Karur Vysya Bank Share Price Target 2026, 2027, 2028, 2029, 2030

Karur Vysya Bank share price today

Karur Vysya Bank (NSE: KARURVYSYA) is a 110-year-old bank from a textile town in Tamil Nadu that currently posts numbers most large banks would frame: gross NPAs of 0.69%, net NPAs of 0.18%, return on assets of 2.10%, return on equity of 20.47% in the September 2026 quarter — while growing profit 37% year-on-year (41% for the half-year).

Research date: 3 November 2026. The figures on this page come from the bank’s Q2 FY27 (September 2026 quarter) results, approved by its board on 15 October 2026, and from the NSE close of ₹344.50 on 2 November 2026. That close sits 11.8% below the 52-week high and about 12% above the 200-day moving average (Screener 200-DMA ₹307.64 on 2 November 2026), so this is not an undiscovered story. The question this article answers: after the re-rating, at 11.3 times trailing earnings, is there still a case? (Spoiler: the growth math still works; the free-lunch phase is over.)

The turnaround nobody advertised

Rewind to FY19: ROE of 3%, gross NPAs near 9% in the bad years, a regional bank drifting. Then a new management team (led by an ex-SBI hand from 2020) did the unfashionable things — exited lumpy corporate credit, rebuilt the book around retail, agri and small business (now 86% of advances), invested in collections, and simply refused bad growth.

The output, quarter by boring quarter:

Metric	Jun 2023	Jun 2026	Sep 2026
Gross NPA	1.99%	0.74%	0.69%
Net NPA	0.59%	0.19%	0.18%
ROE	14% (FY23)	20.24% (quarter, annualised)	20.47% (quarter, annualised)

A 0.69% GNPA is not “good for a small bank.” It would be a strong number for any bank in the country — and it comes with 96.13% provision coverage including technical write-offs (73.72% excluding them): the bank holds ₹564 Cr of provisions against ₹765 Cr of gross NPAs and reports net NPAs of ₹199 Cr.

The numbers

From Screener.in (annual rows) and the bank’s quarterly results (TTM row — the four quarters to September 2026):

Year	Revenue (₹ Cr)	Net profit (₹ Cr)	EPS (₹)
FY24	8,213	1,605	16.63
FY25	9,678	1,942	20.10
FY26	11,074	2,510	25.97
TTM (Sep 2026)	11,983	2,958	30.61

Five-year profit CAGR: 47% (flattered by the low base — the honest forward number is nearer the mid-teens). Deposits grew from ₹89,113 Cr to ₹1,15,666 Cr in two years and stood at ₹1,28,123 Cr on 30 September 2026, up 16% year-on-year; borrowings are a rounding error at ₹2,321 Cr. This bank funds itself the old-fashioned way.

Quarterly review

Quarter	Net profit (₹ Cr)	EPS (₹)
Sep 2025	574	5.94
Dec 2025	690	7.14
Mar 2026	725	7.50
Jun 2026	756	7.82
Sep 2026	788	8.15

Another sequential increase: every quarter in Screener’s table since September 2023 has printed a higher profit than the one before, and the September 2026 quarter was up 37% year-on-year and 4% on the June quarter, with the net interest margin held at 4.26% for the second quarter running. Small banks with granular books reprice faster; it shows.

Q2 FY27, result by result (board approval 15 October 2026; figures from the bank’s investor presentation and the NSE results filing):

