Altman Z″
Needs withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Over the last year profit declined 6.2% even as revenue grew 4.9% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Why this reading: Flagged because the pattern is clear, material, and not explained by the visible numbers — the kind of thing worth understanding before anything else.
Trailing revenue ₹136,547 cr (up 4.9%) but trailing profit ₹18,393 cr (down 6.2%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Net margin has narrowed from 16.4% to 13.5% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 13.5% vs 16.4% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Other income is 80% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Trailing other income ₹17,511 cr against pre-tax profit ₹21,982 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
Needs withheld for this sector: Five of its nine tests (cash flow, accruals, current ratio, leverage, asset turnover) mislead on a lending balance sheet..
Needs withheld for this sector: Its receivable, margin and accrual terms do not describe a lender's accounts..
Accruals are -0.7% of assets.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
cumulative operating cash flow ÷ cumulative net profit
₹29,178 cr ÷ ₹85,445 cr, over 12 years
0.34×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹20,070 − ₹33,426) cr ÷ average assets
-0.7%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
14.9% × 0.06 × 12.67
12.1%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹106,805 cr ÷ ₹81,860 cr
1.30×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 3 of 6 flags testable).
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Financial Services). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 63.97% to 63.97% across these quarters.
FII rose from 9.84% to 10.29% across these quarters.
MF trimmed from 9.97% to 9.49% across these quarters.
Other held steady from 16.22% to 16.25% across these quarters.
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| NIM | 2.74% | 2.77% | 2.96% |
| Gross NPA | 1.78% | 1.99% | 2.16% |
| Net NPA | 0.37% | 0.5% | 0.57% |
| Provision cover | 94.65% | 93.28% | 93.21% |
| Slippage ratio | 0.69% | 0.91% | 0.91% |
| Credit cost | 0.55% | 0.29% | 0.29% |
| CASA | 36.37% | 37.72% | 38.42% |
| CET1 | 13.9% | 13.16% | 13.36% |
| Capital adequacy | 16.3% | 15.82% | 16.54% |
| Advances growth YoY | 18.3% | — | — |
| Deposit growth YoY | 16.4% | — | — |
| Cost to income | 42.58% | 49.19% | 51.02% |
| Fresh Slippages (₹ crore) | 2,392 | 3,183 | 2,669 |
| Global Gross Advances (₹ crore) | 1,512,448 | 1,416,898 | 1,278,847 |
| Global Deposits (₹ crore) | 1,745,435 | 1,633,558 | 1,500,012 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Banks framework (named in the filing read). Primary valuation lens: P/B against RoA.
Read more closely in this sector: Restructured book against NPA movement · Top-20 borrower concentration · Lending to related parties · Any change in provisioning or write-off policy · Write-offs against slippages.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 74,314 | 73,385 | 94,139 | 118,379 | 127,945 | 134,298 |
| Other income | 15,254 | 14,395 | 16,639 | 23,399 | 24,939 | 22,527 |
| Depreciation | 1,357 | 1,438 | 2,032 | 1,694 | 1,467 | 1,963 |
| Finance cost | 43,201 | 38,815 | 49,942 | 69,899 | 78,265 | 81,860 |
| Profit before tax | 6,373 | 10,008 | 20,565 | 25,799 | 27,619 | 24,945 |
| Net profit (owners) | 1,620 | 7,933 | 15,005 | 18,869 | 20,865 | 20,070 |
| EPS (₹) | 2.99 | 15.18 | 28.82 | 36.29 | 40.06 | 38.38 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 29,263 | 30,042 | 31,072 | 31,143 | 31,902 | 32,570 | 32,820 | 32,866 | 33,318 | 33,600 | 34,514 | 35,115 |
| Other Income | 6,503 | 5,042 | 6,538 | 4,658 | 7,553 | 5,163 | 7,076 | 5,538 | 5,116 | 6,399 | 5,474 | 522 |
| Expenses | 12,216 | 10,556 | 12,269 | 10,879 | 12,755 | 10,654 | 12,712 | 12,928 | 11,548 | 12,390 | 13,155 | 12,130 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Finance cost | 17,528 | 18,002 | 18,309 | 18,582 | 19,266 | 20,143 | 20,273 | 20,307 | 20,191 | 20,586 | 20,776 | 21,301 |
| Profit before tax | 6,023 | 6,526 | 7,033 | 6,340 | 7,434 | 6,935 | 6,911 | 5,170 | 6,695 | 7,024 | 6,057 | 2,206 |
