Whalesbook: AI-Powered Stock Updates via WhatsApp

Stock Analysis

Description

Bandhan Bank is a commercial bank established in 2014, focusing on serving underbanked and underpenetrated markets across India. It offers a comprehensive range of banking products and services, catering to both micro and general banking needs.

Key Growth Triggers

Provisional Q3 FY26 data shows year-on-year growth in loans (+10.0% to ₹1,45,227 Cr) and total deposits (+11.1% to ₹1,56,723 Cr). Management's strategy focuses on portfolio realignment, strengthening liabilities, and enhancing digital capabilities, with expectations of NIM improvement.

Order Book

Currently no data available for Order Book.

Key Red Flags

In Q2 FY26, the bank reported an 88% YoY decline in net profit due to increased provisions. The CASA ratio also declined sequentially and year-on-year. Historical data points to a low return on equity in some periods and significant contingent liabilities.

Key Dates To Watch

Bandhan Bank's Q3 FY26 earnings conference call is scheduled for January 22, 2026.

Corporate Announcements

1st Apr 26

Impact Rating: 6

Mr. Vishal Wadhwa, Head of Emerging Entrepreneurs Business at Bandhan Bank, has resigned to pursue better career opportunities. His last working day is scheduled for June 29, 2026.

25th Mar 26

Impact Rating: 6

Bandhan Bank confirms Ministry of Finance approval for Mr. Debashish Mukherjee's appointment as Independent Director from March 25, 2026, for a three-year term, subject to shareholder approval.

25th Mar 26

Impact Rating: 6

Bandhan Bank has announced a trading window closure for designated individuals and connected parties from April 1, 2026. The window will reopen 48 hours after the declaration of audited Q4 and FY26 financial results.

24th Mar 26

Impact Rating: 8

Caladium Investment Pte. Ltd. has sold 1.29 million shares of Bandhan Bank, reducing its stake to 3.74% (60.18 million shares). This sale is part of ongoing divestment since May 2025.

20th Mar 26

Impact Rating: 6

Bandhan Bank disclosed details of a virtual meeting on March 20, 2026, with analysts and institutional investors. Attendees included HDFC Asset Management Company Ltd, ICICI Pru Life Insurance, Mahindra Manulife Investment Management Pvt. Ltd., and SBI Mutual Fund.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	HDFC Bank	962.20	20.46	1480304.02	1.14	20363.77	10.01	86993.84	4.81	7.51	346185.22	42.61	72360.07	19610.67	2.74	1.74	6.30
2.	ICICI Bank	1411.20	18.93	1009125.36	0.78	14318.15	3.16	48180.91	4.00	7.87	192684.91	28.30	53300.25	13357.06	3.03	2.18	5.58
3.	Kotak Mah. Bank	2146.40	22.99	426940.12	0.12	4468.27	-11.42	17198.74	4.70	8.17	67852.12	27.80	18574.23	4468.27	2.54	2.68	3.62
4.	Axis Bank	1293.80	15.46	401735.44	0.08	5566.56	-25.31	32309.77	2.24	7.11	129272.60	59.67	25988.99	5527.85	2.02	1.78	7.28
5.	IDBI Bank	108.22	12.53	116362.50	1.94	3240.77	73.56	7109.01	-4.51	6.78	28937.85	70.49	9284.32	3229.58	1.71	1.97	4.81
6.	IDFC First Bank	84.73	50.68	72831.27	0.30	347.80	64.10	9936.93	10.94	6.22	38335.01	32.47	1437.04	347.80	1.34	0.46	6.85
7.	Yes Bank	22.81	25.23	71575.43	0.00	664.31	17.25	7388.75	-4.50	6.36	30449.57	59.65	2836.87	664.31	1.45	0.59	7.29
8.	Bandhan Bank	147.67	19.37	23789.21	1.02	111.87	-88.07	5353.83	-2.65	7.82	21742.03	43.13	1228.22	111.87	0.97	1.49	6.76
–	Median: 20 Co.	265.82	15.46	25181.35	0.71	349.59	3.95	4430.65	4.35	6.95	17851.24	59.66	1397.21	349.59	1.4	1.35	7.29

