NSE:EQUITASBNK Forensic Report - SOIC x StockScans Report

Equitas Small Finance Bank is a retail-first bank built to serve India’s underbanked - the micro-entrepreneurs, small shopkeepers and first-time vehicle owners whom mainstream lenders often overlook because they lack formal credit histories. It began in 2007 as a microfinance institution founded by P N Vasudevan, converted into a Small Finance Bank in 2016 by merging its lending, housing and microfinance arms, and later absorbed its promoter holding company in 2023 to become a fully public, board-run bank. The recurring approach is to lend like an NBFC - using field-based cash-flow assessment rather than paper documents - while funding those loans with a granular deposit franchise, acting as the sole banker for customers who have never had one before.

Business segments

Five lending engines at different stages - a secured small-business cash cow, a vehicle-finance platform built on used assets, an affordable-housing book for self-employed families, a legacy microfinance portfolio, and a cluster of smaller secured bets - all funded by a deposit franchise that is the real backbone.

1. Small Business Loans: the bank’s core secured engine

Loans secured against residential property, given to micro-entrepreneurs with no formal credit record, using a field-based cash-flow model that has been tested across multiple credit cycles.

Lends where documents don’t exist - the bank assesses borrowers by visiting their business, validating cash flows with vendor data rather than relying on payslips or tax returns, using a proprietary templated credit model built since 2013.
Secured by property, not promises - the Small Business Loan is 100% backed by residential property, with ticket sizes between ₹3 lakh and ₹50 lakh and tenures of 5-15 years; the average portfolio ticket is just under ₹6 lakh, reflecting the micro-entrepreneur base.
Graduates its own customers - microfinance borrowers are consciously migrated into individual secured loans as their businesses grow, creating a pipeline that already knows the bank’s credit discipline.
Dominates new-to-credit MSME lending - in FY24-25, Equitas accounted for about 5% of the entire banking sector’s disbursements to first-time MSME borrowers, while holding only 0.7% of total banking-sector MSME credit.
Provisioned more conservatively than the regulator requires - for sub-standard secured assets it sets aside 27% versus RBI’s 15%, and for doubtful-1 secured it provides 80% versus the regulatory 25%.

2. Vehicle Finance: turning skilled drivers into owner-operators

A used-vehicle-heavy book that finances first-time commercial-vehicle buyers - drivers who know the trade but lack capital - with a proprietary loan system and OEM partnerships.

Used vehicles are the deliberate focus - used commercial vehicles make up 56% of the portfolio and used cars another 23%, a mix the bank has been shifting towards by design because used-asset lending carries lower ticket sizes and faster repayment visibility.
Finances the driver, not just the vehicle - loans go predominantly to first-time transport entrepreneurs with limited or no credit history, people who have driving expertise but need capital to own their own truck or carrier.
OEM tie-ups bring origination - the bank has strategic relationships with major manufacturers and dealers, and holds a 10% market share in Tata Motors’ Small Commercial Vehicle segment in the geographies where it operates.
Runs on its own loan system - a proprietary origination platform called ‘Hetra’ handles vehicle-finance underwriting, giving the bank control over credit decisions rather than relying on third-party software.
Capital relief through government guarantees - a portion of the vehicle book (₹1,690 crore of principal) is covered under the CGTMSE guarantee scheme, which reduces the capital the bank must hold against those loans.

3. Affordable Housing Finance: home loans for the self-employed in small towns

First-home loans aimed at self-employed families in Tier-2 to Tier-5 towns - a book built on self-construction and loan-against-property rather than builder flats.

Self-employed and self-construction focused - the product targets borrowers who build their own homes or need a loan against property, not salaried buyers of ready apartments, which is why it reaches customers larger housing-finance companies often skip.
Small-town geography - the affordable housing portfolio is spread across just six states and 70 branches, with plans to add 30 more, keeping distribution tight and close to the customer base.
Government-scheme eligible - eligible borrowers from economically weaker and low-income segments can access benefits under the Pradhan Mantri Awas Yojana, making the loans more affordable for the bank’s target families.

4. Microfinance: the legacy engine that feeds the pipeline

Unsecured group loans to women micro-entrepreneurs - the business the bank was born from, now deliberately kept at around 10% of advances and used as a customer-acquisition funnel.

Joint-liability-group model - roughly 99% of the portfolio is JLG loans, where groups of women guarantee each other, spread across 10 states and concentrated in Tamil Nadu.
Tiny tickets, vast reach - the average portfolio ticket is just ₹43,000, and the bank carries over one million live microfinance loans, making it a high-volume, small-balance operation.
Acquires customers with low leverage - the bank targets new-to-credit and new-to-bank women who have not already borrowed from multiple lenders, reducing the risk of over-indebtedness.
Social inclusion built in - since inception the bank has reached more than 72,000 differently abled persons and has included transgender individuals in joint liability groups, embedding inclusion into the lending model itself.

5. Other secured lending: MSE, NBFC and gold loans

A cluster of smaller secured books - working capital for micro-enterprises, term loans to NBFCs, and branch-based gold loans - that together diversify the asset side.

