Bandhan Bank

Assumptions
All figures in Thousands (K) Rupees (₹) unless stated.

Company Name
ISIN Code
Sector Name
Industry
Exchange Name
Website

Company Description

Price INR

ASSUMPTIONS
Tax Rate
Interest Rate
Perpetual Growth Rate
10-year bond yield
Market cap (INR Cr)
Shares Outstanding
Current Market Price

Sheet Name Title

Tax Rate

Interest Rate

Perpetual Growth Rate

Assumptions
10-year bond yield

Market cap (INR Cr)

Shares Outstanding

Current Market Price

 Ratios & Assumptions

Ratios & Assumptions

Ratios & Assumptions

Ratios & Assumptions

Ratios & Assumptions

Model Ratios & Assumptions

Ratios & Assumptions

Ratios & Assumptions

Ratios & Assumptions

Supporting Schedules

Cash Flow Statement

s (₹) unless stated.

Bandan Bank
INE028A01039
Banking
Banking and Finance
BSE: 541153, NSE: BANDHANBNK
https://bandhanbank.com

Bandhan Bank is an Indian banking and financial services company established in 2015. Headquartered in Kolkata, it pr
micro, small, and medium enterprises, as well as the underbanked population, offering a wide range of banking products
savings accounts, and insurance. Known for its strong focus on financial inclusion, Bandhan Bank has rapidly expanded i
India, providing accessible and affordable banking services to millions.

208

ASSUMPTIONS
% 26.26%
% 7.40%
% 6.00%
% 9.00%
INR. 335,320,43
No. in K. 1,610,956
INR 208

Row/ Cell referencing

10-year India government ben
which is further linked in the
D17
The interest rate is determine
Government Bond website.
D18
Perpetuity growth rate, in sim
company's cash flows are exp
D19 It's an assumption used in fin
The
much 10-year bond yield
a company's rate o
earnings r
10-year government bond. It i
D20 earn by holding the bond for i
The
rate market capitalization
is influenced ofsu
by factors B
website, is ₹335320431.
D21
The number of outstanding sh
D22
As of Jun end, 2024, the curre
D23
 User selection dropdown has
created the model based on th
accordingly.
LIVE SCENARIO (E7)
Ratios and Assumptions has b
performance growth trend for
the revenue.
Ratios and Assumptions (H8xV20
We are considering three scen
the bull case, and the bear cas
revenue growth over. For the
Revenue Growth (H8xV8) more then base case reveneue
The Operating expanses and P
are determined by computing
the preceding years.
Operating Expenses(H9xV11)
The depreciation rate is estab
depreciation expenses incurre
percentage of Property, Plant
projected year, this rate is sub
Depreciation & Amortization Expenses (H12xV12) year.
The interest amount is calcula
the forecasted year, we consid

Interest (H13xV13)
Other income is determined a
forecasted year, it is compute
from the previous years, ensu

Other Income (Expenses)(H14xV14)

The tax rate is determined as
(EBT). For the forecasted year
bandan bank, which reports a
this rate by 1% every two yea
Tax Rate (H15xV15)
For the dividends payout ratio
payout rate over.
Dividends Payout (H16xV16)
The supporting schedule inclu
depreciation schedule, and de
are formulated based on our a

Working Capital, Depreciation Schedule, Debt & Interest Schedule (H111xV128)

Working has been done in the
corresponding line item data
(H75xV100)
 adquartered in Kolkata, it primarily serves
de range of banking products including loans,
Bank has rapidly expanded its reach across
to millions.

26.26%
7.40% India 40 Year Bond Benchmark Yield (24-01-2024)
6.00%
9.00%
335,320,431
1,610,956
208

Comments
10-year India government benchmark bond Interest rate has been
which is further linked in the other tab wherever required.
The interest rate is determined as 7.40%, according to the World
Government Bond website.
Perpetuity growth rate, in simple terms, refers to the rate at which a
company's cash flows are expected to grow indefinitely into the future.
It's an assumption used in financial valuation models, suggesting how
The
much 10-year bond yield
a company's rate or
earnings refers
cashtoflows
the annualized rate
are expected toof return on
increase a
each
10-year government bond. It indicates the interest rate that investors
earn by holding the bond for its entire 10-year maturity period. This
The
rate market capitalization
is influenced ofsuch
by factors Bandan bank, as per
as prevailing the BSEconditions,
economic official
website, is ₹335320431.
The number of outstanding shares of Bandan Bank is 1610956.

As of Jun end, 2024, the current market price of Bandan Bank is 208.
User selection dropdown has been provided in this cell. We have
created the model based on three scenarios and the model will work
accordingly.

Ratios and Assumptions has been calculated based on the historical

performance growth trend for the last 5 years which helps to forcast
the revenue.

We are considering three scenarios for revenue growth: the base case,
the bull case, and the bear case. In the base case, we consider last year
revenue growth over. For the bull case, we base our assume that is 5%
more then base case reveneue growth. In the bear case, we assume a
The Operating expanses and Provisions and Contingencies expenses
are determined by computing the average percentage of revenue over
the preceding years.

The depreciation rate is established by last audited year the

depreciation expenses incurred over the preceding years as a
percentage of Property, Plant, and Equipment (PPE). For each
projected year, this rate is subsequently incremented by 2% in every 2
year.
The interest amount is calculated as a percentage of the total debt. For
the forecasted year, we consider the average of the past five years.

Other income is determined as a percentage of total revenue. For the

forecasted year, it is computed by averaging the other income amounts
from the previous years, ensuring a more accurate projection.

The tax rate is determined as a percentage of Earnings Before Tax

(EBT). For the forecasted year, we reference the annual report of
bandan bank, which reports a rate of 26%. Additionally, we increment
this rate by 1% every two years to facilitate a more refined estimation.

For the dividends payout ratio, we utilize the flat 20% dividends
payout rate over.
The supporting schedule includes the calculation of working capital,
depreciation schedule, and debt and interest schedule. These schedules
are formulated based on our assumptions and ratio calculations.

Working has been done in these cells to provide the required

corresponding line item data as per our best understanding.
Bandhan Bank
Financial Model

Inputs
Historical Financial Statement
Market Data
Assumptions

Calculation & Analysis

Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Depreciation Schedule
Debt Schedule
WACC
Beta
Sensitivity Analysis

Outputs
DCF Model
Ratio Analysis
Comparables Analysis
Valuation Summary
Bandhan Bank
Historical Financial Information
All figures in Thousands (K) Rupees (₹) unless stated.
YEARS
INCOME STATEMENT
INCOME
Intrest Earned
Other Income

TOTAL

EXPENSES
Intrest Expended
Operating Expenses
Deprication and Amortization
Provisions and Contingencies

TOTAL EXPENSES
Profit Before Exceptional Items and Tax
Exceptional items (Net)
PROFIT BEFORE TAX
Tax Expense

Profit For The Year

BALANCE SHEET
Particulars

SOURCES OF FUNDS
Shareholder Funds
Share Capital
Other equity
TOTAL EQUITY
Liabilties

Deposit
Borrowings
Other liabilities and provisions

TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES

Assets
Cash and Balance with RBI
Balance with Banks and Money at Call and Short Notice
Investments
 Advances
Fixed Assets
Other Assets
TOTAL ASSETS

CASH FLOW STATEMENT

Cash flow from Operating Activities :

Profit Before Taxation
Adjustments for :
Depreciation and amortization
Provisions & Contingencies
Interest Income from fixed deposits
Profit on sale of Held-to-maturity (HTM) securities
Interest Income from Investments in Held-to-maturity (HTM) securities
Provision/(reversal of provision) for depreciation in value of investments
Employee Stock Options Expense
Profit / (Loss) on sale of fixed assets
Operating Profit Before Working Capital Changes
Movements in working capital :
Increase in Advances
Increase in Other Assets
Increase in Investment in HFT & AFS securities
Increase in Deposits
Increase/(Decrease) in Other Current Liabilities and Provisions
Cash flows generated from operations
Direct Taxes Paid (net of refunds)
Net Cash flows generated from/(used in) Operating Activities (A)
Cash flow from Investing Activities :
Purchase of Fixed Assets/Capital work-in-progress
Sale of Fixed Assets/Capital work-in-progress
Interest Income from fixed deposits
Interest Income from Investments in Held-to-maturity (HTM) securities
(Increase) in Held to Maturity Investment
Puechase of equity share
Deposits (created) with banks and financial institutions
Net Cash flows generated from/(used in) Investing Activities (B)
Cash flow from Financing Activities :
Dividend paid
Proceeds from share issue (Including share premium)
Payment for merger related expenses
(Repayment)/Proceeds of short term borrowings
Proceeds from long term borrowings
Net Cash flows generated from Financing Activities(C)
Net Increase/ (Decrease) In Cash And Cash Equivalents (A+B+C)
Cash And Cash Equivalents At The Beginning of the year
Cash And Cash Equivalents At The End of the year
 2019 2020 2021 2022 2023
Audited Audited Audited Audited Audited

66,440,517 108,854,933 125,242,118 138,715,662 159,046,996

10,630,475 15,491,974 21,090,597 28,224,993 24,685,507

77,070,992 124,346,908 146,332,715 166,940,655 183,732,503

20,697,802 44,813,233 48,578,214 51,571,016 66,450,814

18,109,613 24265421.724 28,171,557 34,135,230 44,941,738
781,725 802,558 1,030,349 1,100,374 1,426,456
7,001,284 12,914,670 35,609,323 71,980,901 41,793,819

46,590,425 82,795,882 113,389,443 158,787,521 154,612,827

30,480,566 41,551,026 32,943,272 8,153,134 29,119,676
-
30,480,566 41,551,026 32,943,272 8,153,134 29,119,676
10,965,550 11,313,650 10,888,703 6,895,194 7,173,296

19,515,016 30,237,376 22,054,569 1,257,940 21,946,380

11,930,829 16,102,478 16,105,992 16,107,659 16,108,365

100,086,642 135,852,115 157,975,845 157,703,848 179,733,160
112,017,471 151,954,593 174,081,837 173,811,507 195,841,525

432,316,203 570,815,036 779,722,248 963,306,131 1,080,693,125

5,213,506 163,791,771 169,603,572 199,212,280 247,108,226
14,869,946 30,616,591 26,522,878 53,621,823 34,056,805

452,399,655 765,223,398 975848699 1216140234 1361858156

564,417,126 917,177,991 1,149,930,535 1,389,951,741 1,557,699,681

38,791,547 63,449,074 52,353,864 49,425,645 73,265,829

19,235,020 20,079,971 9,575,583 43,787,883 9,231,410
100,374,848 153,517,744 251,553,875 290,787,101 323,658,918
 396,433,937 666,299,477 816,128,759 939,749,267 1,047,567,691
3311959.281 3,687,674 4,867,121 5,878,851 8,545,906
6,269,814 10,144,051 15,451,334 60,322,994 95,429,927
564,417,126 917,177,991 1,149,930,535 1,389,951,741 1,557,699,681

30,130,539 40,534,187 29,486,548 1,286,231 28,929,842

781,725 802,558 1,030,649 1,100,374 1,426,456

912,562 14,023,506 37,576,901 78,847,804 41,983,653
6,684,925 (192,763) (31,721) (42,908) (29,180)
131,376 (203,913) (1,508,086) (285,076) (31,009)
(5,585,137) (8,227,973) (11,226,727) (13,357,140)
(377,549) (91,998) 868,058 (449,702) 7,719,732
52,396 67,060
(487) (4,864) (11,134) (4,057) 4,581
38,263,092 49,281,575 59,183,242 69,278,335 66,713,995

(105,988,502) (102,309,544) (193,766,725) (175,285,772) (173,525,532)

