Quick Take: IndusInd 1QFY27 - Recovery continues

研报英文原文证据摘录

Quick Take: IndusInd 1QFY27 - Recovery continues

22 July 2026

Pranav Gundlapalle

+91 226 842 1407

India Financials pranav.gundlapalle@bernsteinsg.com

IndusInd Bank Ltd Ishan Mittal

+91 226 842 1442

Rating ishan.mittal@bernsteinsg.com

Outperform Anirudh Gupta

Price Target +91 226 842 1456

anirudh.gupta@bernsteinsg.com

IIB.IN 1,000.00 INR

Quick Take: IndusInd 1Q27 - Recovery continues

IndusInd Bank’s 1QFY27 performance reflected early signs of business stabilization, with

Close Date 22 Jul 2026

sequential improvement in loan and deposit growth alongside continued progress in asset

IIB.IN Close Price (INR) 1,069.30

quality. While a higher share of wholesale lending led to a modest contraction in core NIM,

Price Target (INR) 1,000.00

lower slippages and reduced credit costs more than offset the impact on earnings. Supported

Upside/(Downside) (6)%

by disciplined cost management and improving asset-quality trends, core profitability improved

52-Week Range 1,077.85/710.60

during the quarter, with management reiterating its confidence in achieving a 1% exit RoA by

ASIAX 1,909.09

FY27.

FYE Mar

Loan growth shows early signs of stabilization: Balance sheet trends were incrementally Div Yield 0.1%

better during the quarter, with loan growth accelerating sequentially by 3% QoQ (though Market Cap (INR) (M) 833,127

still down 2% on a YoY basis). The improvement was driven primarily by a strong rebound EV (INR) (M) NA

in wholesale lending (+11% QoQ and +1% YoY), while the retail portfolio remained largely Performance YTD 1M 6M 12M

stable sequentially. Deposit growth also improved to +4% QoQ, driven primarily by TDs (+6% Absolute (%) 23.7 16.1 18.5 26.8

QoQ). ASIAX (%) 16.7 (7.9) 11.4 29.9

Relative (%) 7.0 24.0 7.1 (3.1)