MarketFriction

ESAF Small Finance Bank Ltd

NSE ESAFSFB · BSE 544020 · Other Bank
₹43.40 -2.52%
NSE close2026-10-01
52 week range19.78 - 46.00
Market cap₹2,292 Cr.
IPO 2023 · -28% since Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue9439741,0021,0229959488928288208949951,098
Interest347377411434456463458450448462477514
Expenses487567682619834881820682672693692725
Financing Profit10930-91-30-294-396-386-304-301-260-174-141
Financing Margin %12%3%-9%-3%-30%-42%-43%-37%-37%-29%-18%-13%
Other Income7912015011540114145195145269201248
Depreciation000000000000
Profit before tax1881505985-255-282-241-109-155927107
Tax %26%25%26%26%-25%-25%-24%-26%-25%22%13%25%
Net Profit1401124363-190-211-183-81-11672480
EPS in Rs3.122.180.841.22-3.69-4.09-3.55-1.58-2.250.140.461.55
Gross NPA %2.64%4.16%4.76%6.61%6.98%6.96%6.87%7.48%8.54%5.64%5.41%5.40%
Net NPA %1.19%2.19%2.26%3.22%2.98%2.97%2.99%3.77%3.83%2.73%1.77%0.83%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue295971,0321,4131,6411,9402,8543,8193,8583,5373,807
Interest163154586217207931,0171,4491,8111,8371,901
Expenses313575386468791,2481,6762,1903,1522,6742,782
Financing Profit-18-753514643-101160180-1,105-974-876
Financing Margin %-61%-13%3%10%3%-5%6%5%-29%-28%-23%
Other Income19102109133127208288442472811864
Depreciation0017232933425159650
Profit before tax12712725614174406570-693-228-12
Tax %0%0%29%26%25%26%26%25%-25%-27%
Net Profit1279019010555302426-521-166-5
EPS in Rs0.030.872.114.452.341.226.738.27-10.12-3.23-0.10
Dividend Payout %0%0%0%0%0%0%0%8%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%17%7%4%
Compounded Profit Growth%%%99%
Stock Price CAGR%%%56%
Return on Equity4%1%-4%-9%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital302312428428449449449515515516
Reserves4314666569039621,2661,9771,4341,271
Deposits4092,5234,3177,0288,99912,81514,66619,86823,27625,850
Borrowing2,0531,6751,7021,2031,6942,9533,3543,2231,4062,753
Other Liabilities227183145154293528489505547479
Total Liabilities2,9944,7247,0589,47012,33917,70820,22426,08727,17830,868
Fixed Assets336986116133159188205237226
CWIP0044600363290
Investments5797321,5311,7341,9324,0704,8895,5415,9956,399
Other Assets2,3823,9245,4387,61610,26813,47815,14720,33820,88323,953
Total Assets2,9944,7247,0589,47012,33917,70820,22426,08727,17830,868
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-2391,0891,127-584-5711,0013,176-1,960
Cash from Investing Activity-171-635-638-982-573-583-769-192
Cash from Financing Activity488-4996531,259399235-1,8521,347
Net Cash Flow78-451,143-308-745654556-805
Free Cash Flow-2771,0361,078-638-6419303,024-2,242
CFO/OP-40%152%162%-82%-43%71%451%-226%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %0%8%15%19%9%4%19%20%-23%-9%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters63.39%63.39%63.39%63.38%63.36%63.31%63.31%63.30%63.29%63.28%63.25%
FIIs1.16%0.81%0.12%0.15%0.16%0.27%0.16%0.16%0.01%0.01%0.31%
DIIs10.98%10.26%8.90%5.56%5.02%5.00%5.00%5.00%4.97%4.63%3.80%
Public24.48%25.53%27.57%30.92%31.45%31.41%31.51%31.53%31.74%32.08%32.63%
No. of Shareholders94,7131,02,1241,07,4131,15,8181,18,5121,16,9121,16,4901,13,9551,11,6911,09,2461,07,631

