1. Social, Livelihood and Inclusive Financing Portfolio - 40% to 45% of loans by 2021 Delivered - At the FY20 annual report, management set an ESG target for the Social, Livelihood and Inclusive Financing Portfolio to grow from \~40% of loans (2018) to 45% of all loans by 2021. The sustainable finance portfolio reached \~46% of total advances by FY2023, and the Q4 FY26 PPT disclosed \~47% of the loan book as Green/Climate/Social/Livelihood & inclusive portfolio.
2. Credit and deposit growth convergence - balanced growth trajectory in FY25 Partial - At the FY24 annual report, management anticipated a convergence between credit and deposit growth, paving the way for a balanced growth trajectory in FY25. FY25 deposits grew 7% to ₹4,10,862 cr while loans grew roughly 0.5% to ₹3,45,019 cr, with Q4 FY25 deposits flat QoQ and loans declining.
3. Moody's provisioning costs - decline materially over next 12-18 months On track - Moody's expected provisioning costs to decline materially over the next 12-18 months as asset quality stabilizes. Q1 FY27 provisions declined to ₹1,384 cr, down 21% YoY and 7% QoQ, with credit cost at 1.74% of average loans vs 2.11% in Q1 FY26 and 1.89% in Q4 FY26.
4. Moody's profitability expectation - below 0.5% in fiscal 2027 Pending - In May 2026, Moody's expected IndusInd's profitability (net income to tangible assets) to remain below 0.5% in fiscal 2027, with earnings improving gradually as provisioning costs moderate. Q1 FY27 normalized ROA was 0.63% and annualized reported ROA 0.78%, but with fiscal 2027 ending March 2027 and three quarters still to report, the full-year outcome is not yet determinable.
5. Provisioning cover ratio - over 70% over medium term Partial - CRISIL expected IndusInd to maintain a provisioning cover ratio of over 70% over the medium term. PCR stood at 71% in Q4 FY24, Q4 FY26 and Q1 FY27, but dipped to 70% - not over 70% - in Q4 FY25.
6. Deposit growth - first in line with market, then faster On track - At the Q1 FY27 call, Rajiv Anand set out the deposit ambition: first grow in line with the market, then faster than the market, with the core to be retail and HNI deposits. Q1 FY27 end-of-period deposits grew 3.7% QoQ and average retail deposits grew 4% QoQ, lifting the retail deposit share to 49.5%.
7. Operating efficiency/opex journey - continue with redeployment to people and IT On track - At the Q1 FY27 call, CFO Viral Damania said the operating-efficiency/opex journey "will continue", with redeployment toward people and IT costs. Q1 FY27 opex declined 2% QoQ to ₹3,698 cr, with PPOP at ₹2,773 cr, up 8% YoY and 21% QoQ.
8. NIM - pressure in Q2, grow back Q3/Q4 Pending - At the Q1 FY27 call, CFO Viral Damania guided NIM would see pressure in Q2 and "start growing back Q3, Q4"; over the 1% ROA journey NIM is a small contributor, but beyond that NIM is a clear opportunity. Q1 FY27 normalized NIM was 3.35% vs 3.39% QoQ, a 4bps drop attributed to loan-mix shift and RIDF addition, with reported NIM at 3.57%.
9. FCNR(B) - raise at least natural market share (\~3.6%) Pending - At the Q1 FY27 call, Rajiv Anand targeted all three FCNR(B) streams - retail, GIFT City and partner-bank leverage - saying he was "fairly confident that we will raise at least as much as our natural market share is" (\~3.6% NRI share referenced). Q1 FY27 NRI deposit market share stood at \~3.6%, described as "ahead of natural market share", with affluent + NRI deposits at ₹85,000 cr, +2% QoQ.
10. GIFT City SA balances - replace lumpy/higher-cost balances with granular SA Pending - At the Q1 FY27 call, Rajiv Anand expected run-off lumpy/higher-cost GIFT City SA balances to be replaced with more granular SA balances "in the coming quarters". Q1 FY27 cost of SA improved to 4.72% from 4.89% QoQ and retail deposit share rose to 49.5%, but no explicit GIFT City balance-mix disclosure is in our record.