(821,699) 999,573 (1,959,356) (35,993,597) (35,255,329)
9,477,257 3,534,335 (74,099,634) (23,214,573) (15,594,406)
93,626,183 122,937,852 208,907,213 183,583,883 117,386,993
5,750,527 2,699,955 3,178,387 (2,451,214) 5,001,416
40,306,857 77,143,745 1,443,127 15,917,062 (35,272,863)
(10,965,550) (11,313,650) (10,888,703) (6,895,194) (7,173,296)
29,341,307 65,830,095 (9,445,575) 9,021,868 (42,446,159)

(1,713,401) (1,031,950) (2,225,113) (2,118,859) (4,120,858)

1,487 9,962 26,151 10,811 22,765
190,976 33,290 42,787 29,045
4,578,251 7,423,643 11,231,025 121,033,737
(25,755,148) (53,862,438) (23,296,469) (15,283,874) (24,966,133)
(3,000,000)
1,347,822 (203) (207) (162) (91)
(26,119,240) (53,115,402) (18,038,705) (6,118,272) 91,998,465

(1,437,990) (6,084,501) - (1,610,674) -

50,024 89,480 72,675 30,009 16,576
70,946 (855,055) -
3,363,506 (6,949,946) 10,456,572 (21,087,254) 43,321,878
(1,000,000) 15,342,039 (4,644,771) 50,695,963 4,574,067
1,046,486 1,542,017 5,884,476 28,028,044 47,912,521
4,268,553 14,256,710 (21,599,805) 30,931,640 97,464,827
53,753,278 69,267,397 83,524,107 62,256,355 93,187,995
58,021,831 83,524,107 61,924,302 93,187,995 190,652,822
Bandhan Bank
Financial Statements & DCF Analysis 2019A
Master Check OK
All figures in Thousands (K) Rupees (₹) unless stated.
Ratios & Assumptions
LIVE SCENARIO Bear Case Units
Revenue Growth %
Operating Expenses (% of Revenue) % 27.3%
Provisions and Contingencies (% of Revenue) % 10.5%
Depreciation & Amortization Expenses (% of PP&E) %
Interest (% of Debt) %
Other Income (Expenses) (% of Revenue) % 16.0%
Tax Rate (% of Earnings before Tax) % 36.0%
Dividends Payout % 7.37%
Capital Asset Turnover Ratio Times 0.12x

Income Statement
INCOME
Revenue ₹ 66,440,517
EXPENSES
Provisions and Contingencies ₹ (7,001,284)
Operating Expenses (18,109,613)
EBITDA ₹ 41,329,619
Depreciation & Amortization Expenses ₹ (781,725)
EBIT ₹ 40,547,894
Interest ₹ (20,697,802)
Other Income (Expenses) ₹ 10,630,475
Earnings before Tax ₹ 30,480,566
Taxes ₹ (10,965,550)
Net Earnings ₹ 19,515,016

Balance Sheet
Assets
Current Assets:
Cash ₹ 38,791,547
Bank Deposits ₹ 19,235,020
Other Current Assets ₹ 496,808,785
Non-Current Assets:
Property & Equipment ₹ 3,311,959
Other Non-Current Assets ₹ 6,269,814
 Total Assets ₹ 564,417,126

Liabilities
Current Liabilities:
Current Liability ₹ 14,869,946
Non-Current Liabilities:
Debt ₹ 437,529,708
Total Liabilities ₹ 452,399,655
Shareholder's Equity
Equity Capital ₹ 11,930,829
Retained Earnings ₹ 100,086,642
Shareholder's Equity ₹ 112,017,471
Total Liabilities & Shareholder's Equity ₹ 564,417,126

Check 0

Cash Flow Statement

Operating Cash Flow
Net Earnings ₹ 19,164,989
Plus: Depreciation & Amortization ₹ 781,725
Plus/Less: Other Adjustments ₹ 7,350,828
Plus/Less: Adjustment for Operating Assets & Liabilities ₹ 2,043,765
Cash From Operations ₹ 29,341,307

Investing Cash Flow

Investments in Property & Equipment ₹ (1,713,401)
Sale of property, plant and equipment ₹ 1,487
Purchases/Sale of investments ₹ (24,407,326)
Interest received ₹ -
Cash from Investing ₹ (26,119,240)

Financing Cash Flow

Issuance(repayment) of debt ₹ 70,946
Issuance(repayment) of shares - NCI ₹ 50,024
Dividends paid ₹ (1,437,990)
Interest paid ₹ 2,363,506
Cash from Financing ₹ 1,046,486

Net Increase (decrease) in Cash ₹ 4,268,553

Opening Cash Balance ₹ 53,753,278
Closing Cash Balance ₹ 58,021,831
Supporting Schedules
Working Capital
Current Assets ₹ (97,332,945)
Current Liabilities ₹ 99,376,710
Total ₹ 2,043,765

Depreciation Schedule
PPE Opening ₹
Plus Capex ₹
Less Depreciation ₹
PPE Closing ₹ 3,311,959

Debt & Interest Schedule

Debt Opening ₹
Issuance (repayment) ₹
Debt Closing ₹ 437,529,708
Interest Expense ₹ (20,697,802)

DCF Model
Assumptions
Transaction Date 2024/07/01
Fiscal Year End 2025/03/31
Tax Rate 26.0%
Perpetual Growth Rate 6.0%
Discount Rate 10.21%
Shares Outstanding 1610956
Current Price 208

year 2019
Date
Time period
year fract.

EBIT 40,547,894
Less: Cash Taxes (10,542,452)
NOPAT 30,005,441
Plus: Depreciation & Amoritzation 781,725
Less: Capex -
Less: Changes in NWC 2,043,765
 Unlevered FCFF 32,830,932

Transaction FCFF

Intrinsic Value
Enterprise Value 1,650,773,857
Plus: Cash & Equivalents 82,497,239
Less: Debt (1,327,801,351)
Equity Value 405,469,745

Equity Value/Share 252

Sensitivity Analysis
 Historical Period
2020A 2021A 2022A 2023A 2024E
OK OK OK OK OK

63.8% 15.1% 10.8% 14.7% 9.7%

22.3% 22.5% 24.6% 28.3% 25.0%
11.9% 28.4% 51.9% 26.3% 25.8%
24.2% 27.9% 22.6% 24.3% 26.3%
10.2% 6.6% 5.4% 5.7% 7.0%
14.2% 16.8% 20.3% 15.5% 16.6%
27.2% 33.1% 84.6% 24.6% 26.0%
20.12% 0.00% 128.04% 0.00% 20.1%
0.12x 0.11x 0.10x 0.10x 0.11x

108,854,933 125,242,118 138,715,662 159,046,996 174,405,911

(12,914,670) (35,609,323) (71,980,901) (41,793,819) (44,997,699)

(24,265,422) (28,171,557) (34,135,230) (44,941,738) (43,569,049)
71,674,841 61,461,238 32,599,531 72,311,439 85,839,163
(802,558) (1,030,349) (1,100,374) (1,426,456) (2,244,514)
70,872,284 60,430,889 31,499,157 70,884,983 83,594,649
(44,813,233) (48,578,214) (51,571,016) (66,450,814) (92,958,175)
15,491,974 21,090,597 28,224,993 24,685,507 28,930,408
41,551,026 32,943,272 8,153,134 29,119,676 19,566,882
(11,313,650) (10,888,703) (6,895,194) (7,173,296) (5,087,389)
30,237,376 22,054,569 1,257,940 21,946,380 14,479,493

63,449,074 52,353,864 49,425,645 73,265,829 82,962,228

20,079,971 9,575,583 43,787,883 9,231,410 9,231,410
819,817,221 1,067,682,634 1,230,536,368 1,371,226,609 1,371,226,609

3,687,674 4,867,121 5,878,851 8,545,906 10,415,371

10,144,051 15,451,334 60,322,994 95,429,927 95,429,927
917,177,991 1,149,930,535 1,389,951,741 1,557,699,681 1,569,265,545

30,616,591 26,522,878 53,621,823 34,056,805 34,056,805

734,606,807 949,325,820 1,162,518,411 1,327,801,351 1,327,801,351

765,223,398 975,848,699 1,216,140,234 1,361,858,156 1,361,858,156

16,102,478 16,105,992 16,107,659 16,108,365 16,108,365

135,852,115 157,975,845 157,703,848 179,733,160 191,299,024
151,954,593 174,081,837 173,811,507 195,841,525 207,407,389
917,177,991 1,149,930,535 1,389,951,741 1,557,699,681 1,569,265,545

0 0 0 0 0

29,220,537 18,597,845 (5,608,963) 21,756,546 14,479,493

802,558 1,030,649 1,100,374 1,426,456 2,244,514
7,944,830 28,666,044 66,891,730 36,357,697 64,027,767
27,862,170 (57,740,115) (53,361,273) (219,373,851) -
65,830,095 (9,445,575) 9,021,868 (159,833,152) 80,751,774

(1,031,950) (2,225,113) (2,118,859) (4,120,858) (4,113,979)

9,962 26,151 10,811 22,765
(56,862,641) (23,296,676) (15,284,036) (24,966,224)
4,769,227 7,456,933 11,273,812 121,062,782 28,930,408
(53,115,402) (18,038,705) (6,118,272) 91,998,465 24,816,429

(855,055) - - - -
89,480 72,675 30,009 16,576 -
(6,084,501) - (1,610,674) - (2,913,629)
8,392,093 5,811,801 29,608,709 47,895,945 (92,958,175)
1,542,017 5,884,476 28,028,044 47,912,521 (95,871,804)

14,256,710 (21,599,805) 30,931,640 (19,922,166) 9,696,399

69,267,397 83,524,107 62,256,355 93,187,995 73,265,829
83,524,107 61,924,302 93,187,995 73,265,829 82,962,228
(97,775,636) (269,825,714) (234,493,942) (224,375,267) -
125,637,807 212,085,600 181,132,669 5,001,416 -
27,862,170 (57,740,115) (53,361,273) (219,373,851) 0

3,311,959 3,687,674 4,867,121 5,878,851 8,545,906

1,178,273 2,209,796 2,112,104 4,093,511 4,113,979
(802,558) (1,030,349) (1,100,374) (1,426,456) (2,244,514)
3,687,674 4,867,121 5,878,851 8,545,906 10,415,371

437,529,708 734,606,807 949,325,820 1,162,518,411 1,327,801,351

297,077,099 214,719,013 213,192,591 165,282,940 -
734,606,807 949,325,820 1,162,518,411 1,327,801,351 1,327,801,351
(44,813,233) (48,578,214) (51,571,016) (66,450,814) (92,958,175)

2020 2021 2022 2023 2024

2024-07-01
0

70,872,284 60,430,889 31,499,157 70,884,983 83,594,649

(18,426,794) (15,712,031) (8,189,781) (18,430,096) (21,734,609)
52,445,490 44,718,858 23,309,376 52,454,887 61,860,041
802,558 1,030,649 1,100,374 1,426,456 2,244,514
(3,311,959) (3,687,674) (4,867,121) (5,878,851) (4,113,979)
27,862,170 (57,740,115) (53,361,273) (219,373,851) -
 77,798,259 (15,678,282) (33,818,644) (171,371,359) 59,990,576

Market Value
Market Cap 335,320,431
Plus: Debt 1,327,801,351
Less: Cash & Equivalents (82,497,239)
Enterprise Value 1,580,624,543

Equity Value/Share 208

Sensitivties - Intrinsic Value (Rs./Share)

Perpetual Growth Rate
4.0% 5.0% 6.0%
8.0%
Discount Rate

9.0%
10.21%
11.0%
12.0%
 Forecast Period
2025E 2026E 2027E 2028E 2029E
OK OK OK OK OK

