IndusInd Bank Q4 Results Review - Healthy Credit Growth, Earnings Still Strong; Retaining A Buy: Anand Rathi

Anand Rathi Report

Stable margins, strong fees income and modest provisions led to IndusInd’s strong Q4 profitability with ~1.9% return of assets. Key positives were

1. steady ~4.3% net interest margin,

2. strong credit growth in retail-book,

3. ~18% YoY retail-deposit growth and

4. lower slippages in the retail book. Ahead, with healthy credit growth likely and modest credit costs, earnings are expected to be robust.

We retain our positive view with a 12-month target price of Rs 1,758, 1.7 times price/adjusted book on the FY26e book.

Risks: Lumpy slippages in the corporate book; volatility in asset quality from the MFI book.

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