MSE Finance serves organised small enterprises - working-capital and term loans go to businesses with turnover of ₹1-10 crore that maintain formal records, with over 90% of the portfolio qualifying as priority-sector lending.
NBFC lending is large-ticket and tightly held - with only 52 live loans and an average portfolio ticket of ₹3,727 lakh, this is a concentrated wholesale book, 100% secured, that on-lends to retail borrowers through partner NBFCs.
Gold loans are the new cross-sell - disbursed at a steady ₹100-120 crore per month from liability branches, the gold-loan book crossed ₹850 crore in Q4 FY26 and is being expanded into asset branches as a focused sourcing activity.

Deposit franchise and third-party distribution

The deposit franchise is the bank’s real moat - it funds the lending engines with granular retail deposits while cross-selling fee products that deepen customer relationships.

Retail deposits dominate - individual depositors account for 57% of total deposits, and total retail deposits (Retail TD + CASA) make up 68%, giving the bank a stable, granular funding base rather than dependence on wholesale money.
Tiered programmes lock in loyalty - the bank runs branded programmes for different segments: ‘Elite’ for mass-affluent families (30,000 families covered), ‘ARTHA’ for HNIs with wealth management and a metal credit card, and ‘EPIC’ for NRIs with time-zone-aligned relationship managers and lounge access.
Cost of funds is being engineered down - the bank migrated customers from 444-day to 888-day term deposits, cut its savings rate from 6.08% to 5.1%, and narrowed the peak retail term-deposit rate gap versus large banks from 1.25% to 0.8%.
Fee income from third-party products - the bank distributes insurance (₹71 crore in premiums in Q4 FY26), mutual funds (₹426 crore AUM), and trading accounts through a partnership with HDFC Securities, earning fees without taking credit risk.
Government and NRI mandates add heft - the bank is empanelled to distribute salaries and pensions for Maharashtra state government employees, and its FCNR deposits crossed USD 29 million.

Digital and technology platform

A proprietary digital backbone that runs lending, deposits and service on cloud-native apps - built in-house to keep the bank’s ‘lend like an NBFC’ model scalable.

Selfe Loans app digitises tiny-entrepreneur lending - the app recorded 3.9 lakh-plus downloads and disbursed roughly ₹1,787 crore of loans in FY26, taking the bank’s field-based credit model onto a mobile platform.
Mobile Banking 2.0 is cloud-native - the next-generation app crossed 4 lakh downloads and integrates UPI, bill payments, goal-based deposits, face recognition and ASBA IPO applications on a single platform.
Insta Banking delivers branch services at the doorstep - over 40 service journeys use Aadhaar biometric authentication for instant, paperless processing, while the ‘Banker on Wheels’ initiative serves senior citizens and Elite customers at home.
Fintech partnerships act as neo-banking channels - the NiyoX partnership alone opened 13.8 lakh accounts, and the bank treats fintechs as distribution complements rather than competitors.

Group structure and partners

A standalone bank with no subsidiaries, 100% publicly held after a reverse merger, and flanked by two social trusts that run schools and a cancer-care hospital.

Reverse merger created a board-run entity - the promoter Equitas Holdings Limited was amalgamated into the bank in February 2023, and since the Transferor Company had no identifiable promoter and all its shareholders were public shareholders, the merger increased public shareholding in the bank to 100%, which also clears the path to apply for a Universal Bank Licence.
No subsidiaries - the bank operates as a single legal entity with no downstream companies, keeping the structure simple.
Social trusts extend the ‘Beyond Banking’ philosophy - Equitas Development Initiatives Trust runs eight Gurukul schools educating over 7,500 children and runs vocational training and pavement-dweller rehabilitation, while Equitas Healthcare Foundation is building an affordable cancer-care hospital with Sringery Sarada Mutt.
Institutional shareholders have RBI approval - ICICI Prudential AMC has approval to hold up to 9.95%, and SBI Funds Management earlier received approval for up to 9.99%, bringing large domestic institutional oversight to the share register.

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	1,359	1,429	1,445	1,501	1,555	1,612	1,644	1,649	1,617	1,692	1,836	1,960
Growth YoY Revenue Growth YoY%	35.6	34.4	25.0	19.7	14.4	12.8	13.8	9.8	4.0	5.0	11.7	18.9
Interest Expended Interest ExpendedCr	593	644	659	699	753	794	815	863	844	840	856	931
Expenses ExpensesCr	680	715	758	974	1,021	967	1,002	1,375	969	1,027	965	1,041
Financing Profit Financing ProfitCr	86	70	28	-173	-219	-149	-172	-589	-195	-176	15	-11
FPM FPM%	6.3	4.9	1.9	-11.5	-14.1	-9.2	-10.5	-35.7	-12.1	-10.4	0.8	-0.6
Other Income Other IncomeCr	181	205	240	209	239	238	225	292	229	289	263	255
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	267	276	268	36	20	90	53	-297	34	114	278	244
Tax TaxCr	69	74	61	10	7	23	11	-74	9	24	66	60
PAT PATCr	198	202	208	26	13	66	42	-224	24	90	213	184
Growth YoY PAT Growth YoY%	70.2	18.7	9.3	-86.5	-93.5	-67.2	-79.7	-968.6	87.4	35.8	405.1	182.1
NPM NPM%	14.6	14.1	14.4	1.7	0.8	4.1	2.6	-13.6	1.5	5.3	11.6	9.4
EPS EPS₹	1.8	1.8	1.8	0.2	0.1	0.6	0.4	-2.0	0.2	0.8	1.9	1.6
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