8.9% 8.2% 7.5% 6.9% 6.4%

25.0% 25.0% 25.0% 25.0% 25.0%
25.8% 25.8% 25.8% 25.8% 25.8%
26.3% 26.3% 28.3% 28.3% 28.3%
7.0% 7.0% 7.0% 7.0% 7.0%
16.6% 16.6% 16.6% 16.6% 16.6%
26.0% 27.0% 27.0% 28.0% 28.0%
20.1% 20.1% 20.1% 20.1% 20.1%
0.12x 0.12x 0.13x 0.13x 0.14x

189,900,645 205,422,269 220,869,338 236,149,284 251,179,349

(48,995,427) (53,000,093) (56,985,523) (60,927,834) (64,805,675)

(47,439,851) (51,317,372) (55,176,267) (58,993,412) (62,748,133)
93,465,366 101,104,805 108,707,549 116,228,038 123,625,541
(2,735,514) (3,102,959) (3,636,660) (3,789,100) (3,904,355)
90,729,853 98,001,846 105,070,888 112,438,938 119,721,186
(92,958,175) (92,958,175) (92,958,175) (92,958,175) (92,958,175)
31,500,670 34,075,393 36,637,749 39,172,383 41,665,566
29,272,348 39,119,064 48,750,463 58,653,146 68,428,577
(7,610,810) (10,562,147) (13,162,625) (16,422,881) (19,160,002)
21,661,538 28,556,917 35,587,838 42,230,265 49,268,575

98,865,899 120,624,202 148,511,558 181,836,281 220,877,305

9,231,410 9,231,410 9,231,410 9,231,410 9,231,410
1,371,226,609 1,371,226,609 1,371,226,609 1,371,226,609 1,371,226,609

11,814,406 12,866,668 13,406,005 13,813,783 14,127,290

95,429,927 95,429,927 95,429,927 95,429,927 95,429,927
1,586,568,250 1,609,378,816 1,637,805,509 1,671,538,010 1,710,892,540

34,056,805 34,056,805 34,056,805 34,056,805 34,056,805

1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351

1,361,858,156 1,361,858,156 1,361,858,156 1,361,858,156 1,361,858,156

16,108,365 16,108,365 16,108,365 16,108,365 16,108,365

208,601,729 231,412,295 259,838,988 293,571,489 332,926,019
224,710,094 247,520,660 275,947,353 309,679,854 349,034,384
1,586,568,250 1,609,378,816 1,637,805,509 1,671,538,010 1,710,892,540

0 0 0 0 0

21,661,538 28,556,917 35,587,838 42,230,265 49,268,575

2,735,514 3,102,959 3,636,660 3,789,100 3,904,355
61,457,505 58,882,782 56,320,426 53,785,792 51,292,609
- - - - -
85,854,556 90,542,658 95,544,924 99,805,157 104,465,539

(4,134,548) (4,155,221) (4,175,997) (4,196,877) (4,217,862)

31,500,670 34,075,393 36,637,749 39,172,383 41,665,566

27,366,122 29,920,172 32,461,752 34,975,505 37,447,704

- - - - -
- - - - -
(4,358,832) (5,746,352) (7,161,145) (8,497,764) (9,914,045)
(92,958,175) (92,958,175) (92,958,175) (92,958,175) (92,958,175)
(97,317,007) (98,704,526) (100,119,320) (101,455,939) (102,872,220)

15,903,670 21,758,303 27,887,356 33,324,723 39,041,024

82,962,228 98,865,899 120,624,202 148,511,558 181,836,281
98,865,899 120,624,202 148,511,558 181,836,281 220,877,305
 - - - - -
- - - - -
0 0 0 0 0

10,415,371 11,814,406 12,866,668 13,406,005 13,813,783

4,134,548 4,155,221 4,175,997 4,196,877 4,217,862
(2,735,514) (3,102,959) (3,636,660) (3,789,100) (3,904,355)
11,814,406 12,866,668 13,406,005 13,813,783 14,127,290

1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351

- - - - -
1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351
(92,958,175) (92,958,175) (92,958,175) (92,958,175) (92,958,175)

2025 2026 2027 2028 2029

2025-03-31 2026-03-31 2027-03-31 2028-03-31 2029-03-31
1 2 3 4 5
0.75 1 1 1 1

90,729,853 98,001,846 105,070,888 112,438,938 119,721,186

(23,589,762) (25,480,480) (27,318,431) (29,234,124) (31,127,508)
67,140,091 72,521,366 77,752,457 83,204,814 88,593,678
2,735,514 3,102,959 3,636,660 3,789,100 3,904,355
(4,134,548) (4,155,221) (4,175,997) (4,196,877) (4,217,862)
- - - - -
 65,741,056 71,469,104 77,213,121 82,797,037 88,280,171

49,305,792 71,469,104 77,213,121 82,797,037 88,280,171

Rate of Return
Current Price 208
Target Price 252

TP Upside 20.92%

hare)
Growth Rate
7.0% 7.9%
d
2030E 2031E 2032E 2033E
OK OK OK OK

5.9% 5.4% 5.0% 4.6%

25.0% 25.0% 25.0% 25.0%
25.8% 25.8% 25.8% 25.8%
30.3% 30.3% 30.3% 32.3%
7.0% 7.0% 7.0% 7.0%
16.6% 16.6% 16.6% 16.6%
29.0% 29.0% 30.0% 30.0%
20.1% 20.1% 20.1% 20.1%
0.14x 0.15x 0.15x 0.16x

265,887,090 280,210,523 294,097,961 307,507,615

(68,600,354) (72,295,880) (75,878,917) (79,338,682)

(66,422,334) (70,000,529) (73,469,806) (76,819,726)
130,864,402 137,914,114 144,749,238 151,349,206
(4,275,511) (4,264,446) (4,263,145) (4,550,778)
126,588,891 133,649,668 140,486,094 146,798,428
(92,958,175) (92,958,175) (92,958,175) (92,958,175)
44,105,282 46,481,249 48,784,894 51,009,284
77,735,998 87,172,743 96,312,813 104,849,537
(22,543,439) (25,280,095) (28,893,844) (31,454,861)
55,192,559 61,892,647 67,418,969 73,394,676

265,000,328 314,442,958 368,277,277 427,151,070

9,231,410 9,231,410 9,231,410 9,231,410
1,371,226,609 1,371,226,609 1,371,226,609 1,371,226,609

14,090,730 14,086,429 14,104,731 13,856,806

95,429,927 95,429,927 95,429,927 95,429,927
1,754,979,004 1,804,417,333 1,858,269,954 1,916,895,822

34,056,805 34,056,805 34,056,805 34,056,805

1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351

1,361,858,156 1,361,858,156 1,361,858,156 1,361,858,156

16,108,365 16,108,365 16,108,365 16,108,365

377,012,483 426,450,812 480,303,433 538,929,301
393,120,848 442,559,177 496,411,798 555,037,666
1,754,979,004 1,804,417,333 1,858,269,954 1,916,895,822

0 0 0 0

55,192,559 61,892,647 67,418,969 73,394,676

4,275,511 4,264,446 4,263,145 4,550,778
48,852,893 46,476,925 44,173,281 41,948,891
- - - -
108,320,962 112,634,019 115,855,394 119,894,345

(4,238,951) (4,260,146) (4,281,446) (4,302,854)

44,105,282 46,481,249 48,784,894 51,009,284

39,866,331 42,221,104 44,503,448 46,706,430

- - - -
- - - -
(11,106,095) (12,454,317) (13,566,349) (14,768,807)
(92,958,175) (92,958,175) (92,958,175) (92,958,175)
(104,064,270) (105,412,492) (106,524,524) (107,726,982)

44,123,023 49,442,630 53,834,319 58,873,793

220,877,305 265,000,328 314,442,958 368,277,277
265,000,328 314,442,958 368,277,277 427,151,070
 - - - -
- - - -
0 0 0 0

14,127,290 14,090,730 14,086,429 14,104,731

4,238,951 4,260,146 4,281,446 4,302,854
(4,275,511) (4,264,446) (4,263,145) (4,550,778)
14,090,730 14,086,429 14,104,731 13,856,806

1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351

- - - -
1,327,801,351 1,327,801,351 1,327,801,351 1,327,801,351
(92,958,175) (92,958,175) (92,958,175) (92,958,175)

2030 2031 2032 2033 Exit

2030-03-31 2031-03-31 2032-03-31 2033-03-31 2033-03-31
6 7 8 9
1 1 1 1 1

126,588,891 133,649,668 140,486,094 146,798,428

(32,913,112) (34,748,914) (36,526,384) (38,167,591)
93,675,779 98,900,754 103,959,709 108,630,837
4,275,511 4,264,446 4,263,145 4,550,778
(4,238,951) (4,260,146) (4,281,446) (4,302,854)
- - - -
93,712,339 98,905,055 103,941,408 108,878,761 2,743,945,267

93,712,339 98,905,055 103,941,408 108,878,761 2,743,945,267

Terminal Value
Perp. Growth 2,743,945,267
Bandhan Bank
Scenarios

Scenarios Growth (%) 2024

Base Case 14.7% 14.7%
Bull Case 19.7% 19.7%
Bear Case 9.7% 9.7%
Annual Growth Tapering 8.0%
 2025 2026 2027 2028 2029 2030 2031
13.5% 12.4% 11.4% 10.5% 9.7% 8.9% 8.2%
18.1% 16.6% 15.3% 14.1% 13.0% 11.9% 11.0%
8.9% 8.2% 7.5% 6.9% 6.4% 5.9% 5.4%
 2032 2033
7.5% 6.9%
10.1% 9.3%
5.0% 4.6%
Bandhan Bank
Ratio Analysis

Profitability Ratio 2019 2020 2021

EBITDA Margin 62% 66% 49%
Operating Margin 61% 65% 48%
Pretax Margin 46% 38% 26%
Effective Tax rate 36% 27% 33%
Net Margin 29% 28% 18%

DuPont/Earning Power
Asset Turnover 0.15 0.12
Pre tax margin 46% 38% 26%
Pre tax ROA 0.06 0.03
Leverage (Asset/Equity) 5.61 6.34 7.30
Pre Tax ROE 31% 20%
Tax Complement 64% 73% 67%
ROE 23% 14%
Equity Retention 0.93 0.80 1.00

Liquidity Ratio
Quick ratio 4 3 2
Current ratio 4 3 2

Leverage
Asset/Equity 5 6 7
Debt/Equity 4 5 5
% LT Debt to Total Capital 1 1 1

Operating
Fixed Asset Turnover 31 29
ROIC 2 2 1
 2022 2023 2024 2025 2026 2027 2028
24% 45% 49% 49% 49% 49% 49%
23% 45% 48% 48% 48% 48% 48%
6% 18% 11% 15% 19% 22% 25%
85% 25% 26% 26% 27% 27% 28%
1% 14% 8% 11% 14% 16% 18%

0.11 0.11 0.11 0.12 0.13 0.14 0.14

6% 18% 11% 15% 19% 22% 25%
0.01 0.02 0.01 0.02 0.02 0.03 0.04
7.97 7.75 7.30 6.77 6.20 5.65 5.13
5% 16% 10% 14% 17% 19% 20%
15% 75% 74% 74% 73% 73% 72%
1% 12% 7% 10% 12% 14% 14%
(0.28) 1.00 0.80 0.80 0.80 0.80 0.80

2 2 3 3 4 5 6
2 2 3 3 4 5 6

8 8 8 7 7 6 5
7 7 6 6 5 5 4
1 1 1 1 1 1 1

26 22 18 17 17 17 17
0 1 1 1 2 2 3
2029 2030 2031 2032 2033
Interpretation
49% 49% 49% 49% 49% EBITDA Margin :- The EBITDA margin of Bandh
48% 48% 48% 48% 48% Operating Margin :- The operating margin of Ba
27% 29% 31% 33% 34% Pretax Margin :- The pre-tax margin of Bandhan
28% 29% 29% 30% 30% Effective Tax rate :- The effective tax rate of Ban
20% 21% 22% 23% 24% Net Margin :- The net margin of Bandhan Bank s

