ESAF Small Finance Bank Ltd.

•

esaf.bank.inBSE: 544020NSE: ESAFSFB

Market Cap₹ 2,193 Cr.

Current Price

High / Low₹ 45 / 20

Stock P/E0.0

Book Value₹ 36

Price to Book0.58

Dividend Yield0.00 %

ROCE-1.6 %

ROE-8.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Retail Banking: 84.2% • Treasury: 9.3% • Other Banking Operations: 4.1%

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 22.2%
Latest quarter profit grew 198.6% YoY, showing strong momentum
Strong provisioning - provision coverage ratio of 85.5%
Healthy loan book growth of 19.8% with stable asset quality
Healthy net interest margin of 5.8%
Company has delivered good sales growth of 16.6% CAGR over last 5 years

CONS

Company is loss-making at the operating / net level
Asset quality is weak - gross NPA at 5.4%
Net NPA is elevated at 1.8% - provisioning cushion is thin
Weak return ratios for a lender: 3Y avg ROA -0.2%
Operating margins have contracted to 20.1% from 31.3%
Equity base is being diluted - shares outstanding up 14.7%

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

Peer comparison

Financial ServicesBankBank - Private

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	HDFCBANK	700.95	13.67	1080456.88	2.21	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1428.00	18.27	1024929.49	0.84	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	424.65	20.81	422427.21	0.15	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1255.00	14.07	390712.28	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	91.38	10.54	98255.45	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	353.10	18.64	87288.79	0.34	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1079.45	44.46	81021.15	0.09	795.95	37.03	5302.74	21.11	14.17	56.24
8.	INDUSINDBK	977.10	57.57	76129.82	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	84.95	31.78	73241.42	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	22.18	18.44	69619.24	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	389.50	67.19	60409.09	0.26	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	ESAFSFB	42.49	0.00	2192.95	0.00	80.08	198.60	1097.77	32.54	-1.58	33.93

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	899	943	974	1,002	1,022	995	948	892	828	820	894	995	1,098
Interest Expended	313	347	377	411	434	456	463	458	450	456	462	477	514
Net Interest Income	585	597	597	591	588	539	485	434	378	364	432	518	584
	93	79	120	150	115	98	114	145	195	145	269	201	248
Total Income	0	0	0	0	0	0	0	0	0	0	0	0	1,346
Operating Expenses	378	386	429	456	450	494	472	488	448	416	449	478	483
Operating Profit	301	290	288	285	254	143	127	91	125	93	253	241	349
Provisions & Contingencies	127	101	138	226	169	340	410	332	234	249	243	214	242
Profit before Tax	174	188	150	59	85	-255	-282	-241	-109	-155	9	27	107
Tax %	25.20%	25.58%	25.17%	25.94%	26.08%	25.36%	25.32%	23.94%	25.62%	25.49%	22.02%	13.22%	25.17%
Net Profit	130	140	112	43	63	-190	-211	-183	-81	-116	7	24	80
EPS	3	3	2	1	1	-4	-4	-4	-2	-2	0	0	0
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.40%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	85.50%
NIM %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.90%
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.40%
Capital Adequacy %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.26%
Branches / ATMs / Employees	—	—	—	—	—	—	—	—	—	—	—	—	—

