Up 1,775% in 6 years! Brokerages see more steam left in this multibagger PSU stock
Mutlibagger PSU stock to buy: Brokerage firms continue to remain positive on Indian Bank, a multibagger PSU bank, which has delivered handsome returns to investors.
- Jan 1, 2026,
- Updated Jan 1, 2026 4:12 PM IST
Mutlibagger PSU stock to buy: Brokerage firms continue to remain positive on Indian Bank, a multibagger PSU bank, which has delivered handsome returns to investors. Analysts trading the stock believe that the stock has more upside potential left in it even after a strong rally, on both technical and fundamental basis.
Indian Bank continues to exhibit a strong long-term bullish structure on the charts, despite witnessing a healthy correction from its recent peak. After rallying sharply, the stock corrected by more than 10 per cent, which appears to be a time–price consolidation rather than a trend reversal. Such corrective phases are typical in strong uptrends, said Master Capital Services.
Prices are trading comfortably above all key moving averages, indicating that the broader trend remains firmly positive. The rising slope of short-, medium-, and long-term moving averages further reinforces the strength of the underlying trend and suggests that buyers continue to maintain control at lower levels. It is sustaining a well-defined pattern of higher highs and higher lows, reflecting consistent accumulation on dips, it said.
"Indian Bank has broken out from a consolidation range on the daily chart, signaling a resumption of upward momentum after a brief pause. This breakout, coupled with the stock’s ability to hold above key support zones, strengthens the bullish outlook. The recent pullback has provided a favorable risk–reward setup for positional participants. We recommend partial buying at current level 800 and rest on fall close to 750," it Master Capital said with a target price of Rs 831-930 and stop loss of Rs 720.
Shares of Indian Bank were seen in the range of Rs 825-845 apiece on Monday, January 1, 2026 but settled at Rs 834.40, down marginallly, with its total market capitalization stood close to Rs 1.12 lakh crore. The stock is down 6 per cent from its 52-week high at Rs 898.60 on November 11, 2025.
Shares of Indian Bank have soared 1,775 per cent from covid-19 low around Rs 45 apeice, while the stock has surged more than 850 per cent in the last five years. The stock has gained 60 per cent in the last one year, while it is 77 per cent from its 52-week low at Rs 474.05, hit in January 2025. It has gained 30 per cent in the last six months.
Indian Bank plans to ramp up its otherwise weak non-fund business growth to drive up fees. NIM shall moderate a tad in Q3, due to bunching-up of MCLR pricing in 3Q, while inching up a bit in 4Q, subject to no rate cut. ECL impact on CAR could be 150 bps. The bank has proactively started making provisions to limit the transitional impact on Apr 1, 2027, said Emkay Global.
"The bank believes that better operating leverage and focus on fees should partly offset the eventual moderation in AUCA recovery and ECL provisions, to help sustain RoA 1-1.1 per cent. We remain positive on Indian Bank, backed by its superior return profile and credible management, and retain 'buy' with a recently raised target price of Rs 900," it said.
On the other hand, Elara Capital has a 'reduce' rating on Indian Bank with a target price of Rs 730, valuing its a P/E multiple of 8.5-9.5 times and P/B multiple of 1.2-1.5 times between FY26-28E. Its return on assets (RoA) is seen at 1.1-1.2 per cent during the reported period.
Mutlibagger PSU stock to buy: Brokerage firms continue to remain positive on Indian Bank, a multibagger PSU bank, which has delivered handsome returns to investors. Analysts trading the stock believe that the stock has more upside potential left in it even after a strong rally, on both technical and fundamental basis.
Indian Bank continues to exhibit a strong long-term bullish structure on the charts, despite witnessing a healthy correction from its recent peak. After rallying sharply, the stock corrected by more than 10 per cent, which appears to be a time–price consolidation rather than a trend reversal. Such corrective phases are typical in strong uptrends, said Master Capital Services.
Prices are trading comfortably above all key moving averages, indicating that the broader trend remains firmly positive. The rising slope of short-, medium-, and long-term moving averages further reinforces the strength of the underlying trend and suggests that buyers continue to maintain control at lower levels. It is sustaining a well-defined pattern of higher highs and higher lows, reflecting consistent accumulation on dips, it said.
"Indian Bank has broken out from a consolidation range on the daily chart, signaling a resumption of upward momentum after a brief pause. This breakout, coupled with the stock’s ability to hold above key support zones, strengthens the bullish outlook. The recent pullback has provided a favorable risk–reward setup for positional participants. We recommend partial buying at current level 800 and rest on fall close to 750," it Master Capital said with a target price of Rs 831-930 and stop loss of Rs 720.
Shares of Indian Bank were seen in the range of Rs 825-845 apiece on Monday, January 1, 2026 but settled at Rs 834.40, down marginallly, with its total market capitalization stood close to Rs 1.12 lakh crore. The stock is down 6 per cent from its 52-week high at Rs 898.60 on November 11, 2025.
Shares of Indian Bank have soared 1,775 per cent from covid-19 low around Rs 45 apeice, while the stock has surged more than 850 per cent in the last five years. The stock has gained 60 per cent in the last one year, while it is 77 per cent from its 52-week low at Rs 474.05, hit in January 2025. It has gained 30 per cent in the last six months.
Indian Bank plans to ramp up its otherwise weak non-fund business growth to drive up fees. NIM shall moderate a tad in Q3, due to bunching-up of MCLR pricing in 3Q, while inching up a bit in 4Q, subject to no rate cut. ECL impact on CAR could be 150 bps. The bank has proactively started making provisions to limit the transitional impact on Apr 1, 2027, said Emkay Global.
"The bank believes that better operating leverage and focus on fees should partly offset the eventual moderation in AUCA recovery and ECL provisions, to help sustain RoA 1-1.1 per cent. We remain positive on Indian Bank, backed by its superior return profile and credible management, and retain 'buy' with a recently raised target price of Rs 900," it said.
On the other hand, Elara Capital has a 'reduce' rating on Indian Bank with a target price of Rs 730, valuing its a P/E multiple of 8.5-9.5 times and P/B multiple of 1.2-1.5 times between FY26-28E. Its return on assets (RoA) is seen at 1.1-1.2 per cent during the reported period.