0.15 0.15 0.16 0.16 0.16 Asset Turnover :- The asset turnover ratio of Ba
27% 29% 31% 33% 34% Pre tax margin :- The pre-tax margin of Bandha
0.04 0.04 0.05 0.05 0.06 Pre tax ROA :- The pre-tax return on assets (RO
4.67 4.26 3.90 3.59 3.45 Leverage (Asset/Equity) :- The leverage ratio (A
21% 21% 21% 21% 20% Pre Tax ROE :- The pre-tax return on equity (RO
72% 71% 71% 70% 70% Tax Complement :- The tax complement ratio fo
15% 15% 15% 14% 14% ROE :- The return on equity (ROE) for Bandhan
0.80 0.80 0.80 0.80 0.80 Equity Retention :- The equity retention ratio fo

7 8 10 11 13 Quick ratio :- The quick ratio of Bandhan Bank s

7 8 10 11 13 Current ratio :- The current ratio of Bandhan Ba

5 4 4 4 3 Asset/Equity :- The asset-to-equity ratio for Ban

4 3 3 3 2 Debt/Equity :- The debt-to-equity ratio for Band
1 1 1 1 1 % LT Debt to Total Capital :- The percentage of

18 19 20 21 22 Fixed Asset Turnover :- The fixed asset turnove

3 3 4 4 5 ROIC :- The Return on Invested Capital (ROIC) f
retation
e EBITDA margin of Bandhan Bank displays significant fluctuations in the early forecasted years before stabilizing in the projected period. Sta
he operating margin of Bandhan Bank mirrors the pattern observed in the EBITDA margin, starting at 61% and peaking at 65% before dropp
pre-tax margin of Bandhan Bank shows a volatile and improving trend over the forecasted and projected periods. Initially, the margin decline
he effective tax rate of Bandhan Bank exhibits notable fluctuations in the early forecasted years before stabilizing in the later projected perio
margin of Bandhan Bank shows a pattern of fluctuation followed by improvement over the forecasted and projected periods. Starting at 29%

asset turnover ratio of Bandhan Bank demonstrates a gradual and steady improvement over the forecasted and projected periods. Starting r
pre-tax margin of Bandhan Bank exhibits a varied trend over the forecasted and projected periods. Starting strong at 46%, the margin experi
e-tax return on assets (ROA) for Bandhan Bank shows a gradual and consistent improvement over the forecasted and projected periods. Start
ty) :- The leverage ratio (Asset/Equity) for Bandhan Bank indicates a declining trend over the forecasted and projected periods. Starting at a
e-tax return on equity (ROE) for Bandhan Bank displays a varied performance over the forecasted and projected periods. Starting strongly at
e tax complement ratio for Bandhan Bank shows a pattern of fluctuation over the forecasted and projected periods. Starting at 64% and vary
equity (ROE) for Bandhan Bank shows a fluctuating trend over the forecasted and projected periods. Starting at 23% and declining to 1% in th
e equity retention ratio for Bandhan Bank shows a varied and somewhat unconventional trend over the forecasted and projected periods. Be

k ratio of Bandhan Bank shows a consistently high and increasing trend over the forecasted and projected periods. Starting at 3.90 and rising
urrent ratio of Bandhan Bank demonstrates a robust and escalating trend over the forecasted and projected periods. Starting at 3.90 and incre

set-to-equity ratio for Bandhan Bank shows a declining trend over the forecasted and projected periods. Starting at 5.04 and decreasing cons
bt-to-equity ratio for Bandhan Bank exhibits a declining trend over the forecasted and projected periods. Starting at 3.91 and consistently de
pital :- The percentage of long-term debt to total capital for Bandhan Bank shows a consistent and declining trend over the forecasted and pr

:- The fixed asset turnover ratio for Bandhan Bank shows a relatively stable trend over the forecasted and projected periods. Starting at 31.10
Invested Capital (ROIC) for Bandhan Bank exhibits a fluctuating but generally increasing trend over the forecasted and projected periods. Sta
 in the projected period. Starting at 62% and peaking at 66%, the margin then drops sharply to 49% and further to 24%, suggesting periods o
eaking at 65% before dropping sharply to 48% and then to 23%. This significant decline indicates periods of increased operational expenses
Initially, the margin declines significantly from 46% to 6%, indicating substantial financial challenges, possibly due to high interest expenses,
in the later projected period. Initially, the tax rate decreases from 36% to 27%, indicating a favorable tax environment or tax planning strate
ed periods. Starting at 29% and declining to 1% in the third year, the net margin reflects significant challenges likely stemming from high exp

projected periods. Starting relatively low at 0.12 and increasing to 0.34 by the end of the period, the ratio indicates that the bank is generating
g at 46%, the margin experiences a notable decline to 6% in the third year, indicating a period of financial difficulty or increased expenses rel
and projected periods. Starting at a modest 0.06 and reaching 0.18 by the end of the period, the ROA indicates that the bank is becoming more
ected periods. Starting at a high level of 5.61 and decreasing consistently to 2.05 by the end of the period, this trend suggests that the bank is
periods. Starting strongly at 31%, the ROE experiences significant fluctuations, dropping to 5% in the third year before gradually recovering a
ds. Starting at 64% and varying between 15% to 75% across the years, this ratio reflects the proportion of taxes paid relative to the total taxa
3% and declining to 1% in the third year, the ROE reflects challenges in maintaining profitability relative to shareholders' equity, possibly infl
ed and projected periods. Beginning at 0.93 and fluctuating significantly, including a negative value of -0.28 in the fourth year, this ratio indica

s. Starting at 3.90 and rising sharply to 33.98 by the end of the period, this ratio indicates the bank's ability to cover its short-term liabilities w
ds. Starting at 3.90 and increasing significantly to 33.98 by the end of the period, this ratio indicates the bank's ability to cover its current liab

at 5.04 and decreasing consistently to 2.05 by the end of the period, this ratio indicates how much of the bank's assets are financed by equity
at 3.91 and consistently decreasing to 1.02 by the end of the period, this ratio indicates the proportion of debt financing relative to equity in
d over the forecasted and projected periods. Starting at 0.80 and decreasing steadily to 0.50 by the end of the period, this ratio indicates the p

ed periods. Starting at 31.10 and maintaining a consistent range around 20-22.16, this ratio measures how efficiently the bank generates rev
d and projected periods. Starting at 1.64% and peaking at 19.96% by the end of the period, ROIC measures the bank's efficiency in generatin
 o 24%, suggesting periods of increased operational costs or lower revenue. This volatility might be due to changes in market conditions, stra
ased operational expenses or decreased revenue efficiency. However, similar to the EBITDA margin, the operating margin stabilizes at 48% f
e to high interest expenses, non-operating costs, or other financial factors. However, from the fifth year onward, there is a marked recovery a
ment or tax planning strategies. However, it spikes dramatically to 85% in the third year, which could be due to extraordinary tax expenses o
kely stemming from high expenses or one-time financial impacts. However, from the fifth year onward, there is a consistent upward trend, ris

s that the bank is generating more revenue relative to its assets. This improvement suggests effective utilization of assets to generate sales or
y or increased expenses relative to income. However, the margin rebounds and shows a steady upward trajectory from the fifth year onward
t the bank is becoming more efficient in generating earnings from its assets before accounting for taxes. This improvement suggests effective
nd suggests that the bank is reducing its reliance on debt financing relative to equity. Lower leverage ratios typically indicate a more conserva
efore gradually recovering and stabilizing around 39% in the later years. These fluctuations indicate periods of both high profitability and cha
aid relative to the total taxable income. The significant fluctuations indicate varying tax expenses over time, potentially influenced by change
holders' equity, possibly influenced by varying operational performance or financial conditions. However, the ratio gradually improves and st
fourth year, this ratio indicates the bank's ability to retain earnings relative to dividends paid out. A negative ratio in a specific year like -0.28

er its short-term liabilities with its most liquid assets (cash, cash equivalents, and marketable securities). A high quick ratio typically suggests
lity to cover its current liabilities with its current assets. A high current ratio suggests a healthy liquidity position, indicating that the bank ha

ssets are financed by equity compared to debt. A decreasing ratio suggests that the bank is reducing its reliance on debt financing relative to e
ancing relative to equity in the bank's capital structure. A declining debt-to-equity ratio suggests that the bank is reducing its reliance on deb
od, this ratio indicates the proportion of the bank's total capital that is financed by long-term debt. A decreasing ratio suggests that Bandhan B

ntly the bank generates revenue from its fixed assets. A higher ratio generally indicates better asset utilization and operational efficiency. The
nk's efficiency in generating returns from its invested capital, including both equity and debt. The initial fluctuations, including a low of 0.08%
s in market conditions, strategic investments, or operational challenges. However, from the fifth year onward, the EBITDA margin stabilizes a
g margin stabilizes at 48% from the fifth year onward. This stabilization suggests that the bank has managed to overcome the initial challeng
here is a marked recovery and steady improvement, rising from 18% to 54% over the projected period. This gradual increase suggests that th
xtraordinary tax expenses or one-time adjustments. After this spike, the tax rate stabilizes around 25-30%, reflecting a more consistent and p
onsistent upward trend, rising steadily from 14% to 37%. This improvement indicates that the bank has successfully addressed initial profita

f assets to generate sales or loans, indicating potential growth in lending activities or other revenue-generating operations. A rising asset turn
y from the fifth year onwards, reaching 54% by the end of the projection period. This recovery suggests that the bank successfully navigated t
ovement suggests effective management of both assets and expenses, leading to higher profitability relative to its total assets over time. A ris
lly indicate a more conservative financial structure with a healthier balance between debt and equity, which can enhance financial stability a
th high profitability and challenges, likely influenced by changes in revenue, expenses, and operational efficiencies. The overall trend shows t
ntially influenced by changes in tax regulations, business operations, and financial performance. Despite the fluctuations, the ratio generally s
o gradually improves and stabilizes around 27-32% in the later years, indicating a recovery and strengthening of the bank's ability to generat
o in a specific year like -0.28 suggests that the bank paid out more dividends than it retained in earnings, potentially tapping into reserves or e

uick ratio typically suggests a strong liquidity position, reflecting the bank's ability to meet its immediate financial obligations without relyin
indicating that the bank has ample current assets to meet short-term obligations. The increasing ratio over time underscores Bandhan Bank

n debt financing relative to equity, which can enhance financial stability and reduce financial risk. The declining trend in the asset-to-equity ra
reducing its reliance on debt financing compared to equity, which can improve financial stability and reduce financial risk. The decreasing tre
atio suggests that Bandhan Bank is reducing its reliance on long-term debt financing relative to other sources of capital, such as equity. This tr

d operational efficiency. The stable trend suggests that Bandhan Bank has been effectively utilizing its fixed assets to generate revenue over t
ons, including a low of 0.08%, suggest variability in profitability, potentially influenced by operational challenges or economic conditions. Ho
 EBITDA margin stabilizes at 49%, indicating that the bank has likely addressed the initial issues and achieved a more stable and predictable
vercome the initial challenges and achieve a more balanced and efficient operational structure. The consistent 48% operating margin in the lo
ual increase suggests that the bank is effectively managing its financial expenses and improving its profitability before taxes. The consistent u
ting a more consistent and predictable tax burden. The steady tax rate in the long term suggests that the bank has managed to normalize its ta
ully addressed initial profitability challenges and implemented effective cost management strategies. The increasing net margin over time sug