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	3,819	3,858	3,537	—
Interest Expended	16	315	458	621	720	793	1,017	1,449	1,811	1,837	1,908
Net Interest Income	-16	-315	-458	-621	-720	-793	-1,017	2,370	2,047	1,700	—
	19	102	109	133	127	208	288	442	472	811	864
Total Income	0	0	0	0	0	0	0	4,260	4,329	4,348	1,346
	0	0	0	0	0	0	0	1,649	1,962	1,799	—
Operating Profit	-16	-315	-458	-621	-720	-793	-1,017	1,163	557	712	—
	5	34	101	61	281	414	483	592	1,250	940	—
Profit before Tax	2	44	127	256	141	74	406	570	-693	-228	-12
Tax %	0	0	0	0	0	0	0	25	25	27	58
Net Profit	1	27	90	190	105	55	302	426	-521	-166	-5
EPS	0	1	2	4	2	1	7	8	-10	-3	—
NIM %	—	—	—	—	—	—	—	—	—	—	—
Cost-to-Income %	0	0	0	0	0	0	0	59	78	72	—
Credit Cost %	—	—	—	—	—	—	—	—	—	—	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 17%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 42%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 2%
3 Years:: -4%
Last Year:: -9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	302	312	428	428	449	449	449	515	515	516
	4	31	466	656	903	957	1,260	1,971	1,430	1,264
	409	2,523	4,317	7,028	8,999	12,815	14,666	19,868	23,276	25,850
	2,053	1,675	1,702	1,203	1,694	2,953	3,354	3,223	1,406	2,753
Other Liabilities & Provisions	171	183	144	154	293	528	489	505	547	479
Total Liabilities	2,938	4,724	7,057	9,470	12,339	17,708	20,224	3	3	30,868
ASSETS	-	-	-	-	-	-	-	-	-	-
	107	438	247	305	1,618	1,301	740	1,365	1,351	1,114
Balances with Banks & Money at Call	449	259	535	598	201	211	28	58	628	61
	579	732	1,531	1,734	1,932	4,070	4,889	5,541	5,995	6,399
	1,482	3,155	4,548	6,548	8,168	11,637	13,924	18,293	18,028	21,594
	31	60	86	116	133	159	188	205	237	226
	288	71	107	166	281	329	456	622	876	1,184
Total Assets	2,938	4,724	7,057	9,470	12,339	17,708	20,224	3	3	30,868
CASA Deposits	74	205	551	902	1,594	2,708	2,874	4,170	5,452	5,816
CASA Ratio (%)	18.07	8.14	12.76	12.84	17.72	21.13	19.59	20.99	23.42	22.50
Credit-Deposit Ratio (%)	361.98	125.05	105.36	93.16	90.76	90.81	94.95	92.07	77.45	83.54
Contingent Liabilities	68	62	58	2	2	2	2	2	199	515
Bills for Collection	0	0	0	0	0	0	0	0	0	0
Book Value per Share	10.14	11.01	20.89	25.34	30.08	31.30	38.03	48.29	37.74	34.52

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1,393	700	-240	1,089	1,127	-585	-571	1,001	3,176	-1,960
Cash from Investing	-473	-181	-170	-635	-638	-982	-573	-583	-769	-192
Cash from Financing	2,358	-368	488	-499	653	1,259	399	235	-1,852	1,347
	492	151	78	-45	1,143	-308	-745	653	556	-805

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.03	0.87	2.11	4.45	2.34	1.22	6.73	8.27	-10.12	-3.23
Book Value (₹)	10.14	11.01	20.89	25.34	30.08	31.30	38.03	48.29	37.74	34.52
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.70	0.00	0.00
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.38%	7.87%	5.83%
ROA %	0.03%	0.70%	1.53%	2.30%	0.97%	0.36%	1.59%	1.84%	-1.96%	-0.57%
ROE %	0.25%	8.32%	14.60%	19.25%	8.65%	3.97%	19.41%	20.29%	-23.53%	-8.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	58.65%	77.88%	71.64%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.48%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.77%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	73.20%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.66%	24.84%	23.91%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.06%	0.11%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.27%	21.84%	22.22%
GROWTH & VALUATION
Net Profit Growth %	0.00%	3438.20%	234.45%	110.88%	-44.64%	-48.07%	452.39%	40.76%	-222.52%	68.08%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	27.01%	-21.86%	-8.52%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.56x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.12x	0.65x	0.58x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.29%	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
	63.39	63.38	63.36	63.31	63.31	63.30	63.30	63.28	63.25
	0.12	0.15	0.16	0.27	0.16	0.16	0.01	0.01	0.31
	8.90	5.56	5.02	5.00	5.00	5.00	4.97	4.63	3.80
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	27.59	30.91	31.46	31.42	31.52	31.53	31.73	32.08	32.64

Documents

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

2026-09-02

Allotment of Securities

2026-09-02 - ESAF Small Finance Bank Limited has informed the Exchange regarding allotment of equity shares under ESAF Employee Stock Option Scheme 2019.

2026-09-02

Credit Rating

2026-09-02 - ESAF Small Finance Bank Limited has informed the Exchange about Credit Rating

2026-08-21

General Updates

2026-08-21 - ESAF Small Finance Bank Limited has informed the Exchange about General Updates

2026-08-18

Credit Rating

2026-08-18 - ESAF Small Finance Bank Limited has informed the Exchange about Credit Rating

2026-08-14

Change in Auditors

2026-08-14 - ESAF Small Finance Bank Limited has informed the Exchange regarding Change in Auditors of the company.

2026-08-14

Change in Director(s)

2026-08-14 - ESAF Small Finance Bank Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-14

Shareholders meeting

2026-08-14 - ESAF Small Finance Bank Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 14, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - ESAF Small Finance Bank Limited has informed the Exchange about Transcript of the Earnings Call held on August 3, 2026.

2026-08-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - ESAF Small Finance Bank Limited has informed the Exchange about Outcome of the Earnings Conference call held on August 3, 2026.

News

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