Mumbai, June 18 -- The upgrade note highlighted a string of positives: the board's renewed push for better governance, the ongoing hunt for new leadership, and a focused plan to "start FY26F on a clean slate."

Adding to the optimism, recent Reserve Bank of India (RBI) remarks recognizing the bank's clean-up efforts have offered a layer of regulatory reassurance. The brokerage also flagged that an RBI nod allowing promoters to raise their stake could further calm investor nerves.

IndusInd Bank has had its fair share of turbulence in recent months, battling governance lapses and accounting issues. But it has been in damage control mode -- cleaning up its books and making one-time provisions to close legacy chapters.

On the numbers front,...