1,359

1,429

1,445

1,501

1,555

1,612

1,644

1,649

1,617

1,692

1,836

1,960

Growth YoY

Revenue Growth YoY%

35.6

34.4

25.0

19.7

14.4

12.8

13.8

9.8

4.0

5.0

11.7

18.9

Interest Expended

Interest ExpendedCr

593

644

659

699

753

794

815

863

844

840

856

931

Expenses

ExpensesCr

680

715

758

974

1,021

967

1,002

1,375

969

1,027

965

1,041

Financing Profit

Financing ProfitCr

-173

-219

-149

-172

-589

-195

-176

-11

FPM

FPM%

6.3

4.9

1.9

-11.5

-14.1

-9.2

-10.5

-35.7

-12.1

-10.4

0.8

-0.6

Other Income

Other IncomeCr

181

205

240

209

239

238

225

292

229

289

263

255

Depreciation

DepreciationCr

PBT

PBTCr

267

276

268

-297

114

278

244

Tax

TaxCr

-74

PAT

PATCr

198

202

208

-224

213

184

Growth YoY

PAT Growth YoY%

70.2

18.7

9.3

-86.5

-93.5

-67.2

-79.7

-968.6

87.4

35.8

405.1

182.1

NPM

NPM%

14.6

14.1

14.4

1.7

0.8

4.1

2.6

-13.6

1.5

5.3

11.6

9.4

EPS

EPS₹

1.8

0.2

0.1

0.6

0.4

-2.0

0.2

0.8

1.9

1.6

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	1,359	1,429	1,445	1,501	1,555	1,612	1,644	1,649	1,617	1,692	1,836	1,960
Growth YoY Revenue Growth YoY%	35.6	34.4	25.0	19.7	14.4	12.8	13.8	9.8	4.0	5.0	11.7	18.9
Interest Expended Interest ExpendedCr	593	644	659	699	753	794	815	863	844	840	856	931
Expenses ExpensesCr	680	715	758	974	1,021	967	1,002	1,375	969	1,027	965	1,041
Financing Profit Financing ProfitCr	86	70	28	-173	-219	-149	-172	-589	-195	-176	15	-11
FPM FPM%	6.3	4.9	1.9	-11.5	-14.1	-9.2	-10.5	-35.7	-12.1	-10.4	0.8	-0.6
Other Income Other IncomeCr	181	205	240	209	239	238	225	292	229	289	263	255
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	267	276	268	36	20	90	53	-297	34	114	278	244
Tax TaxCr	69	74	61	10	7	23	11	-74	9	24	66	60
PAT PATCr	198	202	208	26	13	66	42	-224	24	90	213	184
Growth YoY PAT Growth YoY%	70.2	18.7	9.3	-86.5	-93.5	-67.2	-79.7	-968.6	87.4	35.8	405.1	182.1
NPM NPM%	14.6	14.1	14.4	1.7	0.8	4.1	2.6	-13.6	1.5	5.3	11.6	9.4
EPS EPS₹	1.8	1.8	1.8	0.2	0.1	0.6	0.4	-2.0	0.2	0.8	1.9	1.6
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

