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Capital Small Finance Bank Ltd

CAPITALSFB

NSE

₹267.85-2.01%19 Oct 2026

Reports

Small Finance Banks

Capital Small Finance Bank Ltd

CAPITALSFB

NSE

₹267.85

-2.01%

19 Oct 2026

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Small Finance Banks

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Capital Small Finance Bank is India’s first small finance bank - a 26-year-old institution that began as a local area bank serving three Punjab districts and converted to an SFB in 2016, one of the few to do so from outside the microfinance world. It takes deposits from middle-income households in semi-urban and rural pockets and lends almost exclusively against property or other hard collateral to the farmers, traders and small businesses that larger banks often overlook. Everything it does flows from a single idea: be the primary banker to a customer, holding both their savings and their loan, so the relationship - and the visibility into their cash flows - deepens with every transaction.

Business segments

Two engines that feed each other - a granular retail deposit franchise that gathers low-cost savings from middle-income households, and a secured lending book that puts those deposits to work in the same communities.

1. Secured lending: putting local deposits to work in the same neighbourhoods

Nearly every rupee lent is backed by property or fixed deposits, and the average loan is small enough that no single borrower can sink the bank.

Collateral on almost everything - about 98% of the loan book is secured, and roughly 89% of non-corporate loans are backed by immovable property or bank fixed deposits, which is why the bank has near-zero write-offs and has never sold a bad loan since inception.
Small tickets, wide spread - the average loan is just ₹14.2 lakhs, and two-thirds of the portfolio sits with borrowers who owe less than ₹25 lakhs, so risk is scattered across thousands of customers rather than concentrated in a few large accounts.
Four lending buckets, one local focus - agricultural loans (28% of the book) fund crop cultivation, tractors and irrigation; MSME and trading loans (14%) finance working capital for local manufacturers and commission agents; mortgage loans (25% combined housing and loan-against-property) cover home construction and business needs; and corporate loans (25%) go to larger entities including NBFCs, with an average ticket of ₹2.75 crores.
Credit decisions made close to the ground - a committee reviews every exposure above ₹125 lakhs, a dedicated team monitors those accounts, and the “principle of four eyes” ensures no single officer approves a loan alone, all built on a credit matrix refined over two decades.
Partnerships extend reach without diluting discipline - in geographies where the branch network is thin, the bank now originates loans through partners under a First Loss Default Guarantee (FLDG) arrangement, where the partner finds and services the customer but the bank controls underwriting and takes a fixed percentage as a loss buffer.

2. Retail deposit franchise: the funding engine that makes the lending possible

Over 90% of deposits come from individuals, not institutions, and nearly nine in ten maturing term deposits are rolled back in - a sticky, low-cost base that few small finance banks can match.

Deposits are the balance sheet - deposits make up 82.5% of total liabilities, with borrowings at just 4.1%, meaning the bank funds its loans almost entirely from customer savings rather than wholesale markets.
CASA that stays put - the current and savings account ratio is a stable 34.7%, and the savings account rate is a modest 3.10%, which together keep the cost of deposits at 5.85% - among the lowest in the SFB segment.
Granular and unconcentrated - the average deposit ticket is just ₹1.21 lakhs, and the top 20 depositors account for only 9.34% of total deposits, so the bank is not hostage to a handful of large accounts.
Term deposits that renew themselves - the rollover ratio on term deposits has been consistently around 90% or higher, a sign that customers treat the bank as their primary savings destination rather than a rate-shopping stop.
A repricing tailwind - more than half of existing term deposits are high-priced and due for repricing in the next two quarters, which should ease the cost of funds further as those deposits reset to current rates.

3. Fee-based services: earning from the relationship beyond the loan

Once a customer opens a deposit or takes a loan, the bank layers on insurance, foreign exchange, government banking and investment services that generate non-interest income without adding credit risk.

