Bhavik Shah

Bhavik Shah

Analyst
(91) 22 4161 1551
bhavik.shah@incredresearch.com
Executive Summary

Valuation
Company Industry Sector Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
AU Small Finance Bank Banks Financial Services ADD 6.5 750 820 9.4% 2.4 2.8 3.1 16.9% 9.9% 243.06 221.13 32.51 26.13 0.00 0.13% 14.2%
Axis Bank Banks Financial Services ADD 43.2 1,195 1,430 19.7% 40.3 42.6 44.0 5.7% 3.4% 23.76 22.99 4.12 3.58 0.00 0.08% 15.9%
Bank of Baroda Banks Financial Services HOLD 14.9 246 240 (2.3)% 34.4 37.8 31.7 10.1% (16.1%) 6.24 7.43 0.93 0.86 0.00 3.39% 15.7%
Bank of India Banks Financial Services HOLD 6.6 124 115 (7.7)% 13.9 20.2 18.3 45.9% (9.4%) 5.51 6.08 0.72 0.67 0.00 3.26% 12.5%
Canara Bank Banks Financial Services ADD 12.3 116 110 (5.2)% 16.0 18.8 13.2 17.0% (29.7%) 5.03 7.15 1.05 0.95 0.00 3.46% 18.2%
Federal Bank Banks Financial Services HOLD 6.0 208 220 6.1% 15.3 16.5 15.3 8.0% (7.4%) 12.55 13.56 1.53 1.37 0.00 0.58% 13.0%
HDFC Bank Banks Financial Services ADD 177.0 1,979 2,200 11.2% 80.0 88.0 94.1 9.9% 6.9% 19.49 18.24 3.02 2.70 0.00 1.11% 14.3%
ICICI Bank Banks Financial Services ADD 121.6 1,460 1,650 13.0% 29.1 33.2 34.2 13.9% 3.3% 42.43 41.08 7.12 6.22 0.00 0.65% 17.8%
IndusInd Bank Banks Financial Services HOLD 7.5 823 840 2.1% 11.5 3.4 5.1 (70.5%) 51.7% 229.98 151.63 9.94 9.36 0.00 0.00% 4.2%
Kotak Mahindra Bank Banks Financial Services ADD 48.1 2,073 2,410 16.2% 13.9 13.8 14.5 (0.5%) 4.9% 151.44 144.30 17.58 15.72 0.00 0.12% 12.8%
Punjab National Bank Banks Financial Services ADD 14.8 110 107 (2.7)% 7.5 14.8 12.7 97.3% (14.2%) 6.39 7.45 0.99 0.91 0.00 2.63% 14.5%
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