| Net Profit | 4,426 | 4,815 | 5,160 | 4,764 | 5,405 | 5,250 | 5,447 | 3,517 | 5,181 | 5,501 | 5,872 | 1,839 |
| EPS | 8.50 | 9.26 | 9.92 | 9.14 | 10.36 | 10.08 | 10.48 | 6.71 | 9.93 | 10.53 | 11.22 | 3.45 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 1,036 | 1,036 | 1,036 | 1,036 | 1,036 | 1,036 |
| Reserves | 81,354 | 90,833 | 104,019 | 118,677 | 145,467 | 164,833 |
| Net block | 8,438 | 11,098 | 9,865 | 9,054 | 13,544 | 13,107 |
| CWIP | 2 | 1 | 3 | 6 | 1 | 1 |
| Investments | 281,859 | 347,587 | 397,487 | 407,136 | 427,380 | 435,778 |
| Total Assets | 1,202,667 | 1,340,121 | 1,525,871 | 1,654,775 | 1,861,766 | 2,101,485 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -887 | 6,210 | -21,271 | -6,274 | 34,892 | 33,426 |
| Cash from investing | -471 | -3,645 | -1,096 | -1,285 | -6,494 | -3,275 |
| Cash from financing | -986 | -998 | -5,488 | 5,476 | 3,790 | -1,806 |
| Free cash flow | -1,146 | 2,805 | -22,057 | -7,153 | 28,979 | 31,911 |
| Net change in cash | -2,344 | 1,567 | -27,855 | -2,084 | 32,188 | 28,345 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
The same read, applied to the companies this one competes with.
Bank of Baroda reported total income of ₹37,021 cr for July to September 2026, +11.1% on the year and +5.4% on the quarter. That is faster than this quarter has grown in recent years (+6.7% on average), so the year-on-year number is not just the season. It is the highest quarterly income in the last 12 quarters on record. Over the last four quarters income comes to ₹1.40 lakh cr, +6.6% on the four before.
Net interest income, interest earned less interest paid, was ₹14,360 cr, +9.4% on the year and +4.0% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹6,639 cr, +30.9% on the year and +322.2% on the quarter, with earnings per share of ₹13.03. The tax rate was 28% against an average of 24% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹19,585 cr, +1.6% on the four before.
A bank's quarter turns on loan growth, the margin it earns over its cost of deposits, and credit costs. Total income and profit are in the statements; bad loans, provisions and the net interest margin come from the filing.
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
Source: Auditor (p. 11-13, p.24-28)
Credit cost rose on the year. Where is the stress?
Source: Results filing
Profit grew much faster than net interest income. Lower provisions, treasury gains or tax?
Source: Results filing
Bad loans fell on the quarter.
Source: Results filing
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Cash | ₹55,314 cr | ₹64,686 cr | ▼ 14.5% |
| Bank balances | ₹77,477 cr | ₹96,137 cr | ▼ 19.4% |
| Long-term borrowings | ₹1.83 lakh cr | ₹1.70 lakh cr | ▲ 7.7% |
| Net block | ₹12,014 cr | ₹12,197 cr | ▼ 1.5% |
| Equity | ₹1.75 lakh cr | ₹1.66 lakh cr | ▲ 5.4% |
| Total assets | ₹22.31 lakh cr | ₹21.02 lakh cr | ▲ 6.2% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹30,489 cr | ₹4,384 cr |
| Capital expenditure | −₹857 cr | −₹870 cr |
| Investing cash flow | −₹1,300 cr | −₹2,301 cr |
| Financing cash flow | ₹4,757 cr | −₹7,172 cr |
| Dividends paid | −₹4,396 cr | −₹4,318 cr |
Emphasis of matter 1: “”6. We draw attention to Note 13 with respect to the settlement agreement entered into by the Bank with NMC Health PLC, NMC Healthcare LTD, NMC Holding LTD, and their respective Joint Administrators, whereby the claims between them and the… Read in full
6. We draw attention to Note 13 with respect to the settlement agreement entered into by the Bank with NMC Health PLC, NMC Healthcare LTD, NMC Holding LTD, and their respective Joint Administrators, whereby the claims between them and the Bank have been resolved and discontinued in consideration for, inter alia, payment by the Bank of USD 600 million (equivalent to ₹5,680 crore) which was paid on 1st July 2026. The Settlement amount has been debited to the Profit & Loss Account for the half year ended September 30, 2026. Pursuant to the settlement agreement, the proceedings against the Bank in the Abu Dhabi Global Market Court (ADGM) and High Court of Justice of England & Wales have been discontinued. Our conclusion is not modified in respect of the above matter.