1,359

1,429

1,445

1,501

1,555

1,612

1,644

1,649

1,617

1,692

1,836

1,960

Growth YoY

Revenue Growth YoY%

35.6

34.4

25.0

19.7

14.4

12.8

13.8

9.8

4.0

5.0

11.7

18.9

Interest Expended

Interest ExpendedCr

593

644

659

699

753

794

815

863

844

840

856

931

Expenses

ExpensesCr

680

715

758

974

1,021

967

1,002

1,375

969

1,027

965

1,041

Financing Profit

Financing ProfitCr

-173

-219

-149

-172

-589

-195

-176

-11

FPM

FPM%

6.3

4.9

1.9

-11.5

-14.1

-9.2

-10.5

-35.7

-12.1

-10.4

0.8

-0.6

Other Income

Other IncomeCr

181

205

240

209

239

238

225

292

229

289

263

255

Depreciation

DepreciationCr

PBT

PBTCr

267

276

268

-297

114

278

244

Tax

TaxCr

-74

PAT

PATCr

198

202

208

-224

213

184

Growth YoY

PAT Growth YoY%

70.2

18.7

9.3

-86.5

-93.5

-67.2

-79.7

-968.6

87.4

35.8

405.1

182.1

NPM

NPM%

14.6

14.1

14.4

1.7

0.8

4.1

2.6

-13.6

1.5

5.3

11.6

9.4

EPS

EPS₹

1.8

0.2

0.1

0.6

0.4

-2.0

0.2

0.8

1.9

1.6

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	TTM
Revenue RevenueCr	426	981	1,543	2,112	2,645	3,194	3,460	4,162	5,486	6,312	6,794	7,106
Growth Revenue Growth%	61.8	130.5	57.3	36.9	25.3	20.8	8.3	20.3	31.8	15.0	7.6	10.0
Interest Expended Interest ExpendedCr	0	447	682	960	1,150	1,396	1,421	1,617	2,407	3,060	3,403	3,471
Expenses ExpensesCr	341	571	947	994	1,304	1,628	2,123	2,361	2,681	3,816	4,170	4,002
Financing Profit Financing ProfitCr	85	-38	-86	157	191	170	-84	184	399	-564	-779	-367
FPM FPM%	20.0	-3.8	-5.6	7.4	7.2	5.3	-2.4	4.4	7.3	-8.9	-11.5	-5.2
Other Income Other IncomeCr	50	233	241	283	282	418	538	670	799	911	1,074	1,037
Depreciation DepreciationCr	5	32	88	92	96	76	75	85	134	148	167	0
PBT PBTCr	131	164	68	348	377	511	378	769	1,063	199	128	670
Tax TaxCr	46	60	36	138	133	127	97	195	264	52	25	159
PAT PATCr	85	104	32	211	244	384	281	574	799	147	103	510
Growth PAT Growth%	148.7	22.3	-69.4	561.5	15.7	57.7	-26.9	104.3	39.3	-81.6	-29.9	598.2
NPM NPM%	20.0	10.6	2.1	10.0	9.2	12.0	8.1	13.8	14.6	2.3	1.5	7.2
EPS EPS₹	2.0	1.3	0.3	2.1	2.4	3.5	2.4	4.7	7.1	1.3	0.9	4.5

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

426

981

1,543

2,112

2,645

3,194

3,460

4,162

5,486

6,312

6,794

7,106

Growth

Revenue Growth%

61.8

130.5

57.3

36.9

25.3

20.8

8.3

20.3

31.8

15.0

7.6

10.0

Interest Expended

Interest ExpendedCr

447

682

960

1,150

1,396

1,421

1,617

2,407

3,060

3,403

3,471

Expenses

ExpensesCr

341

571

947

994

1,304

1,628

2,123

2,361

2,681

3,816

4,170

4,002

Financing Profit

Financing ProfitCr

-38

-86

157

191

170

-84

184

399

-564

-779

-367

FPM

FPM%

20.0

-3.8

-5.6

7.4

7.2

5.3

-2.4

4.4

7.3

-8.9

-11.5

-5.2

Other Income

Other IncomeCr

233

241

283

282

418

538

670

799

911

1,074

1,037

Depreciation

DepreciationCr

134

148

167

PBT

PBTCr

131

164

348

377

511

378

769

1,063

199

128

670

Tax

TaxCr

138

133

127

195

264

159

PAT

PATCr

104

211

244

384

281

574

799

147

103

510

Growth

PAT Growth%

148.7

22.3

-69.4

561.5

15.7

57.7

-26.9

104.3

39.3

-81.6

-29.9

598.2

NPM

NPM%

20.0

10.6

2.1

10.0

9.2

12.0

8.1

13.8

14.6

2.3

1.5

7.2

EPS

EPS₹

2.0

1.3

0.3

2.1

2.4

3.5

2.4

4.7

7.1

1.3

0.9

4.5

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	426	981	1,543	2,112	2,645	3,194	3,460	4,162	5,486	6,312	6,794	7,106
Growth Revenue Growth%	61.8	130.5	57.3	36.9	25.3	20.8	8.3	20.3	31.8	15.0	7.6	10.0
Interest Expended Interest ExpendedCr	0	447	682	960	1,150	1,396	1,421	1,617	2,407	3,060	3,403	3,471
Expenses ExpensesCr	341	571	947	994	1,304	1,628	2,123	2,361	2,681	3,816	4,170	4,002
Financing Profit Financing ProfitCr	85	-38	-86	157	191	170	-84	184	399	-564	-779	-367
FPM FPM%	20.0	-3.8	-5.6	7.4	7.2	5.3	-2.4	4.4	7.3	-8.9	-11.5	-5.2
Other Income Other IncomeCr	50	233	241	283	282	418	538	670	799	911	1,074	1,037
Depreciation DepreciationCr	5	32	88	92	96	76	75	85	134	148	167	0
PBT PBTCr	131	164	68	348	377	511	378	769	1,063	199	128	670
Tax TaxCr	46	60	36	138	133	127	97	195	264	52	25	159
PAT PATCr	85	104	32	211	244	384	281	574	799	147	103	510
Growth PAT Growth%	148.7	22.3	-69.4	561.5	15.7	57.7	-26.9	104.3	39.3	-81.6	-29.9	598.2
NPM NPM%	20.0	10.6	2.1	10.0	9.2	12.0	8.1	13.8	14.6	2.3	1.5	7.2
EPS EPS₹	2.0	1.3	0.3	2.1	2.4	3.5	2.4	4.7	7.1	1.3	0.9	4.5

