IndusInd Bank Limited (INDUSINDBK.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

-45.3%

₹465.68

vs ₹850.65 price

Levered DCF

-₹104.08

After debt service

Piotroski score

4 / 9

Average

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	65.89×	20.64×	13.35×	11.12×	15.07×	23.84×	5.46×	31.76×
P/B	0.89×	0.82×	1.9×	1.51×	1.51×	1.61×	0.7×	3.93×
P/S	1.1×	0.94×	2.2×	1.87×	1.91×	2×	0.69×	3.78×
EV / EBITDA	29.56×	11.7×	12.19×	17.56×	22.1×	36.92×	20.93×	26.48×
Gross margin	32.2%	47.4%	54.0%	57.6%	58.2%	55.7%	52.6%	51.6%
Operating margin	2.3%	6.3%	21.9%	22.4%	17.0%	11.3%	17.5%	18.0%
Net margin	1.7%	4.6%	16.4%	16.8%	12.7%	8.4%	12.6%	11.9%
Current ratio	0×	0×	0.29×	8.22×	7.41×	0×	2.96×	4.89×
Debt / equity	0.65×	0.83×	1.09×	2.83×	3.04×	3.31×	3.66×	1.79×
Interest coverage	0.04×	0.12×	0.48×	0.53×	0.41×	0.25×	0.37×	0.37×
Dividend yield	0.0%	2.4%	0.9%	0.8%	0.5%	0.0%	2.6%	0.5%
Payout ratio	0.0%	49.9%	12.1%	8.9%	8.1%	0.0%	14.1%	16.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.4%	4.0%	14.2%	13.5%	10.0%	6.7%	12.8%	12.4%
Return on invested capital	0.2%	0.5%	2.4%	43.6%	43.8%	6.9%	94.3%	47.9%
Return on assets	0.2%	0.5%	1.7%	1.6%	1.2%	0.8%	1.5%	1.2%
Free cash flow yield	1.9%	-16.4%	-14.7%	-15.7%	22.5%	63.9%	-54.7%	-6.7%
Earnings yield	1.5%	4.8%	7.5%	9.0%	6.6%	4.2%	18.3%	3.1%
Enterprise value	₹524.5B	₹475B	₹1.5T	₹1.8T	₹1.5T	₹1.6T	₹1.4T	₹1.4T
Net debt / EBITDA	-3.46×	-1.4×	2.56×	9.55×	11.43×	20.51×	17.16×	6.36×
Cash conversion cycle (days)	0	76	107	-1,339	-1,824	23	-488	-1