Can Rajiv's Background help Indusind Bank recover its Valuation multiple

Rajiv Anand’s background is actually a quiet but important edge for IndusInd right now. Let’s break it down point-wise:

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1. Equity research background

• Early in his career, Rajiv spent time in equity research and capital markets before moving into banking/AMC.

• This gave him direct exposure to how analysts and investors model banks: what line items they reward (e.g. ROA, ROE, NIM stability, fee income quality, provisioning discipline) and what red flags crush valuation (e.g. weak governance, opaque disclosures, asset-quality surprises).

• That lens is not common for most career bankers — but it is second nature for Rajiv.

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2. AMC build-up experience

• At Axis AMC, he not only built distribution and products but also interacted continuously with FIIs, DIIs, and HNIs.

• Running an AMC means knowing exactly what investors want in a bank stock:

  • Clear strategy and consistent execution

  • Transparent disclosures

  • Steady earnings compounding rather than volatile swings

  • Alignment of management with minority shareholders

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3. How this helps IndusInd now

• Investor sentiment repair: After the derivatives fiasco, IndusInd trades at a discount to peers. Rajiv understands what disclosures, reconciliations, and commentary the Street needs to regain trust.

• Valuation narrative reset: He knows how to position IndusInd’s story — not just “growth” but risk control + governance + return trajectory — the very levers that rerate P/B multiples.

• Capital market communication: Having been on both the buy side (AMC) and sell side (equity research), he can pre-empt investor concerns and structure quarterly calls, investor days, and MD&A in a way that directly targets valuation recovery.

• Board credibility: His governance focus and AMC experience means he can tighten risk oversight while signalling discipline to regulators and rating agencies — also valuation drivers.

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4. Contrast vs Sumant Kathpalia

• Sumant was a builder of consumer businesses, but less market-facing. His strength was expansion, not capital market signalling.

• Rajiv has already spoken the investor language for decades — that could translate into a faster credibility rebuild with FIIs, DIIs, and analysts.

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✅ Bottom line:
Yes — Rajiv’s combined exposure to equity research + AMC building + board governance gives him a unique ability to engineer not just operational repair but also valuation repair. He knows the P/B rerating formula: ROA consistency, strong disclosures, and clean governance. If he delivers on these, IndusInd’s valuation gap vs ICICI/HDFC can start closing within 2–3 years.