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

426

981

1,543

2,112

2,645

3,194

3,460

4,162

5,486

6,312

6,794

7,106

Growth

Revenue Growth%

61.8

130.5

57.3

36.9

25.3

20.8

8.3

20.3

31.8

15.0

7.6

10.0

Interest Expended

Interest ExpendedCr

447

682

960

1,150

1,396

1,421

1,617

2,407

3,060

3,403

3,471

Expenses

ExpensesCr

341

571

947

994

1,304

1,628

2,123

2,361

2,681

3,816

4,170

4,002

Financing Profit

Financing ProfitCr

-38

-86

157

191

170

-84

184

399

-564

-779

-367

FPM

FPM%

20.0

-3.8

-5.6

7.4

7.2

5.3

-2.4

4.4

7.3

-8.9

-11.5

-5.2

Other Income

Other IncomeCr

233

241

283

282

418

538

670

799

911

1,074

1,037

Depreciation

DepreciationCr

134

148

167

PBT

PBTCr

131

164

348

377

511

378

769

1,063

199

128

670

Tax

TaxCr

138

133

127

195

264

159

PAT

PATCr

104

211

244

384

281

574

799

147

103

510

Growth

PAT Growth%

148.7

22.3

-69.4

561.5

15.7

57.7

-26.9

104.3

39.3

-81.6

-29.9

598.2

NPM

NPM%

20.0

10.6

2.1

10.0

9.2

12.0

8.1

13.8

14.6

2.3

1.5

7.2

EPS

EPS₹

2.0

1.3

0.3

2.1

2.4

3.5

2.4

4.7

7.1

1.3

0.9

4.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	423	1,006	1,006	1,006	1,053	1,139	1,252	1,111	1,135	1,140	1,141
Reserves ReservesCr	288	1,006	1,038	1,248	1,691	2,257	2,994	4,047	4,834	4,933	4,984
Deposits DepositsCr	0	1,921	5,604	9,007	10,788	16,392	18,951	25,348	36,129	43,102	46,533
Borrowings BorrowingsCr	1,638	4,779	5,177	3,973	5,135	4,165	2,616	2,974	1,788	2,137	5,773
Other Liabilities Other LiabilitiesCr	189	533	485	529	628	755	1,134	1,478	1,418	1,524	2,180
Total Liabilities Total LiabilitiesCr	2,538	9,245	13,310	15,763	19,296	24,708	26,948	34,958	45,304	52,836	60,610
Fixed Assets Fixed AssetsCr					213	185	200	379	605	696	715
Investments InvestmentsCr	0	1,891	3,857	2,344	2,343	3,705	4,450	6,665	9,065	9,289	10,149
Advances AdvancesCr	2,416	5,909	7,898	11,833	14,090	17,286	19,951	26,483	31,855	37,081	43,779
Cash Equivalents Cash EquivalentsCr	99	1,114	1,211	1,261	2,537	3,379	2,133	1,244	3,579	5,536	5,666
Other Assets Other AssetsCr	23	332	344	325	113	153	214	187	200	234	301
Total Assets Total AssetsCr	2,538	9,245	13,310	15,763	19,296	24,708	26,948	34,958	45,304	52,836	60,610