• Net interest income ₹1,497 Cr, up 19% year-on-year. Other income fell 15% to ₹435 Cr: fee income rose 15% to ₹290 Cr, but the “others” line (which, as discussed on the call, includes treasury income and recoveries from written-off accounts) dropped 44% to ₹145 Cr. The quarter’s growth was earned on the lending book, not on one-offs.
• Net interest margin 4.26% (4.34% including a one-off ₹28.35 Cr interest recovery on written-off accounts), against 3.77% a year earlier and the 3.7–3.8% the bank had guided to for FY27. Yield on advances was 10.09%; cost of deposits 5.49%, up 4 basis points on the June quarter.
• Operating profit ₹1,162 Cr, up 14%, on operating expenses of ₹770 Cr that were flat quarter-on-quarter; cost-to-income 39.85% against 42.63% a year ago.
• Provisions ₹118 Cr (₹274 Cr a year ago), including ₹25 Cr added to floating provisions; annualised credit cost 0.43%. Management puts total provisions at 1.65% of advances, including standard-asset provisions, and says that should absorb the expected-credit-loss transition.
• Net profit ₹787.69 Cr, up 37% year-on-year and 4% quarter-on-quarter; basic EPS ₹8.15 for the quarter and ₹15.97 for the half-year (H1 profit ₹1,543 Cr, up 41%).
• Asset quality: gross NPA 0.69% (₹765 Cr) and net NPA 0.18% (₹199 Cr). Fresh slippages were ₹123 Cr (0.44% annualised) against ₹75 Cr of recoveries and upgrades and ₹54 Cr of write-offs; SMA-30+ accounts are 0.22% of advances and the standard restructured book is 0.33% of loans.
• Balance sheet: gross advances ₹1,11,589 Cr (+20% year-on-year, +7% on the quarter), deposits ₹1,28,123 Cr (+16%, +5%), total business ₹2,39,712 Cr (+18%). Retail, agri and MSME make up 86% of advances and corporate 14%; jewel loans are ₹32,153 Cr, or 29% of the book. Retail growth is coming from loans against property (+52% to ₹11,264 Cr) while housing (−2%) and vehicle loans (−22%) shrank. CASA grew 15% to ₹35,265 Cr, but the CASA ratio slipped to 27.52% from 27.65% a year ago — the one soft spot; term deposits are 72% of the base.
• Capital: CRAR 17.97% (Tier I 17.32%), down from 18.61% in June as risk-weighted assets grew about 8% in the quarter; liquidity coverage ratio 129%. Branches reached 921, with 20 opened in the half-year.
• Guidance (earnings-call transcript, 15 October 2026): credit growth of 18–20% for FY27 (13% so far this year), NIM “4% plus” for the full year with management expecting it to drift down from 4.26%, ROA above 2%, slippages below 1%, cost-to-income below 45%, and 50 branches in the year.
• Risk flagged on the call: an analyst put last year’s bancassurance income at about ₹165 Cr (18–19% of fee income); management said draft IRDAI distribution rules could cut that income by “60%, 70%” in some cases, and that it would need to more than double life-insurance penetration (from about 1.6% to 3.8–3.9%) to make up the lost commission.

Shareholding — the quirk you should understand

Promoter group holding is just 1.95% at 30 September 2026 (2.07% a quarter earlier). That is not a red flag here — KVB is a genuine community-founded bank, owned broadly since 1916; there is no promoter to pledge, exit or feud. Institutions have filled the vacuum: DIIs hold 42.1% (41.2% in June; mutual funds about 33% and insurers about 8% on the bank’s own shareholding slide), FPIs 18.1%. The register has quietly institutionalised as the numbers improved.

The flip side of no promoter: no anchor. Governance rests entirely on the board and RBI oversight — which, for what it is worth, is the same structure as HDFC Bank and ICICI.

Valuation

At ₹344.50 (NSE close of 2 November 2026): 11.3× trailing earnings (TTM EPS ₹30.61) and 2.16× September-2026 book. Book value is ₹159 a share — net worth of ₹15,393 Cr (paid-up capital ₹193.34 Cr plus reserves of ₹15,199.56 Cr, per the NSE results filing) on 96.67 Cr shares — up from ₹146 at the end of FY26. For a bank printing a 2.10% ROA and 20.47% ROE, 2.2× book is not expensive, but the stock has already travelled from deep-value to fair-value. Since the August research date the multiples have actually eased a little — 12.0× to 11.3× earnings, 2.34× to 2.16× book — because earnings and book value grew faster than the price (₹341 to ₹344.50). The three-year profit CAGR (FY23 ₹1,106 Cr to FY26 ₹2,510 Cr) is 31%; set against an 11.3× multiple, growth is still cheaply priced relative to the bank’s own record, though the base case below deliberately assumes less than half that rate. The FY26 dividend of ₹2.60 a share (record date 24 July 2026) is a 0.75% yield at this price. From here, returns come from earnings compounding, not re-rating. That is fine; it is also why position entries matter more now.

