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ESAF Small Finance Bank Ltd

ESAFSFB

NSE

₹43.34-2.12%19 Oct 2026

Reports

Small Finance Banks

ESAF Small Finance Bank Ltd

ESAFSFB

NSE

₹43.34

-2.12%

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.

ESAF Small Finance Bank is a scheduled commercial bank built to serve the unserved - it began as a social foundation in 1992, spent two decades as a microfinance institution, and converted into a bank in 2017, becoming the first private bank in Kerala to receive a banking licence since independence. Its recurring approach is to use doorstep group lending to women in rural and semi-urban India as the entry point, then cross-sell secured loans, deposits, and third-party products as those customers grow - a triple-bottom-line model the bank calls “fighting the partiality of prosperity”. As of March 2026, it served +100 lakh total customers through 804 banking outlets and 720 ATMs across 24 states and 2 union territories.

Business segments

Three engines at different stages - a microfinance originator that is deliberately shrinking, a fast-growing secured-lending portfolio built on gold and mortgages, and a granular retail deposit franchise that funds them both.

1. Micro banking: the origin engine, now deliberately shrinking

Unsecured group loans delivered at the doorstep to women borrowers - the bank’s founding business, which is being steadily replaced by secured assets on the balance sheet.

Group lending with a decade-plus track record - the bank pioneered microfinance in most of its geographies more than 10 years ago, creating deep customer loyalty that management says makes borrowers trust the bank more than a pure microfinance institution.
Doorstep service through joint liability groups - loans are delivered and collected at the customer’s home using a network of business correspondents and field officers, with group meetings revived to strengthen accountability and officer workloads cut from 400 to 355 borrowers each.
Small tickets, high yield - the average microfinance loan is roughly ₹70,000 and earns a yield of 20.2%, serving households with annual income up to ₹5 lakh for income generation, education, green energy, and consumption.
Shrinking on purpose - micro loans fell from 70% of gross advances in March 2024 to 39% by March 2026, as the bank deliberately pivots toward secured lending to reduce portfolio risk.
Paperless processing at scale - a central credit unit uses credit-bureau data and tablet-based underwriting for cashless disbursals; e-sign alone saved over 3 million sheets of paper across 756,330 loans.

2. MARG secured lending: the growth engine, built on gold and mortgages

A portfolio of asset-backed loans - gold, mortgages, vehicles, MSME, and agriculture - that grew 47% in a year and crossed the bank’s 70%-secured target ahead of schedule.

Gold loans are the standout - growing 55% year-on-year to reach 39% of the portfolio, with an average ticket of ₹4.5 lakh and a yield of 13.5%, driven by expanding gold-loan counters to more branches and onboarding external appraisers.
Mortgages and gold each grew over 50% - housing loans, loan against property, and lease rental discounting serve salaried, self-employed, and NRI customers, with mortgage tickets averaging ₹15.5 lakh at a 10.2% yield.
MSME targets the “missing middle” - loans from ₹1 lakh to ₹10 lakh for micro-entrepreneurs who have outgrown microfinance but are too small for traditional banks, including supply-chain finance sourced through fintech platforms.
Agri-lending through dedicated officers - products range from dairy development loans and Kisan credit cards to farmer-producer-organisation finance, with an average ticket of ₹80,000 and a 15.4% yield, supported by Agri Relationship Officers and FPO partnerships.
Vehicle finance tied to manufacturers - partnership with Ashok Leyland channels commercial-vehicle customers to the bank, with auto loans averaging ₹5.5 lakh at an 11% yield.

3. Retail liabilities and deposits: the funding base

A granular deposit franchise where 92% of deposits come from individuals - mostly in Kerala - giving the bank a stable, if concentrated, source of low-cost funds.

Kerala is the deposit heartland - three-quarters of deposits come from Kerala, with Tamil Nadu, Delhi, Maharashtra, and Karnataka making up most of the rest.
NRI banking is a growing channel - the bank holds an Authorised Dealer Category 1 licence for foreign exchange and runs targeted campaigns in high-remittance regions, converting remittance flows into deposit relationships.
Fee income from third-party products - the bank distributes life and non-life insurance (Edelweiss, Kotak, Care Health), mutual funds, and government pension schemes, and earns commissions from treasury and forex services.
Bulk deposits come with a lock - 88% of bulk deposits carry a non-prepayment clause, reducing the risk of sudden outflows.

Distribution network and business correspondent model

A multi-layered physical network of 6,263 touch points - branches, ATMs, customer service centres, banking agents, and business correspondents - that reaches customers where traditional banks do not go.

