Jana Small Finance Bank Ltd.

•

janabank.comBSE: 544118NSE: JSFB

Market Cap₹ 5,655 Cr.

Current Price

High / Low₹ 607 / 330

Stock P/E14.9

Book Value₹ 434

Price to Book0.85

Dividend Yield0.00 %

ROCE7.2 %

ROE7.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Other Retail-Retail Banking: 80.4% • Treasury: 14.6% • Corporate/Wholesale Banking: 3.8%

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

Company has delivered good profit growth of 35.2% CAGR over last 5 years
Comfortable capital adequacy - CAR of 19.4%
Strong return ratios for a lender: 3Y avg ROE 15.7%, ROA 1.5%
Latest quarter profit grew 52.3% YoY, showing strong momentum
Healthy loan book growth of 24.6% with stable asset quality
Healthy net interest margin of 5.6%

CONS

A large part of profit comes from other income (313.1% of PBT)
Recent results are weak - TTM profit is down 13.3% versus prior year
Equity base is being diluted - shares outstanding up 91.6%
Effective tax rate is unusually low at 0.0% - earnings may be flattered
Operating margins have contracted to 21.8% from 32.5%
Valuation is stretched - P/E of 14.9 is well above its own 5-year median (8.5)

* 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	687.25	13.41	1059339.46	2.26	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1390.10	17.79	997793.42	0.86	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	414.40	20.31	412230.87	0.16	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1239.50	13.89	385909.17	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	81.63	9.42	87771.86	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	344.85	18.21	85260.58	0.35	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1061.00	43.70	79680.01	0.09	795.95	37.03	5302.74	21.11	14.17	56.24
8.	INDUSINDBK	1002.00	59.04	78069.88	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	86.00	32.17	74146.70	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	22.43	18.65	70403.95	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	416.80	71.90	64643.15	0.24	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	JSFB	534.70	14.89	5654.59	0.00	155.23	52.29	1514.53	22.08	7.17	43.60

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
	885	979	1,038	1,112	1,167	1,166	1,177	1,184	1,241	1,305	1,384	1,445	1,515
Interest Expended	423	453	490	520	557	572	585	602	655	686	709	709	732
Net Interest Income	462	526	548	592	610	594	593	581	586	618	675	736	782
	188	164	140	179	189	176	177	234	266	247	245	266	227
Total Income	0	0	0	0	0	0	0	0	0	0	0	0	1,741
Operating Expenses	377	406	393	429	443	471	491	538	563	587	633	666	676
Operating Profit	273	283	295	342	356	299	279	277	289	279	287	335	333
Provisions & Contingencies	183	160	161	175	196	210	174	158	187	204	277	195	178
Profit before Tax	90	123	135	166	160	88	105	120	102	75	10	140	155
Tax %	0.00%	0.00%	0.00%	-93.21%	-6.51%	-9.44%	-5.05%	-3.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	90	123	135	322	171	97	111	123	102	75	10	140	155
EPS	16	17	18	35	16	9	11	12	10	7	1	13	1

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	4,014	4,671	5,353	—
Interest Expended	1,229	1,164	814	980	1,235	1,337	1,415	1,886	2,317	2,760	2,837
Net Interest Income	-1,229	-1,164	-814	-980	-1,235	-1,337	-1,415	2,128	2,355	2,593	—
	156	42	118	433	223	336	625	670	776	1,022	985
Total Income	0	0	0	0	0	0	0	4,684	5,447	6,375	1,741
	0	0	0	0	0	0	0	1,605	1,943	2,449	—
Operating Profit	-1,229	-1,164	-814	-980	-1,235	-1,337	-1,415	1,193	1,188	1,166	—
	0	0	0	0	0	0	744	679	714	839	—
Profit before Tax	106	-2,403	-1,949	30	72	17	256	514	474	326	380
Tax %	0.00%	-0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%	-30.17%	-5.86%	0.00%	0.00%
Net Profit	170	-2,504	-1,949	30	72	17	256	670	501	326	380
EPS	62	-788	-472	6	13	3	43	64	48	31	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 16%
3 Years:: 20%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 35%
3 Years:: 8%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 9%

