INDUSINDBK Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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IndusInd Bank's Q3 FY26 results reflect ongoing balance sheet restructuring with average advances down 2% QoQ and deposits down 1%, driven by deliberate rundown of microfinance and wholesale loans. PAT came in at ₹128 crore, impacted by elevated provisions of ₹2,296 crore and write-offs of ₹2,612 crore, primarily in microfinance. Net interest margin (normalized) improved slightly to 3.35% from 3.32% QoQ, aided by lower cost of funds. Vehicle finance disbursements surged 26% QoQ to ₹12,900 crore, signaling recovery. Management targets industry-average loan growth by FY27 and a 1% RoA by end-FY27, contingent on credit cost normalization. Key risks include sustained microfinance stress, deposit franchise rebuilding, and execution of the three-year 'PACE' strategy.
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Guidance to track
- Management targets loan growth in line with the banking system (approx. 12-13%) by fiscal year 2026-27.
- Target return on assets of 1% by the back end of fiscal year 2026-27, driven by credit cost normalization and margin improvement.
- Aims to increase vehicle finance market share from ~7.5% to 9% over the medium term.
- Disbursements in Q3 exceeded repayments; book expected to start growing from Q4 onwards, with CGFMU coverage targeted at 100%.
Risks flagged
- Microfinance slippages remain elevated; despite improving early indicators, normalization timeline is uncertain.
- Retail deposit growth remains modest; management acknowledges challenge in improving liability quality and quantity to fund asset growth.
- Analyst flagged that achieving 0.5-0.6% net NPA may consume operating profits for several quarters; management did not provide a specific timeline.
- Expected Credit Loss implementation could impact net worth by 1.5-1.7% of loan book, though final guidelines awaited.
Key quotes
- Our intent is to grow in line with market in 26-27, start to gain market share in 27-28, and start to dominate in some of the focus areas in 28-29.
- We are now writing off at 365 days post NPA and provisioning is staggered depending on the number of months outstanding post NPA, broadly between 78 to 80% PCR on that book.
- The key to all this is to be able to improve the both the quality and quantity on the liability side. There is a mad scramble for deposits in the banking system.
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