Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Oct - Newspaper Publication prior to dispatch of EGM Notice
Source: Bse
Ujjivan Small Finance Bank Limited (UJJIVANSFB)
Micro CapFinancial Services stocks · Micro cap · NSE
Ujjivan Small Finance Bank (USFB) is an Indian SFB, evolved from an NBFC. It offers microfinance, individual, affordable housing, MSME, vehicle, gold, and agri loans, alongside deposit services. Operating across 26 States and UTs with 814 branches, the bank focuses on financial inclusion and diversified growth.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result16 Oct, 01:59 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 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
49NeutralSMA20 -2.9% / mo · MACD +
Stock trend: 52
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
UJJIVANSFBD candles · FIT view+11.3%Latest close ₹63.20 on 2026-10-19
Bar
-1.9%
RSI
45
MACD hist
0.01
52W pos
57%
2026-10-19O ₹64.44H ₹64.44L ₹61.22C ₹63.20Vol 2.1Cr 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
UJJIVANSFBNifty Financial ServicesNifty 500
- UJJIVANSFB
- -3.7%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +1.9 pp
Chart stats
19 Oct 2026- From 52W high
- -14.5%
- 52W range position
- 60%
- ATR (14)
- 4.0%
- Volume vs 20D
- 1.25x
- Avg traded value
- ₹113 Cr
- 20D price channel
- ₹61.1 - ₹68.3
₹73.9
₹47.3 - ₹73.9
₹2.5
Latest completed session
20-session average
41.7% 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 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 · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +45.6% · PAT +199.2% YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model+58.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
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 Sept 2026
Excellent · 85/100Rev +46% YoY · PAT +199% YoY · +7% QoQ · operating leverage
Filed 16 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,448.9 Cr | +45.6% | +7.4% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹365.1 Cr | +199.2% | +15.3% |
| PAT margin | 14.9% | +766 bps | +103 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.80
- P/B
- 1.66
- EV/EBITDA
- —
- Market Cap
- 12352.00Cr
Profitability
- ROE
- 10.80%
- ROCE
- 7.73%
- ROA
- 1.83%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 194.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- —
- Altman Z
- 2.07
- Book Value
- 38.10
Cash Flow
- FCF Yield
- 0.40%
- FCF Positive Y
- 6/5
- OCF
- 1843.00 Cr
- EPS TTM
- 5.91
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 176+1357.1% vs prev
Net Profit
₹ CrLatest: 693-4.5% vs prev
Return on Equity
%Latest: 12.6-15.2% vs prev
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 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.0% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 15% off 52W high · 28% 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
74
RS percentile
Stage 2 UptrendRecent S2
1M return
-2.8%
3M return
-3.7%
6M return
+8.1%
1Y return
+18.0%
RS 1D
+2
RS 20D
-5
Sector rank
#10
Industry rank
-
Stage evidence
- Price is 2.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.8%.
50-DMA
price below
200-DMA
price above
S2 entered
12 Oct 2026
S2 age
6 trading sessions
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 147.41+0.96%
RS vs Nifty 500147
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
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation20/30
Growth19/25
Quality1/20
Balance Sheet5/15
Cash Flow4/10
Piotroski
5/9 (+3)
Penalties
0
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 58.1%.
- Growth contributes 19/25 to the score.
- Valuation contributes 20/30 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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
10.8
PB
1.7
EV/EBITDA
—
ROE
10.8%
ROCE
7.7%
FCF Yield
0.4%
Debt/Equity
0.1
MoS
+58.1%
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
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+58.1%
Previous: +58.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
45
45
45
45
45
56
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
₹71.18
+11.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹150.71
+58.1% MoS
PEG
0.06
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
SURYODAY
Small
Suryoday Small Finance Bank Limited
Retail
match 143
57
8.1
7.6%
+75%
FAIR VALUE
UTKARSHBNK
Small
Utkarsh Small Finance Bank Limited
Retail
match 141
17
—
-40.0%
—
OVERVALUED
KTKBANK
Micro
The Karnataka Bank Limited
Banking
match 98
55
8.7
10.4%
+66%
FAIR VALUE
TMB
Micro
Tamilnad Mercantile Bank Limited
Banking
match 97
54
9.4
14.0%
+63%
FAIR VALUE
SOUTHBANK
Micro
The South Indian Bank Limited
Banking
match 93
51
8.6
13.5%
+63%
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 2026-07-24T00:42:41.058Z
Management commentary snapshot
Q1FY27 saw record earnings with PAT up 207% YoY to ₹317 Cr and NII up 25% YoY to ₹1,186 Cr. Gross Loan Book grew 29% YoY to ₹42,903 Cr, driven by strong secured book expansion and robust deposit mobilization.
While Q1FY27 results show strong growth in loan book and deposits, alongside significant asset quality improvement, the sustainability of high growth in newer secured segments and the volatility in other income components warrant a cautious outlook. Management's revised RoA guidance is positive, but execution remains key.
