Yes Bank Limited

Financial Services — Banks - Regional · NSE

₹17.50−₹0.62 (−3.42%)

DalalBaazaar Score

79 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

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

What does this company do?

Yes Bank Limited engages in the provision of various banking and financial products and services in India. It operates through Treasury, Corporate Banking /Wholesale Banking, Retail Banking, and Other Banking Operations segments.

IndustryBanks - Regional

SectorFinancial Services

Employees29,577

Annual revenue₹18,437 Cr

How does it make money?

Turns over ₹18,437 Cr a year. Of every ₹100 of sales, about ₹19 reaches shareholders as profit. Each of its 29,577 employees supports ₹62.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹62.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are HDFC BANK LTD, ICICI BANK LTD., KOTAK MAHINDRA BANK LTD, AXIS BANK LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

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.

Peer median ROE13.8%

What is the outlook?

11 analysts covering the stock expect revenue to grow about 16.0% and earnings to grow about 21.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+16.0%

Est. earnings growth+21.9%

Analysts11

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +97% while net margin moved +143% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+97%

Margin effect+143%

DalalBaazaar Score

79/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.54 — historically steadier than the index
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

80/ 100

Excellent

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

Valuation

80/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

14.7x

3Y Median

43.7x

40 monthly readings · mean 46.9x · range 15.6x–94.7x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 66% below its 3y median of 43.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 17.0x.

vs. its own history

Cheap

43.7x median over 40 months · -66%

vs. sector peers

Fair

17.0x median of 4 peers · -13%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

—

PEG

0.22

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from 1.8% to 6.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 66% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 19% a year✓ 25.3% CAGR
Latest reported year was 9.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2Return on equity stays above 8%✗ 7.5%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 43.7x✓ 14.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 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
✗ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹54,932 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

14.7x

Cheap

Cheap against the generic band

P/B Ratio

1.05x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.19

Profitable

Profitable on a per-share basis

ROE

7.5%

Weak

Weak capital efficiency

ROCE

Not meaningful

N/A for lenders

Banks and NBFCs don't report capital employed the way other businesses do

Debt/Equity

1.28x

Moderate

Moderate leverage

Revenue Growth (YoY)

9.0%

Modest

Modest growth

Profit Growth (YoY)

30.8%

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

₹20,478 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

9.5x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

0.9%

Weak

Assets generate little profit

Operating Margin

30.8%

Good

Healthy core-business profitability

Net Margin

23.2%

Good

Strong bottom-line conversion

Beta (vs Nifty)

0.54

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

21.1 / 22.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

17.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹9,370 Cr	₹13,978 Cr	₹16,830 Cr	₹18,437 Cr	+25.3%
PAT (Net Profit)	₹736 Cr	₹1,285 Cr	₹2,446 Cr	₹3,512 Cr	+68.4%
EPS	₹0.28	₹0.44	₹0.78	₹1.12	+58.7%
ROE	1.8%	3.0%	5.1%	6.9%	—
Total Debt	₹71,017 Cr	₹78,863 Cr	₹70,867 Cr	₹65,451 Cr	-2.7%
Free Cash Flow	-₹26,608 Cr	₹8,664 Cr	₹5,645 Cr	₹20,478 Cr	—

🟢 Revenue has grown at 25.3% a year over 3 years.

🟢 PAT (Net Profit) has grown at 68.4% a year over 3 years.

🟢 EPS has grown at 58.7% a year over 3 years.

🟢 ROE has risen from 1.8% to 6.9% over 3 years (+5.1 pts).

🟢 Total Debt has shrunk at 2.7% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹26,608 Cr to ₹20,478 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4.70 L Cr

Total Liabilities

₹4.19 L Cr

Cash & Equivalents

₹66,278 Cr

Operating Cash Flow

₹21,217 Cr

Capex

-₹739 Cr

Shareholding (proxy)

Institutional Holding

17.9%

Insider Holding

44.2%

Corporate Actions

Next Earnings

19 Oct 2026

Ex-Dividend Date

03 Jun 2019

Analyst Consensus

Recommendations

1 Buy · 2 Hold · 10 Sell

Target Price (Mean)

₹20.73

+18.5% vs CMP

Target Range

₹15 – ₹28

Peer Comparison

Company	P/E	ROE
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
KOTAK MAHINDRA BANK LTD	21.9x	11.2%
AXIS BANK LIMITED	14.5x	13.4%

Recent News

3 mixed1 negative2 general

Yes Bank Q2 preview: Will strong profit, NII growth offer relief for investors amid AT-1 bond saga?

The Economic Times, 16 OctResults

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

Yes Bank stock: Buy or Sell? Citi cuts target price after SC's Rs 8,415-cr AT-1 bond ruling; check rating

Moneycontrol.com, 16 OctAnalyst view

🔴Potentially negativeAn analyst opinion changing, which moves the price without changing the business.

Yes Bank stares at ₹5,400 crore earnings hit after Supreme Court AT-1 bonds blow: Exclusive

CNBC TV18, 16 OctResults

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

SC strikes down Yes Bank's Rs 8,400-crore AT-1 bond write-off, lender's shares crash 15%

Moneycontrol.com, 15 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Yes Bank shares nosedive 20% after SC declares Rs 8,415 crore AT-1 bond write-off illegal

The Economic Times, 15 Oct

Yes Bank hits lower circuit as Supreme Court quashes Rs 8,415 crore AT1 bond write-off

Moneycontrol.com, 15 Oct

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

MiddlingRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

1 of 3 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