Bandhan Bank Limited (BANDHANBNK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-43.8%

₹88.54

vs ₹157.55 price

Levered DCF

-₹25.24

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.32

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.6×	8.77×	13.57×	14.37×	394.1×	24.74×	10.85×	33.07×
P/B	0.89×	0.98×	1.4×	1.61×	2.85×	3.14×	2.16×	5.76×
P/S	0.93×	0.97×	1.44×	1.72×	2.97×	3.75×	2.64×	8.33×
EV / EBITDA	11.34×	7.11×	16.68×	17.82×	267.68×	25.28×	11.42×	19.2×
Gross margin	38.6%	58.0%	59.4%	63.8%	69.1%	65.9%	63.3%	72.3%
Operating margin	7.1%	14.5%	14.0%	15.8%	0.8%	20.3%	32.6%	38.9%
Net margin	5.0%	11.0%	10.6%	11.9%	0.8%	15.2%	24.3%	25.2%
Current ratio	0×	0.06×	0.09×	17.93×	50.28×	0×	9.29×	194.59×
Debt / equity	0.56×	0.45×	1.8×	1.26×	1.15×	1.65×	1.5×	0.06×
Interest coverage	0.16×	0.35×	0.34×	0.44×	0.02×	0.59×	0.89×	1.4×
Dividend yield	1.1%	1.0%	0.8%	0.0%	0.3%	0.0%	1.9%	0.2%
Payout ratio	19.7%	8.8%	10.8%	0.0%	128.0%	0.0%	20.1%	7.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.8%	11.2%	10.3%	11.2%	0.7%	12.7%	19.9%	17.4%
Return on invested capital	0.6%	5.7%	1.4%	69.3%	2.1%	51.7%	47.6%	30.7%
Return on assets	0.6%	1.4%	1.3%	1.4%	0.1%	1.9%	3.3%	3.5%
Free cash flow yield	28.4%	-56.2%	19.9%	-14.8%	1.4%	-2.1%	19.4%	4.3%
Earnings yield	5.4%	11.4%	7.4%	7.0%	0.3%	4.0%	9.2%	3.0%
Enterprise value	₹231.1B	₹277.4B	₹530.6B	₹541B	₹638.8B	₹771.5B	₹471.9B	₹593.5B
Net debt / EBITDA	0.17×	0.94×	7.17×	7.43×	60.22×	7.4×	3.48×	-1.68×
Cash conversion cycle (days)	0	10	-739	-572	-799	-17	-757	7