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

423

1,006

1,053

1,139

1,252

1,111

1,135

1,140

1,141

Reserves

ReservesCr

288

1,006

1,038

1,248

1,691

2,257

2,994

4,047

4,834

4,933

4,984

Deposits

DepositsCr

1,921

5,604

9,007

10,788

16,392

18,951

25,348

36,129

43,102

46,533

Borrowings

BorrowingsCr

1,638

4,779

5,177

3,973

5,135

4,165

2,616

2,974

1,788

2,137

5,773

Other Liabilities

Other LiabilitiesCr

189

533

485

529

628

755

1,134

1,478

1,418

1,524

2,180

Total Liabilities

Total LiabilitiesCr

2,538

9,245

13,310

15,763

19,296

24,708

26,948

34,958

45,304

52,836

60,610

Fixed Assets

Fixed AssetsCr

213

185

200

379

605

696

715

Investments

InvestmentsCr

1,891

3,857

2,344

2,343

3,705

4,450

6,665

9,065

9,289

10,149

Advances

AdvancesCr

2,416

5,909

7,898

11,833

14,090

17,286

19,951

26,483

31,855

37,081

43,779

Cash Equivalents

Cash EquivalentsCr

1,114

1,211

1,261

2,537

3,379

2,133

1,244

3,579

5,536

5,666

Other Assets

Other AssetsCr

332

344

325

113

153

214

187

200

234

301

Total Assets

Total AssetsCr

2,538

9,245

13,310

15,763

19,296

24,708

26,948

34,958

45,304

52,836

60,610

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	423	1,006	1,006	1,006	1,053	1,139	1,252	1,111	1,135	1,140	1,141
Reserves ReservesCr	288	1,006	1,038	1,248	1,691	2,257	2,994	4,047	4,834	4,933	4,984
Deposits DepositsCr	0	1,921	5,604	9,007	10,788	16,392	18,951	25,348	36,129	43,102	46,533
Borrowings BorrowingsCr	1,638	4,779	5,177	3,973	5,135	4,165	2,616	2,974	1,788	2,137	5,773
Other Liabilities Other LiabilitiesCr	189	533	485	529	628	755	1,134	1,478	1,418	1,524	2,180
Total Liabilities Total LiabilitiesCr	2,538	9,245	13,310	15,763	19,296	24,708	26,948	34,958	45,304	52,836	60,610
Fixed Assets Fixed AssetsCr					213	185	200	379	605	696	715
Investments InvestmentsCr	0	1,891	3,857	2,344	2,343	3,705	4,450	6,665	9,065	9,289	10,149
Advances AdvancesCr	2,416	5,909	7,898	11,833	14,090	17,286	19,951	26,483	31,855	37,081	43,779
Cash Equivalents Cash EquivalentsCr	99	1,114	1,211	1,261	2,537	3,379	2,133	1,244	3,579	5,536	5,666
Other Assets Other AssetsCr	23	332	344	325	113	153	214	187	200	234	301
Total Assets Total AssetsCr	2,538	9,245	13,310	15,763	19,296	24,708	26,948	34,958	45,304	52,836	60,610

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

423

1,006

1,053

1,139

1,252

1,111

1,135

1,140

1,141

Reserves

ReservesCr

288

1,006

1,038

1,248

1,691

2,257

2,994

4,047

4,834

4,933

4,984

Deposits

DepositsCr

1,921

5,604

9,007

10,788

16,392

18,951

25,348

36,129

43,102

46,533

Borrowings

BorrowingsCr

1,638

4,779

5,177

3,973

5,135

4,165

2,616

2,974

1,788

2,137

5,773

Other Liabilities

Other LiabilitiesCr

189

533

485

529

628

755

1,134

1,478

1,418

1,524

2,180

Total Liabilities

Total LiabilitiesCr

2,538

9,245

13,310

15,763

19,296

24,708

26,948

34,958

45,304

52,836

60,610

Fixed Assets

Fixed AssetsCr

213

185

200

379

605

696

715

Investments

InvestmentsCr

1,891

3,857

2,344

2,343

3,705

4,450

6,665

9,065

9,289

10,149

Advances

AdvancesCr

2,416

5,909

7,898

11,833

14,090

17,286

19,951

26,483

31,855

37,081

43,779

Cash Equivalents

Cash EquivalentsCr

1,114

1,211

1,261

2,537

3,379

2,133

1,244

3,579

5,536

5,666

Other Assets

Other AssetsCr

332

344

325

113

153

214

187

200

234

301

Total Assets

Total AssetsCr

2,538

9,245

13,310

15,763

19,296

24,708

26,948

34,958

45,304

52,836

60,610

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-469	1,334	213	1,799	440	2,044	159	-998	3,834	1,937	-3,316
Investing Cash Flow Investing Cash FlowCr	-30	-405	-11	-7	-72	-43	-89	-261	-360	-239	-185
Financing Cash Flow Financing Cash FlowCr	321	-563	-28	-1,706	908	-1,154	-1,317	60	-1,210	259	3,641
Net Cash Flow Net Cash FlowCr	-177	366	173	86	1,276	847	-1,246	-1,199	2,264	1,957	140
Free Cash Flow Free Cash FlowCr	-468	1,041	133	1,751	367	1,995	68	-1,261	3,474	1,698	-3,501
CFO To EBITDA CFO To EBITDA%	-550.5	-3,548.6	-247.4	1,143.8	230.4	1,204.9	-189.5	-542.9	961.1	-343.1	425.7

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-469

1,334

213

1,799

440

2,044

159

-998

3,834

1,937

-3,316

Investing Cash Flow

Investing Cash FlowCr

-30

-405

-11

-7

-72

-43

-89

-261

-360

-239

-185

Financing Cash Flow

Financing Cash FlowCr

321

-563

-28

-1,706

908

-1,154

-1,317

-1,210

259

3,641

Net Cash Flow

Net Cash FlowCr

-177

366

173

1,276

847

-1,246

-1,199

2,264

1,957

140

Free Cash Flow

Free Cash FlowCr

-468

1,041

133

1,751

367

1,995

-1,261

3,474

1,698

-3,501

CFO To EBITDA

CFO To EBITDA%

-550.5

-3,548.6

-247.4

1,143.8

230.4

1,204.9

-189.5

-542.9

961.1

-343.1

425.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-469	1,334	213	1,799	440	2,044	159	-998	3,834	1,937	-3,316
Investing Cash Flow Investing Cash FlowCr	-30	-405	-11	-7	-72	-43	-89	-261	-360	-239	-185
Financing Cash Flow Financing Cash FlowCr	321	-563	-28	-1,706	908	-1,154	-1,317	60	-1,210	259	3,641
Net Cash Flow Net Cash FlowCr	-177	366	173	86	1,276	847	-1,246	-1,199	2,264	1,957	140
Free Cash Flow Free Cash FlowCr	-468	1,041	133	1,751	367	1,995	68	-1,261	3,474	1,698	-3,501
CFO To EBITDA CFO To EBITDA%	-550.5	-3,548.6	-247.4	1,143.8	230.4	1,204.9	-189.5	-542.9	961.1	-343.1	425.7

