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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 70/100Rev +24% YoY · PAT +26% YoY · +7% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Gross Advances Mix (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -4.2% / mo · MACD + · near 52W low
Technical chart
CSBBANKdaily · 1Y · AUTO-12.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 47.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.4% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 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.
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 69.1%.
- Valuation contributes 25/30 to the score.
- Growth contributes 16/25 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-314 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 51st pctile, median 62 · Micro: 19th pctile, median 73
108 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 8.43
- P/B
- 1.15
- EV/EBITDA
- —
- Market Cap
- 5600.00Cr
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
- 1.60
- 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
- 4%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.