Emphasis of matter 2: “”7. We draw attention to Note 13 with respect to the settlement agreement entered into by the Parent with NMC Health PLC, NMC Healthcare LTD, NMC Holding LTD, and their respective Joint Administrators, whereby the claims between them and the… Read in full
7. We draw attention to Note 13 with respect to the settlement agreement entered into by the Parent with NMC Health PLC, NMC Healthcare LTD, NMC Holding LTD, and their respective Joint Administrators, whereby the claims between them and the Parent have been resolved and discontinued in consideration for, inter alia, payment by the Parent of USD 600 million (equivalent to ₹5,680 crore) which was paid on 1st July 2026. The Settlement amount has been debited to the Profit & Loss Account for the half year ended September 30, 2026. Pursuant to the settlement agreement, the proceedings against the Parent in the Abu Dhabi Global Market Court (ADGM) and High Court of Justice of England & Wales have been discontinued. Our conclusion is not modified in respect of the above matter.
Other matter 1: “”7. We did not review the interim financial information of 17 foreign branches included in the Unaudited Standalone Financial Results of the Bank, whose results reflect total revenues of ₹3,75,370 lakhs and ₹7,27,286 lakhs respectively for the quarter and half… Read in full
7. We did not review the interim financial information of 17 foreign branches included in the Unaudited Standalone Financial Results of the Bank, whose results reflect total revenues of ₹3,75,370 lakhs and ₹7,27,286 lakhs respectively for the quarter and half year ended September 30, 2026. This interim financial information has been reviewed by other auditors whose reports have been furnished to us and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these branches is based solely on the reports of other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter.
Other matter 2: “”8. The review of unaudited standalone financial results of the Bank for the quarter and half year ended September 30, 2025 was conducted by the joint auditors of the Bank, three of whom were the predecessor audit firms. Accordingly, Ravi… Read in full
8. The review of unaudited standalone financial results of the Bank for the quarter and half year ended September 30, 2025 was conducted by the joint auditors of the Bank, three of whom were the predecessor audit firms. Accordingly, Ravi Rajan & Co LLP and Gokhale & Sathe LLP, do not express any conclusions on the figures reported in the Statement for the quarter and half year ended September 30, 2025. Our conclusion on the statement is not modified in respect of the above matter.
