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Equitas Small Finance Bank logo

Equitas Small Finance Bank

EQUITASBNK NSE
₹55.45 +2.80 (+5.32%)
P/E
12.40
View as Markdown
MCP
Close 4 Nov 2026 ₹55.45 −5.19 −8.56% 1Y
Start ₹60.64

Key Fundamentals

MicrocapBanksFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

EPS (TTM)
₹4.47
Book Value
₹57.28
Market Cap
—
P/E (TTM)
12.40
P/B
0.97
ROE
1.68%
Dividend Yield
1.90%
52W High
₹83.90
52W Low
₹47.32
Day Range
₹53.01 – ₹58.00
Volume
5,53,43,061
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
Debt to Equity
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Banks › Small Finance Bank › Other Bank

Equitas Small Finance Bank peer comparison
AU Small Finance Bank
₹904.3521.48₹66,448 Cr3.160.11%14.20%—₹20,661 Cr₹3,154 Cr
Ujjivan Small Finance Bank
₹56.7012.14₹11,244 Cr1.492.64%10.80%—₹7,338 Cr₹907 Cr
Equitas Small Finance Bank (this company)
₹55.4512.40₹6,401 Cr0.971.90%1.68%—₹7,106 Cr₹511 Cr
Jana Small Finance Bank
₹405.2511.24₹4,167 Cr0.880.00%7.60%—₹5,637 Cr₹380 Cr
ESAF Small Finance Bank
₹41.35—₹2,136 Cr1.051.71%−8.86%—₹3,807 Cr−₹5 Cr
Utkarsh Small Finance Bank
₹11.72—₹2,052 Cr0.754.11%−40.00%—₹3,381 Cr−₹945 Cr
Suryoday Small Finance Bank
₹147.308.16₹1,489 Cr0.711.09%7.58%—₹2,287 Cr₹192 Cr
Median 7 companies₹56.7012.14₹4,167 Cr0.971.71%7.58%—₹5,637 Cr₹380 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

37 Weak

Data confidence 100/100

Category scores

Quality
9
Poor
Returns, margins, earnings quality 22% weight
Valuation
44
Weak
Cheap vs sector & own history 24% weight
Growth
69
Strong
Sales & profit trajectory 9% weight
Financial Health
25
Poor
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
62
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company's median sales growth is 23.0% of last 10 years

Weaknesses

3
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 5.92% over last 3 years.
  • Earnings include an other income of Rs.1,037 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1261
OscillatorsBearish261
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
30.19
Neutral
MACD (12,26,9)
−4.07
Bearish
SMA (50)
68.76
Bearish
SMA (200)
69.19
Bearish

As of

Analyst Rating

Based on 21 analysts
BUY90%

19 of 21 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
19
90%
HOLD
1
5%
SELL
1
5%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+32.48%
5Y+16.29%
3Y+17.74%
1Y+7.64%
TTM+9.98%

Net profit

Net profit growth by window
10Y+1.94%
5Y−23.14%
3Y−43.60%
1Y−29.93%
TTMTurned to profit

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹981 Cr
Mar 2018₹1,543 Cr
Mar 2019₹2,112 Cr
Mar 2020₹2,645 Cr
Mar 2021₹3,194 Cr
Mar 2022₹3,460 Cr
Mar 2023₹4,162 Cr
Mar 2024₹5,486 Cr
Mar 2025₹6,312 Cr
Mar 2026₹6,794 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹104 Cr
Mar 2018₹32.00 Cr
Mar 2019₹211 Cr
Mar 2020₹244 Cr
Mar 2021₹384 Cr
Mar 2022₹281 Cr
Mar 2023₹574 Cr
Mar 2024₹799 Cr
Mar 2025₹147 Cr
Mar 2026₹103 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EPS
₹7.24
Reported High Mean Low

Analyst consensus here uses a different definition from reported eps (they differ 1.8× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

Equitas Small Finance Bank trades at a market cap of ₹8,390 Cr with a P/E of 16.3x and P/B of 1.36x. The bank reported TTM profit growth of 598% off a low base, but 3-year compounded profit has declined at -44% CAGR, and 3-year ROE stands at a modest 6%, indicating inconsistent profitability despite steady revenue growth.

