Indian Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2023.
We believe while near-term stock price is likely to be guided by outcome on CGFMU audit, stock remains attractively valued (1.0x FY26e P/BV) and given the change towards a more predictable growth and profitability profile offers favorable risk-reward. Maintain BUY with a revised target price of INR260.