Insurance sold, not manufactured - the bank holds a corporate agent licence valid from April 01, 2025 to March 31, 2028 and distributes life, health, motor and property policies from insurers including ICICI Prudential, HDFC Life and Bajaj Allianz, earning ₹39.86 crores in commission in FY26.
A seat at the government table - the bank is one of only two SFBs empanelled by the Punjab Government to manage its deposit placements, and it runs a dedicated institutional banking group to serve state departments, cooperative banks and public trusts.
Foreign exchange and investments under one roof - an Authorised Dealer Category II licence lets the bank handle non-trade remittances, while 3-in-1 demat and trading accounts bundle banking, broking and custody for customers who want to invest.

Branch-led phygital delivery

The bank builds relationships through 211 physical branches - three-quarters of them in semi-urban and rural areas - and layers digital tools on top, not as a replacement but as an extension.

Branches where others don’t go - 77.3% of branches are in semi-urban and rural locations, and more than a quarter sit in unbanked rural centres, placing the bank physically close to customers that commercial banks and NBFCs typically underserve.
Contiguous expansion, not a scattergun - the bank enters a new geography by offering loans first, builds a cluster of branches in nearby territories, and only then pushes deposits and cross-selling once customer relationships are established.

Group structure and partners

A standalone listed bank with no subsidiaries, a board dominated by independent directors, and a strategic shareholding by HDFC Bank group entities.

The bank is a single legal entity with no subsidiaries, joint ventures or material stakes in other businesses.
The board is 60% independent and includes a former SIDBI deputy managing director, a former RBI chief general manager and a retired IAS officer; SIDBI also has a nominee director on the board.
In January 2025, the RBI approved HDFC Bank and its group entities - including HDFC Mutual Fund, HDFC Life and HDFC ERGO - to acquire up to 9.50% of the bank’s share capital, valid for one year.

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Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Ratios

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Mkt Cap

Market Capitalization

₹1,218Cr

Close Price

₹267.85

Industry

Small Finance Banks

Price To Earnings

8.07

Price To Sales

1.12

Revenue

₹1,090Cr

Rev Gr TTM

Revenue Growth TTM

16.28%

PAT Gr TTM

PAT Growth TTM

12.75%

Upcoming Results on

29 Oct 2026

Standalone

Numbers

Percentage

Quarter	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 RevenueCr	197	204	204	218	224	235	231	247	256	272	273	288
Growth YoY Revenue Growth YoY%	17.1	15.6	14.3	15.7	13.5	15.1	13.3	13.1	14.7	15.7	18.0	16.6
Interest Expended Interest ExpendedCr	113	117	117	119	123	128	128	137	145	153	152	155
Expenses ExpensesCr	68	67	70	76	82	80	84	90	88	100	92	105
Financing Profit Financing ProfitCr	16	20	17	24	19	27	19	20	23	19	28	29
FPM FPM%	8.3	9.9	8.4	10.8	8.3	11.7	8.4	7.9	9.1	7.1	10.3	10.0
Other Income Other IncomeCr	16	18	21	17	26	18	26	23	23	26	26	26
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	32	38	38	40	44	46	45	43	46	46	54	55
Tax TaxCr	8	10	9	10	11	12	11	11	11	11	14	14
PAT PATCr	24	29	28	30	33	34	34	32	35	34	40	41
Growth YoY PAT Growth YoY%	6.5	2.4	16.3	-0.3	37.3	17.7	21.4	6.6	4.7	1.1	17.1	29.0
NPM NPM%	12.3	14.2	13.8	13.7	14.9	14.5	14.8	13.0	13.6	12.7	14.7	14.3
EPS EPS₹	0.0	0.0	6.9	6.7	7.4	7.5	7.6	7.1	7.7	7.6	8.8	9.1
Ratios Ratios

