Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Oct - Please find attached details of investor call
Source: Bse
Jana Small Finance Bank Limited (JSFB)
Micro CapFinancial Services stocks · Micro cap · NSE
Jana Small Finance Bank (JSFB) is an Indian financial institution offering a range of banking products. It focuses on serving aspirational India, with a growing emphasis on secured assets and digital adoption. The bank operates across 23 states and 2 UTs with 826 outlets.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result15 Jul, 03:44 pm IST
Score20 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
35BearishSMA20 -6.6% / mo · MACD −
Stock trend: 29
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
JSFBD candles · FIT view-6.8%Latest close ₹428.00 on 2026-10-19
Bar
-12.8%
RSI
30
MACD hist
-3.72
52W pos
35%
2026-10-19O ₹490.90H ₹492.00L ₹422.75C ₹428.00Vol 35.3L 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
JSFBNifty Financial ServicesNifty 500
- JSFB
- -19.5%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -13.9 pp
Chart stats
19 Oct 2026- From 52W high
- -29.5%
- 52W range position
- 35%
- ATR (14)
- 5.9%
- Volume vs 20D
- 4.43x
- Avg traded value
- ₹44.9 Cr
- 20D price channel
- ₹422.8 - ₹551
₹607
₹330 - ₹607
₹25
Latest completed session
20-session average
64.6% 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 mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +22.1% · PAT +52.0% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+53.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence53
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
Excellent · 75/100Rev +22% YoY · PAT +52% YoY · operating leverage
Filed 15 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,515 Cr | +22.1% | +4.8% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹155 Cr | +52.0% | +10.7% |
| PAT margin | 10.2% | +201 bps | +54 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.90
- P/B
- 1.18
- EV/EBITDA
- —
- Market Cap
- 5277.00Cr
Profitability
- ROE
- 7.60%
- ROCE
- 7.45%
- ROA
- 0.80%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- —
- Altman Z
- 1.60
- Book Value
- 424.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 594.00 Cr
- EPS TTM
- 36.07
Shareholding
- Promoter Hold
- 16.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,515+4.8% vs prev
Net Profit
₹ CrLatest: 155+10.7% 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
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.0% over last month) — short-term momentum negative.
- RSI(14) at 30 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 29% off 52W high · 30% 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
51
RS percentile
Stage 1 Base / Transition
1M return
-18.8%
3M return
-19.5%
6M return
-5.2%
1Y return
-4.7%
RS 1D
-18
RS 20D
-23
Sector rank
#10
Industry rank
#20
Stage evidence
- Price is 11.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +4.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 95.17-11.86%
RS vs Nifty 50095
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation21/30
Growth17/25
Quality0/20
Balance Sheet1/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 53.5%.
- Valuation contributes 21/30 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 1/15; 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
13.9
PB
1.2
EV/EBITDA
—
ROE
7.6%
ROCE
7.5%
FCF Yield
—
Debt/Equity
0.1
MoS
+53.5%
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
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+53.5%
Previous: +53.5%
Score history
12 stored score snapshots. Latest stored move: +4 points.
20 Oct 2026
v4.3-runtime-valuation
41
41
41
41
41
41
41
44
41
41
41
45
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
₹586.61
+27.0% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹919.79
+53.5% MoS
PEG
0.67
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
CSBBANK
Micro
CSB Bank Limited
Banking
match 167
52
8.0
13.5%
+68%
FAIR VALUE
EQUITASBNK
Micro
Equitas Small Finance Bank Limited
Banking
match 160
15
15.6
1.7%
-643%
OVERVALUED
ESAFSFB
Small
ESAF Small Finance Bank Limited
Banking
match 154
17
—
-8.9%
—
OVERVALUED
CAPITALSFB
Small
Capital Small Finance Bank Limited
Banking
match 153
56
8.4
10.1%
+68%
FAIR VALUE
FINOPB
Small
Fino Payments Bank Limited
Banking
match 152
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 intactReviewed 2026-07-16T00:41:19.397Z
Management commentary snapshot
JSFB reports strong Q1 FY27 PAT growth of 52% YoY, driven by improved NIM and reduced cost of funds. Asset quality improved with GNPA moderating to 2.24%, while secured assets grew 29% YoY.
JSFB's Q1 FY27 performance shows robust growth in profitability and asset quality, with PAT up 52% YoY and GNPA moderating. The strategic shift towards secured assets (72.8%) and strong deposit growth are positive. Promoter de-promoterisation is a technical issue, not impacting BAU.
Current business mix
Advances by Geography (Q1 FY27)
Latest issuer-disclosed distribution across 8 reported categories.
