Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 10 Oct - CARE reaffirmed Equitas Bank's CARE AA- Stable issuer and Tier II ratings, and CARE A1+ for ₹1,500 crore CDs.
Source: Bse
Equitas Small Finance Bank Limited (EQUITASBNK)
Micro CapFinancial Services stocks · Micro cap · NSE
Equitas Small Finance Bank is an SFB focused on financial inclusion, serving semi-formal and informal segments with diversified lending products like Small Business Loans, Vehicle Finance, and Housing Finance. It aims to be the banker of choice for these underserved segments, leveraging strong informal credit assessment capabilities.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result28 Jul, 08:29 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 -6.6% / mo · MACD +
Stock trend: 54
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EQUITASBNKD candles · FIT view+7.4%Latest close ₹70.04 on 2026-10-19
Bar
-0.5%
RSI
51
MACD hist
0.46
52W pos
58%
2026-10-19O ₹70.37H ₹70.70L ₹69.44C ₹70.04Vol 13.7L 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
EQUITASBNKNifty Financial ServicesNifty 500
- EQUITASBNK
- -11.7%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -6.1 pp
Chart stats
19 Oct 2026- From 52W high
- -16.5%
- 52W range position
- 58%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.78x
- Avg traded value
- ₹11.6 Cr
- 20D price channel
- ₹64.6 - ₹74.5
₹83.9
₹51.3 - ₹83.9
₹2.2
Latest completed session
20-session average
33.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · OVERVALUED15
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average40
Revenue +18.9% · PAT NDF YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-642.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
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
Average · 40/100Rev +19% YoY · +7% QoQ
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,960 Cr | +18.9% | +6.8% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹184 Cr | NDF | -13.6% |
| PAT margin | 9.4% | +2297 bps | -221 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.60
- P/B
- 1.29
- EV/EBITDA
- —
- Market Cap
- 7949.00Cr
Profitability
- ROE
- 1.68%
- ROCE
- 6.43%
- ROA
- 0.84%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- -23.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- -44.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- —
- Altman Z
- 1.73
- Book Value
- 53.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -3316.00 Cr
- EPS TTM
- 4.47
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,960+6.8% vs prev
Net Profit
₹ CrLatest: 184-13.6% 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 uptrend intact. RSI 51. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~7.0% over last month) — short-term momentum negative.
- RSI(14) at 51 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 17% off 52W high · 37% above 52W low.
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
72
RS percentile
Stage 3 Topping
1M return
-5.5%
3M return
-11.7%
6M return
+7.4%
1Y return
+16.2%
RS 1D
+1
RS 20D
-3
Sector rank
#10
Industry rank
#20
Stage evidence
- 15.7% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+1.6% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
weakening
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 127.22+0.56%
RS vs Nifty 500127
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation6/30
Growth4/25
Quality0/20
Balance Sheet1/15
Cash Flow3/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
15
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
15/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 3/10 to the score.
- Valuation contributes 6/30 to the score.
- Growth contributes 4/25 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Fair-value margin of safety is negative at -642.6%.
- Quality is weaker at 0/20; 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
15.6
PB
1.3
EV/EBITDA
—
ROE
1.7%
ROCE
6.4%
FCF Yield
—
Debt/Equity
0.1
MoS
-642.6%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
15
Previous: 15
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-642.6%
Previous: -642.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
19
19
19
19
19
19
18
19
16
15
15
15
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
₹73.49
+4.7% MoS
Growth-justified P/E
2.1
Growth-justified Value
₹9.43
-642.6% MoS
PEG
—
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 162
45
13.9
7.6%
+53%
WATCHLIST
CSBBANK
Micro
CSB Bank Limited
Banking
match 162
52
8.0
13.5%
+68%
FAIR VALUE
ESAFSFB
Small
ESAF Small Finance Bank Limited
Banking
match 155
17
—
-8.9%
—
OVERVALUED
FINOPB
Small
Fino Payments Bank Limited
Banking
match 153
18
43.6
6.8%
-105%
OVERVALUED
CAPITALSFB
Small
Capital Small Finance Bank Limited
Banking
match 150
56
8.4
10.1%
+68%
FAIR VALUE
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 intactReviewed 2026-06-14T19:08:38.637Z
Management commentary snapshot
FY26 Gross Advances grew 23% CAGR since FY17 to Rs 46,165 Crs, with Deposits up 42% CAGR to Rs 46,533 Crs. Q4FY26 RoA was 1.46%, up from 0.18% in Q1FY26, showing strong sequential momentum.
The bank demonstrates sustained growth in advances and deposits, with improving profitability metrics. Management's strategic focus on diversified secured assets, controlled microfinance exposure, and digital transformation supports long-term stability. The outlook for 20%+ advances growth and improving ROA suggests continued positive momentum, despite inherent risks in serving informal segments.
Current business mix
Asset Mix by Product (Gross Advances)
Latest issuer-disclosed distribution across 7 reported categories.
Small Business Loans (SBL)40.0%
Vehicle Finance (VF)23.0%
Housing Finance (HF)13.0%
Microfinance (incl. DA)12.0%
MSE Finance5.0%
NBFC Lending4.0%
Gold Loans2.0%
Growth engines
Small Business Loans (SBL)
SBL portfolio grew at a robust 27% CAGR between FY18-26, backed by residential property, and forms 40% of the asset mix.
Vehicle Finance (VF)
VF portfolio demonstrates steady growth, with incremental focus on scaling Used CV & Used Car segments through a 270+ branch network.
