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.
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 is acceptable, price trend is neutral, 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
Excellent · 85/100Rev +25% YoY · PAT +208% YoY · +8% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,025 Cr | +25.1% | +7.8% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹317 Cr | +207.8% | +12.4% |
| PAT margin | 15.7% | +929 bps | +63 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
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.
Gross Loan Book by Segment (Q1FY27)
Latest issuer-disclosed distribution across 10 reported categories.
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.
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.
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%.
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
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 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.
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%.
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.
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.
Trend score and candlestick chart
55NeutralSMA20 +1.2% / mo · MACD −
Technical chart
UJJIVANSFBdaily · 1Y · AUTO+15.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 38. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.1% over last month) — short-term momentum positive.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 52% 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 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 44 · 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 50.3%.
- Growth contributes 19/25 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; 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.
Healthy Trust: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 76th percentile within Financial Services. Main check: financial discipline is weak at 36/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE is low at 7.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 76th pctile, median 62 · Micro: 43rd pctile, median 73
110 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
Healthy 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.
- ▸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.
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
- 15.50
- P/B
- 2.05
- EV/EBITDA
- —
- Market Cap
- 14043.00Cr
Profitability
- ROE
- 10.80%
- ROCE
- 7.73%
- ROA
- 1.57%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 194.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- —
- Altman Z
- 2.14
- Book Value
- 35.10
Cash Flow
- FCF Yield
- 0.36%
- FCF Positive Y
- 6/5
- OCF
- 1843.00 Cr
- EPS TTM
- 4.67
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 94%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.