Two-thirds of outlets are rural or semi-urban - 69% of banking outlets and 53% of customers sit outside cities, with the top five lending states being Kerala, Tamil Nadu, Maharashtra, Karnataka, and Madhya Pradesh.
Business correspondents source nearly a third of advances - institutional BCs originate micro, mortgage, vehicle, MSME, and agri loans on a non-exclusive basis, providing constant doorstep engagement that helps keep delinquencies in check.
The ESMACO transition brought field operations in-house - in July 2024, the bank discontinued services from its largest BC, a promoter-group entity that had serviced roughly half of gross advances, and absorbed over 5,100 of its employees directly onto the bank’s payroll.
Digital channels complement the physical network - a mobile banking app connected to UPI, internet banking, WhatsApp banking, and a 24/7 multilingual call centre serve customers who do not visit a branch.

Group structure and partners

A standalone bank with no subsidiaries, controlled by its founding promoter group, which is restructuring its shareholding to comply with RBI ownership rules.

Promoters hold 63.3% - Dr. K. Paul Thomas (6.0%), ESAF Financial Holdings Private Limited (52.9%), and ESMACO and others (4.4%), with retail shareholders at 27.2% and institutions making up the rest.
A shareholding restructuring is underway - a Scheme of Arrangement will reduce the promoter company’s stake to roughly 45.6%, with Dia Vikas Capital’s acquisition of shares in excess of 5% of the bank’s paid-up share capital not being acceded to by the RBI.
The promoter company is now a Core Investment Company - ESAF Financial Holdings transferred its entire lending business to the bank in 2017, surrendered its NBFC-MFI licence, and registered with the RBI as a CIC in 2020.
Key partnerships span vehicles, energy, and technology - vehicle-finance MoUs with Ashok Leyland and Tata Motors, a clean-energy collaboration with Tata Power Renewable Microgrid, and a core-banking transformation with Oracle and Kyndryl.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Edit Ratios

Mkt Cap

Market Capitalization

₹2,237Cr

Close Price

₹43.34

Industry

Small Finance Banks

Price To Earnings

—

Price To Sales

0.59

Revenue

₹3,807Cr

Rev Gr TTM

Revenue Growth TTM

3.91%

PAT Gr TTM

PAT Growth TTM

99.23%

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	943	974	1,002	1,022	995	948	892	828	820	894	995	1,098
Growth YoY Revenue Growth YoY%	37.1	39.0	29.5	13.8	5.5	-2.7	-11.0	-19.0	-17.6	-5.7	11.6	32.5
Interest Expended Interest ExpendedCr	347	377	411	434	456	463	458	450	448	462	477	514
Expenses ExpensesCr	487	567	682	619	834	881	820	682	672	693	692	725
Financing Profit Financing ProfitCr	109	30	-91	-30	-294	-396	-386	-304	-301	-260	-174	-141
FPM FPM%	11.6	3.1	-9.1	-3.0	-29.6	-41.8	-43.2	-36.8	-36.7	-29.1	-17.5	-12.9
Other Income Other IncomeCr	79	120	150	115	98	114	145	195	145	269	201	248
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	188	150	59	85	-255	-282	-241	-109	-155	9	27	107
Tax TaxCr	48	38	15	22	-65	-71	-58	-28	-40	2	4	27
PAT PATCr	140	112	43	63	-190	-211	-183	-81	-116	7	24	80
Growth YoY PAT Growth YoY%	143.3	199.8	-57.2	-51.7	-235.7	-288.1	-522.6	-229.4	39.1	103.4	112.8	198.6
NPM NPM%	14.8	11.5	4.3	6.1	-19.1	-22.3	-20.5	-9.8	-14.1	0.8	2.4	7.3
EPS EPS₹	0.0	2.4	0.9	1.2	-3.7	-4.1	-3.6	-1.6	-2.3	0.1	0.5	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	943	974	1,002	1,022	995	948	892	828	820	894	995	1,098
Growth YoY Revenue Growth YoY%	37.1	39.0	29.5	13.8	5.5	-2.7	-11.0	-19.0	-17.6	-5.7	11.6	32.5
Interest Expended Interest ExpendedCr	347	377	411	434	456	463	458	450	448	462	477	514
Expenses ExpensesCr	487	567	682	619	834	881	820	682	672	693	692	725
Financing Profit Financing ProfitCr	109	30	-91	-30	-294	-396	-386	-304	-301	-260	-174	-141
FPM FPM%	11.6	3.1	-9.1	-3.0	-29.6	-41.8	-43.2	-36.8	-36.7	-29.1	-17.5	-12.9
Other Income Other IncomeCr	79	120	150	115	98	114	145	195	145	269	201	248
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	188	150	59	85	-255	-282	-241	-109	-155	9	27	107
Tax TaxCr	48	38	15	22	-65	-71	-58	-28	-40	2	4	27
PAT PATCr	140	112	43	63	-190	-211	-183	-81	-116	7	24	80
Growth YoY PAT Growth YoY%	143.3	199.8	-57.2	-51.7	-235.7	-288.1	-522.6	-229.4	39.1	103.4	112.8	198.6
NPM NPM%	14.8	11.5	4.3	6.1	-19.1	-22.3	-20.5	-9.8	-14.1	0.8	2.4	7.3
EPS EPS₹	0.0	2.4	0.9	1.2	-3.7	-4.1	-3.6	-1.6	-2.3	0.1	0.5	1.6
Ratios Ratios

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	29	597	1,032	1,413	1,641	1,940	2,854	3,819	3,858	3,537	3,807
Growth Revenue Growth%		1,930.8	72.8	37.0	16.1	18.2	47.1	33.8	1.0	-8.3	3.9
Interest Expended Interest ExpendedCr	16	315	458	621	720	793	1,017	1,449	1,811	1,837	1,901
Expenses ExpensesCr	31	357	538	646	879	1,248	1,676	2,190	3,152	2,674	2,782
Financing Profit Financing ProfitCr	-18	-75	35	146	43	-101	160	180	-1,105	-974	-876
FPM FPM%	-61.4	-12.5	3.4	10.3	2.6	-5.2	5.6	4.7	-28.7	-27.5	-23.0
Other Income Other IncomeCr	19	102	109	133	127	208	288	442	472	811	864
Depreciation DepreciationCr			17	23	29	33	42	51	59	65	0
PBT PBTCr	1	27	127	256	141	74	406	570	-693	-228	-12
Tax TaxCr	0	0	37	66	36	19	104	145	-172	-62	-7
PAT PATCr	1	27	90	190	105	55	302	426	-521	-166	-5
Growth PAT Growth%		3,451.3	234.5	110.9	-44.6	-48.1	452.4	40.8	-222.5	68.1	99.2
NPM NPM%	2.6	4.5	8.8	13.5	6.4	2.8	10.6	11.1	-13.5	-4.7	-0.1
EPS EPS₹			2.4	4.5	2.5	1.2	6.7	9.0	-10.1	-3.2	-0.1

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	29	597	1,032	1,413	1,641	1,940	2,854	3,819	3,858	3,537	3,807
Growth Revenue Growth%		1,930.8	72.8	37.0	16.1	18.2	47.1	33.8	1.0	-8.3	3.9
Interest Expended Interest ExpendedCr	16	315	458	621	720	793	1,017	1,449	1,811	1,837	1,901
Expenses ExpensesCr	31	357	538	646	879	1,248	1,676	2,190	3,152	2,674	2,782
Financing Profit Financing ProfitCr	-18	-75	35	146	43	-101	160	180	-1,105	-974	-876
FPM FPM%	-61.4	-12.5	3.4	10.3	2.6	-5.2	5.6	4.7	-28.7	-27.5	-23.0
Other Income Other IncomeCr	19	102	109	133	127	208	288	442	472	811	864
Depreciation DepreciationCr			17	23	29	33	42	51	59	65	0
PBT PBTCr	1	27	127	256	141	74	406	570	-693	-228	-12
Tax TaxCr	0	0	37	66	36	19	104	145	-172	-62	-7
PAT PATCr	1	27	90	190	105	55	302	426	-521	-166	-5
Growth PAT Growth%		3,451.3	234.5	110.9	-44.6	-48.1	452.4	40.8	-222.5	68.1	99.2
NPM NPM%	2.6	4.5	8.8	13.5	6.4	2.8	10.6	11.1	-13.5	-4.7	-0.1
EPS EPS₹			2.4	4.5	2.5	1.2	6.7	9.0	-10.1	-3.2	-0.1

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	428	428	449	449	449	515	515	516
Reserves ReservesCr	466	656	903	962	1,266	1,977	1,434	1,271
Deposits DepositsCr	4,317	7,028	8,999	12,815	14,666	19,868	23,276	25,850
Borrowings BorrowingsCr	1,702	1,203	1,694	2,953	3,354	3,223	1,406	2,753
Other Liabilities Other LiabilitiesCr	145	154	293	528	489	505	547	479
Total Liabilities Total LiabilitiesCr	7,058	9,470	12,339	17,708	20,224	26,087	27,178	30,868
Fixed Assets Fixed AssetsCr			139	159	188	208	300	516
Investments InvestmentsCr	1,531	1,734	1,932	4,070	4,889	5,541	5,995	6,399
Advances AdvancesCr	4,650	6,702	8,413	11,901	14,342	18,869	18,685	22,505
Cash Equivalents Cash EquivalentsCr	781	903	1,819	1,512	767	1,423	1,979	1,175
Other Assets Other AssetsCr	96	131	36	65	38	47	218	273
Total Assets Total AssetsCr	7,058	9,470	12,339	17,708	20,224	26,087	27,178	30,868

