate Agents) Regulations, 2015. Issues identified include deficiencies in policyholder grievance redressal mechanisms, lack of mandatory disclosures, and omission of the IRDAI registration number on its website. Relative to the bank's TTM revenue of ₹52,156 crore and net worth of ₹65,289 crore, the financial impact is negligible.
- IRDAI imposed a monetary penalty of ₹1 crore on September 10, 2026
- Pertains to non-compliance with IRDAI (Registration of Corporate Agents) Regulations, 2015
- Stemmed from an onsite inspection conducted between June 19 and June 22, 2023
- Show Cause Notice was issued on March 26, 2025, prior to the final penalty order
IndusInd Bank announced the rollout of an Overdraft (OD) and Cash Credit (CC) linked Corporate Credit Card for business and MSME clients. The product integrates directly with existing sanctioned OD/CC lines, removing separate limits, standalone reconciliations, or separate billing cycles. The cards will be issued across RuPay, Mastercard, and Visa networks, powered by PropelGo Technologies. As of June 30, 2026, the bank operates 3,137 branches and 2,853 ATMs serving approximately 42 million customers.
- Operates directly on existing OD or CC accounts without separate billing cycles or credit limits
- Partnered with card networks NPCI (RuPay), Mastercard, and Visa, powered by PropelGo Technologies
- Serves ~42 million customers via 3,137 branches and 2,853 ATMs as of June 30, 2026
- Reaches 1.60 lakh villages across India as of June 30, 2026
IndusInd Bank Limited has allotted 4,160 equity shares of face value Rs. 10 each on September 10, 2026, following the exercise of options under its Employee Stock Option Scheme. As a result, the bank's paid-up share capital marginally increased from Rs. 7,791,405,520 to Rs. 7,791,447,120. Total outstanding equity shares rose from 779,140,552 to 779,144,712. The newly allotted shares will rank pari-passu with existing equity shares.
- Allotment of 4,160 equity shares of Rs. 10 each under the Bank's ESOP scheme
- Allotment date confirmed as September 10, 2026
- Paid-up share capital increased from Rs. 7,791,405,520 to Rs. 7,791,447,120
- Total issued equity shares expanded from 779,140,552 to 779,144,712
- New equity shares rank pari-passu with existing equity shares in all respects
IndusInd Bank has informed the exchanges regarding its scheduled participation in the Jefferies 5th India Forum on September 17, 2026. The interactions will involve physical group and one-on-one meetings held in Gurgaon. No unpublished price sensitive information is expected to be shared, with presentation materials already available publicly. Such interactions are standard institutional investor outreach for a bank with a market capitalization of Rs 77,452 Cr.
- Participation in the Jefferies 5th India Forum scheduled for September 17, 2026
- Format includes both Group and 1x1 meetings conducted physically in Gurgaon
- Company Secretary digitally signed the intimation on September 10, 2026
IndusInd Bank has informed the exchanges regarding the conclusion of its physical analyst and institutional investor interactions held on September 10, 2026, in Mumbai. The bank participated in one-on-one and group meetings during the UBS India Summit 2026 with 12 institutional investment firms, including Invesco, Motilal Oswal AMC, and Axis AMC. The bank confirmed that discussions were based strictly on publicly available documents, including its Q1 FY26-27 investor presentation, and no unpublished price-sensitive information was shared.
- Meeting conducted on September 10, 2026, in Mumbai at the UBS India Summit 2026
- Interactions held across one-on-one and group formats with 12 institutional asset managers
- Key attendees included Invesco, Motilal Oswal AMC, 360 ONE, Marathon Asset Management, and Axis AMC
- No unpublished price sensitive information (UPSI) was discussed; interactions referred to public documents
IndusInd Bank has partnered with Navi UPI to strengthen the technology infrastructure supporting digital payments, announced on September 10, 2026. At the core of the partnership is a new UPI payment switch that routes and processes transactions across Android and iOS platforms. As of June 30, 2026, the bank serves approximately 42 million customers through 3,137 branches and 2,853 ATMs. Commercial deal terms and monetary commitments were not disclosed in the filing.
- Partnership with Navi UPI to provide banking capabilities and a new UPI payment switch
- Switch rollout planned in phases across Android and iOS platforms over coming days
- IndusInd Bank customer base stands at ~42 million as of June 30, 2026
- Branch network spans 3,137 branches/outlets and 2,853 ATMs reaching 1.60 lakh villages
Financial Performance
Revenue Growth by Segment
Total loans reached INR 3,25,881 Cr in Q2 FY26. Home loans grew 84% YoY to INR 5,500 Cr, while the LAP book grew 10% YoY to INR 12,581 Cr. Core fee income grew 1% QoQ to INR 1,543 Cr. Corporate banking yields stood at 7.84% while consumer banking yields were significantly higher at 13.45% in Q2 FY26.
Geographic Revenue Split
The bank operates a pan-India network with 6,914 branches (including 3,804 BFIL branches) and 3,052 ATMs as of September 2025. While specific regional revenue % is not disclosed, the distribution is diversified across urban and rural India through the Bharat Financial Inclusion network.
Profitability Margins
Net Interest Margin (NIM) was 3.32% in Q2 FY26, a marginal decline from 3.35% in Q1 FY26. The bank reported a net loss of INR 437 Cr in Q2 FY26 due to accelerated provisions, compared to a fiscal 2025 net profit of INR 2,575 Cr. Pre-provisioning profit as a percentage of average assets moderated to 1.9% in Q1 FY26 from 2.1% in FY25.
