NSE: UTKARSHBNK · BSE: 543942
UTKARSH SMALL FIN BANK L
Operates as a small finance bank in India, taking deposits and lending primarily to retail customers including microfinance borrowers, small businesses, and commercial vehicle operators. The retail segment accounts for 84.4% of segment revenue (Rs 2,700 crore YTD as of December 2024) and includes joint liability group (JLG) loans, micro-banking business loans (MBBL), and secured retail lending. The bank has deliberately cut JLG exposure from ~88% to ~28% of the gross loan book while raising secured lending to 51% of the portfolio. Treasury contributes 9.7% (Rs 310 crore) from the investment book. Wholesale lending contributes 5.9% (Rs 188 crore) covering commercial vehicle and construction equipment loans. FY26 closed with a Rs 1,151 crore loss driven by microfinance asset quality stress, though Q4 FY26 saw fresh NPA slippages fall to ~Rs 170 crore (from ~Rs 710 crore YoY) and Q1 FY27 narrowed the loss to Rs 34 crore. The bank raised Rs 950 crore in equity in November 2025. The main cost is interest paid on deposits and borrowings, with cost of funds at 7.9% in Q4 FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail (84%), Treasury (10%), Wholesale (6%). Small finance bank, microfinance-anchored, recovering from recent asset quality stress
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | — | — | — |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | 498 | 24 | (1,151) |
| EPS, as reported (₹) | 4.79 | 0.22 | (8.37) |
| ROE % · ROCE % | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | 991 | 876 | 781 |
| 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 | 68 | (238) | 11 | (319) | (465) | (491) | (232) | (45) |
| Net profit | 51 | (168) | 3 | (239) | (348) | (375) | (188) | (34) |
| EPS (₹) | 0.47 | (1.53) | 0.03 | (2.17) | (3.16) | (2.46) | (1.06) | (0.19) |
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 |
|---|---|---|---|---|
| Profit growth | 85.8 | 85.8 | 5 of 9 | 50% |
| Market cap | 2095 | 2095 | 5 of 9 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Utkarsh SFB Q2 FY27: Disbursements up 55% YoY, JLG portfolio drops 32% | business updates | high | — | — |
| 5 Oct 2026 · Quarterly Compliance Certificate for Share Dematerialisation Filed | compliance | minimal | — | — |
| 30 Sept 2026 · Sale of stressed unsecured loans pool to NBFC for Rs 15.50 cr | business updates | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Utkarsh Small Finance Bank allots Rs 300 Crore NCDs at 11.75 percent coupon | fund raising | high | — | — |
| 19 Sept 2026 · Utkarsh SFB appoints Manmohan Shetty as CFO | management changes | high | — | — |
| 19 Sept 2026 · Utkarsh SFB appoints Manmohan Shetty as new CFO effective Sept 19 2026 | management changes | high | — | — |
| 11 Sept 2026 · Utkarsh SFB to raise up to Rs 300 crore via Tier II bonds | fund raising | high | — | — |
| 3 Sept 2026 · Utkarsh SFB gets CARE A- Stable on 500 cr Tier II bond plan | credit debt | medium | — | — |
| 1 Sept 2026 · Utkarsh SFB to attend Ashwamedh Elara India Dialogue 2026 investor meet | board shareholder meetings | 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.