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-469

1,334

213

1,799

440

2,044

159

-998

3,834

1,937

-3,316

Investing Cash Flow

Investing Cash FlowCr

-30

-405

-11

-7

-72

-43

-89

-261

-360

-239

-185

Financing Cash Flow

Financing Cash FlowCr

321

-563

-28

-1,706

908

-1,154

-1,317

-1,210

259

3,641

Net Cash Flow

Net Cash FlowCr

-177

366

173

1,276

847

-1,246

-1,199

2,264

1,957

140

Free Cash Flow

Free Cash FlowCr

-468

1,041

133

1,751

367

1,995

-1,261

3,474

1,698

-3,501

CFO To EBITDA

CFO To EBITDA%

-550.5

-3,548.6

-247.4

1,143.8

230.4

1,204.9

-189.5

-542.9

961.1

-343.1

425.7

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						6,841	6,404	7,449	10,487	6,269	5,896	8,066
Price To Earnings Price To Earnings						17.8	22.8	13.0	13.1	42.6	57.4	15.8
Price To Sales Price To Sales						2.1	1.9	1.8	1.9	1.0	0.9	1.1
Price To Book Price To Book						2.0	1.5	1.4	1.8	1.0	1.0	1.3
EV To EBITDA EV To EBITDA						45.0	-81.8	49.9	21.8	-5.1	-7.7	-148.9
Profitability Ratios Profitability Ratios
FPM FPM%	20.0	-3.8	-5.6	7.5	7.2	5.3	-2.4	4.4	7.3	-8.9	-11.5	-5.2
NPM NPM%	20.0	10.6	2.1	10.0	9.2	12.0	8.1	13.8	14.6	2.3	1.5	7.2
ROCE ROCE%	5.6	7.0	5.8	8.6	8.2	8.0	7.0	7.1	7.9	6.3	6.0	6.0
ROE ROE%	12.0	5.2	1.6	9.3	8.9	11.3	6.6	11.1	13.4	2.4	1.7	1.7
ROA ROA%	3.4	1.1	0.2	1.3	1.3	1.6	1.0	1.6	1.8	0.3	0.2	0.2
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

Market Cap

Market CapitalizationCr

6,841

6,404

7,449

10,487

6,269

5,896

8,066

Price To Earnings

17.8

22.8

13.0

13.1

42.6

57.4

15.8

Price To Sales

2.1

1.9

1.8

1.9

1.0

0.9

1.1

Price To Book

2.0

1.5

1.4

1.8

1.0

1.3

EV To EBITDA

45.0

-81.8

49.9

21.8

-5.1

-7.7

-148.9

Profitability Ratios

FPM

FPM%

20.0

-3.8

-5.6

7.5

7.2

5.3

-2.4

4.4

7.3

-8.9

-11.5

-5.2

NPM

NPM%

20.0

10.6

2.1

10.0

9.2

12.0

8.1

13.8

14.6

2.3

1.5

7.2

ROCE

ROCE%

5.6

7.0

5.8

8.6

8.2

8.0

7.0

7.1

7.9

6.3

6.0

ROE

ROE%

12.0

5.2

1.6

9.3

8.9

11.3

6.6

11.1

13.4

2.4

1.7

ROA

ROA%

3.4

1.1

0.2

1.3

1.6

1.0

1.6

1.8

0.3

0.2

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						6,841	6,404	7,449	10,487	6,269	5,896	8,066
Price To Earnings Price To Earnings						17.8	22.8	13.0	13.1	42.6	57.4	15.8
Price To Sales Price To Sales						2.1	1.9	1.8	1.9	1.0	0.9	1.1
Price To Book Price To Book						2.0	1.5	1.4	1.8	1.0	1.0	1.3
EV To EBITDA EV To EBITDA						45.0	-81.8	49.9	21.8	-5.1	-7.7	-148.9
Profitability Ratios Profitability Ratios
FPM FPM%	20.0	-3.8	-5.6	7.5	7.2	5.3	-2.4	4.4	7.3	-8.9	-11.5	-5.2
NPM NPM%	20.0	10.6	2.1	10.0	9.2	12.0	8.1	13.8	14.6	2.3	1.5	7.2
ROCE ROCE%	5.6	7.0	5.8	8.6	8.2	8.0	7.0	7.1	7.9	6.3	6.0	6.0
ROE ROE%	12.0	5.2	1.6	9.3	8.9	11.3	6.6	11.1	13.4	2.4	1.7	1.7
ROA ROA%	3.4	1.1	0.2	1.3	1.3	1.6	1.0	1.6	1.8	0.3	0.2	0.2
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

