Indian Bank (INDIANB.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

-58.6%

₹354.46

vs ₹856.65 price

Levered DCF

₹89.92

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.29

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	9.73×	6.35×	8.02×	6.45×	4.53×	4.16×	2.63×	35.82×
P/B	1.42×	1×	1.12×	0.73×	0.42×	0.33×	0.21×	1.62×
P/S	1.45×	0.99×	1.05×	0.68×	0.41×	0.29×	0.2×	1.52×
EV / EBITDA	5.81×	5.04×	5.6×	1.33×	-9.58×	-2.9×	15.01×	48.03×
Gross margin	43.7%	48.9%	49.7%	53.2%	52.2%	48.2%	44.2%	42.3%
Operating margin	20.4%	21.0%	17.6%	11.8%	7.4%	6.7%	6.0%	1.6%
Net margin	14.9%	15.6%	13.1%	10.6%	9.0%	7.0%	3.5%	1.8%
Current ratio	0.08×	0.09×	0.15×	15.91×	58.21×	24.59×	10.89×	13.39×
Debt / equity	0.58×	0.58×	0.38×	0.45×	0.38×	0.77×	1.1×	0.8×
Interest coverage	0.39×	0.41×	0.35×	0.25×	0.15×	0.13×	0.11×	0.03×
Dividend yield	1.9%	3.2%	1.6%	2.3%	1.3%	4.8%	5.7%	2.1%
Payout ratio	18.7%	20.1%	12.7%	14.5%	6.0%	20.1%	32.2%	178.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.6%	15.7%	14.0%	11.3%	9.2%	8.0%	3.8%	1.9%
Return on invested capital	7.4%	8.1%	1.5%	18.8%	4.1%	9.2%	3.7%	1.4%
Return on assets	1.2%	1.3%	1.1%	0.8%	0.6%	0.5%	0.3%	0.1%
Free cash flow yield	29.2%	-45.2%	-13.7%	-78.5%	151.6%	125.7%	-184.5%	45.9%
Earnings yield	10.3%	15.7%	12.5%	15.5%	22.1%	24.0%	17.7%	1.2%
Enterprise value	₹950.2B	₹581B	₹484.7B	₹78.1B	-₹440B	-₹106B	₹160.9B	₹278.7B
Net debt / EBITDA	-1.16×	-1.16×	-2.2×	-4.8×	-13.66×	-6.5×	10.46×	-7.17×
Cash conversion cycle (days)	9	28	-554	-944	-1,546	24	-573	28