Equitas Small Finance Bank Ltd.

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equitas.bank.inBSE: 543243NSE: EQUITASBNK

Market Cap₹ 8,388 Cr.

Current Price

High / Low₹ 84 / 51

Stock P/E16.4

Book Value₹ 55

Price to Book0.97

Dividend Yield0.00 %

ROCE4.4 %

ROE1.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Retail Banking: 84.1% • Treasury: 12.8% • Other Banking Business: 1.6%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 20.3%
Latest quarter profit grew 182.1% YoY, showing strong momentum
Healthy loan book growth of 18.1% with stable asset quality
Healthy net interest margin of 5.8%
Company has delivered good sales growth of 16.3% CAGR over last 5 years
Strong provisioning - provision coverage ratio of 71.0%

CONS

A large part of profit comes from other income (837.8% of PBT)
Company has delivered a poor profit growth of -23.1% over past five years
Operating margins have contracted to 18.6% from 28.3%
Though reporting repeated profits, the company pays out little dividend (0.0%)
Growth is decelerating - 3Y profit CAGR (-43.6%) trails the 5Y trend (-23.1%)
Company's return on assets is weak at 0.2%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesBankBank - Private

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	HDFCBANK	708.00	13.81	1091323.88	2.19	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1379.15	17.65	989980.04	0.87	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	418.70	20.52	416508.36	0.16	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1247.50	13.98	388399.91	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	83.44	9.63	89718.04	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	344.40	18.18	85149.33	0.35	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1058.00	43.57	79454.72	0.09	7959.53	1270.31	53027.42	1111.10	14.17	56.24
8.	INDUSINDBK	977.80	57.61	76184.77	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	86.20	32.24	74319.14	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	23.47	19.52	73668.68	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	412.80	71.21	64022.78	0.24	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	EQUITASBNK	73.31	16.43	8387.59	0.00	183.61	182.06	1960.40	18.89	4.38	46.92

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,254	1,359	1,429	1,445	1,501	1,555	1,612	1,644	1,649	1,617	1,692	1,836	1,960
Interest Expended	511	593	644	659	699	753	794	815	863	844	840	856	931
Net Interest Income	743	766	785	786	801	802	818	829	786	774	852	980	1,030
	171	181	205	240	209	239	238	225	292	229	289	263	255
Total Income	0	0	0	0	0	0	0	0	0	0	0	0	2,216
Operating Expenses	602	617	630	652	670	692	724	744	763	762	834	841	880
Operating Profit	312	330	360	375	340	350	333	311	315	241	307	402	405
Provisions & Contingencies	60	63	84	107	305	330	243	258	612	207	193	124	161
Profit before Tax	252	267	276	268	36	20	90	53	-297	34	114	278	244
Tax %	24.14%	25.79%	26.79%	22.57%	27.96%	35.79%	26.12%	20.98%	24.78%	28.03%	20.84%	23.59%	24.77%
Net Profit	191	198	202	208	26	13	66	42	-224	24	90	213	184
EPS	2	2	2	2	0	0	1	0	-2	0	1	2	0

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	0	0	0	0	0	0	5,486	6,312	6,794	—
Interest Expended	447	682	960	1,150	1,396	1,421	1,617	2,407	3,060	3,403	3,471
Net Interest Income	-447	-682	-960	-1,150	-1,396	-1,421	-1,617	3,080	3,252	3,391	—
	233	241	283	282	418	538	670	799	911	1,074	1,037
Total Income	0	0	0	0	0	0	0	6,285	7,223	7,868	2,216
	0	0	0	0	0	0	0	2,501	2,829	3,200	—
Operating Profit	-447	-682	-960	-1,150	-1,396	-1,421	-1,617	1,377	1,334	1,265	—
	42	170	99	147	433	368	406	314	1,135	1,137	—
Profit before Tax	161	49	324	351	511	378	769	1,063	199	128	670
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.85%	26.05%	19.55%	23.78%
Net Profit	104	32	211	244	384	281	574	799	147	103	510
EPS	1	0	2	2	3	2	5	7	1	1	—