11. Microfinance net slippage - further reduction On track - At the Q1 FY27 call, Viral Damania guided that microfinance net slippage (3.41%) should come down further, though "not too big scale" and not the same magnitude as past quarters. Q1 FY27 micro loans gross slippage moderated to ₹191 cr vs ₹884 cr YoY and ₹504 cr QoQ, the 31-90 DPD book fell to 0.6% vs 2.2% YoY, and net collection efficiency was 98.7% for standard customers.
12. Vehicle finance market share - regain lost share Pending - At the Q1 FY27 call, Rajiv Anand said vehicle finance had lost some market share over the last few years and "Our ambition there is to get that back". The Q1 FY27 vehicle finance book stood at ₹99,718 cr, +3% YoY and stable QoQ, while disbursements were ₹10,832 cr, -4% YoY, with disbursements ex-two-wheelers up 3% YoY.
13. Vehicle finance asset quality - improve in H2 Pending - At the Q1 FY27 call, Rajiv Anand expected vehicle finance asset quality trends to improve in H2 "as seen in earlier years". Q1 FY27 vehicle finance annualized net slippage was 2.01% vs 2.29% YoY but higher QoQ due to seasonality, with two-wheeler and tractor segments still called-out stress pockets.
14. Personal loans and credit cards - slow growth, then recovery On track - At the Q1 FY27 call, Jagdeep Mallareddy reiterated guidance to slow personal loans and credit cards, saying "We will slowly start getting our growth back, and we'll start getting the risk costs much more in control", and confirmed consumer slippages "can go down meaningfully". Q1 FY27 personal loans fell 4% QoQ to ₹9,930 cr and credit cards 3% QoQ to ₹9,418 cr, while consumer annualized net slippage improved to 4.19% vs 5.76% YoY.
15. ECL transition - one-time impact of 1%-1.5% of loans Pending - At the Q1 FY27 call, Viral Damania maintained ECL transition guidance of a one-time impact of 1%-1.5% of loans, with marginal flow impact on incremental disbursements and the EIR impact still to be firmed up. No ECL transition impact has been disclosed in our record as of Q1 FY27; capital offsets from Basel guideline changes effective 1st April '27 were noted.
16. Rural/microfinance mix - microfinance \~7%, Bharat Super Shop 3-4%, other rural 3-4% Pending - At the Q1 FY27 call, Rajiv Anand reiterated rural/microfinance guidance: microfinance \~7% of the book, 3-4% from Bharat Super Shop, and another 3-4% from other rural products like MicroLAP and affordable housing. Q1 FY27 showed the micro loan book at ₹16,305 cr, -3% QoQ, rural banking at 10% of loans or ₹31,417 cr, with no disclosure of the 7%/3-4%/3-4% mix achieved.
17. Loan-mix guidance - reduce wholesale mix over next three years Pending - At the Q1 FY27 call, Rajiv Anand reiterated loan-mix guidance: over the next three years, a drop in the overall wholesale mix with greater focus on SME/mid-corporate/large corporate and less on the strategic side, with other businesses growing faster than wholesale. Q1 FY27 wholesale share was 37% (₹1,20,227 cr), up from 34% in Q4 FY26, with the average wholesale book up 7% QoQ - early in the window.
18. Cost-of-funds gap - close \~150bps gap with closest peer in medium term On track - At the Q1 FY27 call, Rajiv Anand aimed to close the \~150bps cost-of-funds gap with its closest peer "in the medium-term". Q1 FY27 cost of deposits improved 12bps QoQ to 5.95% and cost of funds stood at 5.05%, with no disclosure yet of the peer gap closing.
19. ROA - 1% exit by Q4 FY27 On track - At the Q1 FY27 call, Rajiv Anand reaffirmed the immediate target of ROA of 1%, "supported by improving business momentum, lower credit costs, and continued operating leverage", with the bridge to 1% by 4Q roughly "60/40" - 60 from PPOP, 40 from lower credit costs - saying "We stand by that". Q1 FY27 normalized ROA was 0.63% vs 0.45% QoQ, reported annualized ROA 0.78%, with PAT improving to ₹1,037 cr from ₹594 cr.
