Equitas Small Finance Bank
Equitas Small Finance Bank
BanksKey Fundamentals
MicrocapSmall Finance BankBanksTapetide Score
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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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoEquitas 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.
- 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
- 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
anthropic claude-opus-4.6 42d ago- 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.
- 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.
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.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 in Rs | 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
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | -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
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -49% | 12% | 8% | 2% | 10% | 10% | 13% | 7% | 12% | 14% | 2% | 2% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY12–FY27.
Documents
Frequently Asked Questions about Equitas Small Finance Bank
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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. [1] [2]
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