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	428	428	449	449	449	515	515	516
Reserves ReservesCr	466	656	903	962	1,266	1,977	1,434	1,271
Deposits DepositsCr	4,317	7,028	8,999	12,815	14,666	19,868	23,276	25,850
Borrowings BorrowingsCr	1,702	1,203	1,694	2,953	3,354	3,223	1,406	2,753
Other Liabilities Other LiabilitiesCr	145	154	293	528	489	505	547	479
Total Liabilities Total LiabilitiesCr	7,058	9,470	12,339	17,708	20,224	26,087	27,178	30,868
Fixed Assets Fixed AssetsCr			139	159	188	208	300	516
Investments InvestmentsCr	1,531	1,734	1,932	4,070	4,889	5,541	5,995	6,399
Advances AdvancesCr	4,650	6,702	8,413	11,901	14,342	18,869	18,685	22,505
Cash Equivalents Cash EquivalentsCr	781	903	1,819	1,512	767	1,423	1,979	1,175
Other Assets Other AssetsCr	96	131	36	65	38	47	218	273
Total Assets Total AssetsCr	7,058	9,470	12,339	17,708	20,224	26,087	27,178	30,868

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-239	1,089	1,127	-585	-571	1,001	3,176	-1,960
Investing Cash Flow Investing Cash FlowCr	-171	-635	-638	-982	-573	-583	-769	-192
Financing Cash Flow Financing Cash FlowCr	488	-499	653	1,259	399	235	-1,852	1,347
Net Cash Flow Net Cash FlowCr	78	-45	1,143	-308	-745	654	556	-805
Free Cash Flow Free Cash FlowCr	-277	1,036	1,078	-638	-641	930	3,024	-2,242
CFO To EBITDA CFO To EBITDA%	-684.5	744.6	2,639.8	579.0	-357.0	557.0	-287.3	201.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-239	1,089	1,127	-585	-571	1,001	3,176	-1,960
Investing Cash Flow Investing Cash FlowCr	-171	-635	-638	-982	-573	-583	-769	-192
Financing Cash Flow Financing Cash FlowCr	488	-499	653	1,259	399	235	-1,852	1,347
Net Cash Flow Net Cash FlowCr	78	-45	1,143	-308	-745	654	556	-805
Free Cash Flow Free Cash FlowCr	-277	1,036	1,078	-638	-641	930	3,024	-2,242
CFO To EBITDA CFO To EBITDA%	-684.5	744.6	2,639.8	579.0	-357.0	557.0	-287.3	201.3

Standalone

Financial Year	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								2,790	1,264	1,026	2,237
Price To Earnings Price To Earnings								6.5
Price To Sales Price To Sales								0.7	0.3	0.3	0.6
Price To Book Price To Book								1.1	0.7	0.6	1.3
EV To EBITDA EV To EBITDA								25.5	-0.6	-2.7	-33.9
Profitability Ratios Profitability Ratios
FPM FPM%	-61.5	-12.5	3.4	10.3	2.6	-5.2	5.6	4.7	-28.7	-27.5	-23.0
NPM NPM%	2.6	4.5	8.8	13.5	6.4	2.8	10.6	11.1	-13.5	-4.7	-0.1
ROCE ROCE%			8.5	9.4	7.2	5.0	7.2	7.9	4.2	5.3	5.3
ROE ROE%			10.1	17.6	7.8	3.9	17.6	17.1	-26.8	-9.3	-9.3
ROA ROA%			1.3	2.0	0.8	0.3	1.5	1.6	-1.9	-0.5	-0.5
Solvency Ratios Solvency Ratios

Financial Year	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								2,790	1,264	1,026	2,237
Price To Earnings Price To Earnings								6.5
Price To Sales Price To Sales								0.7	0.3	0.3	0.6
Price To Book Price To Book								1.1	0.7	0.6	1.3
EV To EBITDA EV To EBITDA								25.5	-0.6	-2.7	-33.9
Profitability Ratios Profitability Ratios
FPM FPM%	-61.5	-12.5	3.4	10.3	2.6	-5.2	5.6	4.7	-28.7	-27.5	-23.0
NPM NPM%	2.6	4.5	8.8	13.5	6.4	2.8	10.6	11.1	-13.5	-4.7	-0.1
ROCE ROCE%			8.5	9.4	7.2	5.0	7.2	7.9	4.2	5.3	5.3
ROE ROE%			10.1	17.6	7.8	3.9	17.6	17.1	-26.8	-9.3	-9.3
ROA ROA%			1.3	2.0	0.8	0.3	1.5	1.6	-1.9	-0.5	-0.5
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%