perations. A rising asset turnover ratio typically reflects increased efficiency in asset management and a higher level of productivity in conver
ank successfully navigated through initial challenges and implemented effective measures to improve profitability before taxes. The increasin
total assets over time. A rising pre-tax ROA typically signifies that the bank is deploying its resources more effectively to generate income, w
enhance financial stability and reduce financial risk. The declining leverage ratio for Bandhan Bank indicates a strategic shift towards a strong
s. The overall trend shows that despite the initial volatility, the bank manages to maintain relatively robust returns on equity, particularly in
ations, the ratio generally stabilizes around 70-75% in the later projected years, suggesting that the bank maintains a consistent approach to
the bank's ability to generate earnings from shareholder investments. This improvement suggests that Bandhan Bank has implemented effec
ly tapping into reserves or external funding for shareholder payouts. The subsequent years show a consistent ratio of 0.69, indicating that th

al obligations without relying heavily on selling inventory or other less liquid assets. The increasing trend indicates that Bandhan Bank has be
underscores Bandhan Bank's strengthening liquidity and financial stability, reflecting prudent management of its assets and liabilities. This t

end in the asset-to-equity ratio indicates a strategic shift towards a stronger equity base and possibly more conservative financial practices o
ncial risk. The decreasing trend in this ratio reflects a strategic effort by Bandhan Bank to strengthen its financial position by relying more on
apital, such as equity. This trend indicates a strategic effort to improve financial stability and reduce financial risk by maintaining a lower deb

s to generate revenue over time, without significant fluctuations that might indicate inefficiencies or underutilization. This consistent perform
or economic conditions. However, from the fifth year onward, there is a notable upward trend, indicating improved profitability and efficienc
more stable and predictable operational efficiency. The consistent 49% margin in the long term reflects a recovery and stabilization in profita
% operating margin in the long term reflects effective management of operating expenses relative to revenue, indicating a recovery and stabil
efore taxes. The consistent upward trend in the pre-tax margin indicates a positive outlook for the bank's financial health, reflecting stronger
managed to normalize its tax obligations and achieve a sustainable tax strategy, contributing to a more stable financial outlook.
ng net margin over time suggests enhanced operational efficiency and profitability, resulting in a stronger financial performance for Bandhan

vel of productivity in converting assets into revenue, which can contribute positively to the overall financial performance and profitability of B
y before taxes. The increasing pre-tax margin indicates a strengthening financial position, likely driven by improved operational efficiency, co
ively to generate income, which can contribute positively to overall financial performance and shareholder value.
ategic shift towards a stronger equity base and possibly more sustainable financial practices over the long term.
ns on equity, particularly in the later projected years. This suggests effective management of capital and resources to generate earnings befor
ns a consistent approach to managing its tax obligations relative to its income. Overall, the tax complement ratio provides insights into the ba
Bank has implemented effective strategies to enhance profitability and shareholder value, potentially through better cost management, reven
io of 0.69, indicating that the bank maintained a stable approach to retaining earnings relative to dividends. Overall, while the negative value

s that Bandhan Bank has been progressively strengthening its liquidity position over time, which is crucial for financial stability and resilienc
assets and liabilities. This trend is positive as it shows the bank's capacity to navigate economic fluctuations and potential financial challenge

rvative financial practices over the long term. This trend generally suggests a healthier financial structure for Bandhan Bank, with a greater e
position by relying more on equity financing rather than debt, potentially to fund operations and expansion in a more sustainable manner. Th
by maintaining a lower debt burden over time. By lowering the percentage of long-term debt in its capital structure, the bank may enhance it

ion. This consistent performance in fixed asset turnover reflects the bank's ability to maintain operational efficiency and optimize its asset ba
ed profitability and efficiency in capital deployment. The increasing ROIC over time suggests that Bandhan Bank has enhanced its operational
y and stabilization in profitability, suggesting effective cost control and steady revenue generation.
cating a recovery and stabilization in the bank's core operational profitability.
l health, reflecting stronger earnings and better cost control strategies over time.
ancial outlook.
al performance for Bandhan Bank in the projected period.

rmance and profitability of Bandhan Bank over time.

ed operational efficiency, cost management, and revenue generation strategies.

to generate earnings before taxes, contributing positively to shareholder value over the long term.
provides insights into the bank's tax efficiency and its ability to navigate tax implications within its financial strategies.
er cost management, revenue growth, or strategic investments. Overall, the stabilizing ROE indicates a more consistent performance in deliv
all, while the negative value in one year may reflect a specific financial decision or circumstance, the consistent ratio thereafter suggests a bala

ancial stability and resilience against unforeseen economic challenges or operational disruptions.
potential financial challenges effectively.

dhan Bank, with a greater emphasis on equity financing to support its operations and growth.
ore sustainable manner. This trend generally indicates a healthier balance between debt and equity in the bank's overall capital structure ove
re, the bank may enhance its ability to manage debt obligations and maintain flexibility in financing future growth initiatives. Overall, the dec

ncy and optimize its asset base to support revenue generation consistently across the forecasted and projected periods.
as enhanced its operational effectiveness and profitability, likely through better asset utilization, cost management, and strategic investment
 istent performance in delivering returns to shareholders over the long term.
io thereafter suggests a balanced approach to managing earnings retention and shareholder payouts by Bandhan Bank.

overall capital structure over the long term.

h initiatives. Overall, the declining % LT debt to total capital ratio reflects a prudent approach to capital management by Bandhan Bank.

nt, and strategic investments, thereby delivering higher returns to its investors and stakeholders.
ent by Bandhan Bank.
Bandhan Bank
Comps Valuation
All figures in Thousands (K) Rupees (₹) unless stated.

Market Data
Price Shares Market Cap Debt
Company Name Ticker (₹/share) ₹
Bank of India Limited BANKINDIA ₹119 4,241,000 ₹503,364,290 811,358,412.97
AU Small Finance Bank Limited AUBANK ₹675 671,356 ₹453,272,474 54,912,547.46
Bank of Maharashtra MAHABANK ₹64 7,018,100 ₹446,421,341 77,355,942.21
The Federal Bank Limited FEDERALBNK ₹181 2,344,671 ₹424,502,628 252,141,815.11
Punjab & Sind Bank 533295 ₹59 6,766,136 ₹397,239,866 97,920,492.28
The Karur Vysya Bank Limited KARURVYSYA ₹206 803,610 ₹165,535,710 24,837,245.83
Equitas Small Finance Bank Limited EQUITASBNK ₹94 1,139,744 ₹107,306,851 17,914,064.63

Average
Median

Bandhan Bank Limited BANDHANBNK ₹208 1,610,956 ₹335,320,431 ₹164,070,275

Metric Comps EV Net Debt Equity Value Shares

EV/Revenue 5.4x 479,195,850 9,809,626 469,386,223 1,610,956
P/E 22.6x 515,685,606 9,809,626 505,875,980 1,610,956
ta Financial Data Valuation
Cash EV Sales Earnings EV/Sales P/E
& Equivalents ₹ ₹ ₹ x x
₹464,825,803 ₹849,896,900 ₹255,546,289 ₹65,786,980 3.3x 7.7x
₹63,901,621 ₹444,283,400 ₹64,782,511 ₹15,380,472 6.9x 29.5x
₹101,881,102 ₹421,896,181 ₹88,902,796 ₹40,806,100 4.7x 10.9x
₹192,354,440 ₹484,290,004 ₹120,537,834 ₹38,888,452 4.0x 10.9x
₹73,990,209 ₹421,170,149 ₹38,769,394 ₹5,967,112 10.9x 66.6x
₹56,708,413 ₹133,664,544 ₹47,492,169 ₹16,082,902 2.8x 10.3x
₹35,867,130 ₹89,353,786 ₹38,868,420 ₹8,006,928 2.3x 13.4x

5.4x 22.6x
4.4x 10.9x

₹154,260,649 ₹345,130,057 ₹88,127,602 ₹22,343,978 3.9x 15.0x

Share Price
291.37
314.02
Bandhan Bank
Comps Data

Company Ticker Price (₹)

Bandhan Bank Limited BANDHANBNK ₹ 208.15
Bank of India Limited BANKINDIA ₹ 118.69
AU Small Finance Bank Limited AUBANK ₹ 675.16
Bank of Maharashtra MAHABANK ₹ 63.61
The Federal Bank Limited FEDERALBNK ₹ 181.05
Punjab & Sind Bank 533295 ₹ 58.71
The Karur Vysya Bank Limited KARURVYSYA ₹ 205.99
Equitas Small Finance Bank Limited EQUITASBNK ₹ 94.15

Source: www.finchat.io
 Shares Debt (₹) Cash(₹) Sales(₹)
1,610,955.71 ₹ 164,070,275.21 ₹ 154,260,648.97 ₹ 88,127,602.19
4,241,000 ₹ 811,358,412.97 ₹ 464,825,802.55 ₹ 255,546,289.13
671,355.64 ₹ 54,912,547.46 ₹ 63,901,621.07 ₹ 64,782,511.31
7,018,100 ₹ 77,355,942.21 ₹ 101,881,101.73 ₹ 88,902,795.64
2,344,670.69 ₹ 252,141,815.11 ₹ 192,354,439.88 ₹ 120,537,834.46
6,766,136.36 ₹ 97,920,492.28 ₹ 73,990,209.04 ₹ 38,769,393.92
803,610.42 ₹ 24,837,245.83 ₹ 56,708,412.59 ₹ 47,492,169.29
1,139,743.51 ₹ 17,914,064.63 ₹ 35,867,129.63 ₹ 38,868,420.19
Net Income(₹) Tax %
₹ 22,343,977.59 24.24%
₹ 65,786,979.87 36.71%
₹ 15,380,472.10 23.24%
₹ 40,806,100.22 24.83%
₹ 38,888,451.56 25.17%
₹ 5,967,112.36 36.45%
₹ 16,082,902.18 23.59%
₹ 8,006,928.33 24.85%
Bandhan Bank
Weighted-Average Cost of Capital (WACC)
All figures in Thousands (K) Rupees (₹) unless stated.

Comparable Companies Beta

Equity Total Debt/ Debt/ Tax Levered Unlevered
Company Name Value Debt Equity Capital Rate % Beta Beta
AU Small Finance Bank Limited ₹444,283,400 ₹54,912,547 12.4% 11.0% 36.7% 0.84 0.47
Bank of Maharashtra ₹421,896,181 ₹77,355,942 18.3% 15.5% 23.2% 0.92 0.60
The Federal Bank Limited ₹484,290,004 ₹252,141,815 52.1% 34.2% 24.8% 0.95 0.47
Punjab & Sind Bank ₹421,170,149 ₹97,920,492 23.2% 18.9% 25.2% 0.95 0.58
The Karur Vysya Bank Limited ₹133,664,544 ₹24,837,246 18.6% 15.7% 36.4% 0.92 0.49
Equitas Small Finance Bank Limited ₹89,353,786 ₹17,914,065 20.0% 16.7% 23.6% -0.11 -0.07

Average 24.1% 18.7% 28.3% 0.75 0.42

Median 19.3% 16.2% 25.0% 0.92 0.48

Bandhan Bank Limited ₹345,130,057 ₹164,070,275

WACC Calculation

Target Capital Structure

Proportion of Debt 18.7%

Proportion of Equity 81.3%
Current Capital Structure
Market Cap ₹345,130,057
Total Debt ₹164,070,275
Debt / Equity 47.5%

Cost of Debt
Pre-Tax Cost of Debt 7.0%
Tax Rate 26.0%
After-Tax Cost of Debt 5.2%

Cost of Equity
Risk Free Rate 7.1%
Equity Market Return 13.6%
Equity Risk Premium 6.6%
Levered Equity Beta 0.65
Cost of Equity 11.4%

