AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 25 Sep - Board appointed Anish Thurthi as additional director on September 25, 2026 and reconstituted committees.
Source: Bse
CSB Bank Limited (CSBBANK)
Micro CapFinancial Services stocks · Micro cap · NSE
CSB Bank, established in 1920, is an old private sector bank in Kerala, promoted by FIH Mauritius Investments Ltd (Fairfax Group). It offers personal, corporate, MSME, and agricultural banking, with a long-term vision to become a mid-sized new-age bank with a national presence by 2030, focusing on digital initiatives.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result22 Jul, 06:22 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -4.0% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CSBBANKD candles · FIT view-22.1%Latest close ₹309.05 on 2026-10-21
Bar
-0.6%
RSI
45
MACD hist
0.61
52W pos
5%
2026-10-21O ₹310.85H ₹313.75L ₹306.45C ₹309.05Vol 2.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CSBBANKNifty Financial ServicesNifty 500
- CSBBANK
- -16.5%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -10.0 pp
Chart stats
21 Oct 2026- From 52W high
- -46.2%
- 52W range position
- 5%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.57x
- Avg traded value
- ₹13 Cr
- 20D price channel
- ₹297.1 - ₹340.9
₹574.4
₹295 - ₹574.4
₹11.3
Latest completed session
20-session average
27.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +23.6% · PAT +26.1% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +24% YoY · PAT +26% YoY · +7% QoQ
Filed 22 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,287 Cr | +23.6% | +7.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹150 Cr | +26.1% | -25.7% |
| PAT margin | 11.7% | +23 bps | -516 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.04
- P/B
- 1.09
- EV/EBITDA
- —
- Market Cap
- 5341.00Cr
Profitability
- ROE
- 13.50%
- ROCE
- 7.05%
- ROA
- 1.15%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- —
- Altman Z
- 1.59
- Book Value
- 282.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -314.00 Cr
- EPS TTM
- 38.31
Shareholding
- Promoter Hold
- 40.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,287+7.2% vs prev
Net Profit
₹ CrLatest: 150-25.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.2% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
31
RS percentile
Stage 4 Downtrend
1M return
-7.7%
3M return
-16.5%
6M return
-19.7%
1Y return
-24.9%
RS 1D
+4
RS 20D
-7
Sector rank
#10
Industry rank
#20
Stage evidence
- Price is 11.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 87.79-0.18%
RS vs Nifty 50088
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation25/30
Growth17/25
Quality2/20
Balance Sheet3/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 68.3%.
- Valuation contributes 25/30 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
8.0
PB
1.1
EV/EBITDA
—
ROE
13.5%
ROCE
7.0%
FCF Yield
—
Debt/Equity
0.2
MoS
+68.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+68.3%
Previous: +68.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
53
52
52
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹493.03
+37.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹976.91
+68.3% MoS
PEG
0.49
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JSFB
Micro
Jana Small Finance Bank Limited
Banking
match 167
45
13.9
7.6%
+53%
WATCHLIST
EQUITASBNK
Micro
Equitas Small Finance Bank Limited
Banking
match 160
15
15.6
1.7%
-643%
OVERVALUED
CAPITALSFB
Small
Capital Small Finance Bank Limited
Banking
match 154
56
8.4
10.1%
+68%
FAIR VALUE
ESAFSFB
Small
ESAF Small Finance Bank Limited
Banking
match 153
17
—
-8.9%
—
OVERVALUED
FINOPB
Small
Fino Payments Bank Limited
Banking
match 151
18
43.6
6.8%
-105%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-23T00:42:19.376Z
Management commentary snapshot
Q1 FY27 saw robust YoY growth: Gross Advances up 24%, Deposits up 26%, NII up 26%, and PAT up 27%. However, QoQ, PAT declined 26% and provisions for NPA surged 313%, impacting profitability despite strong balance sheet expansion.
While the bank delivered strong YoY growth across key metrics like advances, deposits, and NII, the sharp QoQ decline in PAT and substantial increase in NPA provisions raise concerns about immediate asset quality and earnings stability. The long-term 'SBS 2030' strategy remains in place, but execution needs close monitoring.
Current business mix
Gross Advances Mix (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
Gold54.0%
Retail26.0%
Business Lending Group (BLG)11.0%
Wholesale9.0%
Growth engines
Gold Loan Segment
Management maintains strategic emphasis on the gold loan segment, which constitutes 54% of gross advances.
