IDFC First Bank Ltd. share price target

We maintain our BUY recommendation on the stock.

Retail funded asset forms ~59% of total funded asset Branch network is at 1,147 as on Mar 2026 Q4FY26 performance: IDFC First Bank reported a mixed Q4FY26 performance, with strong core trends offset by one-offs and slower deposit momentum. Advances grew 20% YoY (4% QoQ) to 2.9 lakh crore, led by vehicle, gold, MSME and wholesale segments, while deposits grew 17% YoY (1% QoQ), impacted by SA rate cuts, tight liquidity and fraud-related sentiment. NII grew 16% YoY with NIM at 5.93%. Provisions declined sharply, resulting in credit cost moderating to 1.63%,...

We maintain our BUY recommendation on the stock.

IDFC First Bank (IDFCFB) reported a 4QFY26 PAT of INR3.19b (up 4.9% YoY/down 37% QoQ). This represented a 99% beat to MOFSLe amid a tax reversal of INR1.7b on account of a favorable tax order.

Company Update

IDFCFB flags suspected fraud at the Chandigarh branch related to Haryana government; forensic audit underway

We reiterate our BUY recommendation with a revised TP of Rs 87/share, implying an upside of 24% from the CMP, valuing the stock at 1.4x Sep'28E ABV (vs 1.6x earlier) for a RoA/RoE delivery of 1-1.2%/9-12% over FY27-28E vs 0.4/3.7% in FY26E.

IDFC First Bank (IDFCB) has reported certain fraudulent transactions in respect to unauthorized withdrawal of deposits amounting to INR5.9b from its branch in Chandigarh, Haryana.

Q3FY26 performance: IDFC First Bank has delivered on most operational fronts in Q3FY26, with strong balance sheet growth, improving margins, and better asset quality trend. Loans grew ~21% YoY (4.8% QoQ) to ~2.8 lakh crore, led by broadbased traction across mortgages, vehicle, consumer, and MSME segments, while deposits rose ~24% YoY (5% QoQ) to ~2.82 lakh crore, with CASA ratio improving to ~51.6% (up 157 bps QoQ). NIM expanded 17 bps QoQ to 5.76%, aided by lower cost of funds and an improved liability mix, driving ~12% YoY growth in NII. Asset quality improved sequentially, with GNPA declining to 1.69% (down 17 bps QoQ) and credit cost moderating to ~2.05% (down 19 bps QoQ), supported by easing MFI...

PAT missed estimates marginally, mainly due to higher opex. Return ratio likely to improve on operating leverage and AQ improvement

We maintain our BUY recommendation on the stock.

IDFC First Bank (IDFCFB) reported 3QFY26 PAT of INR5b (up 48% YoY/up 43% QoQ, in line), as NII and PPoP both stood in line. NII grew 12% YoY/7.4% QoQ to INR54.9b (in line). NIMs expanded 17bp QoQ to 5.76%, with the outlook improving amid a better asset mix and benefits from the recent cut in SA rates.

Quarterly Update Q2FY26

PAT missed estimates mainly due to higher opex; return ratio likely to improve on operating leverage and asset quality improvement

Q2FY26 performance: IDFC First Bank reported a mixed Q2FY26 performance as healthy loan and deposit growth was offset by margin pressure and lower treasury gains. NII rose 6.8% YoY to 5,113 crore, while NIM contracted 12 bps QoQ to 5.6%. Provisions moderated to 1,452 crore, aiding PAT of 352 crore (up 76% YoY, down 24% QoQ). Asset quality improved with GNPA/NNPA at 1.86%/0.52%. Funded assets expanded 19.7% YoY to 2.67 lakh crore led by mortgage, vehicle and...

IDFC First Bank (IDFCFB) reported 2QFY26 PAT of INR3.5b (up 76% YoY/down 24% QoQ, in line). NII grew 7% YoY/3.6% QoQ to INR51.2b (in line). NIMs declined 12bp QoQ to 5.6%. Opex grew 13% YoY to INR51.2b (in line).

PAT beat estimates, mainly aided by higher non-interest income. Asset quality moderated marginally

We revise our rating from HOLD to BUY

IDFC First Bank (IDFCFB) reported broadly in-line set of numbers with Q1FY26 PAT of INR 4.6bn and RoA rising to ~50bps. Higher-than-expected slippages and credit costs were offset by strong treasury gains.