WACC 10.2%
Bandhan Bank
Equity Market Return

Index
Date Close Price Index Nifty 50 TRI
6/26/2024 35324.11
6/25/2024 35105.79 Yearfrac 10.0
6/24/2024 34834.33
6/21/2024 34779.9 Market Return 13.6%
6/20/2024 34873.15
6/19/2024 34786.58
6/18/2024 34847.24
6/14/2024 34710.67
6/13/2024 34600.19
6/12/2024 34487.88
6/11/2024 34402
6/10/2024 34385.84
6/7/2024 34431.61
6/6/2024 33738.58
6/5/2024 33441.4
6/4/2024 32353.5
6/3/2024 34369.13
5/31/2024 33285.9
5/30/2024 33190.35
5/29/2024 33509.23
5/28/2024 33780.01
5/27/2024 33845.39
5/24/2024 33881.75
5/23/2024 33895.66
5/22/2024 33349.84
5/21/2024 33230.84
5/18/2024 33190.97
5/17/2024 33138.02
5/16/2024 33046.16
5/15/2024 32736.91
5/14/2024 32762.37
5/13/2024 32594.61
5/10/2024 32522.55
5/9/2024 32329.72
5/8/2024 32837.65
5/7/2024 32837.71
5/6/2024 33037.73
5/3/2024 33086.51
5/2/2024 33340.2
4/30/2024 33276.41
4/29/2024 33333.12
4/26/2024 33004.19
4/25/2024 33225.64
4/24/2024 32978.37
4/23/2024 32927.73
4/22/2024 32881.22
4/19/2024 32602.42
4/18/2024 32379.9
4/16/2024 32603.74
4/15/2024 32787.15
4/12/2024 33150.59
4/10/2024 33495.65
4/9/2024 33332.19
4/8/2024 33366.87
4/5/2024 33142.19
4/4/2024 33143.59
4/3/2024 33025.82
4/2/2024 33053.33
4/1/2024 33066.13
3/28/2024 32867.23
3/27/2024 32568.01
3/26/2024 32392.94
3/22/2024 32528.43
3/21/2024 32403.6
3/20/2024 32149.17
3/19/2024 32117.3
3/18/2024 32468
3/15/2024 32420.41
3/14/2024 32601.49
3/13/2024 32382.22
3/12/2024 32879.74
3/11/2024 32875.25
3/7/2024 33112.15
3/6/2024 33083.42
3/5/2024 32910.07
3/4/2024 32982.68
3/2/2024 32942.63
3/1/2024 32884.29
2/29/2024 32360.25
2/28/2024 32313.7
2/27/2024 32677.61
2/26/2024 32565.29
2/23/2024 32698.69
2/22/2024 32705.7
2/21/2024 32466.65
2/20/2024 32675.53
2/19/2024 32561.34
2/16/2024 32441.32
2/15/2024 32244.79
 2/14/2024 32133.04
2/13/2024 31990.61
2/12/2024 31803.52
2/9/2024 32048.38
2/8/2024 31950.32
2/7/2024 32244.22
2/6/2024 32242.59
2/5/2024 32007.18
2/2/2024 32127.9
2/1/2024 31898.06
1/31/2024 31939.59
1/30/2024 31640.24
1/29/2024 31957.05
1/25/2024 31391.07
1/24/2024 31540.07
1/23/2024 31223.3
1/20/2024 31712.86
1/19/2024 31787.24
1/18/2024 31538.4
1/17/2024 31699.64
1/16/2024 32376.1
1/15/2024 32471.8
1/12/2024 32173.66
1/11/2024 31810.18
1/10/2024 31768.3
1/9/2024 31659.81
1/8/2024 31613.01
1/5/2024 31903.69
1/4/2024 31826.97
1/3/2024 31619.36
1/2/2024 31837.56
1/1/2024 31949.36
12/29/2023 31933.93
12/28/2023 32003.47
12/27/2023 31821.31
12/26/2023 31507.69
12/22/2023 31372.6
12/21/2023 31233.93
12/20/2023 31079.76
12/19/2023 31525
12/18/2023 31474.35
12/15/2023 31530.19
12/14/2023 31127.6
12/13/2023 30750.95
12/12/2023 30721.59
12/11/2023 30854.9
12/8/2023 30814.15
12/7/2023 30713.86
 12/6/2023 30767.6
12/5/2023 30646.19
12/4/2023 30398.91
12/1/2023 29783.34
11/30/2023 29585.36
11/29/2023 29531.63
11/28/2023 29227.61
11/24/2023 29087.95
11/23/2023 29098.74
11/22/2023 29113.18
11/21/2023 29071.36
11/20/2023 28939.98
11/17/2023 28995.52
11/16/2023 29044.66
11/15/2023 28906.7
11/13/2023 28565.95
11/12/2023 28686.47
11/10/2023 28539.24
11/9/2023 28495.08
11/8/2023 28565.86
11/7/2023 28511.81
11/6/2023 28519.25
11/3/2023 28253.09
11/2/2023 28105.75
11/1/2023 27886.24
10/31/2023 28017.36
10/30/2023 28107.42
10/27/2023 27969.92
10/26/2023 27690.29
10/25/2023 28079.26
10/23/2023 28291.96
10/20/2023 28674.78
10/19/2023 28790.88
10/18/2023 28855.87
10/17/2023 29061.8
10/16/2023 28944.87
10/13/2023 28973.14
10/12/2023 29036.17
10/11/2023 29061.61
10/10/2023 28883.35
10/9/2023 28622.98
10/6/2023 28830.08
10/5/2023 28671.97
10/4/2023 28511.13
10/3/2023 28647.04
9/29/2023 28807.77
9/28/2023 28639.44
9/27/2023 28922.43
9/26/2023 28846.47
9/25/2023 28860.9
9/22/2023 28860.46
9/21/2023 28960.36
9/20/2023 29193.69
9/18/2023 29533.91
9/15/2023 29620.53
9/14/2023 29489.61
9/13/2023 29441.04
9/12/2023 29328.37
9/11/2023 29333
9/8/2023 29074.22
9/7/2023 28937.96
9/6/2023 28767.78
9/5/2023 28714.78
9/4/2023 28647.16
9/1/2023 28509.94
8/31/2023 28243.74
8/30/2023 28381.13
8/29/2023 28374.03
8/28/2023 28320.4
8/25/2023 28261.32
8/24/2023 28438.68
8/23/2023 28522.76
8/22/2023 28453.01
8/21/2023 28448.83
8/18/2023 28316.31
8/17/2023 28393.16
8/16/2023 28539.38
8/14/2023 28494.78
8/11/2023 28482.45
8/10/2023 28638.92
8/9/2023 28769.97
8/8/2023 28661.08
8/7/2023 28699.8
8/4/2023 28582.25
8/3/2023 28383.28
8/2/2023 28589.81
8/1/2023 28880.78
7/31/2023 28910.43
7/28/2023 28752.69
7/27/2023 28769.02
7/26/2023 28939.3
7/25/2023 28796.35
7/24/2023 28784.26
7/21/2023 28890.53
7/20/2023 29231.71
7/19/2023 29011.55
7/18/2023 28888.85
7/17/2023 28833.54
7/14/2023 28618.6
7/13/2023 28393.32
7/12/2023 28348.88
7/11/2023 28429.42
7/10/2023 28304.66
7/7/2023 28269.43
7/6/2023 28510.39
7/5/2023 28365.96
7/4/2023 28352.01
7/3/2023 28254.9
6/30/2023 28059.65
6/28/2023 27739.64
6/27/2023 27513.45
6/26/2023 27328.91
6/23/2023 27291.39
6/22/2023 27445.97
6/21/2023 27571.14
6/20/2023 27512.41
6/19/2023 27422.87
6/16/2023 27519.44
6/15/2023 27317.25
6/14/2023 27408.12
6/13/2023 27350.09
6/12/2023 27182.55
6/9/2023 27126.86
6/8/2023 27227.59
6/7/2023 27361.85
6/6/2023 27175.7
6/5/2023 27168.13
6/2/2023 27080.87
6/1/2023 26989.35
5/31/2023 27057.44
5/30/2023 27188.18
5/29/2023 27136.82
5/26/2023 26991.87
5/25/2023 26731.86
5/24/2023 26679.72
5/23/2023 26771.1
5/22/2023 26722.03
5/19/2023 26560.1
5/18/2023 26451.26
5/17/2023 26526.82
5/16/2023 26679.67
5/15/2023 26789.02
5/12/2023 26666.67
5/11/2023 26640.77
5/10/2023 26667.11
5/9/2023 26595.52
5/8/2023 26593.29
5/5/2023 26308.78
5/4/2023 26580.77
5/3/2023 26339.14
5/2/2023 26423.3
4/28/2023 26302.92
4/27/2023 26078.38
4/26/2023 25930.7
4/25/2023 25866.09
4/24/2023 25828.46
4/21/2023 25654.78
4/20/2023 25654.16
4/19/2023 25645.82
4/18/2023 25706.09
4/17/2023 25774.07
4/13/2023 25950.39
4/12/2023 25924.89
4/11/2023 25793.77
4/10/2023 25650.73
4/6/2023 25614.55
4/5/2023 25553.28
4/3/2023 25321.85
3/31/2023 25266.06
3/29/2023 24859.93
3/28/2023 24672.17
3/27/2023 24721.71
3/24/2023 24662.53
3/23/2023 24854.39
3/22/2023 24963.55
3/21/2023 24898.97
3/20/2023 24725.6
3/17/2023 24888.1
3/16/2023 24721.52
3/15/2023 24701.6
3/14/2023 24805.11
3/13/2023 24966.68
3/10/2023 25343.09
3/9/2023 25600.24
3/8/2023 25840.12
3/6/2023 25777.6
3/3/2023 25607.14
3/2/2023 25210.65
3/1/2023 25398.4
2/28/2023 25184.47
2/27/2023 25313.7
2/24/2023 25420.07
 2/23/2023 25485.97
2/22/2023 25548.67
2/21/2023 25945.08
2/20/2023 25971.19
2/17/2023 26116.12
2/16/2023 26249.52
2/15/2023 26220.43
2/14/2023 26077.93
2/13/2023 25846.7
2/10/2023 25971.23
2/9/2023 26024.94
2/8/2023 25993.34
2/7/2023 25772.19
2/6/2023 25834.87
2/3/2023 25965
2/2/2023 25610.65
2/1/2023 25619.24
1/31/2023 25685.94
1/30/2023 25666.69
1/27/2023 25601.88
1/25/2023 26020.13
1/24/2023 26349.28
1/23/2023 26349.14
1/20/2023 26216.94
1/19/2023 26333.57
1/18/2023 26413.71
1/17/2023 26250.81
1/16/2023 26020.39
1/13/2023 26110.2
1/12/2023 25967.07
1/11/2023 26021.6
1/10/2023 26048.47
1/9/2023 26320.41
1/6/2023 25968.95
1/5/2023 26161.85
1/4/2023 26235.73
1/3/2023 26511.45
1/2/2023 26460.41
12/30/2022 26326.37
12/29/2022 26451.02
12/28/2022 26351.4
12/27/2022 26365.65
12/26/2022 26194.52
12/23/2022 25892.35
12/22/2022 26358.44
12/21/2022 26462.77
12/20/2022 26733.51
12/19/2022 26784.68
12/16/2022 26564.46
12/15/2022 26776.56
12/14/2022 27133.4
12/13/2022 27057.35
12/12/2022 26896.21
12/9/2022 26895.35
12/8/2022 27059.31
12/7/2022 26988.31
12/6/2022 27107.87
12/5/2022 27192.64
12/2/2022 27185.44
12/1/2022 27354.74
11/30/2022 27276.01
11/29/2022 27071.98
11/28/2022 26991.6
11/25/2022 26918.89
11/24/2022 26877.24
11/23/2022 26561.89
11/22/2022 26528.4
11/21/2022 26405.9
11/18/2022 26620.61
11/17/2022 26673.32
11/16/2022 26768.95
11/15/2022 26759.85
11/14/2022 26651.93
11/11/2022 26681.76
11/10/2022 26214.31
11/9/2022 26401.58
11/7/2022 26464.44
11/4/2022 26339.9
11/3/2022 26246.23
11/2/2022 26290.01
11/1/2022 26380.97
10/31/2022 26182.36
10/28/2022 25852.72
10/27/2022 25780.23
10/25/2022 25643.34
10/24/2022 25751.45
10/21/2022 25527.09
10/20/2022 25509.14
10/19/2022 25434.1
10/18/2022 25393.89
10/17/2022 25139.55
10/14/2022 24953.75
10/13/2022 24704.95
10/12/2022 24863.58
10/11/2022 24660.2
10/10/2022 25034.02
10/7/2022 25140.99
10/6/2022 25165.85
10/4/2022 25082.39
10/3/2022 24520.52
9/30/2022 24821.08
9/29/2022 24419.98
9/28/2022 24478.82
9/27/2022 24694.83
9/26/2022 24707.77
9/23/2022 25159.42
9/22/2022 25598.6
9/21/2022 25727.13
9/20/2022 25869.27
9/19/2022 25587.63
9/16/2022 25454.93
9/15/2022 25958.06
9/14/2022 26141.52
9/13/2022 26237.81
9/12/2022 26043.69
9/9/2022 25894.12
9/8/2022 25843.86
9/7/2022 25590.73
9/6/2022 25636.01
9/5/2022 25650.83
9/2/2022 25467.41
9/1/2022 25472.24
8/30/2022 25786.59
8/29/2022 25138.4
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10/30/2016 11628.32
10/28/2016 11644.89
10/27/2016 11614.18
10/26/2016 11612.99
10/25/2016 11715.45
10/24/2016 11739.24
10/21/2016 11716.57
10/20/2016 11717.04
10/19/2016 11662.81
10/18/2016 11688.13
10/17/2016 11475.97
10/14/2016 11560.81
10/13/2016 11547.3
10/10/2016 11729.75
10/7/2016 11714.65
10/6/2016 11730.75
10/5/2016 11777.1
10/4/2016 11811.04
10/3/2016 11769.16
9/30/2016 11598.22
9/29/2016 11571.4
9/28/2016 11778.71
9/27/2016 11726.49
9/26/2016 11748.91
9/23/2016 11895.07
9/22/2016 11943.44
9/21/2016 11821.52
9/20/2016 11819.83
9/19/2016 11863.61
9/16/2016 11825.12
9/15/2016 11774.9
9/14/2016 11751.93
9/12/2016 11737
9/9/2016 11940.12
9/8/2016 12055.6
9/7/2016 12005.43
9/6/2016 12037.72
9/2/2016 11857.76
9/1/2016 11810.69
8/31/2016 11826.19
8/30/2016 11766.04
8/29/2016 11581.83
8/26/2016 11534.92
8/25/2016 11561.34
8/24/2016 11639.48
8/23/2016 11615.7
8/22/2016 11611.02
8/19/2016 11661.82
8/18/2016 11670.37
8/17/2016 11598.72
8/16/2016 11623.61
8/12/2016 11663.43
8/11/2016 11555.84
8/10/2016 11532.49
8/9/2016 11669.7
8/8/2016 11713.58