20. PC-6 strategy - Market Share with Diversification (FY2023-26) Partial - At the FY23 annual report, management launched Planning Cycle 6 spanning FY2023-26, themed 'Market Share with Diversification' with focus on Growth, Granularity and Governance, expressing confidence in the ambitions laid out, reiterated in the FY24 annual report. FY24 closed with progress "broadly in line with the stated objectives" and Q4 FY24 scorekeeping showed "On Track with PC-6 Ambitions", but FY25 and FY26 PAT fell to ₹2,576 cr and ₹889 cr, with ROA at 0.45% in Q4 FY26 vs 1.90% in FY24.
21. Digital channels - meaningful part of business in next three years Delivered - At the FY23 annual report, management anticipated a meaningful part of business from digital channels (retail individuals and micro/small enterprises) in the next three years. The Q2 FY26 PPT disclosed Digital DIY share of \~45-50% across business lines and \~90-100,000 clients acquired digitally each month, with full operationalisation of end-to-end digital journeys across every major retail product by Q4 FY26.
22. Mortgage business (LAP & Prime Home Loans) - scale-up trajectory in FY2024 Delivered - At the FY23 annual report, management stated the mortgage business (LAP & Prime Home Loans) would embark on a scale-up trajectory in FY2024. By Q4 FY24, Home Loans reached ₹1,792 cr, up 368% YoY, with LAP at ₹10,811 cr, and Home Loans stood at ₹6,889 cr, +38% YoY, by Q1 FY27.
23. PIONEER branches - over 40 by 2026 and launch PIONEER Private Missed - At the FY23 annual report, management aimed to grow to over 40 PIONEER branches by 2026 and launch PIONEER Private. The 23rd June 2025 announcement confirmed PIONEER Private's launch for ultra-HNIs, but disclosed only five new branches (Delhi-NCR, Kochi, Surat, Goa), taking the total to 15, with no evidence of reaching 40+ by the deadline.
24. PIONEER Banking business - double in three years Missed - At the FY23 annual report, management stated the Bank was poised to double the PIONEER Banking business in three years, i.e. by FY26. The FY24 annual report disclosed a 20% CAGR on NRV reaching ₹82,000 Cr, and the 23rd June 2025 announcement a 3-year CAGR of 19% in Net Relationship Value as of March 2025 - short of the pace doubling requires, with no FY26 confirmation in our record and the three-year horizon lapsed.
25. NRI liabilities market share - 5% by end of current planning cycle Missed - At the FY23 annual report, management aimed to reach 5% NRI liabilities market share by end of the current planning cycle, up from 3.1% as of March 2023. The Q1 FY27 call disclosed NRI deposit market share at \~3.6%, described as "ahead of natural market share", with affluent + NRI deposits at ₹85,000 cr, +2% QoQ, and no disclosure of reaching 5% by FY26 in our record.
26. Retail deposits (LCR-defined) - 45%-50% share by end of PC-6 (FY26) Delivered - At the FY24 annual report, management aimed to increase the retail deposits (LCR-defined) share to 45%-50% by end of PC-6 (FY26), from 44% in Mar-24. The share improved from 44.1% in Q4 FY24 to 47.9% average in Q4 FY26 - within the band at the deadline - and 49.5% in Q1 FY27.
27. Gems & Jewellery vertical - zero NPA, zero SMA 1 & 2, zero restructuring Pending - At the Q4 FY24 PPT, management committed that Gems & Jewellery asset quality would "Remain Pristine - Zero NPA | Zero SMA 1 & 2 | Zero Restructuring". Q4 FY25 sector mix shows Gems & Jewellery at 2.62% of total loans, but our record holds no later product-level G&J asset-quality disclosure confirming or contradicting the zero-NPA/SMA/restructuring claim.
28. INDIE digital banking platform - launch in coming months Delivered - At the FY23 annual report, management stated the INDIE digital banking platform would be launched "in the coming months". INDIE was launched under the Digital 2.0 strategy in FY24, reaching \~0.5 crore app installs and \~0.12 crore accounts by Q4 FY24, and 0.5 crore+ registrations, 0.21 crore+ SA customers and 0.26 crore+ MAU by Q1 FY27.