COMPOUNDED SALES GROWTH

10 Years:: 32%
5 Years:: 16%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 2%
5 Years:: -23%
3 Years:: -44%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -4%
1 Year:: 35%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 8%
3 Years:: 6%
Last Year:: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	1,006	1,006	1,006	1,053	1,139	1,252	1,111	1,135	1,140	1,141
	1,006	1,038	1,248	1,691	2,257	2,993	4,042	4,793	4,876	4,924
	1,921	5,604	9,007	10,788	16,392	18,951	25,348	36,129	43,102	46,533
	4,779	5,177	3,973	5,135	4,165	2,616	2,974	1,788	2,137	5,773
Other Liabilities & Provisions	533	485	529	628	755	1,134	1,478	1,418	1,524	2,180
Total Liabilities	9,245	13,310	15,763	19,296	24,708	26,948	34,958	5	52,836	60,610
ASSETS	-	-	-	-	-	-	-	-	-	-
	248	386	403	381	515	2,077	1,174	3,500	4,954	5,563
Balances with Banks & Money at Call	866	825	858	2,156	2,864	56	70	79	582	103
	1,890	3,857	2,344	2,343	3,705	4,450	6,665	9,065	9,289	10,149
	5,702	7,707	11,595	13,728	16,848	19,374	25,799	30,964	36,209	42,751
	274	280	236	210	184	189	338	537	531	527
	251	254	325	475	591	791	872	1,091	1,106	1,329
Total Assets	9,245	13,310	15,763	19,296	24,708	26,948	34,958	5	52,836	60,610

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,334	206	1,799	440	2,044	159	-998	3,834	1,937	-3,316
Cash from Investing	-405	-4	-7	-72	-43	-89	-261	-360	-239	-185
Cash from Financing	-563	-28	-1,706	908	-1,154	-1,317	60	-1,210	259	3,641
	366	173	86	1,276	847	-1,246	-1,199	2,264	1,957	140

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.04	0.32	2.09	2.31	3.37	2.24	5.16	7.04	1.29	0.90
Book Value (₹)	20.00	20.32	22.41	26.05	29.81	33.90	46.39	52.23	52.78	53.15
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	1.00	1.00	0.00	0.00
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.06%	6.37%	5.79%
ROA %	1.79%	0.28%	1.45%	1.39%	1.75%	1.09%	1.85%	1.99%	0.30%	0.18%
ROE %	7.65%	1.57%	9.80%	9.75%	12.51%	7.35%	12.21%	14.42%	2.46%	1.71%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	64.49%	67.95%	71.67%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.92%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.98%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	67.03%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	31.98%	28.78%	26.21%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.05%	0.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GROWTH & VALUATION
Net Profit Growth %	22.34%	-69.43%	561.50%	15.70%	57.70%	-26.94%	104.32%	39.29%	-81.59%	-29.90%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.59%	1.04%	0.72%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	13.13x	42.63x	57.20x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.77x	1.04x	0.97x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.08%	0.00%	0.00%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.65	16.91	15.42	16.47	16.30	15.67	14.62	14.74	15.70
	45.42	43.66	42.62	42.70	47.13	48.20	49.96	50.87	51.25
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	34.93	39.42	41.96	40.82	36.57	36.13	35.42	34.39	33.04

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Shareholders meeting

2026-09-11 - Outcome of 10th AGM held on September 09,2026

2026-09-11

Shareholders meeting

2026-09-11 - Equitas Small Finance Bank Limited has submitted the Exchange a copy of Scrutinizers report of 10th Annual General Meeting held on September 09, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-10

General Updates

2026-09-10 - Equitas Small Finance Bank Limited has informed the Exchange about ESG rating

2026-09-09

Shareholders meeting

2026-09-09 - Equitas Small Finance Bank Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 09, 2026

2026-09-09

Trading Window

2026-09-09 - Equitas Small Finance Bank Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-09-08

Credit Rating- Others

2026-09-08 - Equitas Small Finance Bank Limited has informed the Exchange about affirmation and assignment of credit ratings

2026-09-08

Credit Rating- New

2026-09-08 - Equitas Small Finance Bank Limited has informed the Exchange about Credit Rating- New

2026-09-08

ESOP/ESOS/ESPS

2026-09-08 - Equitas Small Finance Bank Limited has informed the Exchange regarding Allotment of 194810 equity shares pursuant to exercise of ESOP

2026-09-08

Credit Rating- Others

2026-09-08 - Equitas Small Finance Bank Limited has informed the Exchanges about reaffirmation of credit rating