Fundamentals

Market Cap₹ 2,292 Cr.
Current Price₹ 44.5
Book Value₹ 34.6
ROCE5.65 %
ROE-8.86 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)4%
Compounded Profit Growth (TTM)99%
Standalone figures.
Valuation
Market capRs 2,238 Cr
Enterprise valueRs 29,727 Cr
Price to book1.25x
Price to sales0.59x
EV / EBITDA15.21x
EV / EBIT15.74x
EV / sales7.81x
Earnings yield-0.23%
P/E, 3-year average6.59x
P/B, 3-year average0.78x
P/E, 5-year average6.59x
P/B, 5-year average0.78x
Profitability
Operating margin (excl. other income)24.41%
Operating margin (incl. other income)47.34%
EBITDA margin51.33%
Pre-tax margin-0.32%
Net profit margin-0.13%
Net margin, latest quarter7.29%
ROE-8.91%
ROCE5.64%
ROA-0.57%
ROE, 3-year average-4.05%
ROCE, 3-year average6.28%
ROA, 3-year average-0.23%
ROE, 5-year average2.23%
ROCE, 5-year average6.50%
ROA, 5-year average0.25%
ROIC (approx.)4.70%
Tax rate27.15%
Other income / net worth45.40%
Growth
Sales growth (latest year)-8.30%
Sales CAGR, 3 years7.42%
Sales CAGR, 5 years16.60%
Sales growth QoQ10.32%
Profit growth QoQ240.62%
Sales growth YoY (latest quarter)32.54%
Per share
EPS (TTM)Rs -0.10
EPS (latest year)Rs -3.23
EPS (latest quarter)Rs 1.55
EPS, 3-year averageRs -1.69
EPS, 5-year averageRs 0.57
Book value per shareRs 34.65
Sales per shareRs 73.82
Cash flow per shareRs -38.02
Free cash flow per shareRs -43.48
Dividend per share, 3-year averageRs 0.70
Dividend per share, 5-year averageRs 0.70
Dividends
Dividend payout, 3-year average8.47%
Dividend payout, 5-year average8.47%
Efficiency
Asset turnover0.11x
Fixed asset turnover15.64x
Leverage
Total debtRs 28,603 Cr
Cash and bankRs 1,114 Cr
Net debtRs 27,489 Cr
Debt to equity16.01x
Net debt / EBITDA14.07x
Interest coverage0.99x
Owners' fund to total sources5.79%
Debt to assets92.66%
Cash flow
Cash from Operating Activity (latest year)Rs -1,960 Cr
Cash from Investing Activity (latest year)Rs -192 Cr
Cash from Financing Activity (latest year)Rs 1,347 Cr
Net Cash Flow (latest year)Rs -805 Cr
Free cash flow (latest year)Rs -2,242 Cr
FCFE (approx.: FCF + change in debt)Rs 1,679 Cr
Cash from ops / profit, 5 years11.06x
Statement figures
Net sales (TTM)Rs 3,807 Cr
Net sales (latest year)Rs 3,537 Cr
Sales (latest quarter)Rs 1,098 Cr
Operating profit excl. other income (latest year)Rs 863 Cr
Operating profit (latest quarter)Rs 372 Cr
Other income (TTM)Rs 864 Cr
EBITDA (TTM)Rs 1,954 Cr
PBDT (TTM)Rs 53 Cr
Profit before tax (TTM)Rs -12 Cr
Tax (latest year)Rs -62 Cr
Net profit (TTM)Rs -5 Cr
Net profit (latest year)Rs -166 Cr
Net profit (latest quarter)Rs 80 Cr
Depreciation (TTM)Rs 65 Cr
Interest (TTM)Rs 1,901 Cr
Cost of goods sold (latest year)Rs 11 Cr
Total expenditure (latest year)Rs 2,674 Cr
Total income (latest year)Rs 4,348 Cr
Share capitalRs 516 Cr
ReservesRs 1,271 Cr
Shareholders' fundsRs 1,787 Cr
Total assetsRs 30,868 Cr
Net blockRs 226 Cr
Capital work in progressRs 290 Cr
InvestmentsRs 6,399 Cr
Other liabilitiesRs 479 Cr
Shares outstanding (crore)51.57
Ownership
Promoter holding63.25% (-0.06 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/B 1.25 is at the 75th percentile (median 0.86).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodESAFSFBNifty 50Difference
1 week+6.3%-2.8% +9.1 pts
1 month+4.6%-6.8% +11.4 pts
3 months+27.1%-7.6% +34.7 pts
6 months+118.5%+0.4% +118.1 pts
1 year+51.1%-9.9% +61.0 pts
2 years-12.5%-13.6% +1.0 pts

