NSE: SURYODAY · BSE: 543279
SURYODAY SMALL FIN BK LTD
A small finance bank with 717 offices across 15 states and 8,759 employees, focused on financial inclusion through a retail-led model. Retail Banking generates 84.3% of segment revenue, offering microfinance, commercial vehicle finance, mortgages, and deposit products to retail and small-business customers. The bank is shifting its microfinance book from joint-liability group lending to individual Vikas loans, with 80% of monthly onboarding now individual. Treasury contributes 9.4% and Corporate banking 4.9% (the latter loss-making at EBIT), with the corporate book in run-down. The dominant cost line is the cost of funds (deposits), while credit cost is a major earnings swing factor, partly offset by Credit Guarantee Fund for Micro Units (CGFMU) claims of ₹387 cr received in Q1 FY27. FY26 net profit was ₹151.97 cr on total assets of ₹19,883.96 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Banking (84%), Treasury (9%), Corporate (5%), Other Banking Operations (1%). Retail-led small finance bank with microfinance core; transitioning from JLG to individual lending and building secured retail book
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 | (93) | 78 | 216 | 115 | 152 |
| EPS, as reported (₹) | (8.76) | 7.32 | 20.34 | 10.82 | 14.30 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (347) | (98) | 935 | 1,320 | 652 |
| 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 | 60 | 38 | (47) | 47 | 39 | 48 | 66 | 102 |
| Net profit | 45 | 33 | (34) | 35 | 30 | 37 | 50 | 75 |
| EPS (₹) | 4.27 | 3.13 | (3.18) | 3.32 | 2.86 | 3.44 | 4.68 | 7.07 |
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 | 63,513 | 22.2 | — | — | — | — | — | — |
| UJJIVAN SMALL FINANC BANK | 10,783 | 11.9 | — | — | — | — | — | — |
| EQUITAS SMALL FIN BNK LTD | 7,400 | 14.5 | — | — | — | — | — | — |
| JANA SMALL FIN BANK LTD | 4,144 | 10.9 | — | — | — | — | — | — |
| UTKARSH SMALL FIN BANK L | 2,095 | — | — | — | — | — | — | — |
| ESAF SMALL FINANCE BANK L | 2,000 | 19.3 | — | — | — | — | — | — |
| SURYODAY SMALL FIN BK LTD ◆ | 1,385 | 7.2 | — | — | — | — | — | — |
| CAPITAL SMALL FIN BANK L | 1,164 | 6.3 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.2 | 13.2 | 2 of 8 | 86% |
| Profit growth | 113.1 | 85.8 | 4 of 9 | 63% |
| Market cap | 1385 | 2095 | 7 of 9 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board approves Rs 100 Cr Lower Tier II NCD issuance via private placement | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board to consider raising funds via Tier II NCDs on private placement | fund raising | medium | — | — |
| 15 Oct 2026 · RBI approves remuneration for MD & CEO and Executive Director | management changes | medium | — | — |
| 14 Oct 2026 · Conference call on Q2 FY27 results scheduled for Oct 30 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Suryoday SFB allots INR 200 Crore Basel II Tier II NCDs at 10.05% coupon | fund raising | high | — | — |
| 7 Oct 2026 · Reg. 74(5) Certificate - no demat or remat requests in Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Board meeting on Oct 29, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 5 Oct 2026 · Suryoday SFB Q2FY27: advances up 35% YoY, GNPA improves to 2.9% | general | low | — | — |
| 1 Oct 2026 · Suryoday SFB appoints new Chief Risk Officer, redesignates Yogesh Dixit | management changes | high | — | — |
| 29 Sept 2026 · Investor meet outcome filed with exchanges | investor communications | low | — | — |
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.