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.
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.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
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
Excellent · 75/100Rev +22% YoY · PAT +52% YoY · operating leverage
| 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.
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
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.
Advances by Geography (Q1 FY27)
Latest issuer-disclosed distribution across 8 reported categories.
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.
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.
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.
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.
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
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 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.
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.
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.
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.
Trend score and candlestick chart
61BullishSMA20 +2.3% / mo · MACD −
Technical chart
JSFBdaily · 1Y · AUTO+46.6%Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 46.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.2% over last month) — short-term momentum positive.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 62% 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.
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 46.5%.
- Growth contributes 17/25 to the score.
- Valuation contributes 17/30 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.
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: +4 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.
Weak Trust: Claim history is still being built. It ranks around the 12th percentile of the scored universe and 18th percentile within Financial Services. Main check: financial discipline is weak at 40/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.62.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 18th pctile, median 62 · Micro: 7th pctile, median 73
55 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
Weak 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.
- ▸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.
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
- 14.90
- P/B
- 1.27
- EV/EBITDA
- —
- Market Cap
- 5659.00Cr
Profitability
- ROE
- 7.63%
- 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
- 1.62
- Book Value
- 421.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 594.00 Cr
- EPS TTM
- 36.07
Shareholding
- Promoter Hold
- 16.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 74%
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.