Utkarsh Small Finance Bank Ltd.

•

utkarsh.bank.inBSE: 543942NSE: UTKARSHBNK

Market Cap₹ 2,584 Cr.

Current Price

High / Low₹ 22 / 10

Stock P/E0.0

Book Value₹ 15

Price to Book0.67

Dividend Yield0.00 %

ROCE-24.0 %

ROE-40.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Retail Banking: 77.4% • Treasury: 15.0% • Corporate/Wholesale Banking: 7.6%

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 17.7%
Healthy net interest margin of 5.4%
Company has delivered good sales growth of 16.4% CAGR over last 5 years
Institutional investors have been accumulating - FII+DII up 16.8pp
Company generates healthy free cash flow

CONS

Company is loss-making at the operating / net level
Asset quality is weak - gross NPA at 7.7%
Net NPA is elevated at 3.3% - provisioning cushion is thin
Promoter holding has decreased over last 2 years: -26.3pp
Weak return ratios for a lender: 3Y avg ROA -0.5%

* 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	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	795.95	37.03	5302.74	21.11	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.	UTKARSHBNK	14.52	0.00	2583.87	0.00	-339.20	-41.64	8835.63	903.01	-24.00	33.64

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
	720	756	806	896	966	987	932	880	881	840	821	837	8,836
Interest Expended	298	315	324	356	393	429	452	468	479	490	473	461	4,615
Net Interest Income	422	442	482	540	573	558	480	411	402	350	348	376	4,221
	92	105	83	121	105	103	105	287	138	97	81	115	1,188
Total Income	0	0	0	0	0	0	0	0	0	0	0	0	10,024
Operating Expenses	293	309	309	378	367	384	400	465	448	451	473	479	4,773
Operating Profit	221	238	256	282	311	276	185	234	92	-3	-44	12	636
Provisions & Contingencies	77	83	104	74	125	208	423	223	411	462	446	244	1,090
Profit before Tax	145	154	152	208	186	68	-238	11	-319	-465	-491	-232	-454
Tax %	25.64%	25.91%	23.67%	23.37%	26.22%	24.50%	29.37%	73.67%	24.90%	25.06%	23.57%	18.99%	25.31%
Net Profit	108	114	116	160	137	51	-168	3	-239	-348	-375	-188	-339
EPS	1	1	1	1	1	0	-2	0	-2	-3	-2	-1	-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	3,178	3,765	3,379	—
Interest Expended	44	251	382	579	742	788	976	1,293	1,742	1,902	6,038
Net Interest Income	-44	-251	-382	-579	-742	-788	-976	1,886	2,023	1,477	—
	3	44	58	99	144	185	299	400	600	431	1,481
Total Income	0	0	0	0	0	0	0	3,579	4,365	3,810	10,024
	0	0	0	0	0	0	0	1,289	1,616	1,851	—
Operating Profit	-44	-251	-382	-579	-742	-788	-976	997	1,007	56	—
	4	0	-1	0	19	0	-99	338	979	1,563	—
Profit before Tax	7	-95	150	249	151	80	536	659	28	-1,507	-1,642
Tax %	0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.53%	14.29%	23.61%	23.83%
Net Profit	5	-63	94	187	112	61	405	498	24	-1,151	-1,251
EPS	0	-2	1	2	1	1	5	5	0	-6	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -29%
1 Year:: -21%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 1%
3 Years:: -7%
Last Year:: -41%

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	300	470	737	759	848	896	896	1,099	1,102	1,780
	5	-58	36	260	520	670	1,086	1,852	1,829	941
	19	2,194	3,791	5,235	7,508	10,074	13,710	17,473	21,566	21,654
	2,289	1,789	1,430	2,675	2,608	2,572	2,349	1,995	2,355	2,829
Other Liabilities & Provisions	63	129	245	475	654	845	1,057	1,462	1,232	1,610
Total Liabilities	2,675	4,524	6,239	9,404	12,138	15,064	19,117	2	3	3
ASSETS	-	-	-	-	-	-	-	-	-	-
	42	206	158	192	275	1,798	1,192	1,247	2,638	1,692
Balances with Banks & Money at Call	150	363	359	1,422	895	74	1,324	1,781	798	629
	729	661	862	1,192	2,314	2,348	2,859	3,679	4,958	6,914
	1,594	3,102	4,668	6,282	8,217	10,228	13,069	16,365	18,716	18,070
	16	87	87	110	125	286	301	301	324	333
	139	105	102	185	256	330	369	519	630	1,106
Total Assets	2,675	4,524	6,239	9,404	12,138	15,064	19,117	2	3	3

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
	15	905	218	115	-83	1,329	1,573	991	876	781
Cash from Investing	-471	-199	-176	-322	-532	-739	-693	-620	-777	-3,309
Cash from Financing	514	-330	-94	1,304	172	111	-235	140	310	1,412
	59	377	-52	1,097	-444	702	645	511	409	-1,115

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 (₹)	0.16	-1.34	1.27	2.46	1.32	0.69	4.51	4.53	0.22	-6.47
Book Value (₹)	10.16	8.76	10.48	13.43	16.13	17.49	22.13	26.85	26.60	15.29
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.00	0.00
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.17%	7.46%	5.41%
ROA %	0.18%	-1.75%	1.74%	2.39%	1.04%	0.45%	2.37%	2.31%	0.09%	-4.04%
ROE %	1.59%	-17.58%	15.85%	20.84%	9.37%	4.19%	22.80%	20.17%	0.81%	-40.73%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	56.38%	61.61%	97.05%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.42%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.00%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	59.20%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.50%	21.79%	24.00%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.11%	0.13%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.57%	20.93%	17.71%
GROWTH & VALUATION
Net Profit Growth %	0.00%	-1403.40%	248.99%	98.90%	-40.12%	-45.03%	558.13%	23.02%	-95.24%	-4956.35%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.33%	-0.90%	-42.53%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.35x	86.92x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.75x	0.83x	0.67x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	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
69.02	68.94	68.93	68.92	68.92	68.92	42.67	42.67	42.67
0.95	0.99	1.33	0.99	1.85	1.68	11.80	11.49	11.90
10.60	10.01	8.23	7.04	2.78	2.39	9.73	9.56	9.54
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00
19.43	20.05	21.50	23.05	26.43	27.00	35.78	36.28	35.88

Documents

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

2026-09-11

General Updates

2026-09-11 - Utkarsh Small Finance Bank Limited has informed the Exchange about General Updates

2026-09-03

Credit Rating

2026-09-03 - Utkarsh Small Finance Bank Limited has informed the Exchange about Credit Rating

2026-09-01

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - Utkarsh Small Finance Bank Limited has informed the Exchange about Schedule of meet

2026-08-21

General Updates

2026-08-21 - Utkarsh Small Finance Bank Limited has informed the Exchange about General Updates on ESG Rating

2026-08-19

General Updates

2026-08-19 - Utkarsh Small Finance Bank Limited has informed the Exchange about Migration of Core Banking System.

2026-08-17

General Updates

2026-08-17 - Utkarsh Small Finance Bank Limited has informed the Exchange about ESG Rating.

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Utkarsh Small Finance Bank Limited has informed the Exchange about Transcript

2026-08-05

Shareholders meeting

2026-08-05 - Utkarsh Small Finance Bank Limited has submitted the Exchange a copy Scrutinizers report of Annual General Meeting held on August 04, 2026. Further, the Bank has informed the Exchange regarding voting results.

2026-08-04

Shareholders meeting

2026-08-04 - Utkarsh Small Finance Bank Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 04, 2026

News

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