8/5/2016 11675.68
8/4/2016 11498.13
8/3/2016 11489.74
8/2/2016 11594.65
8/1/2016 11612.19
7/29/2016 11614.8
7/28/2016 11652.18
7/27/2016 11579.64
7/26/2016 11545.78
7/25/2016 11606.29
7/22/2016 11477.47
7/21/2016 11435.64
7/20/2016 11508.07
7/19/2016 11457.95
7/18/2016 11431.25
7/15/2016 11474.04
7/14/2016 11497.65
7/13/2016 11436.09
7/12/2016 11438.19
7/11/2016 11366.82
7/8/2016 11172.39
7/7/2016 11192.11
7/5/2016 11186.41
7/4/2016 11233.09
7/1/2016 11175.85
6/30/2016 11121.39
6/29/2016 11009.02
6/28/2016 10899.91
6/27/2016 10855.5
6/24/2016 10847.29
6/23/2016 11091.16
6/22/2016 11000.82
6/21/2016 11020.11
6/20/2016 11045.03
6/17/2016 10953.44
6/16/2016 10913.97
6/15/2016 10990.64
6/14/2016 10859.76
6/13/2016 10862.06
6/10/2016 10941.7
6/9/2016 10986.64
6/8/2016 11068.75
6/7/2016 11059.93
6/6/2016 10972.45
6/3/2016 10992.21
6/2/2016 10986.77
6/1/2016 10934.62
5/31/2016 10908.07
5/30/2016 10932.7
5/27/2016 10884.88
5/26/2016 10768.78
5/25/2016 10588.92
5/24/2016 10340.65
5/23/2016 10316.91
5/20/2016 10341.79
5/19/2016 10386.75
5/18/2016 10502.51
5/17/2016 10530.03
5/16/2016 10489.97
5/13/2016 10428.78
5/12/2016 10542.93
5/11/2016 10474.1
5/10/2016 10526.11
5/9/2016 10497.09
5/6/2016 10320.12
5/5/2016 10322.82
5/4/2016 10283.01
5/3/2016 10336.97
5/2/2016 10415.52
4/29/2016 10474.15
4/28/2016 10470.71
4/27/2016 10647.74
4/26/2016 10624.72
4/25/2016 10481.12
4/22/2016 10540.19
4/21/2016 10557.22
4/20/2016 10560.79
4/18/2016 10560.74
4/13/2016 10475.02
4/12/2016 10286.18
4/11/2016 10236.11
4/8/2016 10081.01
4/7/2016 10069.36
4/6/2016 10159.98
4/5/2016 10145.1
4/4/2016 10352.69
4/1/2016 10291.69
3/31/2016 10325.5
3/30/2016 10321.2
3/29/2016 10135.49
3/28/2016 10159.66
3/23/2016 10294.93
3/22/2016 10292.77
3/21/2016 10278.3
3/18/2016 10143.6
3/17/2016 10021.13
3/16/2016 9997.9
3/15/2016 9944.76
3/14/2016 10048.89
3/11/2016 10001.18
3/10/2016 9969.15
3/9/2016 10029.96
3/8/2016 9967.99
3/4/2016 9968.09
 3/3/2016 9955.1
3/2/2016 9812.68
3/1/2016 9617.51
2/29/2016 9304.26
2/26/2016 9361.1
2/25/2016 9282.38
2/24/2016 9346.39
2/23/2016 9467.41
2/22/2016 9633.83
2/19/2016 9601.77
2/18/2016 9576.46
2/17/2016 9465.52
2/16/2016 9385.36
2/15/2016 9537.74
2/12/2016 9295.41
2/11/2016 9289.29
2/10/2016 9607.98
2/9/2016 9717.87
2/8/2016 9836.41
2/5/2016 9972.05
2/4/2016 9857.82
2/3/2016 9801.62
2/2/2016 9925.98
2/1/2016 10058.69
1/29/2016 10068.86
1/28/2016 9883.94
1/27/2016 9901.35
1/25/2016 9898.28
1/22/2016 9879.13
1/21/2016 9685.29
1/20/2016 9727.77
1/19/2016 9895.18
1/18/2016 9783.26
1/15/2016 9898.8
1/14/2016 10030.53
1/13/2016 10064.62
1/12/2016 9995.25
1/11/2016 10066.57
1/8/2016 10116.45
1/7/2016 10072.45
1/6/2016 10302.32
1/5/2016 10360.42
1/4/2016 10369.24
1/1/2016 10598
12/31/2015 10575.63
12/30/2015 10508.91
12/29/2015 10552.46
12/28/2015 10547.37
12/24/2015 10462.08
12/23/2015 10468.61
12/22/2015 10362.35
12/21/2015 10426.69
12/18/2015 10330.16
12/17/2015 10439.83
12/16/2015 10315.45
12/15/2015 10248.91
12/14/2015 10181.25
12/11/2015 10128.57
12/10/2015 10225.54
12/9/2015 10131.26
12/8/2015 10250.03
12/7/2015 10334.77
12/4/2015 10356.71
12/3/2015 10466.19
12/2/2015 10555.62
12/1/2015 10586.99
11/30/2015 10560.84
11/27/2015 10570.76
11/26/2015 10492.35
11/24/2015 10422.86
11/23/2015 10446.4
11/20/2015 10456.11
11/19/2015 10437.71
11/18/2015 10290.03
11/17/2015 10430.78
11/16/2015 10389.64
11/13/2015 10330.6
11/11/2015 10414.07
11/10/2015 10358.65
11/9/2015 10531.91
11/6/2015 10583.88
11/5/2015 10585.41
11/4/2015 10698.19
11/3/2015 10725.48
11/2/2015 10712.32
10/30/2015 10732.25
10/29/2015 10792.35
10/28/2015 10871.42
10/27/2015 10953.26
10/26/2015 10990.02
10/23/2015 11036.44
10/21/2015 10976.65
10/20/2015 10989
10/19/2015 11006.79
10/16/2015 10956.47
10/15/2015 10872.82
10/14/2015 10777.67
10/13/2015 10809.32
10/12/2015 10825.14
10/9/2015 10886.38
10/8/2015 10806.18
10/7/2015 10870.04
10/6/2015 10837.5
10/5/2015 10792.79
10/1/2015 10568.94
9/30/2015 10566.29
9/29/2015 10425.93
9/28/2015 10362.68
9/24/2015 10459.44
9/23/2015 10429.44
9/22/2015 10384.35
9/21/2015 10603.8
9/18/2015 10609.87
9/16/2015 10499.73
9/15/2015 10406.56
9/14/2015 10463.93
9/11/2015 10353.54
9/10/2015 10351.93
9/9/2015 10392.45
9/8/2015 10219.21
9/7/2015 10047.15
9/4/2015 10173.65
9/3/2015 10396.83
9/2/2015 10254.61
9/1/2015 10346.16
8/31/2015 10588.8
8/28/2015 10629.49
8/27/2015 10557.5
8/26/2015 10348.4
8/25/2015 10465.46
8/24/2015 10370.27
8/21/2015 11022.22
8/20/2015 11118.95
8/19/2015 11281.26
8/18/2015 11243.28
8/17/2015 11257.56
8/14/2015 11312.32
8/13/2015 11095.98
8/12/2015 11086.67
8/11/2015 11236.57
8/10/2015 11320.25
8/7/2015 11372.02
8/6/2015 11402.67
8/5/2015 11375.18
 8/4/2015 11307.41
8/3/2015 11342.11
7/31/2015 11328.56
7/30/2015 11180.79
7/29/2015 11118.71
7/28/2015 11068.18
7/27/2015 11100.03
7/24/2015 11313.22
7/23/2015 11403.83
7/22/2015 11459.27
7/21/2015 11320.88
7/20/2015 11419.13
7/17/2015 11424.87
7/16/2015 11422.48
7/15/2015 11309.1
7/14/2015 11210.85
7/13/2015 11217.67
7/10/2015 11086.29
7/9/2015 11043.14
7/8/2015 11084.34
7/7/2015 11279.56
7/6/2015 11294.6
7/3/2015 11244.49
7/2/2015 11191.5
7/1/2015 11197.83
6/30/2015 11085.87
6/29/2015 11019.47
6/26/2015 11102.52
6/25/2015 11124.95
6/24/2015 11075.71
6/23/2015 11102.6
6/22/2015 11064.89
6/19/2015 10894.44
6/18/2015 10825.96
6/17/2015 10715.85
6/16/2015 10657.23
6/15/2015 10612.12
6/12/2015 10562.76
6/11/2015 10539.53
6/10/2015 10750.07
6/9/2015 10615.01
6/8/2015 10643.82
6/5/2015 10737.17
6/4/2015 10754.83
6/3/2015 10752.52
6/2/2015 10876.52
6/1/2015 11136.64
5/29/2015 11135.85
5/28/2015 10984.45
5/27/2015 11001.96
5/26/2015 11008.25
5/25/2015 11049
5/22/2015 11166.12
5/21/2015 11116
5/20/2015 11118.14
5/19/2015 11042.12
5/18/2015 11052.7
5/15/2015 10905.75
5/14/2015 10855.42
5/13/2015 10870.3
5/12/2015 10727.03
5/11/2015 10988.82
5/8/2015 10812.25
5/7/2015 10630.43
5/6/2015 10682.81
5/5/2015 10983.33
5/4/2015 10992.81
4/30/2015 10794.27
4/29/2015 10871.15
4/28/2015 10931.63
4/27/2015 10836.88
4/24/2015 10957.58
4/23/2015 11079.67
4/22/2015 11121.12
4/21/2015 11052.56
4/20/2015 11145.37
4/17/2015 11353.68
4/16/2015 11486.56
4/15/2015 11543.96
4/13/2015 11654.49
4/10/2015 11583.75
4/9/2015 11581.01
4/8/2015 11496.74
4/7/2015 11425.33
4/6/2015 11424.83
4/1/2015 11327.63
3/31/2015 11201.99
3/30/2015 11203.71
3/27/2015 11004.63
3/26/2015 11005.59
3/25/2015 11254.51
3/24/2015 11269.62
3/23/2015 11277.98
3/20/2015 11304.37
3/19/2015 11380.91
3/18/2015 11448.46
3/17/2015 11497.78
3/16/2015 11378.97
3/13/2015 11398.21
3/12/2015 11567.25
3/11/2015 11466.5
3/10/2015 11482.4
3/9/2015 11541.34
3/5/2015 11779.43
3/4/2015 11759.58
3/3/2015 11856.58
3/2/2015 11796.73
2/28/2015 11723.28
2/27/2015 11647.9
2/26/2015 11436.2
2/25/2015 11546.02
2/24/2015 11539.22
2/23/2015 11529.79
2/20/2015 11633.41
2/19/2015 11714.65
2/18/2015 11680.18
2/16/2015 11600.46
2/13/2015 11595.25
2/12/2015 11471.52
2/11/2015 11360.75
2/10/2015 11279.29
2/9/2015 11227.7
2/6/2015 11405.06
2/5/2015 11471.77
2/4/2015 11487.57
2/3/2015 11529.72
2/2/2015 11583.49
1/30/2015 11598.64
1/29/2015 11787.53
1/28/2015 11737.42
1/27/2015 11732.39
1/23/2015 11633.06
1/22/2015 11535.32
1/21/2015 11492.4
1/20/2015 11447.77
1/19/2015 11257.01
1/16/2015 11208.42
1/15/2015 11182.52
1/14/2015 10897.36
1/13/2015 10926.16
1/12/2015 10957.22
1/9/2015 10906.56
1/8/2015 10840.84
1/7/2015 10666.38
 1/6/2015 10699.62
1/5/2015 11030.18
1/2/2015 11052.57
1/1/2015 10905.87
12/31/2014 10904.18
12/30/2014 10858.82
12/29/2014 10856.23
12/26/2014 10796.22
12/24/2014 10761.16
12/23/2014 10883.52
12/22/2014 10958.56
12/19/2014 10828.45
12/18/2014 10741.73
12/17/2014 10571.25
12/16/2014 10620.96
12/15/2014 10818.45
12/12/2014 10824.36
12/11/2014 10914.91
12/10/2014 10997.53
12/9/2014 10977.83
12/8/2014 11106.22
12/5/2014 11237.89
12/4/2014 11272.28
12/3/2014 11237.05
12/2/2014 11219.98
12/1/2014 11261.08
11/28/2014 11303.65
11/27/2014 11179.89
11/26/2014 11155.59
11/25/2014 11138.95
11/24/2014 11227.19
11/21/2014 11157.68
11/20/2014 11058.39
11/19/2014 11032.59
11/18/2014 11089.98
11/17/2014 11096.32
11/14/2014 11042.61
11/13/2014 11000.37
11/12/2014 11033.19
11/11/2014 11006.04
11/10/2014 10981.77
11/7/2014 10972.24
11/5/2014 10973.95
11/3/2014 10955.32
10/31/2014 10952.14
10/30/2014 10749.57
10/29/2014 10645.96
10/28/2014 10562.48
10/27/2014 10515.22
10/23/2014 10545.31
10/22/2014 10520.79
10/21/2014 10431.1
10/20/2014 10367.03
10/17/2014 10235.83
10/16/2014 10194.41
10/14/2014 10342.43
10/13/2014 10369.11
10/10/2014 10337.14
10/9/2014 10469.45
10/8/2014 10314.44
10/7/2014 10327.23
10/1/2014 10449.7
9/30/2014 10475.04
9/29/2014 10467.25
9/26/2014 10480.36
9/25/2014 10405.39
9/24/2014 10524.5
9/23/2014 10544.42
9/22/2014 10713.74
9/19/2014 10679.98
9/18/2014 10671.16
9/17/2014 10488.05
9/16/2014 10432.03
9/15/2014 10575.5
9/12/2014 10658.96
9/11/2014 10632.96
9/10/2014 10643.54
9/9/2014 10720.95
9/8/2014 10748.49
9/5/2014 10633.24
9/4/2014 10643.88
9/3/2014 10667.5
9/2/2014 10626.05
9/1/2014 10553.26
8/28/2014 10456.85
8/27/2014 10432.78
8/26/2014 10390.39
8/25/2014 10392.41
8/22/2014 10401.48
8/21/2014 10372.44
8/20/2014 10350.28
8/19/2014 10379.05
8/18/2014 10348.22
8/14/2014 10239.76
8/13/2014 10171.22
8/12/2014 10150.24
8/11/2014 10017.44
8/8/2014 9942.03
8/7/2014 10046.98
8/6/2014 10076.95
8/5/2014 10174.47
8/4/2014 10090.88
8/1/2014 9984.48
7/31/2014 10140.34
7/30/2014 10232.41
7/28/2014 10175.95
7/25/2014 10223.52
7/24/2014 10275.33
7/23/2014 10229.29
7/22/2014 10191.98
7/21/2014 10082.28
7/18/2014 10054.4
7/17/2014 10023.67
7/16/2014 9999.71
7/15/2014 9871.51
7/14/2014 9776.46
7/11/2014 9781.62
7/10/2014 9922.6
7/9/2014 9945.17
7/8/2014 9993.08
7/7/2014 10208.02
7/4/2014 10161.42
7/3/2014 10105.89
7/2/2014 10115.19
7/1/2014 9996.74
6/30/2014 9966.14
6/27/2014 9831.9
Bandhan Bank
Company Beta