Red flags

F-score 3 of 8
lookRepeated losses Net loss in each of the last two years
lookAuditor change Auditor change 2026-08-14: ESAF Small Finance Bank Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Revenue ₹1,098 Cr +32.6% vs Jun 2025. Net profit ₹80 Cr +198.8%.
Against our estimate for Jun 2026: sales +28.8%, profit +308.6% beat. Our estimate for Sep 2026: sales Rs 1,001 Cr, profit Rs 16 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-08-07Dividend - Rs 0.70 Per Share
2024-08-07Annual General Meeting
DateTypeWhat it says
2026-10-02General UpdatesUpgrading of ESG Score by CareEdge ESG Ratings.
2026-10-01General UpdatesKey Business Updates for the Quarter ended September 30, 2026.
2026-09-23Board meeting outcomeOutcome of Board Meeting held on September 23, 2026.
2026-09-22AllotmentAllotment of equity shares pursuant to ESOP/ESPS.
2026-09-02AllotmentAllotment of equity shares under ESAF Employee Stock Option Scheme 2019.
2026-09-02Credit RatingCredit Rating
2026-08-21General UpdatesGeneral Updates
2026-08-18Credit RatingCredit Rating
2026-08-14Change in AuditorsChange in Auditors of the company.
2026-08-14Director changeChange in Director(s) of the company.
2026-08-14Shareholder meetingProceedings of Annual General Meeting held on August 14, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with...
2026-08-07Concall / analyst meetTranscript of the Earnings Call held on August 3, 2026.
2026-08-03Concall / analyst meetOutcome of the Earnings Conference call held on August 3, 2026.
2026-07-31Press ReleaseA press release dated July 31, 2026, titled "Press Release on the Financial Results for the Quarter ended June 30, 2026. ".
2026-07-31Investor PresentationInvestor Presentation
2026-07-31Board meeting outcomeESAF Small Finance Bank Limited has submitted to the Exchange, the Unaudited Standalone Financial Results for the Quarter ended June 30, 2026.
2026-07-27Concall / analyst meetThe conference call for analysts and investors to discuss the results of the Unaudited Standalone Financial Results for the Quarter ended June 30, 202...
2026-07-24AllotmentAllotment of Equity Shares under ESAF Employee Stock Option Scheme 2019.
2026-07-21General UpdatesGeneral Updates
2026-07-20UpdatesBusiness Responsibility and Sustainability Report for the Financial Year 2025-26.
2026-07-20UpdatesIntimation of the Book Closure for Annual General Meeting of ESAF Small Finance Bank Limited.
2026-07-20Shareholder meetingNotice of 10th Annual General Meeting to be held on Friday, August 14, 2026 at 3:00 P.M. (IST) through Video Conferencing ( VC ) / Other Audio-Visual ...
2026-07-14AllotmentAllotment of Equity Shares under ESAF Employee Stock Option Scheme 2019.
2026-07-10UpdatesIntimation of the date of the 10th Annual General Meeting of the Bank.
2026-07-02General UpdatesKey Business Updates for the Quarter ended June 30, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)

Quick answers

What is the market cap of ESAF Small Finance Bank Ltd?

ESAF Small Finance Bank Ltd (ESAFSFB) has a market capitalisation of Rs 2,292 Cr. at the 2026-10-01 close.

What were ESAF Small Finance Bank Ltd's latest quarterly results?

In the Jun 2026 quarter, ESAF Small Finance Bank Ltd revenue was Rs 1,098 Cr (+32.6% vs Jun 2025) and net profit was Rs 80 Cr.

What is the 52-week high and low of ESAF Small Finance Bank Ltd?

The 52-week high is Rs 46.00 and the 52-week low is Rs 19.78.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03