RETURN ON EQUITY

10 Years:: -23%
5 Years:: 14%
3 Years:: 16%
Last Year:: 8%

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	-	-	-	-	-	-	-	-	-	-
	27	39	47	51	51	51	55	105	105	105
	2,369	1,484	464	827	900	983	1,452	3,462	3,987	4,328
	0	0	4,199	9,652	12,316	13,536	16,334	22,571	29,120	35,784
	11,667	7,662	4,086	2,899	4,815	4,510	6,277	5,211	3,867	5,497
Other Liabilities & Provisions	809	558	487	550	832	942	1,235	1,350	1,362	1,696
Total Liabilities	14,873	9,748	9,446	14,145	19,079	20,189	25,644	3	38,467	47,448
ASSETS	-	-	-	-	-	-	-	-	-	-
	16	198	1,081	474	2,125	1,530	1,011	1,026	2,816	2,492
Balances with Banks & Money at Call	2,275	919	88	506	134	7	1,076	1,027	1,643	66
	348	1,997	1,468	2,650	4,698	5,065	5,221	6,738	5,945	9,812
	11,614	6,028	6,217	9,957	11,600	13,007	17,760	23,111	27,155	33,828
	192	360	332	259	211	170	123	139	150	191
	390	221	258	298	309	408	448	667	754	1,051
Total Assets	14,873	9,748	9,446	14,145	19,079	20,189	25,644	3	38,467	47,448

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
	-2,562	1,457	2,771	949	615	859	-1,137	708	4,073	594
Cash from Investing	-179	-256	-231	-285	-1,266	-1,330	-434	-780	-321	-4,133
Cash from Financing	3,015	-2,375	-2,489	-852	1,917	-240	2,104	33	-1,331	1,641
	273	-1,174	51	-188	1,266	-711	532	-39	2,421	-1,898

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 (₹)	61.94	-637.26	-413.29	5.94	14.24	3.40	46.56	64.02	47.73	30.99
Book Value (₹)	872.79	387.81	108.33	172.97	187.43	201.23	274.12	341.00	389.47	420.94
Dividend per Share (₹)	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.67%	6.27%	5.61%
ROA %	1.14%	-20.34%	-20.31%	0.26%	0.43%	0.09%	1.12%	2.29%	1.41%	0.76%
ROE %	7.10%	-127.73%	-191.59%	4.34%	7.91%	1.76%	20.14%	26.39%	13.10%	7.66%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	57.35%	62.05%	67.75%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.91%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.94%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	89.70%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.70%	17.98%	17.94%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.13%	0.15%
	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 %	0.00%	-1571.95%	22.16%	101.55%	139.83%	-75.82%	1365.12%	161.57%	-25.11%	-34.90%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.40%	14.21%	8.08%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.41x	8.52x	11.60x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.20x	1.04x	0.85x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	22.38	22.35	22.28	21.88	21.87	21.86	21.85	16.94
	1.09	0.51	0.89	0.28	1.21	4.11	4.31	4.01
	17.99	18.47	15.89	16.03	14.81	12.92	14.29	15.31
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	58.54	58.68	60.94	61.81	62.12	59.14	57.57	62.70

Documents

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

2026-09-07

Resignation of Director/KMP/SMP

2026-09-07 - Jana Small Finance Bank Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-09-07

Resignation

2026-09-07 - Jana Small Finance Bank Limited has informed the Exchange regarding Resignation of Lakshmi R N as Company Secretary & Compliance Officer of the company w.e.f. October 31, 2026.