Index % Change Stock % Change

Date Close Price Monthly Close Price Monthly
Jun-19 39394.64 539 Min
Jul-19 37481.12 -4.9% 481.15 -10.7% Max
Aug-19 37332.79 -0.4% 469.25 -2.5%
Sep-19 38667.33 3.6% 491.85 4.8%
Oct-19 40129.05 3.8% 612.7 24.6% Beta
Nov-19 40793.81 1.7% 580.55 -5.2%
Dec-19 41253.74 1.1% 508.05 -12.5%
Jan-20 40723.49 -1.3% 450.3 -11.4%
Feb-20 38297.29 -6.0% 382.1 -15.1% SUMMARY OUTPUT
Mar-20 29468.49 -23.1% 203.65 -46.7%
Apr-20 33717.62 14.4% 262.6 28.9% Regression Statistics
May-20 32424.1 -3.8% 218.3 -16.9% Multiple R
Jun-20 34915.8 7.7% 319.25 46.2% R Square
Jul-20 37606.89 7.7% 345.25 8.1% Adjusted R Squar
Aug-20 38628.29 2.7% 305.9 -11.4% Standard Error
Sep-20 38067.93 -1.5% 273.35 -10.6% Observations
Oct-20 39614.07 4.1% 289.25 5.8%
Nov-20 44149.72 11.4% 366.65 26.8% ANOVA
Dec-20 47751.33 8.2% 402.15 9.7%
Jan-21 46285.77 -3.1% 309.4 -23.1% Regression
Feb-21 49099.99 6.1% 345.05 11.5% Residual
Mar-21 49509.15 0.8% 338.75 -1.8% Total
Apr-21 48782.36 -1.5% 329.35 -2.8%
May-21 51937.44 6.5% 307.35 -6.7%
Jun-21 52482.71 1.0% 330.5 7.5% Intercept
Jul-21 52586.84 0.2% 291.3 -11.9% X Variable 1
Aug-21 57552.39 9.4% 284.85 -2.2%
Sep-21 59126.36 2.7% 282.75 -0.7%
Oct-21 59306.93 0.3% 291.5 3.1%
Nov-21 57064.87 -3.8% 272.35 -6.6%
Dec-21 58253.82 2.1% 252.65 -7.2%
Jan-22 58014.17 -0.4% 315.7 25.0%
Feb-22 56247.28 -3.0% 306.35 -3.0%
Mar-22 58568.51 4.1% 307.4 0.3%
Apr-22 57060.87 -2.6% 334.3 8.8%
May-22 55566.41 -2.6% 326.1 -2.5%
Jun-22 53018.94 -4.6% 263.5 -19.2%
Jul-22 57570.25 8.6% 276.35 4.9%
Aug-22 59537.07 3.4% 278.7 0.9%
Sep-22 57426.92 -3.5% 266.65 -4.3%
Oct-22 60746.59 5.8% 238.65 -10.5%
Nov-22 63099.65 3.9% 238.3 -0.1%
Dec-22 60840.74 -3.6% 234.2 -1.7%
Jan-23 59549.9 -2.1% 244.25 4.3%
Feb-23 58962.12 -1.0% 230.9 -5.5%
Mar-23 58991.52 0.0% 195.7 -15.2%
Apr-23 61112.44 3.6% 229.2 17.1%
May-23 62622.24 2.5% 268.4 17.1%
Jun-23 64718.56 3.3% 242.05 -9.8%
Jul-23 66527.67 2.8% 223.3 -7.7%
Aug-23 64831.41 -2.5% 229.65 2.8%
Sep-23 65828.41 1.5% 251.4 9.5%
Oct-23 63874.93 -3.0% 214.15 -14.8%
Nov-23 66988.44 4.9% 226.15 5.6%
Dec-23 72240.26 7.8% 241.35 6.7%
Jan-24 71752.11 -0.7% 228.95 -5.1%
Feb-24 72500.3 1.0% 195.6 -14.6%
Mar-24 73651.35 1.6% 180.1 -7.9%
Apr-24 74482.78 1.1% 188.2 4.5%
May-24 73961.31 -0.7% 188.15 0.0%
Jun-24 78674.25 6.4% 203.85 8.3%
 180.10
251.40

1.78

ARY OUTPUT

Regression Statistics
0.6740394719072
0.454329209689
0.4449210926146
0.1059875197017
60

df SS MS F Significance F
1 0.54247209677807 0.54247209678 48.291194306 3.567385E-09
58 0.65153455128548 0.01123335433
59 1.1940066480635

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

-0.0291736120762 0.01408812698701 -2.07079423 0.0428382536 -0.057374062 -0.000973162
1.7831063473643 0.2565920951283 6.94918659311 3.567385E-09 1.269481464 2.2967312305
Lower 95.0% Upper 95.0%
-0.057374062 -0.000973162
1.269481464 2.2967312305
Bandhan Bank
Valuation Summary - Football Field

Football Field Data

Comps
High 314
High 314
Low 291
Low 291

Valuation Summary

Valuation Summary
1,200

1,000

800

600

400

200

0
Comps DCF 52-week hi/lo Consensus
 Market
DCF 52-week hi/lo Consensus
1,084 251 500
1,084 251 500
252 180 150
252 180 150

Consensus