Market Cap

Market CapitalizationCr

6,841

6,404

7,449

10,487

6,269

5,896

8,066

Price To Earnings

17.8

22.8

13.0

13.1

42.6

57.4

15.8

Price To Sales

2.1

1.9

1.8

1.9

1.0

0.9

1.1

Price To Book

2.0

1.5

1.4

1.8

1.0

1.3

EV To EBITDA

45.0

-81.8

49.9

21.8

-5.1

-7.7

-148.9

Profitability Ratios

FPM

FPM%

20.0

-3.8

-5.6

7.5

7.2

5.3

-2.4

4.4

7.3

-8.9

-11.5

-5.2

NPM

NPM%

20.0

10.6

2.1

10.0

9.2

12.0

8.1

13.8

14.6

2.3

1.5

7.2

ROCE

ROCE%

5.6

7.0

5.8

8.6

8.2

8.0

7.0

7.1

7.9

6.3

6.0

ROE

ROE%

12.0

5.2

1.6

9.3

8.9

11.3

6.6

11.1

13.4

2.4

1.7

ROA

ROA%

3.4

1.1

0.2

1.3

1.6

1.0

1.6

1.8

0.3

0.2

Solvency Ratios

	AUBANK	UJJIVANSFB	EQUITASBNK	JSFB	UTKARSHBNK	ESAFSFB	SURYODAY
Market CapitalizationMkt CapCr	73,010	12,343	8,066	4,529	2,331	2,232	1,581
Close PriceClose₹	971.70	63.20	70.50	428.00	13.10	43.25	148.75
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	25.42	10.69	15.77	11.87			8.24
Price To SalesPS	3.73	1.58	1.14	0.80	0.69	0.59	0.69
RevenueRevenueCr	19,561	7,809	7,106	5,637	3,381	3,807	2,287
Revenue Growth TTMRev Gr TTM%	17.3%	20.8%	10.0%	18.2%	-8.1%	3.9%	16.7%
PAT Growth TTMPAT Gr TTM%	30.8%	175.6%	598.2%	-12.3%	-167.7%	99.2%	139.3%

Market CapitalizationMkt CapCr

73,010

12,343

8,066

4,529

2,331

2,232

1,581

Close PriceClose₹

971.70

63.20

70.50

428.00

13.10

43.25

148.75

IndustryIndustry

Small Finance Banks

Price To EarningsPE

25.42

10.69

15.77

11.87

8.24

Price To SalesPS

3.73

1.58

1.14

0.80

0.69

0.59

0.69

RevenueRevenueCr

19,561

7,809

7,106

5,637

3,381

3,807

2,287

Revenue Growth TTMRev Gr TTM%

17.3%

20.8%

10.0%

18.2%

-8.1%

3.9%

16.7%

PAT Growth TTMPAT Gr TTM%

30.8%

175.6%

598.2%

-12.3%

-167.7%

99.2%

139.3%

	AUBANK	UJJIVANSFB	EQUITASBNK	JSFB	UTKARSHBNK	ESAFSFB	SURYODAY
Market CapitalizationMkt CapCr	73,010	12,343	8,066	4,529	2,331	2,232	1,581
Close PriceClose₹	971.70	63.20	70.50	428.00	13.10	43.25	148.75
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	25.42	10.69	15.77	11.87			8.24
Price To SalesPS	3.73	1.58	1.14	0.80	0.69	0.59	0.69
RevenueRevenueCr	19,561	7,809	7,106	5,637	3,381	3,807	2,287
Revenue Growth TTMRev Gr TTM%	17.3%	20.8%	10.0%	18.2%	-8.1%	3.9%	16.7%
PAT Growth TTMPAT Gr TTM%	30.8%	175.6%	598.2%	-12.3%	-167.7%	99.2%	139.3%

Market CapitalizationMkt CapCr

73,010

12,343

8,066

4,529

2,331

2,232

1,581

Close PriceClose₹

971.70

63.20

70.50

428.00

13.10

43.25

148.75

IndustryIndustry

Small Finance Banks

Price To EarningsPE

25.42

10.69

15.77

11.87

8.24

Price To SalesPS

3.73

1.58

1.14

0.80

0.69

0.59

0.69

RevenueRevenueCr

19,561

7,809

7,106

5,637

3,381

3,807

2,287

Revenue Growth TTMRev Gr TTM%

17.3%

20.8%

10.0%

18.2%

-8.1%

3.9%

16.7%

PAT Growth TTMPAT Gr TTM%

30.8%

175.6%

598.2%

-12.3%

-167.7%

99.2%

139.3%

Equitas Small Finance Bank Ltd

Equitas Small Finance Bank Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison