Bandhan Bank Ltd. share price target

Net Interest Income (NII) for Q1FY26 declined by 8.2% YoY (flat QoQ) to INR 27,572 Mn., below our estimates by 8.2%, mostly led by contraction in NIM margins. Non-interest income for Q1FY26 grew by 37.6% YoY (+3.8% QoQ) to INR 7,259 Mn., above our estimates, led by sharp increase in treasury gains.

We maintain our HOLD recommendation, given limited upside potential.

Net advances were at Rs. 131,990cr, a 9.0% YoY growth, supported by increase in housing, retail and wholesale banking advances. GNPA and NNPA ratios deteriorated to 4.7% and 1.3% in Q4FY25 from 3.8% and...

We revise our rating from BUY to HOLD, as we see limited upside from the CMP

Bandhan Bank (BANDHAN) reported 4QFY25 PAT of INR3.2b (up 480% YoY), 29% below our estimate due to lower other income and higher provisions.

Q4 was better than expected for Bandhan Bank, given the challenges the MFI segment was faced with. Though slippages were higher than in the prior quarter in the overall book incl. the EEB book, the decrease in the SMA book was positive, indicating lower incremental stress build-up.

PPOP aided by one-offs in other income, payouts under CGFMU and Assam Microfinance relief scheme

We maintain our BUY recommendation on the stock, given the upside is over 10%.

We revise our rating BUY from HOLD earlier.

Bandhan Bank reported a 6% PAT beat at Rs9.4bn and RoA of 2.1%, mainly led by higher other income and lower than expected provisions – better than some peers that posted sharp earning downgrades.

We maintain our HOLD recommendation on the stock.

Bandhan Bank (BANDHAN) reported a healthy beat on PAT at INR10.6b (+47.5% YoY) fueled by controlled opex and provisions

Healthy business growth, improved asset quality and higher other income supported topline; increased provision dragged PAT

We maintain our HOLD recommendation on the stock.

We revise our rating from BUY to HOLD lowering the valuation multiple from 1.5x Sep'25E ABV to 1.1x Sep'25E ABV. We arrive at a target price of Rs 175/share, implying a downside of ~5% from the CMP.

AMBER: Persistent near-term challenges; cut to SELL. CPI and IIP: Still some pain points on inflation. Credit Composition: Study on personal loans. HMCL: Healthy quarter but positives priced in. TMX: Improving order outlook; maintain HOLD. BANDHAN: Recovery on track. IGL: Legacy UP, new GAs can offset slowdown, reiterate BUY. ZYWL: Seasonally weak quarter

We revise our rating from HOLD to BUY, purely on valuation comfort.

Expect 19% credit and deposit CAGR over FY23-FY25 on retail-led growth and targeted increase in secured book