Karur Vysya Bank share price target 2026 to 2030

EPS base ₹30.61 — the four quarters to September 2026 (₹7.14 + ₹7.50 + ₹7.82 + ₹8.15, as reported in the bank’s quarterly results). Scenarios: bear 8% growth at 9× (margin squeeze, growth normalises hard), base 14% at 13× (mid-teens loan growth, quality holds), bull 18% at 16× (the ROA premium earns big-bank multiples). Each row compounds the base EPS at the scenario rate for the number of years after 2026 (none for 2026, four for 2030), multiplies by the scenario exit multiple and rounds to the nearest ₹5. Dividends are excluded.

Year	Bear (9×, 8%)	Base (13×, 14%)	Bull (16×, 18%)
2026	₹275	₹400	₹490
2027	₹300	₹455	₹580
2028	₹320	₹515	₹680
2029	₹345	₹590	₹805
2030	₹375	₹670	₹950

The bear column ends only 9% above the 2 November close — a de-rating to 9× would consume about three-quarters of four years’ earnings growth. The base case works out to roughly +95% by 2030 on an assumed 14% growth rate, well below the 37% the September quarter printed and below management’s own 18–20% credit-growth guidance. The margin of safety now lives in the asset quality, not the multiple.

Reasons to own Karur Vysya Bank

1. A loan book most banks would envy: GNPA 0.69%, NNPA 0.18%, provision cover 96.13% (including technical write-offs) at 30 September 2026.
2. ROA 2.10% / ROE 20.47% in the September quarter — and management’s own guidance is for ROA above 2% for the full year.
3. 37% profit growth now (41% for the half-year); a defensible mid-teens path forward.
4. Deposit-funded — ₹1,28,123 Cr of deposits against ₹2,321 Cr of borrowings — and 110 years of surviving every cycle since 1916.
5. 11.3× trailing earnings against a 31% three-year profit CAGR — the multiple has not kept pace with the earnings.
6. Institutional ownership rising again — DIIs 42.1% at September 2026 against 41.2% in June and 40.0% a year earlier.

Risks, honestly: Tamil Nadu concentration (a regional shock hits hard); the low-base growth flattery fades from here; small banks live and die by management quality, and this management team is the moat — succession is the real long-term risk; no promoter means no white knight if credit costs ever spike; and two more from the October call — the margin is guided to drift down from 4.26% towards “4% plus”, and draft IRDAI bancassurance rules threaten a fee line that management itself said could fall “60%, 70%” in some cases.

What to weigh at the current price

The re-rating has already been substantial. What matters now is whether mid-teens earnings growth and unusually clean asset quality can persist through a full credit cycle, despite regional concentration and succession risk. The September quarter answered the near-term version of that question — slippages of 0.44% annualised, credit cost 0.43%, ROA held at 2.10% — but it also marked the point where the margin tailwind ends: the gold-loan repricing that lifted NIM is complete, deposit costs rose 4 basis points in the quarter, and management will commit to “4% and above” but not to 4.26%. The base case does not need 4.26% to work; it needs loan growth in the teens and credit costs that stay near today’s.

FAQ

What is the Karur Vysya Bank share price target for 2030? The base case is approximately ₹670 (13× on 14% EPS growth from a ₹30.61 TTM base), the bear case approximately ₹375 and the bull case approximately ₹950, using the assumptions shown above (research date 3 November 2026).