2026-09-05

Updates

2026-09-05 - Jana Small Finance Bank Limited has informed the Exchange regarding 'Intimation of record date and date of interest payment NCD S23 - ISIN INE953L08329'.

2026-09-04

General Updates

2026-09-04 - Jana Small Finance Bank Limited has informed the Exchange about General Updates

2026-09-04

Shareholders meeting

2026-09-04 - Jana Small Finance Bank Limited has informed the Exchange about Shareholders meeting

2026-08-29

General Updates

2026-08-29 - Jana Small Finance Bank Limited has informed the Exchange about General Updates

2026-08-25

News Verification

2026-08-25 - The Exchange has sought clarification from Jana Small Finance Bank Limited with respect to recent news item captioned Jana Small Finance Bank, Federal Bank shares fall up to 4% amid merger buzz. The response from the Company is attached.

2026-08-25

News Verification

2026-08-13

ESOP/ESOS/ESPS

2026-08-13 - Jana Small Finance Bank Limited has informed the Exchange regarding Allotment of 38057 Shares.

News

Recent coverage and analyst commentary for JSFB

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Free 5nance Account

Name

HDFCBANK

687.25

13.41

1059339.46

2.26

203826.90

1092.64

905753.30

936.66

12.81

35.64

ICICIBANK

1390.10

17.79

997793.42

0.86

16209.74

12.62

52240.85

6.44

16.51

32.39

KOTAKBANK

414.40

20.31

412230.87

0.16

5487.06

23.89

18354.57

6.41

12.05

19.05

AXISBANK

1239.50

13.89

385909.17

0.08

7656.51

22.31

35541.96

9.87

11.04

63.88

IDBI

81.63

9.42

87771.86

0.00

2130.57

5.27

7549.28

7.44

14.76

76.80

FEDERALBNK

344.85

18.21

85260.58

0.35

1297.61

37.06

7861.58

9.94

10.98

66.11

AUBANK

1061.00

43.70

79680.01

0.09

795.95

37.03

5302.74

21.11

14.17

56.24

INDUSINDBK

1002.00

59.04

78069.88

0.15

1037.02

71.68

11309.94

-7.78

4.97

55.07

IDFCFIRSTB

86.00

32.17

74146.70

0.29

1147.82

153.12

11051.09

14.61

5.42

38.45

YESBANK

22.43

18.65

70403.95

0.00

1071.81

32.53

8054.49

5.92

8.04

58.47

RBLBANK

416.80

71.90

64643.15

0.24

2342.30

993.41

38402.40

1015.97

6.49

40.95

JSFB

534.70

14.89

5654.59

0.00

155.23

52.29

1514.53

22.08

7.17

43.60

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

885

979

1,038

1,112

1,167

1,166

1,177

1,184

1,241

1,305

1,384

1,445

1,515

Interest Expended

423

453

490

520

557

572

585

602

655

686

709

732

Net Interest Income

462

526

548

592

610

594

593

581

586

618

675

736

782

188

164

140

179

189

176

177

234

266

247

245

266

227

Total Income

1,741

Operating Expenses

377

406

393

429

443

471

491

538

563

587

633

666

676

Operating Profit

273

283

295

342

356

299

279

277

289

279

287

335

333

Provisions & Contingencies

183

160

161

175

196

210

174

158

187

204

277

195

178

Profit before Tax

123

135

166

160

105

120

102

140

155

Tax %

0.00%

-93.21%

-6.51%

-9.44%

-5.05%

-3.04%

0.00%

Net Profit

123

135

322

171

111

123

102

140

155

EPS

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

4,014

4,671

5,353

—

Interest Expended

1,229

1,164

814

980

1,235

1,337

1,415

1,886

2,317

2,760

2,837

Net Interest Income

-1,229

-1,164

-814

-980