Housing Finance (HF)
HF portfolio grew at a 46% CAGR between FY20-26, catering to affordable housing needs and expanding through the existing SBL network.
Gold Loans
Gold loans are a strategic focus segment, transitioning to a broader footprint including asset branches to enhance reach and scalability.
Capacity and execution
Housing Finance Branch Expansion
Housing Finance is currently offered at 90 branches and plans to scale through 60 additional SBL branches in FY27.
Gold Loan Branch Expansion
Gold loans are currently available across ~200 liability and ~50 asset branches, with planned expansion to ~700 additional asset branches.
Liability Branch Network Expansion
Measured and calibrated expansion with ~57 branches added over the last 5 years; planned addition of ~10-20 branches annually.
Tailwinds
Acceptance of SFBs by Depositors
Management notes increasing acceptance of 'Small Finance Banks' as a category by depositors, aiding liability growth.
Decreasing Landed Cost of Funds
Landed cost of funds is decreasing, which is expected to improve competitiveness over the medium term.
Large Unmet Credit Demand
An estimated ~84 lakh crore total lending opportunity exists, with ~42 lakh crore addressable for the banking system.
Regulated Banking Model
The highly regulated banking model is conducive for scale-up and provides a stable operating environment.
Headwinds
Compliance Cost
The bank faces ongoing compliance costs associated with its highly regulated banking model.
Perception Challenge
SFBs face a perception challenge, often viewed as different from a conventional bank by some segments.
Event-Driven and Political Risks
The customer base and segments served are exposed to event-driven and political risks, such as farm loan waivers.
Risk radar
Operational Risks in Informal Lending
Credit appraisal relies on field-based cash-flow evaluation, requiring a manpower-heavy operating model and consistency across geographies.
Fragile Credit Profiles
Customer base is characterized by relatively fragile credit profiles, making repayment capacity susceptible to income disruptions and external shocks.
Concentration Risk (Tamil Nadu)
Tamil Nadu & Pondicherry currently account for 45.29% of advances; strategic focus is to reduce this concentration below 35% long-term.
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 trends and annual performance, especially for AUM and deposit growth. QoQ comparison is vital for tracking sequential momentum in profitability (NIM, RoA) and asset quality (GNPA, NNPA, Credit Cost) in the financial services sector.
Sector KPIs management disclosed
Gross Advances Growth (CAGR FY17-FY26)
Gross Advances grew at a CAGR of 23% from Rs 7,150 Crs in FY17 to Rs 46,165 Crs in FY26.
Deposits Growth (CAGR FY17-FY26)
Deposits grew at a CAGR of 42% from Rs 1,921 Crs in FY17 to Rs 46,533 Crs in FY26.
Net Interest Margin (NIM)
Q4FY26 NIM was 7.54%, up from 7.49% in Q3FY26. FY26 NIM was 7.50%.
Cost of Funds
Q4FY26 Cost of Funds was 5.67%, down from 5.75% in Q3FY26. FY26 Cost of Funds was 6.69%.
Management forward view
FY27 Advances Growth Outlook
Management expects 20%+ growth in overall advances for FY27, driven by growth across products.
FY27 ROA Outlook
Management expects to achieve an exit ROA of ~1.5% in Q4FY27, with a full-year FY27 ROA of ~1.2%.
FY31 Steady State ROA
Management projects a steady state ROA of ~1.5% by FY31, with a potential range of 1% to 1.8% across credit cycles.
Microfinance Exposure Strategy
MFI advances are expected to be maintained at around 10% of the overall advances going forward to balance earnings upside with controlled downside.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Advances Growth | 23% CAGR (FY17-FY26) | Sustaining 20%+ growth in FY27 and beyond, as per management outlook. |
| Return on Assets (ROA) | Q4FY26: 1.46%, FY26: 1.10% | Achievement of exit ROA of ~1.5% in Q4FY27 and steady state ~1.5% by FY31. |
| Credit Costs | Q4FY26: 0.65%, FY26: 1.10% | Normalization and stabilization of credit costs towards FY27, following Q1FY26 impact. |
| Microfinance Exposure | ~10% of overall advances | Maintaining microfinance exposure at ~10% to manage event-driven risks. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited 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 20th percentile of the scored universe and 35th percentile within Financial Services. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
74 docs text-extracted · 22 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Financial Services: 35th pctile, median 62 · Micro: 13th pctile, median 73
Evidence depth
Financial-only
74 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
28
weak · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-3316 Cr.
- ▸Altman Z is 1.76.
- ▸ROCE is low at 6.4%.
- ▸ROE is low at 1.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Equitas Small Finance Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Oct - Equitas Small Finance Bank Limited has informeds regarding the allotment of shares pursuant to exercise of ESOPs
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 22 Sep - Prof. SamirKumar Barua ceased as Independent Director on September 22, 2026 after completing his term.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 25 Sep - Equitas Small Finance Bank allotted 50,000 NCDs worth Rs.500 crore at 9.95% for 10 years.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul - Board meets July 28, 2026 for Q1FY27 results; earnings call scheduled July 29, 2026 at 11:00 AM.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jul - Equitas Small Finance Bank Limited has informeds regarding the newspaper advertisements published on July 06, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Jul - Equitas Small Finance Bank Limited has informeds regarding the allotment of shares pursuant to exercise of ESOP
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 17 Jun - Mr. Shanmugam Manivannan appointed Chief Digital Officer and Senior Management Personnel effective June 17, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Jun - Equitas SFB hikes USD FCNR(B) deposit rates to 7.13% for 3-5 years from June 18, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.