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	2,733	2,099	3,281	1,916	2,115	2,962	2,040	3,496	3,144	2,396	2,036	2,294	2,977
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	1,033	545	1,112	385	528	726	629	701	700	476	540	609	546
Profit before tax	381	971	645	960	1,418	521	1,061	64	311	273	947	1,249	158
Tax %	24%	25%	34%	25%	25%	29%	24%	15%	-2%	23%	24%	25%	29%
Net Profit	291	733	426	721	1,063	372	808	55	318	209	721	937	112
EPS in Rs	1.80	4.55	2.65	4.48	6.60	2.31	5.02	0.34	1.97	1.30	4.48	5.82	0.69

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	6	633	1,044	1,597	2,467	3,739	6,534	11,298	8,693	9,310	10,555	12,364
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	8	150	411	706	1,063	1,549	2,022	2,823	2,469	2,171	2,967	3,084
Interest	0	649	1,505	1,770	2,148	4,562	4,961	5,157	6,645	8,551	10,458	10,826
Depreciation	0	36	67	86	78	80	103	110	143	238	279	0
Profit before tax	2	414	1,704	2,056	3,013	4,053	2,949	129	2,893	2,943	3,623	1,636
Net Profit	1	275	1,112	1,346	1,952	3,024	2,205	126	2,195	2,230	2,745	1,228
EPS in Rs	0.01	2.51	10.15	11.28	16.36	18.78	13.69	0.78	13.62	13.84	17.04	7.62
Dividend Payout %	0%	0%	0%	9%	18%	0%	7%	0%	11%	11%	9%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	501	1,095	1,095	1,193	1,193	1,610	1,611	1,611	1,611	1,611	1,611	1,611
Reserves	1	2,239	3,351	8,189	10,009	13,585	15,798	15,770	17,973	19,999	22,994	22,971
Borrowings	–	–	–	–	–	–	–	–	–	–	–	–
Other Liabilities	25	1,282	1,532	774	1,487	3,062	2,675	5,234	3,677	4,659	4,520	4,236
Total Liabilities	527	19,756	30,236	44,310	56,442	91,718	115,016	138,867	156,037	177,842	191,476	195,011
Fixed Assets	0	237	252	238	222	347	432	415	509	959	855	1,197
Gross Block	0.13	272.53	354.34	426.57	488.76	709.03	875.02	955.29	1,162.54	1,846.31	2,017.01	–
Accumulated Depreciation	0.00	35.78	102.56	188.44	266.53	361.77	443.06	540.71	653.63	887.23	1,161.83	–
CWIP	108	0	0	0	109	22	55	173	346	214	325	0
Investments	0	3,758	5,516	8,372	10,037	15,352	25,155	29,079	32,366	29,288	40,712	45,672
Other Assets	418	15,761	24,468	35,700	46,073	75,997	89,374	109,200	122,817	147,381	149,584	148,142
Total Assets	527	19,756	30,236	44,310	56,442	91,718	115,016	138,867	156,037	177,842	191,476	195,011

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	–	–	8,885	-2,599	2,695	6,583	-909	902	-4,245	14,808	2,752
Cash from Investing Activity	–	–	-2,671	-2,237	-2,373	-4,187	-1,804	-612	-1,618	1,691	-3,879
Cash from Financing Activity	–	–	-2,023	2,846	105	154	588	2,803	4,791	-8,579	-5,475
Net Cash Flow	–	–	4,192	-1,989	427	2,550	-2,125	3,093	-1,071	7,921	-6,601

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	–	–	–	–	–	–	–	–	–	–
Inventory Days	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	–	–	–	–	–	–	–	–	–	–	–
Working Capital Days	–	–	–	–	–	–	–	–	–	–	–
ROCE %	–	–	–	–	–	–	–	–	–	–	–

Shareholding Pattern

Numbers in percentages

	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%	31.93%	33.53%	32.78%	34.75%	31.20%	28.25%	26.73%	23.23%	22.73%	24.34%	23.44%
DIIs	12.46%	13.24%	12.40%	17.45%	14.79%	12.42%	15.06%	16.33%	15.41%	16.36%	16.52%	17.82%
Public	15.09%	14.77%	14.02%	9.73%	10.42%	16.32%	16.63%	16.89%	21.32%	20.86%	18.14%	18.39%