Shares of IndusInd Bank rose over 2 percent to Rs 1,436 apiece on July 29 after the private lender reported decent Q1FY25 results. Although brokerages remain bullish due to attractive valuations, they lowered target prices as Q1 earnings missed estimates.
In its latest report on IndusInd Bank, Nomura has maintained a “Neutral” rating while reducing the target price from Rs 1,650 to Rs 1,580. The report highlights a continued moderation trend in the bank’s Current Account Savings Account (CASA) deposits.
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Loan growth for the quarter was relatively soft at 15% year-on-year. Additionally, the bank’s credit cost stood at 1.3%, aligning with the upper end of the guidance provided.
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Motilal Oswal on IndusInd Bank
The report reiterates a Buy rating on IndusInd Bank with a target price of Rs 1,700, based on 1.7x FY26E Adjusted Book Value (ABV). Motilal Oswal has reduced its earnings estimates by 7.7% for FY25 and 8.0% for FY26, projecting a Return on Assets (RoA) of 1.83% and Return on Equity (RoE) of 15.4% by FY26.
The report notes a marginal deterioration in asset quality ratios due to increased fresh slippages, primarily in the consumer finance book. IndusInd Bank has guided for a loan growth of 18-22% for FY25, aiming for a Credit-Deposit (CD) ratio of 88-90%.
The bank anticipates a credit cost of 110-130 basis points over FY25E and does not plan to use its contingent provisions of Rs 10 billion.
Nuvama On IndusInd Bank
In its latest report, Nuvama has maintained a “Buy” rating on IndusInd Bank while reducing the target price from Rs 1,800 to Rs 1,690. The report notes a miss on Net Interest Income (NII) and fees, but highlights that the bank’s asset quality is better than anticipated.
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Although slippages have risen, they are lower than expected. Nuvama continues to recommend buying the stock, citing the sharp correction in its price as a buying opportunity.
IIFL on IndusInd Bank
IIFL has maintained its “Buy” rating on IndusInd Bank, while cutting the target price from Rs 1,650 to Rs 1,620. According to the IIFL report, the bank experienced muted loan growth in high-yielding segments, and asset quality softened seasonally as expected.
The report also indicates that the re-rating of the stock will be gradual due to the delayed rate cut cycle. Additionally, IIFL expects a slower upward normalization of credit costs compared to the bank’s peers.
Stock Performance in Last One Year
IndusInd Bank shares have delivered negative returns across various time frames. Over the last month, the stock has shown a negative return of 2.45%, indicating short-term weakness. In the last six months, the performance has been under even more pressure, with a decrease of 6.53%.
Year-to-date, IndusInd Bank shares have plunged by 10.88%, emphasizing the stock’s negative trajectory in the current calendar year. Looking back over the last twelve months, the stock has delivered negative returns of 2%.
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
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