Bandhan Bank Ltd

BANDHANBNK

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Market Cap

₹ 24,438 Cr

P/E

19.91

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Bandhan Bank Limited is primarily a commercial bank focused on underbanked markets in India, excelling in microfinance since transforming from Bandhan Financial Services Limited.

Despite a challenging Q2 FY '26, Bandhan Bank demonstrated resilience with non-EEB book growth and a shift towards secured assets, enhancing its lending portfolio diversification.

Strategic expansions were evident through branch additions and digital integrations like CASA growth and government financial systems, indicative of strong growth and partnership strategies.

Some challenges, such as high NPA and slower EEB sector growth, were mitigated by consistent focus on securing long-term deposits, showcasing robust risk management.

Noteworthy is Bandhan's commitment to enhancing customer experience with innovative product launches and strengthening its digital engagement platform, marking a comprehensive service approach.

Sector

Banks

Industry

Banks - Private Sector

Market Cap

24,438 Cr

Volatility

High Risk

P/E Ratio

19.9

Industry P/E

19.1

PEG Ratio

0.4

P/B Ratio

1.0

52W High

192.45

52W Low

128.15

Sales CAGR

16.32%

16.53%

15.06%

10Y

33.95%

Profit CAGR

23.13%

179.45%

-1.91%

10Y

29.12%

ROE

TTM

4.94%

10.90%

9.45%

10Y

11.94%

ROCE

TTM

6.39%

15.85%

15.58%

10Y

15.88%

Technicals

‌

Forecasts

No. of Analysts

31

1Y Price Target

182.66 ▲ 22.22%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BANDHANBNK	151.80	24,438 Cr	19.91	0.99	0.99	4.94	6.39	1.53
KARURVYSYA	245.50	23,698 Cr	11.26	1.85	0.88	16.45	6.64	1.72
CUB	272.55	20,348 Cr	16.84	2.05	0.73	12.17	6.29	1.55
RBLBANK	304.60	18,772 Cr	34.69	1.16	0.32	3.36	5.34	0.35
J&KBANK	100.75	11,089 Cr	5.31	0.81	2.14	14.04	5.69	1.20
UJJIVANSFB	54.15	10,497 Cr	25.19	1.68	0.00	6.59	6.98	1.67
SOUTHBANK	39.88	10,437 Cr	7.68	0.98	1.00	12.76	5.85	1.00

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	4,523	4,492	4,665	5,189	5,536	5,500	5,479	5,434	5,476	5,354
Expenses	1,916	2,036	2,099	3,496	2,115	2,294	3,281	3,144	2,962	2,977
Interest	2,032	2,049	2,140	2,323	2,531	2,552	2,648	2,678	2,718	2,765
Financing Profit	575	407	426	-630	890	654	-451	-388	-204	-389
Financing Margin %	12.72	9.06	9.13	-12.14	16.08	11.89	-8.22	-7.15	-3.73	-7.26
Other Income	385	540	545	694	528	595	1,096	700	726	546
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	960	947	971	64	1,418	1,249	645	311	521	158
Tax %	24.91	23.87	24.56	14.86	25.00	24.94	33.91	-2.16	28.67	29.10
Net Profit	721	721	733	55	1,063	937	426	318	372	112
EPS in Rs	4.48	4.47	4.55	0.34	6.60	5.82	2.65	1.97	2.31	0.69
Gross NPA %	6.76	7.32	7.02	3.84	4.23	4.68	4.68	4.71	4.96	5.02
Net NPA %	2.18	2.32	2.21	1.11	1.15	1.29	1.28	1.28	1.36	1.37

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	3,909	4,802	6,644	10,885	12,524	13,872	15,905	18,870	21,948	21,888
Expenses	1,044	1,597	2,468	3,739	6,534	11,298	8,693	9,310	10,555	11,681
Interest	1,505	1,770	2,148	4,562	4,961	5,157	6,645	8,544	10,458	10,596
Financing Profit	1,360	1,436	2,028	2,584	1,029	-2,584	567	1,016	936	-389
Financing Margin %	34.79	29.89	30.53	23.74	8.22	-18.63	3.57	5.38	4.26	-1.78
Other Income	411	706	1,063	1,549	2,022	2,822	2,469	2,165	2,967	3,116
Depreciation	67	86	78	80	103	110	143	238	279	0.00
Profit Before Tax	1,704	2,056	3,013	4,053	2,949	129	2,893	2,943	3,623	2,727
Tax %	34.76	34.55	35.23	25.40	25.20	2.20	24.14	24.24	24.23	24.68
Net Profit	1,112	1,346	1,952	3,024	2,205	126	2,195	2,230	2,745	2,054
EPS in Rs	—	4,18,67,45,362.18	12.09	15.88	13.67	0.78	13.63	13.84	17.04	7.62
Dividend Payout %	0.00	8.16	18.36	0.00	7.30	0.00	11.01	10.84	8.80	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,095	1,095	1,193	1,193	1,610	1,611	1,611	1,611	1,611	1,611
Reserves	2,239	3,351	8,189	10,009	13,585	15,798	15,770	17,973	19,999	22,994
Borrowings	15,140	24,258	34,154	43,753	73,461	94,933	1,16,252	1,32,776	1,51,574	1,62,351
Other Liabilities	1,282	1,532	774	1,487	3,062	2,675	5,362	3,677	4,659	4,520
Total Liabilities	19,757	30,236	44,310	56,442	91,718	1,15,016	1,38,995	1,56,037	1,77,842	1,91,476
Fixed Assets	237	252	238	222	347	432	415	509	959	855
CWIP	0.48	0.00	0.00	109	22	55	173	346	214	325
Investments	3,758	5,516	8,372	10,037	15,352	25,155	29,079	32,366	29,288	40,712
Other Assets	15,761	24,468	35,700	46,073	75,997	89,374	1,09,329	1,22,817	1,47,381	1,49,584
Total Assets	19,757	30,236	44,310	56,442	91,718	1,15,016	1,38,995	1,56,037	1,77,842	1,91,476

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6,950	8,885	-2,599	2,934	6,583	-909	902	-4,245	14,808	2,752
Cash from Investing Activity	-454	-2,671	-2,237	-2,612	-4,187	-1,804	-612	-1,618	1,691	-3,879
Cash from Financing Activity	-3,723	-2,023	2,846	105	154	588	2,803	4,791	-8,579	-5,475
Net Cash Flow	2,773	4,192	-1,989	427	2,550	-2,125	3,093	-1,071	7,921	-6,601

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	39.99%	39.99%	39.99%	39.98%	39.98%	39.98%	39.98%	39.98%	39.98%	39.98%	40.92%	40.29%
FIIs	32.39%	31.92%	33.53%	32.77%	34.74%	31.19%	28.25%	26.73%	23.22%	22.73%	24.34%	23.43%
DIIs	12.53%	13.31%	12.46%	17.53%	14.87%	12.50%	15.13%	16.41%	15.48%	16.43%	16.59%	17.89%
Public	15.10%	14.78%	14.02%	9.72%	10.41%	16.33%	16.64%	16.88%	21.32%	20.85%	18.15%	18.40%
Total Shareholders	5,27,503	5,28,876	4,87,855	5,32,157	5,50,138	7,24,153	7,58,715	7,49,315	8,61,228	8,59,472	7,88,123	7,69,192

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 30, 2024	Ubs principal capital asia li...	Bulk	Buy	200.27	384.56 Cr	1,92,02,326	1.19
Apr 23, 2024	Marshall wace investment stra...	Block	Sell	180.80	6.64 Cr	3,67,179	0.02
Apr 23, 2024	Marshall wace investment stra...	Block	Sell	180.80	212.42 Cr	1,17,48,919	0.72
Apr 23, 2024	Societe generale	Block	Buy	180.80	219.06 Cr	1,21,16,098	0.75
Apr 23, 2024	Societe generale	Bulk	Buy	180.80	219.06 Cr	1,21,16,098	0.75
Apr 23, 2024	Marshall wace investment stra...	Bulk	Sell	180.80	212.42 Cr	1,17,48,919	0.72
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	224.40	0.90 Cr	40,043	0.00
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	224.40	49.94 Cr	22,25,276	0.13
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	224.40	12.16 Cr	5,42,039	0.03
Jan 25, 2024	Bnp paribas arbitrage	Block	Sell	224.40	434.78 Cr	1,93,75,430	1.20

Projection

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Announcements

Last 7 days

Newest

Sentiment

Change in Directors

1 day ago

Resignation of Independent Director

Mr. Santanu Mukherjee has resigned as an Independent Director of Bandhan Bank, effective December 16, 2025.

Voting Results

4 days ago

Postal Ballot Results for Bandhan Bank

Bandhan Bank Limited announced the results of its Postal Ballot, confirming the approval of two resolutions by shareholders on December 11, 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	4,523	4,492	4,665	5,189	5,536	5,500	5,479	5,434	5,476	5,354
Expenses	1,916	2,036	2,099	3,496	2,115	2,294	3,281	3,144	2,962	2,977
Interest	2,032	2,049	2,140	2,323	2,531	2,552	2,648	2,678	2,718	2,765
Financing Profit	575	407	426	-630	890	654	-451	-388	-204	-389
Financing Margin %	12.72	9.06	9.13	-12.14	16.08	11.89	-8.22	-7.15	-3.73	-7.26
Other Income	385	540	545	694	528	595	1,096	700	726	546
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	960	947	971	64	1,418	1,249	645	311	521	158
Tax %	24.91	23.87	24.56	14.86	25.00	24.94	33.91	-2.16	28.67	29.10
Net Profit	721	721	733	55	1,063	937	426	318	372	112
EPS in Rs	4.48	4.47	4.55	0.34	6.60	5.82	2.65	1.97	2.31	0.69
Gross NPA %	6.76	7.32	7.02	3.84	4.23	4.68	4.68	4.71	4.96	5.02
Net NPA %	2.18	2.32	2.21	1.11	1.15	1.29	1.28	1.28	1.36	1.37

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	3,909	4,802	6,644	10,885	12,524	13,872	15,905	18,870	21,948	21,888
Expenses	1,044	1,597	2,468	3,739	6,534	11,298	8,693	9,310	10,555	11,681
Interest	1,505	1,770	2,148	4,562	4,961	5,157	6,645	8,544	10,458	10,596
Financing Profit	1,360	1,436	2,028	2,584	1,029	-2,584	567	1,016	936	-389
Financing Margin %	34.79	29.89	30.53	23.74	8.22	-18.63	3.57	5.38	4.26	-1.78
Other Income	411	706	1,063	1,549	2,022	2,822	2,469	2,165	2,967	3,116
Depreciation	67	86	78	80	103	110	143	238	279	0.00
Profit Before Tax	1,704	2,056	3,013	4,053	2,949	129	2,893	2,943	3,623	2,727
Tax %	34.76	34.55	35.23	25.40	25.20	2.20	24.14	24.24	24.23	24.68
Net Profit	1,112	1,346	1,952	3,024	2,205	126	2,195	2,230	2,745	2,054
EPS in Rs	—	4,18,67,45,362.18	12.09	15.88	13.67	0.78	13.63	13.84	17.04	7.62
Dividend Payout %	0.00	8.16	18.36	0.00	7.30	0.00	11.01	10.84	8.80	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,095	1,095	1,193	1,193	1,610	1,611	1,611	1,611	1,611	1,611
Reserves	2,239	3,351	8,189	10,009	13,585	15,798	15,770	17,973	19,999	22,994
Borrowings	15,140	24,258	34,154	43,753	73,461	94,933	1,16,252	1,32,776	1,51,574	1,62,351
Other Liabilities	1,282	1,532	774	1,487	3,062	2,675	5,362	3,677	4,659	4,520
Total Liabilities	19,757	30,236	44,310	56,442	91,718	1,15,016	1,38,995	1,56,037	1,77,842	1,91,476
Fixed Assets	237	252	238	222	347	432	415	509	959	855
CWIP	0.48	0.00	0.00	109	22	55	173	346	214	325
Investments	3,758	5,516	8,372	10,037	15,352	25,155	29,079	32,366	29,288	40,712
Other Assets	15,761	24,468	35,700	46,073	75,997	89,374	1,09,329	1,22,817	1,47,381	1,49,584
Total Assets	19,757	30,236	44,310	56,442	91,718	1,15,016	1,38,995	1,56,037	1,77,842	1,91,476

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6,950	8,885	-2,599	2,934	6,583	-909	902	-4,245	14,808	2,752
Cash from Investing Activity	-454	-2,671	-2,237	-2,612	-4,187	-1,804	-612	-1,618	1,691	-3,879
Cash from Financing Activity	-3,723	-2,023	2,846	105	154	588	2,803	4,791	-8,579	-5,475
Net Cash Flow	2,773	4,192	-1,989	427	2,550	-2,125	3,093	-1,071	7,921	-6,601

Overview

Detailed Summary

Bandhan Bank Limited is primarily a commercial bank focused on underbanked markets in India, excelling in microfinance since transforming from Bandhan Financial Services Limited.

Despite a challenging Q2 FY '26, Bandhan Bank demonstrated resilience with non-EEB book growth and a shift towards secured assets, enhancing its lending portfolio diversification.

Strategic expansions were evident through branch additions and digital integrations like CASA growth and government financial systems, indicative of strong growth and partnership strategies.

Some challenges, such as high NPA and slower EEB sector growth, were mitigated by consistent focus on securing long-term deposits, showcasing robust risk management.

Noteworthy is Bandhan's commitment to enhancing customer experience with innovative product launches and strengthening its digital engagement platform, marking a comprehensive service approach.

Sector

Banks

Industry

Banks - Private Sector

Market Cap

24,438 Cr

Volatility

High Risk

P/E Ratio

19.9

Industry P/E

19.1

PEG Ratio

0.4

P/B Ratio

1.0

52W High

192.45

52W Low

128.15

Sales CAGR

16.32%

16.53%

15.06%

10Y

33.95%

Profit CAGR

23.13%

179.45%

-1.91%

10Y

29.12%

ROE

TTM

4.94%

10.90%

9.45%

10Y

11.94%

ROCE

TTM

6.39%

15.85%

15.58%

10Y

15.88%

Bandhan Bank Ltd

Bandhan Bank Ltd

BANDHANBNK

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Volatility

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Industry P/E

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Technicals

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31

182.66 ▲ 22.22%

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Standalone Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

Standalone Balance Sheet (in ₹ Crores)

Standalone Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

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182.66 ▲ 22.22%

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

Standalone Balance Sheet (in ₹ Crores)

Standalone Cash Flows (in ₹ Crores)

Shareholdings