Whalesbook
KVB ne Q4 FY26 mein kaise kiya record profit?
KVB ka Q4 FY26 result toh ekdum zabardast raha, profit after tax 41% year-on-year badhkar ₹7.25 billion tak pahunch gaya. Ye bada jump net interest income mein 25% ki tezzi aur 4.25% ke net interest margin (NIM) ki wajah se hua hai, jo bank ke khud ke estimate se bhi zyada tha. Asset quality toh solid hai hi, Net NPA sirf 0.19% aur Gross NPA 0.75% par hai. Bank ka Capital Adequacy Ratio (CAR) bhi 18.76% par safe zone mein hai. Iske muqable South Indian Bank ka NIM 2.95% tha aur Bandhan Bank ka Q4 FY26 mein 6.2% tha. Pure FY26 ka total profit bhi 29% badhkar ₹25.10 billion ho gaya.
Lekin FY27 mein kya hoga? KVB de raha hai warning!
Abhi toh sab acha hai, par KVB FY27 ke liye ek warning de raha hai. Bank ko lagta hai ki competition aur funding costs badhne ki wajah se NIM thoda kam ho sakta hai, 3.75%-3.8% tak. Ye FY26 ke around 4% se neeche hai. Return on Assets (RoA) bhi ghata kar 1.7%-1.8% hone ka andaza hai, jo abhi qarterly 2.1% ke aas-pass hai. Dusri taraf AU Small Finance Bank 6% NIM aur 1.8% RoA ka target rakhe hue hai FY28 tak.
Analyst kya bol rahe hain?
KVB ka P/E ratio filhaal 12.5-13.5x chal raha hai, jo AU Small Finance Bank (29-34x) aur Bandhan Bank (26-27x) se kam hai. Zyadatar analysts 'Strong Buy' bol rahe hain, average target price ₹322 ke aas-pass hai. ICICI Securities ne bhi ₹360 ka target dekar BUY rating di hai. Lekin ek report mein 71 analysts ka 'Sell' consensus bhi dikh raha hai, jo thoda alag hai.
Sector mein bhi chal kya raha hai?
Pura Indian banking sector bhi challenging time se guzar raha hai. Credit growth deposit se zyada hone wala hai, MSME aur retail loans leading rahenge. Par geopolitical tensions se asset quality par asar pad sakta hai, jisse loan defaults aur NIM compression ho sakta hai. MSME lending mein zabardast competition aur badhti funding costs sabhi banks ke liye risk hain.
Stock ka performance aur risks
KVB ka stock pichle saal mein 76% bhaga hai. Abhi jo NIM kam hone ka guidance hai aur sector ke MSME asset quality risks, ye sab points nazar rakhne wale hain. Bank gold loans ko 35% tak limit karne ka soch raha hai, jo risk manage karega par growth ko bhi rok sakta hai. Pata hai, pichle kuch time mein bank ko reporting issues par kuch fines bhi lage the, toh compliance par bhi dhyan dena hoga.