Quarter	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 RevenueCr	197	204	204	218	224	235	231	247	256	272	273	288
Growth YoY Revenue Growth YoY%	17.1	15.6	14.3	15.7	13.5	15.1	13.3	13.1	14.7	15.7	18.0	16.6
Interest Expended Interest ExpendedCr	113	117	117	119	123	128	128	137	145	153	152	155
Expenses ExpensesCr	68	67	70	76	82	80	84	90	88	100	92	105
Financing Profit Financing ProfitCr	16	20	17	24	19	27	19	20	23	19	28	29
FPM FPM%	8.3	9.9	8.4	10.8	8.3	11.7	8.4	7.9	9.1	7.1	10.3	10.0
Other Income Other IncomeCr	16	18	21	17	26	18	26	23	23	26	26	26
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	32	38	38	40	44	46	45	43	46	46	54	55
Tax TaxCr	8	10	9	10	11	12	11	11	11	11	14	14
PAT PATCr	24	29	28	30	33	34	34	32	35	34	40	41
Growth YoY PAT Growth YoY%	6.5	2.4	16.3	-0.3	37.3	17.7	21.4	6.6	4.7	1.1	17.1	29.0
NPM NPM%	12.3	14.2	13.8	13.7	14.9	14.5	14.8	13.0	13.6	12.7	14.7	14.3
EPS EPS₹	0.0	0.0	6.9	6.7	7.4	7.5	7.6	7.1	7.7	7.6	8.8	9.1
Ratios Ratios

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	188	224	271	346	458	511	578	676	794	909	1,049	1,090
Growth Revenue Growth%	17.2	19.0	21.1	27.8	32.3	11.6	13.1	16.9	17.5	14.4	15.4	16.3
Interest Expended Interest ExpendedCr	125	150	166	211	286	313	323	354	449	498	587	605
Expenses ExpensesCr	52	72	108	140	181	174	209	227	248	304	353	385
Financing Profit Financing ProfitCr	11	2	-4	-4	-8	24	46	95	97	106	108	100
FPM FPM%	5.9	0.8	-1.4	-1.3	-1.8	4.8	8.0	14.1	12.2	11.7	10.3	9.2
Other Income Other IncomeCr	14	20	23	31	43	46	54	49	68	86	98	102
Depreciation DepreciationCr	5					16	16	21	17	17	18	0
PBT PBTCr	20	22	19	27	35	54	84	124	148	175	189	201
Tax TaxCr	6	7	0	8	9	13	22	31	37	43	47	51
PAT PATCr	14	15	19	19	25	41	63	94	112	132	141	151
Growth PAT Growth%	-3.4	9.5	26.5	2.0	30.8	60.7	53.4	49.6	19.2	18.0	7.4	12.8
NPM NPM%	7.3	6.7	7.0	5.6	5.5	8.0	10.8	13.8	14.0	14.5	13.5	13.8
EPS EPS₹	6.7					12.0	18.4	27.4	30.6	29.2	31.2	33.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	188	224	271	346	458	511	578	676	794	909	1,049	1,090
Growth Revenue Growth%	17.2	19.0	21.1	27.8	32.3	11.6	13.1	16.9	17.5	14.4	15.4	16.3
Interest Expended Interest ExpendedCr	125	150	166	211	286	313	323	354	449	498	587	605
Expenses ExpensesCr	52	72	108	140	181	174	209	227	248	304	353	385
Financing Profit Financing ProfitCr	11	2	-4	-4	-8	24	46	95	97	106	108	100
FPM FPM%	5.9	0.8	-1.4	-1.3	-1.8	4.8	8.0	14.1	12.2	11.7	10.3	9.2
Other Income Other IncomeCr	14	20	23	31	43	46	54	49	68	86	98	102
Depreciation DepreciationCr	5					16	16	21	17	17	18	0
PBT PBTCr	20	22	19	27	35	54	84	124	148	175	189	201
Tax TaxCr	6	7	0	8	9	13	22	31	37	43	47	51
PAT PATCr	14	15	19	19	25	41	63	94	112	132	141	151
Growth PAT Growth%	-3.4	9.5	26.5	2.0	30.8	60.7	53.4	49.6	19.2	18.0	7.4	12.8
NPM NPM%	7.3	6.7	7.0	5.6	5.5	8.0	10.8	13.8	14.0	14.5	13.5	13.8
EPS EPS₹	6.7					12.0	18.4	27.4	30.6	29.2	31.2	33.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	23	34	34	34	45	45	45	45
Reserves ReservesCr	92	417	482	576	1,152	1,295	1,416	1,443
Deposits DepositsCr	1,814	5,221	6,046	6,561	7,478	8,323	10,018	10,596
Borrowings BorrowingsCr	100	617	498	721	472	321	499	686
Other Liabilities Other LiabilitiesCr	23	83	93	98	148	124	166	179
Total Liabilities Total LiabilitiesCr	2,053	6,371	7,154	7,991	9,295	10,108	12,144	12,949
Fixed Assets Fixed AssetsCr		87	84	83	84	88	97	102
Investments InvestmentsCr	586	1,212	1,357	1,489	1,706	1,819	1,973	2,037
Advances AdvancesCr	1,168	3,778	4,687	5,531	6,177	7,195	8,742	9,228
Cash Equivalents Cash EquivalentsCr	261	1,290	1,019	881	1,321	1,000	1,321
Other Assets Other AssetsCr	38	4	7	8	8	6	12	1,583
Total Assets Total AssetsCr	2,053	6,371	7,154	7,991	9,295	10,108	12,144	12,949