Maharashtra14.0%
Tamil Nadu13.0%
Karnataka9.0%
Gujarat9.0%
Madhya Pradesh8.0%
Rajasthan8.0%
Uttar Pradesh6.0%
Others33.0%
Growth engines
Secured Asset Growth
PositiveSecured advances grew ~29% YoY and 4% QoQ. Gold Loans grew 113% YoY, Vehicle Loans 78% YoY, MSME 27% YoY, Affordable Housing 29% YoY.
Digital Adoption
Positive90%+ banking transactions are digital, 98% loans are digitally processed, and 99% sales force use TAB/Mobile.
CASA Growth
PositiveCASA grew by 31% YoY and 7% QoQ, enhancing low-cost funding. ASBA traction blocked Rs. 947 Crs in Q1 FY27.
New Product Offerings
PositiveLaunched pre-approved business loans, gold loans, two-wheeler loans, health insurance, and linked savings/current accounts.
Capacity and execution
Branch Expansion
1 new branch and 6 split branches were added in Q1 FY27. FY27 plan includes 8 new, 30 split, and 40 relocated branches.
Tailwinds
Refinance Benefits
PositiveFresh borrowings from Financial Institutions (~Rs. 300 crores) include refinance from NABARD, SIDBI, NHB, MUDRA, offering long-term, stable, and competitive funding without CRR/SLR.
Unsecured Book Guarantee Coverage
Positive~80% of the Unsecured book is covered under the CGFMU/CGTMSE Guarantee program, mitigating credit risk.
Headwinds
Promoter Rating Downgrade
NegativeJHL and JCL, promoters, had a technical default on NCD payment. India Rating put the Bank under 'watch' due to action on JCL and JHL.
Lower Insurance Commission
NegativeOther income from insurance commission was lower in Q1 FY27 (Rs. 28 crs) compared to Q1 FY26 (Rs. 50 crs) due to a change in the insurance program.
Risk radar
Promoter De-promoterisation Process
JHL and JCL will apply for de-promoterisation to SEBI and RBI post reduction of their stake to less than 9.99%.
Overall SMA Increase
Overall SMA increased marginally QoQ, though management states this is seasonal in nature.
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 overall growth, profitability, and deposit trends, especially for a financial services company. QoQ comparison provides insight into sequential momentum in asset quality, slippages, and operational efficiency.
Sector KPIs management disclosed
Advances Growth (GLP)
PositiveAdvances grew ~26% YoY and 4% QoQ to Rs. 37,612 Crs.
Disbursements
PositiveDisbursements (excluding NBFC) were Rs. 4,199 crores in Q1 FY27, higher by 15% YoY. Unsecured disbursements grew 34% YoY.
Net Interest Margin (NIM)
PositiveNIM improved from 6.6% in Q1 FY26 to 7.5% in Q1 FY27.
Cost of Funds (CoF)
PositiveCost of Funds reduced to 7.4% for Q1 FY27 from 7.97% in Q1 FY26.
Management forward view
FY27 Guidance - GLP Growth
Management guides for Gross Loan Portfolio (GLP) growth of ~19-21% for FY27.
FY27 Guidance - Deposits Growth
Management guides for Deposits growth of ~23-25% for FY27.
FY27 Guidance - PAT Growth
Management guides for Profit After Tax (PAT) growth of 80%+ for FY27.
Strategic Focus
Management aims to continue serving aspirational India, increase secured business proportion each year, and build a sustainable, predictable, long-term franchise with digital focus and high governance standards.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| GLP Growth | ~26% YoY (Q1 FY27) | Achievement of FY27 guidance of ~19-21%. |
| PAT Growth | 52% YoY (Q1 FY27) | Achievement of FY27 guidance of 80%+. |
| Secured Book Proportion | 72.8% (Q1 FY27) | Continued increase towards the stated goal of 80%. |
| Promoter Stake Reduction | JHL holds 16.9% | Reduction of JHL/JCL stake to below 9.99% and progress on de-promoterisation application to SEBI/RBI. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
53Limited 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 12th percentile of the scored universe and 17th percentile within Financial Services. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
55 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
12th percentile
overall median 67 · Financial Services: 17th pctile, median 62 · Micro: 7th pctile, median 73
Evidence depth
Financial-only
55 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
58
watch · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
40
weak · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.62.
- ▸Promoter holding is only 16.9%.
- ▸Promoter holding fell 4.9%.
- ▸ROCE is low at 7.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Jana 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 18 Sep
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 4 Sep - Jana Small Finance Bank filed its FY2025-26 BRSR with annual report details.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 3 Jul - Chief Credit Officer Asheesh Maroo resigned; last working day August 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 13 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Jul - Please find attached announcement with regard to ESOP allotment
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 24 Jun - Board approved allotment of 88.43 lakh warrants; GWC seeks RBI approval for 68.30 lakh additional warrants.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 12 Jun - Members approved AOA amendment adding Article 7A for warrants and convertible securities issuance.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 29 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 May - Please find attached intimation regarding investor/ analyst meet
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.