EBITDA Margin
Core operating profit remained stable QoQ at INR 1,940 Cr in Q2 FY26. Operating expenses declined by 5% QoQ due to cost optimization. Pre-provisioning profit for FY25 was INR 10,661 Cr, down 32.8% from INR 15,864 Cr in FY24 due to income reversals and reclassifications.
Capital Expenditure
Not disclosed in available documents; however, the bank is investing in digital capabilities (Digital 2.0) and distribution expansion to strengthen its vehicle finance and retail segments.
Credit Rating & Borrowing
The bank holds a 'CARE A1+' rating. Borrowing costs were reduced by 26 bps in Q2 FY26 due to deposit rate cuts. Total borrowings were reduced by 13% QoQ to optimize the balance sheet. Capital adequacy remains healthy with a CET1 ratio of 15.48% and CAR of 16.63% as of June 2025.
Operational Drivers
Raw Materials
Retail Deposits (31% CASA), Fixed Deposits, and Equity Capital represent the primary 'raw materials' for the bank's lending operations.
Import Sources
Sourced domestically across India through a network of 6,914 branches and digital platforms like 'INDIE'.
Key Suppliers
Not applicable as a financial institution; primary 'suppliers' are retail and corporate depositors.
Capacity Expansion
Current network includes 6,914 branches and 3,052 ATMs. The bank is expanding its distribution in the MSME and Home Loan segments to diversify away from cyclical vehicle and microfinance lending.
Raw Material Costs
Cost of funds decreased by 26 bps in Q2 FY26. The bank is focusing on 'Retailisation' to increase low-cost CASA deposits (currently 31%) to improve margins.
Manufacturing Efficiency
LCR maintained at a healthy 132% with average surplus liquidity of INR 56,000 Cr. Credit-to-Deposit (CD) ratio was maintained at 84% in Q2 FY26.
Logistics & Distribution
Distribution costs are managed through a mix of physical branches and digital transformation, with operating expenses declining 5% QoQ in Q2 FY26.
Strategic Growth
Expected Growth Rate
18-20%
Growth Strategy
The bank aims to achieve growth by diversifying into MSME (INR 18,195 Cr book), Home Loans (84% YoY growth), and LAP. It is leveraging its 'Digital 2.0' strategy and the 'INDIE' app to acquire retail customers and strengthen its liability franchise while maintaining leadership in Vehicle Finance.
Products & Services
Vehicle loans, microfinance loans, MSME loans, home loans, credit cards (4.9% market share), and corporate banking services.
Brand Portfolio
IndusInd Bank, BFIL (Bharat Financial Inclusion Limited), INDIE (Digital Bank).
New Products/Services
Home loans (now INR 5,500 Cr) and 'INDIE for Business' app for digital transformation of MSME banking.
Market Expansion
Targeting the MSME sector and mass housing/home loans to build a less cyclical and more predictable business model over the medium term.
Market Share & Ranking
5th largest private bank in India; 4.9% market share in credit card spends.
Strategic Alliances
Partnership with Bharat Financial Inclusion Ltd (BFIL) for micro-lending; BFIL operates 3,804 branches.
External Factors
Industry Trends
The industry is shifting toward 'Retailisation' of liabilities and digital-first banking. IndusInd is positioning itself by reducing reliance on bulk deposits and increasing granular retail assets.
Competitive Landscape
Competes with major private banks and NBFCs; maintains leadership in vehicle finance across leading OEMs.
Competitive Moat
Domain expertise in 'Livelihood Loans' (Vehicle and MFI) and a massive rural distribution network through BFIL (3,804 branches) provide a sustainable competitive advantage in underbanked segments.
Macro Economic Sensitivity
Sensitive to interest rate cycles and the 'auto upcycle' which supports the vehicle finance pillar (28% of advances).
Consumer Behavior
Increasing demand for digital banking (INDIE app) and festive-led uptick in vehicle demand.
Regulatory & Governance
Industry Regulations
Subject to RBI's capital adequacy norms (maintaining 16.63% CAR) and income recognition/asset classification (IRAC) norms which led to recent MFI slippage corrections.
Environmental Compliance
ESG scores of 61/100 (CRISIL) and 62/100 (Risk AI), categorized as 'Strong'.
Legal Contingencies
SEBI interim order restricts the former CEO, former Deputy CEO, and three employees from securities transactions due to alleged insider trading. A reversal of INR 1,960 Cr in other income was recorded due to derivative accounting discrepancies.
Risk Analysis
Key Uncertainties
Asset quality in the microfinance segment remains a key uncertainty, with GNPAs in MFI rising to 13.2% in FY25. Management transition is also a monitorable risk.
Geographic Concentration Risk
Pan-India presence reduces regional risk, though microfinance stress is often sector-specific across certain states.
Third Party Dependencies
High dependency on the performance of the auto industry (28% of book) and the rural economy (MFI segment).
Technology Obsolescence Risk
Mitigated by 'Digital 2.0' strategy and 'INDIE' app to stay competitive with fintechs and larger private banks.
Credit & Counterparty Risk
GNPA at 3.60% and NNPA at 1.04% as of Q2 FY26. PCR increased to 71.6% to provide a buffer against potential defaults.