Bull Case 7
  • Strong long-term revenue growth with 10-year compounded sales CAGR of 32%, indicating sustained business expansion
  • Median sales growth of 23% over last 10 years demonstrates consistent top-line momentum in a growing addressable market
  • TTM profit growth of 598% shows sharp earnings recovery from a depressed base, signaling potential normalization
  • P/B ratio of 1.36x is reasonable for a small finance bank, suggesting the stock is not excessively priced relative to book value
  • TTM sales growth of 10% indicates continued revenue expansion even in the current environment
  • Dividend yield of 1.38% provides some income return, which is notable for a small finance bank in growth phase
  • Stock has delivered 22% return over 1 year, outperforming broader market indices and reflecting improving sentiment
Bear Case 8
  • 3-year compounded profit CAGR of -44% reflects significant earnings deterioration over a meaningful period
  • 3-year ROE of only 6% and last year ROE of just 2% indicate poor capital efficiency for a banking institution
  • Low interest coverage ratio raises concerns about the bank's ability to service its obligations comfortably
  • Earnings include other income of ₹1,037 Cr, suggesting core operating profitability may be weaker than headline numbers indicate
  • 5-year compounded profit CAGR of -23% shows the bank has destroyed earnings value over a half-decade horizon
  • 5-year stock CAGR of just 3% implies the market has not rewarded shareholders meaningfully over a medium-term period
  • 3-year stock CAGR of -8% indicates sustained underperformance and capital erosion for medium-term holders
  • 5-year ROE of 7% remains well below the cost of equity for most banking institutions, suggesting inadequate shareholder returns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: Equitas Small Finance Bank delivered a strong turnaround in Q1FY27, swinging from a ₹2.2B loss to ₹1.84B profit with improving asset quality and revenue growth. Management confidence is high, guiding for potential ROA outperformance and accelerating deposit growth. No material headwinds emerged from recent disclosures. The trend is clearly improving, and execution on liability-side growth in Q2 will be the next key monitorable.

Positives 3
  • Q1 profit reversal from loss Jul 28

    Net profit of ₹1.84B in Q1FY27 vs net loss of ₹2.2B YoY. Revenue grew to ₹19.6B from ₹16.5B year-on-year.

  • Asset quality improving sequentially Jul 28

    GNPA declined to 2.42% from 2.60% QoQ and NNPA eased to 0.71% from 0.72%, signaling improving loan book health.

  • ROA targets may be exceeded Jul 29

    Management indicated it could exceed FY27 ROA goals and expects deposit growth to accelerate in Q2, reflecting confidence in profitability trajectory.

Neutral 2
  • Q1FY27 earnings call released Jul 29

    Audio recording of earnings call held on July 29, 2026 for the quarter ended June 30, 2026 released per SEBI regulations.

  • 10th AGM scheduled Sep 9 Jul 6

    Equitas SFB will hold its 10th AGM on September 09, 2026 via video conferencing, dispensing with physical annual report copies.

Quarterly Results

₹ Cr
EQUITASBNK quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
1,254
1,359
1,429
1,445
1,501
1,555
1,612
1,644
1,649
1,617
1,692
1,836
1,960
Expenses
662
680
715
758
974
1,021
967
1,002
1,375
969
1,027
965
1,041
Financing Profit
81
86
70
28
−173
−219
−149
−172
−589
−195
−176
15
−11
Fin. Margin %
6%
6%
5%
2%
−12%
−14%
−9%
−10%
−36%
−12%
−10%
1%
−1%
Other Income
171
181
205
240
209
239
238
225
292
229
289
263
255
Interest
511
593
644
659
699
753
794
815
863
844
840
856
931
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
252
267
276
268
36
20
90
53
−297
34
114
278
244
Tax %
24%
26%
27%
23%
28%
36%
26%
21%
−25%
28%
21%
24%
25%
Net Profit
191
198
202
208
26
13
66
42
−224
24
90
213
184
EPS (₹)
1.72
1.77
1.79
1.83
0.23
0.11
0.58
0.37
−1.96
0.21
0.79
1.86
1.61
Gross NPA %
2.75%
2.27%
2.53%
2.61%
2.73%
2.95%
2.97%
2.89%
2.92%
2.92%
2.75%
2.6%
2.42%
Net NPA %
1.18%
0.97%
1.13%
1.17%
0.83%
0.97%
0.96%
0.98%
0.98%
0.98%
0.92%
0.72%
0.71%

Profit & Loss

₹ Cr
EQUITASBNK profit and loss, annual, ₹ crore
Particulars Mar 2012Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
6
408
981
1,543
2,112
2,645
3,194
3,460
4,162
5,486
6,312
6,794
7,106
Expenses
17
230
561
964
1,015
1,304
1,628
2,123
2,361
2,681
3,816
4,170
4,002
Financing Profit
−13
19
−40
−105
133
191
170
−84
184
399
−564
−779
−367
Fin. Margin %
−208%
5%
−4%
−7%
6%
7%
5%
−2%
4%
7%
−9%
−11%
−5%
Other Income
0
71
233
241
283
282
418
538
670
799
911
1,074
1,037
Interest
2
159
460
684
964
1,150
1,396
1,421
1,617
2,407
3,060
3,403
3,471
Depreciation
0
5
32
88
92
96
76
75
85
134
148
167
0
PBT
−13
85
161
49
324
377
511
378
769
1,063
199
128
670
Tax %
0%
0%
36%
34%
35%
35%
25%
26%
25%
25%
26%
20%
—
Net Profit
−13
85
104
32
211
244
384
281
574
799
147
103
510
EPS (₹)
−2.13
2.01
1.04
0.32
2.09
2.31
3.37
2.24
5.16
7.04
1.29
0.9
4.47
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
19%
14%
78%
0%
—

