Ind Bank Housing Limited

Financial Services — Mortgage Finance · BSE

₹49.61−₹1.44 (−2.82%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, with both sales and profits growing well. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Ind Bank Housing Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Ind Bank Housing Limited does not have significant operations. It was previously involved in the housing finance business. The company was incorporated in 1991 and is based in Chennai, India. Ind Bank Housing Limited is a subsidiary of Indian Bank.

IndustryMortgage Finance

SectorFinancial Services

Employees1

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC BANK LTDP/E 15.9x · ROE 13.8%

ICICI BANK LTD.P/E 18.1x · ROE 16.5%

STATE BANK OF INDIAP/E 10.3x · ROE 15.2%

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

ROCE-6.8%

Peer median ROE16.5%

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

12.7x

Sector Median

17.0x

median of 4 sector peers

🟢Against its sector it trades 25% below the peer median of 17.0x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

17.0x median of 4 peers · -25%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

P/E (Trailing)

12.7x

P/B

—

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention1

Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.

Red Flags

2 items require attention · 2 high

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 25% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

Investment Checklist

8 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹50 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.7x

Cheap

Cheap against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹3.91

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

-6.8%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

454.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

71.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹11 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹49.61

ROA

22.2%

Good

Assets are working hard

Operating Margin

-2.4%

Weak

Thin margins leave little room for error

Net Margin

101.7%

Good

Strong bottom-line conversion

Current Ratio

548.24

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.30

Defensive

Steadier than the market

52W Range Position

52%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

51.6 / 50.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

39.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹1 Cr	-₹0 Cr	-₹1 Cr	-₹1 Cr	—
PAT (Net Profit)	-₹1 Cr	-₹1 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0.56	₹-0.56	₹-0.31	₹-0.09	—
ROCE	-7.8%	-11.1%	—	-6.8%	—
Total Debt	₹129 Cr	₹129 Cr	₹129 Cr	₹129 Cr	+0.0%
Free Cash Flow	-₹0 Cr	-₹1 Cr	-₹0 Cr	₹11 Cr	—

🟡 ROCE has held roughly flat at -6.8% over 3 years.

🟡 Total Debt has been broadly flat over 3 years (0.0% a year).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹11 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹20 Cr

Total Liabilities

₹141 Cr

Total Debt

₹129 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹11 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.5%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 mixed5 general

IND BANK HOUSING LTD. Share Price

Upstox, 09 Oct

Ind Bank Housing Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Ind Bank Housing schedules 35th AGM for September 29, 2026

scanx.trade, 29 Sept

Ind Bank Housing Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2026

www.marketscreener.com, 08 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Ind Bank Housing appoints Ray & Ray as statutory auditors for FY26-27

scanx.trade, 08 Oct

Ind Bank Housing Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 02 Sept

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🟡GrowthModest10/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Ind Bank Housing Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 2 high-severity red flags sit above this conclusion and should be read first.