Other Bank industry

9 companies · ₹1.2 L cr · 9 with AI deep dives · Q1FY27 report

SFB recovery firms as MFI stress clears, but cost-of-funds tailwind is spent and deposit competition returns

Acceleratingrevenue growth quickened to 15.0% YoY from 7.2% a year earlier
Revenue YoY
+15.0%
Panel
9 cos
Price, 1 year
+22.4%
67% of names up
P/E vs own 5y
-0.7%
14.6x now

Exhibit 1The quarter in numbers

constant panel of 9 companies above ₹500 cr
aggregate revenue (₹ cr)
Revenue
Jun 26
15,970 cr
Mar 26
15,224 cr
QoQ
+4.9%
Jun 25
13,883 cr
YoY
+15.0%
Peak
15,970 cr
vs peak
0.0%

Breadth: 78% of 9 companies grew revenue year on year (was 78% a quarter earlier).

Exhibit 2What it costs

11.12x - 22.33x across the panel today

The median name trades at 14.6x, -0.7% against this industry's own 5-year median of 14.8x, and -57.8% against its own peak of 34.7x.

Exhibit 3Structure

₹1.2 L cr

AU Small Finance Bank Ltd is 69.6% of this industry by market cap. The top 5 are 94.6% and the top 10 are 100%.

large 1mid 1small 79 above ₹500 cr

Exhibit 5Coverage (9 of 9)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

AU Small Finance Bank Ltd
Mcap
₹79,241 cr
P/E
27.7x
P/B
4.0x
NIM
5.2%
Gross NPA
2.2%
Rev YoY
+21.1%
Unlock
Ujjivan Small Finance Bank Ltd
Mcap
₹12,734 cr
P/E
14.0x
P/B
1.9x
NIM
7.5%
Gross NPA
2.3%
Rev YoY
+25.1%
Unlock
Equitas Small Finance Bank Ltd
Mcap
₹8,395 cr
P/E
16.4x
P/B
1.4x
NIM
6.2%
Gross NPA
2.7%
Rev YoY
+18.9%
Unlock
Jana Small Finance Bank Ltd
Mcap
₹5,446 cr
P/E
14.3x
P/B
1.2x
NIM
6.1%
Gross NPA
2.6%
Rev YoY
+21.1%
Unlock
Utkarsh Small Finance Bank Ltd
Mcap
₹2,586 cr
P/E
-
P/B
0.9x
NIM
5.5%
Gross NPA
9.3%
Rev YoY
+0.3%
Unlock
ESAF Small Finance Bank Ltd
Mcap
₹2,064 cr
P/E
-
P/B
1.2x
NIM
7.2%
Gross NPA
6.2%
Rev YoY
+32.6%
Unlock
Suryoday Small Finance Bank Ltd
Mcap
₹1,562 cr
P/E
8.1x
P/B
0.8x
NIM
6.2%
Gross NPA
6.4%
Rev YoY
+25.7%
Unlock
Capital Small Finance Bank Ltd
Mcap
₹1,237 cr
P/E
8.2x
P/B
0.8x
NIM
4.1%
Gross NPA
2.6%
Rev YoY
+16.6%
Unlock
Fino Payments Bank Ltd
Mcap
₹1,165 cr
P/E
55.5x
P/B
1.4x
NIM
3.0%
Gross NPA
-
Rev YoY
+18.4%
Unlock

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30
tailwindDeliberate secured-book mix shift accelerating across the SFB cohort6 managements

Six banks explicitly reported a rising share of secured advances as a strategic imperative, reducing dependence on high-slippage unsecured/JLG books. Secured shares ranged from…

  • UJJIVANSFB (Q1FY27): “We are pleased to note that our progress towards diversification of loan portfolio…”
tailwind7 managementstailwind7 managementsmixed6 managementstailwind3 managementsheadwind4 managementsheadwind2 managements
6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

Create a free account →

AppendixThe other 0 companies

1-0
sort: mcap · composite · name