Balance Sheet

₹ Cr
EQUITASBNK balance sheet, annual, ₹ crore
Particulars Mar 2012Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
61
423
1,006
1,006
1,006
1,053
1,139
1,252
1,111
1,135
1,140
1,141
Reserves
−13
288
1,006
1,038
1,248
1,691
2,257
2,994
4,047
4,834
4,933
4,984
Borrowing
44
1,638
4,779
5,177
3,973
5,135
4,165
2,616
2,974
1,788
2,137
5,773
Deposits
0
—
1,921
5,604
9,007
10,788
16,392
18,951
25,348
36,129
43,102
46,533
Other Liabilities
14
65
533
485
529
628
755
1,134
1,478
1,418
1,524
2,180
Total Liabilities
105
2,414
9,245
13,310
15,763
19,296
24,708
26,948
34,958
45,304
52,836
60,610
Fixed Assets
4
11
274
280
236
210
184
189
338
537
531
527
CWIP
0
0
15
1
2
2
1
11
41
68
165
189
Investments
0
0
1,890
3,857
2,344
2,343
3,705
4,450
6,665
9,065
9,289
10,149
Other Assets
102
2,403
7,066
9,172
13,181
16,740
20,818
22,297
27,914
35,634
42,851
49,746
Total Assets
105
2,414
9,245
13,310
15,763
19,296
24,708
26,948
34,958
45,304
52,836
60,610

Cash Flow

₹ Cr
EQUITASBNK cash flow, annual, ₹ crore
Particulars Mar 2012Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−101
−336
1,334
213
1,799
440
2,044
159
−998
3,834
1,937
−3,316
Investing
−3
−9
−405
−11
−7
−72
−43
−89
49
−360
−239
−185
Financing
108
168
−563
−28
−1,706
908
−1,154
−1,317
60
−1,210
259
3,641
Net Cash Flow
4
−177
366
173
86
1,276
847
−1,246
−888
2,264
1,957
140
Free Cash Flow
−106
−344
1,041
133
1,751
367
1,995
68
−1,261
3,474
1,698
−3,501
CFO/OP
912
−161
341
42
177
43
140
24
−45
147
84
−123

Ratios

EQUITASBNK financial ratios, annual
Particulars Mar 2012Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
−49%
12%
8%
2%
10%
10%
13%
7%
12%
14%
2%
2%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Equitas Small Finance Bank insights

81 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 52.24%
  • Public 24.54%
  • FIIs 15.80%
  • Others 7.41%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Equitas Small Finance Bank

What does Equitas Small Finance Bank Ltd do?
Equitas Small Finance Bank Ltd before acquiring small bank license, operated as a wholly-owned subsidiary of Equitas Holding Ltd. The holding entity started its operations in 2007 in the microfinance segment & diversified into vehicle & housing finance in 2011. Also entered into SME & LAP in 2013.
Where is Equitas Small Finance Bank Ltd (EQUITASBNK) listed?
Equitas Small Finance Bank Ltd trades as EQUITASBNK on the NSE and under code 543243 on the BSE.
Which sector does Equitas Small Finance Bank Ltd belong to?
Equitas Small Finance Bank Ltd is classified under the Banks sector, in the Small Finance Bank industry.
What is the PE ratio of Equitas Small Finance Bank Ltd?
Equitas Small Finance Bank Ltd trades at a PE ratio of 12.40 as of 4 Nov 2026, on earnings per share of ₹4.47, against a book value of ₹57.28 per share.
What is the 52-week high and low of Equitas Small Finance Bank Ltd?
Over the last 52 weeks Equitas Small Finance Bank Ltd has traded between ₹47.32 and ₹83.9 as of 4 Nov 2026.
Does Equitas Small Finance Bank Ltd pay dividends?
Equitas Small Finance Bank Ltd has a dividend yield of 1.90%.
What is the Return on Equity (ROE) of Equitas Small Finance Bank Ltd?
Equitas Small Finance Bank Ltd reported a return on equity of 1.68%.

Company Information

Equitas Small Finance Bank Ltd before acquiring small bank license, operated as a wholly-owned subsidiary of Equitas Holding Ltd. The holding entity started its operations in 2007 in the microfinance segment & diversified into vehicle & housing finance in 2011. Also entered into SME & LAP in 2013. It merged with the other two subsidiaries named Equitas Microfinance Ltd & Equitas Housing Finance Ltd & formed a bank. After receiving a license in Sept 2016 the company commenced operations under Equitas small finance Bank.

Website equitasbank.com
CEO Mr. Pathangi Narasimhan Vasudevan
Employees 25,409
Listed 2 Nov 2020
Face Value ₹10

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