-1,235

-1,337

-1,415

2,128

2,355

2,593

—

156

118

433

223

336

625

670

776

1,022

985

Total Income

4,684

5,447

6,375

1,741

1,605

1,943

2,449

—

Operating Profit

-1,229

-1,164

-814

-980

-1,235

-1,337

-1,415

1,193

1,188

1,166

—

744

679

714

839

—

Profit before Tax

106

-2,403

-1,949

256

514

474

326

380

Tax %

0.00%

-0.00%

0.00%

-30.17%

-5.86%

0.00%

Net Profit

170

-2,504

-1,949

256

670

501

326

380

EPS

-788

-472

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

105

2,369

1,484

464

827

900

983

1,452

3,462

3,987

4,328

4,199

9,652

12,316

13,536

16,334

22,571

29,120

35,784

11,667

7,662

4,086

2,899

4,815

4,510

6,277

5,211

3,867

5,497

Other Liabilities & Provisions

809

558

487

550

832

942

1,235

1,350

1,362

1,696

Total Liabilities

14,873

9,748

9,446

14,145

19,079

20,189

25,644

38,467

47,448

ASSETS

198

1,081

474

2,125

1,530

1,011

1,026

2,816

2,492

Balances with Banks & Money at Call

2,275

919

506

134

1,076

1,027

1,643

348

1,997

1,468

2,650

4,698

5,065

5,221

6,738

5,945

9,812

11,614

6,028

6,217

9,957

11,600

13,007

17,760

23,111

27,155

33,828

192

360

332

259

211

170

123

139

150

191

390

221

258

298

309

408

448

667

754

1,051

Total Assets

14,873

9,748

9,446

14,145

19,079

20,189

25,644

38,467

47,448

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-2,562

1,457

2,771

949

615

859

-1,137

708

4,073

594

Cash from Investing

-179

-256

-231

-285

-1,266

-1,330

-434

-780

-321

-4,133

Cash from Financing

3,015

-2,375

-2,489

-852

1,917

-240

2,104

-1,331

1,641

273

-1,174

-188

1,266

-711

532

-39

2,421

-1,898

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

61.94

-637.26

-413.29

5.94

14.24

3.40

46.56

64.02

47.73

30.99

Book Value (₹)

872.79

387.81

108.33

172.97

187.43

201.23

274.12

341.00

389.47

420.94

Dividend per Share (₹)

1.00

0.00

PROFITABILITY

Net Interest Margin %

0.00%

6.67%

6.27%

5.61%

ROA %

1.14%

-20.34%

-20.31%

0.26%

0.43%

0.09%

1.12%

2.29%

1.41%

0.76%

ROE %

7.10%

-127.73%

-191.59%

4.34%

7.91%

1.76%

20.14%

26.39%

13.10%

7.66%

0.00%

57.35%

62.05%

67.75%

ASSET QUALITY

Gross NPA %

0.00%

2.91%

Net NPA %

0.00%

0.94%

Provision Coverage %

0.00%

89.70%

Slippage Ratio %

—

BALANCE SHEET & LIQUIDITY

CASA %

0.00%

19.70%

17.98%

17.94%

Credit-Deposit Ratio %

0.00%

0.23%

0.13%

0.15%

0.00%

GROWTH & VALUATION

Net Profit Growth %

0.00%

-1571.95%

22.16%

101.55%

139.83%

-75.82%

1365.12%

161.57%

-25.11%

-34.90%

Book Value Growth %

0.00%

24.40%

14.21%

8.08%

P/E (x)

0.00x

6.41x

8.52x

11.60x

P/B (x)

0.00x

1.20x

1.04x

0.85x

0.00%

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

22.38

22.35

22.28

21.88

21.87

21.86

21.85

16.94

1.09

0.51

0.89

0.28

1.21

4.11

4.31

4.01

17.99

18.47

15.89

16.03

14.81

12.92

14.29

15.31

Government

0.00

58.54

58.68

60.94

61.81

62.12

59.14

57.57

62.70

Jana Small Finance Bank Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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Jana Small Finance Bank Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI