Bandhan Bank Ltd.

“Bandhan Bank's core microfinance franchise is being dismantled by regulatory-forced diversification into segments where it holds no competitive edge, while two severe credit cycles in five years reveal that the JLG model's durability was materially weaker than assumed; normalized ROE barely clears cost of equity, the GRUH merger permanently compressed incremental returns, the founder-CEO transition mid-crisis introduces existential key-man risk, and the 1.35x P/B valuation prices in a recovery that — even if it materializes — will deliver a structurally inferior business with no differentiated long-term compounding story.”