Is Karur Vysya Bank’s asset quality really that good? GNPA of 0.69% and net NPA of 0.18% as of 30 September 2026, with a provision coverage ratio of 96.13% (including technical write-offs), per the bank’s Q2 FY27 results. In September 2023 GNPA was 1.73% and a year ago 0.76% (Screener’s quarterly table); the cleanup is management-driven and sustained.

Why is promoter holding only 2%? KVB is a community-founded bank (1916) with no promoter family — ownership has always been dispersed. The promoter group held 1.95% at 30 September 2026; institutions (FPIs 18.1%, DIIs 42.1%) now hold about 60%.

Has the stock already run too much? It closed at ₹344.50 on 2 November 2026, 11.8% below its 52-week high but about 12% above its 200-day moving average (Screener 200-DMA ₹307.64 on 2 November 2026). The re-rating phase is largely done; from here the case rests on mid-teens earnings compounding at a fair multiple.

When are Karur Vysya Bank’s next results? Q2 FY27 results were approved on 15 October 2026. Q3 FY27 (the December 2026 quarter) would ordinarily follow in January 2027; the bank had not posted a board-meeting notice for it as of 3 November 2026 — confirm the date through the results calendar and the exchange filing.

Change log

• 3 November 2026 — Refreshed for Q2 FY27 (September 2026 quarter) results: net profit ₹788 Cr, NII ₹1,497 Cr, NIM 4.26%, GNPA 0.69%, NNPA 0.18%, advances +20%, deposits +16%, CASA 27.52% (bank’s investor presentation and NSE results filing; board meeting 15 October 2026). Price updated to the NSE close of ₹344.50 on 2 November 2026. Target-model input updated from TTM EPS ₹28.40 (June 2026) to ₹30.61 (September 2026); scenario growth rates and multiples unchanged; grid recomputed — the 2030 cells move from ₹350 / ₹625 / ₹880 to ₹375 / ₹670 / ₹950, and the 2026–2029 rows now follow the same arithmetic as the 2030 row (the earlier rows were an interpolated path). Trailing P/E 12.0× to 11.3×; price-to-book 2.34× to 2.16× on September-2026 book value of ₹159 (was ₹146, FY26). Shareholding updated to 30 September 2026 (promoter group 1.95%, DIIs 42.1%, FPIs 18.1%). Added result-by-result commentary and management’s FY27 guidance from the 15 October 2026 earnings call. Corrected the bank’s age in the reasons list (110 years since 1916, not 104), replaced an unsourced PEG figure with the three-year profit CAGR, and removed peer-multiple comparisons that had no cited source.
• 15 August 2026 — Editorial-voice refresh; no figures changed.
• 5 August 2026 — Published on Q1 FY27 (June 2026 quarter) results: TTM EPS ₹28.40, price ₹341.

Sources

• Karur Vysya Bank, Investor Presentation Q2 FY 2026-27, 15 October 2026 (also filed with NSE as KARURVYSYA_15102026154151_NSE_BSE_IP_DSC.pdf).
• NSE, integrated filing of unaudited financial results for the quarter and half-year ended 30 September 2026 — paid-up capital, reserves, EPS, NPA amounts.
• Karur Vysya Bank, transcript of the Q2 FY27 earnings conference call held on 15 October 2026, filed with NSE on 17 October 2026.
• Screener.in, KARURVYSYA — annual figures, quarterly revenue for the TTM row, quarterly gross-NPA ratios, the 200-day moving average (price chart), shareholding pattern (checked 3 November 2026).
• NSE end-of-day files for 2 November 2026 — the close of ₹344.50 and the 52-week-high distance (52-week high ₹390.80, set on 21 October 2026, per NSE’s 52-week high/low file) — and the NSE corporate-action record of the ₹2.60 dividend (record date 24 July 2026).

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This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises — credit cycles, rate cycles and market shocks can push prices outside every band shown. Do your own research and consult a registered adviser before acting.