Pan-India Operational Footprint
Strategy includes establishing a robust Pan-India operational footprint, with 34 new branches added YoY.
Next-Generation Technology Platform
Developing an advanced, next-generation technology platform and modernizing infrastructure with private cloud and virtualized data centers.
Diversified Product Portfolio
Strategy to diversify and enhance the product portfolio to cater to diverse customer segments.
Capacity and execution
Branch Network Expansion
The bank increased its total number of branches to 868 in June 2026, up from 834 in June 2025 (34 new branches YoY).
Technology Infrastructure
A centralized Technology Command Center is operational, with Self-Heal and Runbook Automation planned by Q4 FY27.
Core Systems Transformation
Corporate Mobile Banking and Mobile Trade Finance are targeted for delivery by Q3 FY27.
Cybersecurity Systems
Vulnerability Response System is under implementation, targeted for completion by Q3 FY27.
Risk radar
Asset Quality Volatility
Provisions for NPA increased 313% QoQ to ₹43 Cr, and the slippage ratio rose to 0.97% from 0.66% QoQ.
Profitability Pressure
Profit After Tax declined 26% QoQ to ₹150 Cr, despite strong YoY growth, indicating sequential earnings pressure.
Concentration in Gold Loans
Gold loans constitute 54% of gross advances, which could pose concentration risk if the segment faces adverse conditions.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing long-term growth trends and overall business expansion, especially for a bank. QoQ comparison is vital for tracking sequential momentum in asset quality, profitability, and operational efficiency, given the quarterly reporting cycle.
Sector KPIs management disclosed
Gross Advances Growth
Gross Advances grew 24% YoY to ₹40,867 Cr, but only 1% QoQ.
Total Disbursements Growth
Total Disbursements grew 1% YoY to ₹12,088 Cr, but declined 28% QoQ.
Net Interest Margin (NIM)
NIM was 3.66% in Q1 FY27, up from 3.54% YoY, but down from 3.83% QoQ.
Cost of Funds
Cost of Funds was 6.55% in Q1 FY27, down from 6.62% YoY, but up from 6.42% QoQ.
Management forward view
Long-term Vision (SBS 2030)
Management aims to become a mid-sized new-age bank with a national presence by 2030, transitioning into a full-service private sector bank.
Focus on Customer Centricity and Innovation
In the 'Scale' phase (FY27-FY30), the bank will place customer centricity at the core and foster innovation and collaboration as key growth drivers.
Granular Liability Franchise Growth
Key objective is growth in granular liability franchise with ever-improving CASA Ratio.
Asset Quality and Risk Management
Management emphasizes focus on asset quality, risk management, and a strong collection framework.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Advances Growth | 24% YoY, 1% QoQ | Sustained QoQ growth momentum and diversification beyond gold loans. |
| Net Interest Margin (NIM) | 3.66% (Q1 FY27) | Stability or improvement in NIM, especially given the increase in Cost of Funds QoQ. |
| Net NPA (%) | 0.39% (Q1 FY27) | Any upward trend in Net NPA and the effectiveness of recovery efforts. |
| Credit Cost | 0.36% (Q1 FY27) | Moderation of credit cost after the significant QoQ increase, indicating better asset quality management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 51st percentile within Financial Services. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
108 docs text-extracted · 50 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Financial Services: 51st pctile, median 62 · Micro: 19th pctile, median 73
Evidence depth
Financial-only
108 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
48
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-314 Cr.
- ▸Altman Z is 1.60.
- ▸ROCE is low at 7.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching CSB Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 8 Sep - CSB Bank held one-on-one analyst meeting with InCred AMC on September 8, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 8 Sep - CSB Bank disclosed a one-on-one virtual investor meeting with White Pine Investment Management on September 8, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 19 Aug - CSB Bank disclosed an August 19, 2026 one-on-one investor meeting with Abakkus Investment Managers in Mumbai.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 10 Aug - CSB Bank disclosed a virtual one-on-one analyst meeting with Persistence Capital on August 10, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 21 Aug - Shareholders approved M P Chitale & Co as joint statutory auditor for FY27-FY29 at August 21 AGM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug - Newspaper Advertisement regarding Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Submission of Newspaper Publication of the Corrigendum to the Notice of 105th Annual General Meeting of Shareholders of CSB Bank Limited
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 13 Aug - India Ratings revised CSB Bank Tier II bonds outlook to Stable and affirmed IND A.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 7h - Submission of Newspaper Publication of the Unaudited Financial Results for the quarter ended June 30, 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.