Other matter 3: “”8. We did not review the interim financial information of 17 foreign branches (included in the unaudited standalone financial results of the Parent) included in the Group, whose results reflect total revenues of ₹3,75,370 lakhs and ₹7,27,286 lakhs respectively for… Read in full
8. We did not review the interim financial information of 17 foreign branches (included in the unaudited standalone financial results of the Parent) included in the Group, whose results reflect total revenues of ₹3,75,370 lakhs and ₹7,27,286 lakhs respectively for the quarter and half year ended September 30, 2026, as considered in the respective unaudited standalone financial results of the Parent included in the Group. This interim financial information has been reviewed by other auditors whose reports have been furnished to us and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these branches is based solely on the reports of other auditors and the procedures performed by us as stated in paragraph 3 above. We did not review the interim financial information of 12 subsidiaries (7 domestic and 5 foreign subsidiaries) and 1 joint venture included in the Unaudited Consolidated Financial Results, whose interim financial information reflect total revenues of ₹4,27,084 lakhs and ₹9,01,841 lakhs and total net profit after tax of ₹33,278 lakhs and ₹60,009 lakhs respectively for the quarter and half year ended September 30, 2026 as considered in the Unaudited Consolidated Financial Results. The Unaudited Consolidated Financial Results also include Group's share of net profit/ (loss) after tax of ₹12,240 lakhs and ₹36,197 lakhs respectively for the quarter and half year ended September 30, 2026 as considered in the Unaudited Consolidated Financial Results, in respect of 2 Associates, whose financial results have not been reviewed by us. This interim financial information of 12 subsidiaries and 1 joint venture and 2 Associates has been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint venture and Associates is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. In the case of the foreign subsidiaries referred to above, the financial information has been prepared in accordance with accounting principles generally accepted in their respective countries and has been reviewed by the other auditors under generally accepted standards on review engagements as applicable in their respective countries. The respective entity's management has converted the financial information of such subsidiaries from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India and these conversion/ adjustments have been reviewed by the other auditors. Our conclusion in so far as it relates to the balances of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the respective entities and reviewed by the other auditors. Our conclusion on the statement is not modified in respect of the above matters.
Other matter 4: “”9. The Unaudited Consolidated Financial Results include the interim financial information of 5 subsidiaries (3 domestic subsidiaries and 2 foreign subsidiaries) which have not been reviewed by their auditors, whose interim financial information reflect total revenues of ₹10,008 lakhs and… Read in full
9. The Unaudited Consolidated Financial Results include the interim financial information of 5 subsidiaries (3 domestic subsidiaries and 2 foreign subsidiaries) which have not been reviewed by their auditors, whose interim financial information reflect total revenues of ₹10,008 lakhs and ₹20,409 lakhs and total net profit/(loss) after tax of ₹2,070 lakhs and ₹4,759 lakhs respectively for the quarter and half year ended September 30, 2026, as considered in the Unaudited Consolidated Financial Results and Group's share of net profit after tax of ₹3,092 lakhs and ₹5,802 lakhs respectively in respect of 1 Associate for the quarter and half year ended September 30, 2026, as considered in the Unaudited Consolidated Financial Results based on their interim financial information which has not been reviewed by their auditors and has been approved and furnished to us by the Management. Our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries and associate, is based solely on such unaudited interim financial results and other unaudited financial information. According to information and explanations given to us by the Management, these unaudited interim financial results are not material to the Group. Our conclusion on the statement is not modified in respect of the above matter.
Other matter 5: “”10. The review of unaudited consolidated financial results of the Group for the quarter and half year ended September 30, 2025 was conducted by the joint auditors of the Parent, three of whom were the predecessor audit firms. Accordingly, Ravi… Read in full
10. The review of unaudited consolidated financial results of the Group for the quarter and half year ended September 30, 2025 was conducted by the joint auditors of the Parent, three of whom were the predecessor audit firms. Accordingly, Ravi Rajan & Co LLP and Gokhale & Sathe LLP, do not express any conclusions on the figures reported in the Statement for the quarter and half year ended September 30, 2025. Our conclusion on the statement is not modified in respect of the above matter.
Filing p. 11-13, p.24-28
₹0.0 cr still unused. “GIB proceeds of ₹10,000 crores utilized/being utilized towards refinancing and fresh deployment of eligible Renewable Energy sector projects.”
Tax: Tax provision of ₹2,517 crore on Profit before Tax of ₹9,048 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| NIM | 2.74% | 2.77% | 2.96% |
| Gross NPA | 1.78% | 1.99% | 2.16% |
| Net NPA | 0.37% | 0.5% | 0.57% |
| Provision cover | 94.65% | 93.28% | 93.21% |
| Slippage ratio | 0.69% | 0.91% | 0.91% |
| Credit cost | 0.55% | 0.29% | 0.29% |
| CASA | 36.37% | 37.72% | 38.42% |
| CET1 | 13.9% | 13.16% | 13.36% |
| Capital adequacy | 16.3% | 15.82% | 16.54% |
| Advances growth YoY | 18.3% | — | — |
| Deposit growth YoY | 16.4% | — | — |
| Cost to income | 42.58% | 49.19% | 51.02% |
| Fresh Slippages (₹ crore) | 2,392 | 3,183 | 2,669 |
| Global Gross Advances (₹ crore) | 1,512,448 | 1,416,898 | 1,278,847 |
| Global Deposits (₹ crore) | 1,745,435 | 1,633,558 | 1,500,012 |
Worked out from filed numbers. Cost to Income Ratio: Operating Expenses (8477) / Operating Income (19907) * 100
Opening Gross NPA was ₹28,150 crore, additions ₹2,847 crore (fresh slippages ₹2,392 crore), reductions ₹4,101 crore (recovery ₹1,240 crore, upgradation ₹1,015 crore, write-offs ₹1,840 crore), closing Gross NPA ₹26,897 crore.
Gross NPA decreased QoQ from ₹28,150 crore to ₹26,897 crore as recoveries and write-offs exceeded fresh slippages.
not disclosed
Top-20 borrower concentration breakdown is not explicitly disclosed in the presentation deck.
not disclosed
Detailed half-yearly related party transaction values are not included in the investor presentation.
not disclosed
No material changes in accounting policies or provisioning norms reported in the presentation.
Write-offs in Q2 FY27 stood at ₹1,840 crore against fresh slippages of ₹2,392 crore (write-off to slippage ratio of 76.92%).
Substantial write-offs of ₹1,840 crore alongside cash recovery and upgradations of ₹2,255 crore helped drive Gross NPA reduction.
Read using the Banks framework (named in the filing read). Primary valuation lens: P/B against RoA.
Read more closely in this sector: Restructured book against NPA movement · Top-20 borrower concentration · Lending to related parties · Any change in provisioning or write-off policy · Write-offs against slippages.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Net Zero Target Year | 2057 | FY2057 | unchanged or first given |
| Scope 1 & 2 Emissions Reduction | 20.00–20.00 % | FY2027 | unchanged or first given |
| Renewable Energy Financing Share | 40.00–40.00 % | FY2027 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Treasury Operations | ₹12,890 cr | ▲ 44.5% | ₹6,353 cr | ▲ 164.8% |
| Wholesale Banking | ₹13,636 cr | ▲ 11.7% | ₹1,487 cr | ▼ 42.1% |
| Retail Banking | ₹16,858 cr | ▲ 11.5% | ₹2,598 cr | ▼ 20.2% |
| Digital Banking (sub-segment of Retail Banking) | ₹0.8 cr | ▲ 115.4% | −₹4.4 cr | — |
| Other Retail Banking (sub-segment of Retail Banking) | ₹16,857 cr | ▲ 11.4% | ₹2,603 cr | ▼ 20.2% |
| Other Banking Operations | ₹2,400 cr | ▲ 10.1% | ₹117 cr | ▼ 23.9% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹30,042 cr | ₹31,072 cr | ₹31,143 cr | ₹31,902 cr | ₹32,570 cr | ₹32,820 cr | ₹32,866 cr | ₹33,318 cr | ₹33,600 cr | ₹34,514 cr | ₹35,115 cr | ₹37,021 cr |
| YoY | — | — | +11% | +9% | +8% | +6% | +6% | +4% | +3% | +5% | +7% | +11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | −₹5,680 cr | — |
| Tax rate | 27% | 29% | 28% | 27% | 26% | 23% | 35% | 24% | 23% | 7% | 29% | 28% |
| Net profit | ₹4,815 cr | ₹5,160 cr | ₹4,764 cr | ₹5,405 cr | ₹5,250 cr | ₹5,447 cr | ₹3,517 cr | ₹5,070 cr | ₹5,501 cr | ₹5,872 cr | ₹1,573 cr | ₹6,639 cr |
| YoY | — | — | +7% | +22% | +9% | +6% | −26% | −6% | +5% | +8% | −55% | +31% |
| EPS | ₹9.26 | ₹9.92 | ₹9.14 | ₹10.36 | ₹10.08 | ₹10.48 | ₹6.71 | ₹9.93 | ₹10.53 | ₹11.22 | ₹3.45 | ₹13.03 |
| Flags | · | · | · | · | · | · | · | · | · | 1 | 1 | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.