Bank of India (BANKINDIA.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

-14.6%

₹114.51

vs ₹134.10 price

Levered DCF

-₹282.14

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.25

Distress zone

Rating

B+

Overall 3 / 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	6.05×	5.26×	9.1×	7.98×	5.06×	10.67×	-3.43×	-3.59×
P/B	0.69×	0.62×	0.85×	0.51×	0.31×	0.45×	0.23×	0.72×
P/S	0.74×	0.62×	0.89×	0.57×	0.39×	0.47×	0.22×	0.77×
EV / EBITDA	5.7×	5.57×	9.78×	9.62×	4.75×	-10.59×	13.2×	3.31×
Gross margin	36.6%	42.1%	43.8%	49.0%	47.2%	44.0%	44.5%	38.6%
Operating margin	16.3%	15.6%	15.2%	11.3%	12.2%	4.7%	-9.3%	-19.5%
Net margin	12.2%	11.9%	9.8%	7.1%	7.7%	4.4%	-6.2%	-12.2%
Current ratio	258.78×	0.19×	0.49×	16.56×	30.62×	41.93×	30.89×	33.42×
Debt / equity	1.32×	1.53×	1.81×	1.93×	1.14×	1.54×	0.46×	0.7×
Interest coverage	0.27×	0.27×	0.27×	0.22×	0.23×	0.08×	-0.17×	-0.32×
Dividend yield	3.0%	2.5%	1.4%	2.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	17.9%	13.4%	12.5%	21.4%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.5%	11.8%	9.3%	6.4%	6.2%	4.2%	-6.8%	-11.4%
Return on invested capital	0.9%	4.0%	1.0%	7.6%	5.4%	1.5%	-4.3%	-7.3%
Return on assets	0.9%	0.9%	0.7%	0.5%	0.5%	0.3%	-0.5%	-0.9%
Free cash flow yield	28.0%	-122.2%	-8.9%	-25.0%	-204.1%	168.7%	-54.8%	-27.7%
Earnings yield	16.5%	19.0%	11.0%	12.5%	19.8%	9.4%	-28.9%	-15.8%
Enterprise value	₹814B	₹732.5B	₹1T	₹627.7B	₹282.6B	-₹273.2B	-₹551.6B	-₹273.9B
Net debt / EBITDA	1.33×	1.75×	4.2×	4.93×	1.78×	-19.22×	15.73×	7.45×
Cash conversion cycle (days)	11	199	-1,041	-1,470	-1,606	72	-1,382	-1,619