Financial Year	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	23	34	34	34	45	45	45	45
Reserves ReservesCr	92	417	482	576	1,152	1,295	1,416	1,443
Deposits DepositsCr	1,814	5,221	6,046	6,561	7,478	8,323	10,018	10,596
Borrowings BorrowingsCr	100	617	498	721	472	321	499	686
Other Liabilities Other LiabilitiesCr	23	83	93	98	148	124	166	179
Total Liabilities Total LiabilitiesCr	2,053	6,371	7,154	7,991	9,295	10,108	12,144	12,949
Fixed Assets Fixed AssetsCr		87	84	83	84	88	97	102
Investments InvestmentsCr	586	1,212	1,357	1,489	1,706	1,819	1,973	2,037
Advances AdvancesCr	1,168	3,778	4,687	5,531	6,177	7,195	8,742	9,228
Cash Equivalents Cash EquivalentsCr	261	1,290	1,019	881	1,321	1,000	1,321
Other Assets Other AssetsCr	38	4	7	8	8	6	12	1,583
Total Assets Total AssetsCr	2,053	6,371	7,154	7,991	9,295	10,108	12,144	12,949

Standalone

Financial Year	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-40	8	-80	174	-211	75	116	279	-385
Investing Cash Flow Investing Cash FlowCr	-9	-31	-22	-12	-13	-202	-165	-56	-37
Financing Cash Flow Financing Cash FlowCr	49	134	192	197	-120	222	223	-155	163
Net Cash Flow Net Cash FlowCr	0	111	90	359	-344	94	173	68	-258
Free Cash Flow Free Cash FlowCr	-49			162	-224	55	98	259	-412
CFO To EBITDA CFO To EBITDA%	-360.3	-188.8	954.7	714.6	-454.0	78.5	119.4	263.4	-355.4

Financial Year	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-40	8	-80	174	-211	75	116	279	-385
Investing Cash Flow Investing Cash FlowCr	-9	-31	-22	-12	-13	-202	-165	-56	-37
Financing Cash Flow Financing Cash FlowCr	49	134	192	197	-120	222	223	-155	163
Net Cash Flow Net Cash FlowCr	0	111	90	359	-344	94	173	68	-258
Free Cash Flow Free Cash FlowCr	-49			162	-224	55	98	259	-412
CFO To EBITDA CFO To EBITDA%	-360.3	-188.8	954.7	714.6	-454.0	78.5	119.4	263.4	-355.4