Current business mix
Gross Loan Book by Segment (Q1FY27)
Latest issuer-disclosed distribution across 10 reported categories.
Group Loans35.0%
Individual Loans14.0%
Affordable Housing22.0%
Micro Mortgage4.0%
MSME8.0%
FIG Lending8.0%
Vehicle Loan2.0%
Gold Loan2.0%
Agri Banking2.0%
Others2.0%
Growth engines
Secured Loan Book Expansion
Secured share reached 50.4% with secured Gross Loan Book growing 7.8% sequentially.
Gold Loan Growth
Gold Loan GLB grew 249% YoY and 33% QoQ, crossing major milestone of ₹1,000 Cr GLB.
Micro Mortgage Growth
Micro Mortgage GLB grew 101% YoY and 14% QoQ.
MSME Growth
MSME GLB grew 54% YoY and 7% QoQ.
Capacity and execution
New Retail Offerings
Launched new retail offerings: Mutual Fund distribution and Co-Branded Credit Cards.
Digital Feature Enhancements
FY27 plan to integrate UPI (Scan & Pay) in EZY Mobile Banking and add 50+ new features.
Branch Network
Operates 814 Branches (206 URCs) across 26 States and UTs.
Tailwinds
Diversified Deposit Base
Diversified Deposit Book across Geography and Segments.
Digitalization Initiatives
Paper Saving through Digitalisation – 24% from FY ‘23.
Financial Inclusion Programs
45 K + Participants Enrolled in Financial Literacy Program (FLP).
Strong Capital Adequacy
CRAR 20.36%, Tier I CRAR 19.16%.
Risk radar
Other Income Volatility
Other Income declined 16% QoQ, driven by 100% QoQ drop in PSLC Income and 87% YoY drop in Treasury income.
Micro Banking Concentration
Micro Banking (Group Loans & Individual Loans) still constitutes 49% of GLB, despite diversification efforts.
Asset Quality in New Products
Vehicle Finance NPA 1.7%, Gold Loan NPA 0.2%, Agri Banking NPA 1.0% in Q1FY27.
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 essential for understanding the bank's growth trajectory and mitigating seasonal effects. QoQ comparison is vital for assessing sequential momentum in loan book, deposits, NIM, and profitability, as highlighted by management.
Sector KPIs management disclosed
Gross Loan Book (GLB) Growth
GLB at ₹42,903 Cr, up 29% YoY and 5.5% QoQ.
Total Deposits Growth
Total Deposits grew 24.6% YoY to ₹48,129 Cr; highest yearly growth in last 10 quarters.
CASA Deposits Growth
CASA Deposits grew 37.8% YoY to ₹12,930 Cr.
Net Interest Margin (NIM)
NIM sequentially stable at 8.5%.
Management forward view
Revised FY27 RoA Guidance
Revised FY27 RoA guidance to 1.8% to 2.0%.
FY27 Advances Growth Guidance
FY27 Advances Growth guidance of ~25%.
FY27 Credit Cost Guidance
FY27 Credit Cost guidance of 0.9% to 1.0% of the ATA.
Digital Enhancements
FY27 plan to integrate UPI (Scan & Pay) in EZY Mobile Banking and add 50+ new features.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Secured Loan Book Share | 50.4% of GLB | Continued increase in secured book share towards diversification goals. |
| Asset Quality (NNPA) | 0.3% NNPA | Sustained low NNPA and slippage ratios, especially in new segments. |
| CASA Ratio | CASA Deposits grew 37.8% YoY | Further improvement in CASA ratio to optimize cost of funds. |
| Digital Adoption | 71% Retail Term Deposits Opened Digitally | Expansion of digital channels for customer acquisition and servicing efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited 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 63rd percentile of the scored universe and 75th percentile within Financial Services. Main check: financial discipline is weak at 36/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
110 docs text-extracted · 55 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Financial Services: 75th pctile, median 62 · Micro: 43rd pctile, median 73
Evidence depth
Financial-only
110 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
77
strong · profit to cash conversion
Balance sheet
80
strong · leverage and solvency
Discipline
36
weak · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸ROCE is low at 7.7%.
- ▸Revenue CAGR is 19% but EPS CAGR is -14%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ujjivan 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 9 Oct - Allotment of equity shares under ESOP scheme of the Bank
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 5 Oct - CRISIL withdrew rating for ₹375 crore certificate of deposits programme on bank's request.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Management to meet investors in Singapore and Hong Kong from September 22-25, 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Sep - ICRA reaffirmed Ujjivan SFB’s A1+ rating for ₹2,500 crore certificates of deposit.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Bank schedules investor meetings with Millennium, Ageas Federal, Pictet AM, and Schonfeld on Sep 15-17, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Sep - Allotment of Equity Shares under the ESOP Scheme of the Bank
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Aug - Allotment of equity shares under ESOP scheme of the Bank
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.