NSE: EQUITASBNK · BSE: 543243
EQUITAS SMALL FIN BNK LTD
Operates as a small finance bank taking deposits and lending primarily to retail and small-business customers. As of Q1 FY27, gross advances stood at Rs 47,641 cr, up 27% YoY, with disbursements of Rs 6,784 cr in the quarter; lending is led by used CV, used car, housing finance, small business loans and microfinance. Deposits totalled Rs 48,900 cr with a CASA ratio of 25%. In the YTD period ending December 2024, retail banking accounted for 85.0% of segment revenue, treasury contributed 12.4%, other banking operations 1.6%, and wholesale banking 0.9%. Net interest margin was 7.24% in Q1 FY27 on interest income of Rs 1,960 cr. Asset quality showed GNPA at 2.36% with credit cost at 1.37%, and capital adequacy ratio at 19.44%. The largest cost is the cost of funds, which stood at 7.05% in Q1 FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Banking (85%), Treasury (12%), Other Banking operations (2%), Wholesale Banking (1%). Small finance bank, retail-lending focused, sensitive to interest rate cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 281 | 574 | 799 | 147 | 103 |
| EPS, as reported (₹) | 2.43 | 4.71 | 7.12 | 1.29 | 0.90 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 159 | (1,302) | 4,298 | 1,937 | (3,316) |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 20 | 90 | 53 | (297) | 34 | 114 | 278 | 244 |
| Net profit | 13 | 66 | 42 | (224) | 24 | 90 | 213 | 184 |
| EPS (₹) | 0.11 | 0.58 | 0.37 | (1.96) | 0.21 | 0.79 | 1.86 | 1.61 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AU SMALL FINANCE BANK LTD | 65,827 | 23.0 | — | — | — | — | — | — |
| UJJIVAN SMALL FINANC BANK | 10,574 | 11.6 | — | — | — | — | — | — |
| EQUITAS SMALL FIN BNK LTD ◆ | 7,472 | 14.6 | — | — | — | — | — | — |
| JANA SMALL FIN BANK LTD | 3,969 | 10.4 | — | — | — | — | — | — |
| ESAF SMALL FINANCE BANK L | 2,117 | 20.4 | — | — | — | — | — | — |
| UTKARSH SMALL FIN BANK L | 2,093 | — | — | — | — | — | — | — |
| SURYODAY SMALL FIN BK LTD | 1,425 | 7.4 | — | — | — | — | — | — |
| CAPITAL SMALL FIN BANK L | 1,146 | 6.3 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 13.1 | 5 of 8 | 43% |
| Profit growth | 182.1 | 85.8 | 3 of 9 | 75% |
| Market cap | 7472 | 2117 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Earnings call scheduled for Q2FY27 results on October 29, 2026 | results | low | — | — |
| 10 Oct 2026 · CARE reaffirms Equitas SFB ratings at AA- stable; CDs at A1+ | credit debt | medium | — | — |
| 6 Oct 2026 · Equitas SFB allots 4,574 shares under ESOP scheme | capital market events | low | — | — |
| 6 Oct 2026 · Equitas Bank files routine demat and remat compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 3 Oct 2026 · Social media post on special window for physical share re-lodgement | compliance | minimal | — | — |
| 2 Oct 2026 · Q2 FY27 Update: Advances up 30% YoY, Deposits up 19% YoY | business updates | medium | — | — |
| 30 Sept 2026 · Equitas SFB starts operations at new Chennai corporate office | capex operations | low | — | — |
| 29 Sept 2026 · Equitas SFB lists Rs 500 cr Lower Tier II Bonds on BSE | capital market events | low | — | — |
| 28 Sept 2026 · Equitas SFB: GST demand cut from Rs.534 crore to Rs.24 crore | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closed for Q2 FY26 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.