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr									1,573	1,171	1,005	1,218
Price To Earnings Price To Earnings									14.1	8.9	7.1	8.1
Price To Sales Price To Sales									2.0	1.3	1.0	1.1
Price To Book Price To Book									1.3	0.9	0.7	0.8
EV To EBITDA EV To EBITDA									7.5	4.6	1.7	109.7
Profitability Ratios Profitability Ratios
FPM FPM%	5.9	0.8	-1.4	-1.3	-1.8	4.8	8.0	14.1	12.2	11.7	10.3	9.2
NPM NPM%	7.3	6.7	7.0	5.6	5.5	8.0	10.8	13.8	14.0	14.5	13.5	13.8
ROCE ROCE%	7.2					5.8	5.8	6.1	6.5	6.8	6.5	6.3
ROE ROE%	12.0					9.1	12.1	15.3	9.3	9.8	9.7	10.1
ROA ROA%	0.7					0.6	0.9	1.2	1.2	1.3	1.2	1.2
Solvency Ratios Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr									1,573	1,171	1,005	1,218
Price To Earnings Price To Earnings									14.1	8.9	7.1	8.1
Price To Sales Price To Sales									2.0	1.3	1.0	1.1
Price To Book Price To Book									1.3	0.9	0.7	0.8
EV To EBITDA EV To EBITDA									7.5	4.6	1.7	109.7
Profitability Ratios Profitability Ratios
FPM FPM%	5.9	0.8	-1.4	-1.3	-1.8	4.8	8.0	14.1	12.2	11.7	10.3	9.2
NPM NPM%	7.3	6.7	7.0	5.6	5.5	8.0	10.8	13.8	14.0	14.5	13.5	13.8
ROCE ROCE%	7.2					5.8	5.8	6.1	6.5	6.8	6.5	6.3
ROE ROE%	12.0					9.1	12.1	15.3	9.3	9.8	9.7	10.1
ROA ROA%	0.7					0.6	0.9	1.2	1.2	1.3	1.2	1.2
Solvency Ratios Solvency Ratios

	UJJIVANSFB	EQUITASBNK	JSFB	UTKARSHBNK	ESAFSFB	SURYODAY	CAPITALSFB
Market CapitalizationMkt CapCr	12,343	8,014	4,529	2,322	2,237	1,592	1,218
Close PriceClose₹	63.20	70.04	428.00	13.05	43.34	149.75	267.85
IndustryIndustry	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks
Price To EarningsPE	10.69	15.67	11.87			8.30	8.07
Price To SalesPS	1.58	1.13	0.80	0.69	0.59	0.70	1.12
RevenueRevenueCr	7,809	7,106	5,637	3,381	3,807	2,287	1,090
Revenue Growth TTMRev Gr TTM%	20.8%	10.0%	18.2%	-8.1%	3.9%	16.7%	16.3%
PAT Growth TTMPAT Gr TTM%	175.6%	598.2%	-12.3%	-167.7%	99.2%	139.3%	12.8%

	UJJIVANSFB	EQUITASBNK	JSFB	UTKARSHBNK	ESAFSFB	SURYODAY	CAPITALSFB
Market CapitalizationMkt CapCr	12,343	8,014	4,529	2,322	2,237	1,592	1,218
Close PriceClose₹	63.20	70.04	428.00	13.05	43.34	149.75	267.85
IndustryIndustry	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks	Small Finance Banks
Price To EarningsPE	10.69	15.67	11.87			8.30	8.07
Price To SalesPS	1.58	1.13	0.80	0.69	0.59	0.70	1.12
RevenueRevenueCr	7,809	7,106	5,637	3,381	3,807	2,287	1,090
Revenue Growth TTMRev Gr TTM%	20.8%	10.0%	18.2%	-8.1%	3.9%	16.7%	16.3%
PAT Growth TTMPAT Gr TTM%	175.6%	598.2%	-12.3%	-167.7%	99.2%	139.3%	12.8%