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Bandhan Bank Limited (BANDHANBNK) Fair Value & Analysis

Financial Services · IN · Market cap ₹275B

BB Bandhan Bank Limited BANDHANBNK · BSE
Price₹169.30
Fair Value₹113.92
Upside-32.7%
Quality45/100
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Mixed Growth
Solidly profitable · 13.6% net margin
generates free cash flow
Moderate moat 49/100
Evidence: High Range ₹85.44 – ₹142.40 Share as image

Fair value as of: Aug 19, 2026

From 6 valuation models · updated yesterday

Share price −19.2% over the past month.

Below-average quality, and screening another 33% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹142.40). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

₹346.78 ₹128.01 Fair Value ₹113.92 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range ₹128.01 – ₹346.78 · fair‑value band ₹85.44 – ₹142.40 · the ₹169.30 price screens above the ₹113.92 fair value. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Bandhan Bank Limited (BANDHANBNK) currently trades at ₹169.30, while our model-based Fair Value estimate is ₹113.92, implying the stock looks roughly 32.7% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Bandhan Bank Limited generated revenue of ₹99.4B at a net margin of 13.6%. Revenue grew 21.6% year over year. It earns a return on equity of 4.9%. Net debt stands at ₹3.5B. Fundamentals as of Aug 19, 2026

Our scenario range runs from ₹85.44 (bear case) to ₹142.40 (bull case); at ₹169.30, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 46% fair-value upside, at -33%, BANDHANBNK screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹122.63 ₹123.86 ₹119.02 76
Gordon GGM ₹14.43 ₹31.50 ₹53.00 70
P/E Multiple ₹74.05 ₹98.73 ₹123.41 63
All 6 models by family
Dividend Discount
Gordon GGM ₹14.43 ₹31.50 ₹53.00 70
DDM Multi-Stage ₹14.43 ₹24.06 ₹32.83 61
Multiples
P/E Multiple ₹74.05 ₹98.73 ₹123.41 63
P/B Multiple ₹96.83 ₹129.11 ₹161.38 55
Asset-Based
NCAV (Graham) ₹79.37 ₹106.36 ₹158.74 50
Economic Profit
Residual Income ₹122.63 ₹123.86 ₹119.02 76

Widest divergence: Economic Profit (₹123.86) versus Dividend Discount (₹24.06). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹99.4B
Revenue growth (YoY) +21.6%
Net margin 13.6%
Return on equity 4.9%
Free cash flow ₹6.1B FY2026
P/E ratio 20.2
More key figures
Operating margin 23.8%
EPS (TTM) ₹8.39
EPS growth (YoY) +34.6%
Net debt ₹3.5B FY2026

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 39 · Market factors (momentum, volatility) 47

Profitability 24
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 26
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 40
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bandhan Bank Limited engages in the provision of banking and financial services for personal and business customers in India. It operates through Treasury, Retail Banking, Corporate/Wholesale Banking, and Other Banking Business segments. The company accepts term, fixed, and recurring deposits; and offers savings and current accounts.

Full company description

Bandhan Bank Limited engages in the provision of banking and financial services for personal and business customers in India. It operates through Treasury, Retail Banking, Corporate/Wholesale Banking, and Other Banking Business segments. The company accepts term, fixed, and recurring deposits; and offers savings and current accounts. In addition, it provides home, gold, personal, two-wheeler, and car loans; loans against property; loan/overdraft against term deposits; and loans for small, medium, and large businesses. In addition, the company invests in sovereign securities; offers liability products, card services, internet and mobile banking, ATM, trading, and non-resident Indian services; distributes third party products; and engages in demat and trading activities. Further, it provides mutual fund, money transfer, bill payment and recharge, merchant payment, debit and credit card, internet and mobile banking, doorstep banking, safe deposit locker, remittance, transaction banking, trade finance, and cash management services, as well as health, life, home, travel, property, and car insurance products. The company was founded in 2001 and is headquartered in Kolkata, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bandhan Bank Limited reported revenue of ₹136B in FY2026 versus ₹115B in FY2022, a compound +4.1%/yr. Reported net income was ₹12.2B in FY2026, compounding +76.6%/yr from FY2022.

Growth Quality 59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹136B
Latest YoY
−6.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.2%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.5%
Revenue +4.1%/yr
FY22 ₹115B
FY23 ₹117B
FY24 ₹125B
FY25 ₹145B
FY26 ₹136B
Net income +76.6%/yr
FY22 ₹1.3B
FY23 ₹21.9B
FY24 ₹22.3B
FY25 ₹27.5B
FY26 ₹12.2B

BANDHANBNK screens 33% overvalued. Compare with PT Bank Central Asia Tbk →

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Cite: Fair Value Calculator (2026). "Bandhan Bank Limited Fair Value". https://www.fairvalue-calculator.com/stock/BANDHANBNK.BSE

Peer Group

Banks - Regional · 1088 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 43 · Bottom 25%
Fair Value upside −33% · Bottom 25%
Return on equity (TTM) 5% · Bottom 25%
Return on assets 1% · Below median
Net margin (TTM) 14% · Bottom 25%
Operating margin (TTM) 24% · Bottom 25%
Revenue growth 22% · Top 25%
Dividend yield (TTM) 0.9% · Bottom 25%

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 20.2× · Pricier than 75% of peers
P/B 1.07× · Cheaper than median
P/S (TTM) 2.76× · Cheaper than median
P/FCF 0.5× · Cheaper than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,350 IDR 4,637 IDR -27%
KB Financial Group 105560 168,100 KRW 220,258 KRW +31%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 3,110 IDR 3,792 IDR +22%
PT Bank Mandiri (Persero) Tbk BMRI 4,150 IDR 6,067 IDR +46%
Banco Bradesco S.A BBD 5,120 ARS 8,400 ARS +64%
Shinhan Financial Group 055550 103,800 KRW 146,032 KRW +41%
Hana Financial Group 086790 127,900 KRW 210,506 KRW +65%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,500 VND 45,959 VND -23%
Woori Financial Group 316140 33,000 KRW 60,758 KRW +84%

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Frequently asked questions

Is Bandhan Bank Limited (BANDHANBNK) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of ₹113.92 versus a price of ₹169.30, about −33% (overvalued).
What is the fair value of BANDHANBNK?
Our model-based fair value for Bandhan Bank Limited is ₹113.92 (as of Aug 19, 2026), built from audited fundamentals. The current price: ₹169.30.
What is the quality score of BANDHANBNK?
Bandhan Bank Limited has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bandhan Bank Limited (BANDHANBNK)?
Bandhan Bank Limited reported trailing-twelve-month revenue of about ₹99.4B (latest available figure, as of Aug 19, 2026).
What is the net profit margin of BANDHANBNK?
The net profit margin of Bandhan Bank Limited is about 13.6%, meaning it keeps roughly 13.6% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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