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ESAF Small Finance Bank Q2 FY27 Share Price & Earnings Call Analysis

₹42.94+4.99% today
Market cap
₹2,215 Cr
ROE
-8.86%
Price to sales
0.58
Debt to equity
16.01
52W high / low
₹44.7 / ₹19.9
Sales growth (5Y)
16.60%
EBITDA margin
26.91%
Net profit margin
-4.68%
Promoter holding
63.23%
Sales (last year)
₹3,807 Cr

Incorporated in 1992, ESAF Small Finance Bank provides micro, retail and corporate banking, para banking activities such as debit card, third party financial product distribution, in addition to treasury and permitted foreign exchange business[1]

Guidance scorecard · Q2 FY27 call

What ESAF Small Finance Bank Ltd's management guided
and where it ranks in Banks

#9of 28 in
Banks
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookRising

RevenueQ1 FY27 call

20–40%
  • ESAF Small Finance Bank expects balanced growth across both advances and deposits, with gross advances growing 27% Y-o-Y and deposits increasing 19% Y-o-Y as of Q1 FY27.
  • Booked asset growth guidance is 22% to 25%, with confidence expressed in achieving this based on current disbursement levels.
  • Growth in secured portfolio (MARG) is a strategic priority, with 35% Y-o-Y growth and expected to remain a primary growth engine.
  • Emerging household loans (EH) segment is targeted for 185% Y-o-Y growth and seen as the next catalyst for growth, expected to become one of the largest customer franchises.
  • Disbursement volumes to remain steady, with no significant decline expected on a Y-o-Y basis despite Q-on-Q fluctuations.

2 more points from ESAF Small Finance Bank Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what ESAF Small Finance Bank Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • ESAF Small Finance Bank is investing significantly in technology under the ESAF 2.0 StratoNeXt program, aimed at strengthening the bank's technology backbone.
  • ESAF 2.0 is expected to be fully implemented by the end of calendar year 2026, enhancing agility, productivity, customer experience, scalability, automation, operational efficiency, faster product launches, and stronger risk control.
  • The bank continues to explore raising Tier 1 capital by the end of FY27 if market conditions improve, to support a minimum 25% growth and reduce promoter holding to 26% by 2032.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what ESAF Small Finance Bank Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Asset growth guidance: 22% to 25% year-on-year.
  • Gross advances growth: 27% Y-o-Y driven by secured loan portfolio (35% growth).
  • Disbursement trends: Current level supports achieving growth guidance.

2 more points from ESAF Small Finance Bank Ltd's call on the order book

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Full Q1 FY27 analysis
Full Banks ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Banks
on management's own guidance

  1. AU Small FinanceGood growth
    2
  2. Canara BankGood growth
    1
  3. IDFC First BankGood growth
    3
See all potential multibaggersWhere does ESAF Small Finance Bank Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Banks companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Canara Bank20–40%Flat₹1.07L Cr5.3
2AU Small Finance20–40%Flat₹74,341 Cr26.0
3IDFC First Bank20–40%Flat₹67,332 Cr29.9
420–40%Flat₹58,716 Cr49.8
520–40%Flat₹13,576 Cr9.4
620–40%Flat₹6,759 Cr8.6

Sign up free to see every company in the sector ranking and track ESAF Small Finance Bank Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Banks ranking

ESAF Small Finance Bank Ltd announcements

All announcements →

Financials of ESAF Small Finance Bank Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

ESAF Small Finance Bank Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +63.39%63.39%63.39%63.38%63.36%63.31%63.31%63.30%63.29%63.28%63.25%63.23%
FIIs +1.16%0.81%0.12%0.15%0.16%0.27%0.16%0.16%0.01%0.01%0.31%0.19%
DIIs +10.98%10.26%8.90%5.56%5.02%5.00%5.00%5.00%4.97%4.63%3.80%3.59%
Public +24.48%25.53%27.57%30.92%31.45%31.41%31.51%31.53%31.74%32.08%32.63%33.00%
No. of Shareholders94,7131,02,1241,07,4131,15,8181,18,5121,16,9121,16,4901,13,9551,11,6911,09,2461,07,6311,04,828

Financials of ESAF Small Finance Bank Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +9439741,0021,0229959488928288208949951,0981,175
Interest347377411434456463458450448462477514531
Expenses +487567682619834881820682672693692725642
Financing Profit10930-91-30-294-396-386-304-301-260-174-1411
Financing Margin %12%3%-9%-3%-30%-42%-43%-37%-37%-29%-18%-13%0%
Other Income +7912015011540114145195145269201248213
Depreciation0000000000000
Profit before tax1881505985-255-282-241-109-155927107214
Tax %26%25%26%26%-25%-25%-24%-26%-25%22%13%25%25%
Net Profit +1401124363-190-211-183-81-11672480160
EPS in Rs3.122.180.841.22-3.69-4.09-3.55-1.58-2.250.140.461.553.10
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%2.84%
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%0.34%

Financials of ESAF Small Finance Bank Ltd

Profit & Loss

Annual income statement trend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +295971,0321,4131,6411,9402,8543,8193,8583,5374,162
Interest163154586217207931,0171,4491,8111,8371,984
Expenses +313575386468791,2481,6762,1903,1522,6742,752
Financing Profit-18-753514643-101160180-1,105-974-575
Financing Margin %-61%-13%3%10%3%-5%6%5%-29%-28%-14%
Other Income +19102109133127208288442472811932
Depreciation0017232933425159650
Profit before tax12712725614174406570-693-228358
Tax %0%0%29%26%25%26%26%25%-25%-27%
Net Profit +1279019010555302426-521-166271
EPS in Rs0.030.872.114.452.341.226.738.27-10.12-3.235.25
Dividend Payout %0%0%0%0%0%0%0%8%0%0%

Financials of ESAF Small Finance Bank Ltd

Balance Sheet

Capital structure and asset base

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital302312428428449449449515515516516
Reserves4314666569039621,2661,9771,4341,2711,507
Deposits4092,5234,3177,0288,99912,81514,66619,86823,27625,85028,466
Borrowing2,0531,6751,7021,2031,6942,9533,3543,2231,4062,7531,784
Other Liabilities +227183145154293528489505547479417
Total Liabilities2,9944,7247,0589,47012,33917,70820,22426,08727,17830,86832,690
Fixed Assets +336986116133159188205237226586
CWIP00446003632900
Investments5797321,5311,7341,9324,0704,8895,5415,9956,3996,370
Other Assets +2,3823,9245,4387,61610,26813,47815,14720,33820,88323,95325,733
Total Assets2,9944,7247,0589,47012,33917,70820,22426,08727,17830,86832,690

Financials of ESAF Small Finance Bank Ltd

Cash Flows

Operating, investing and financing cash movement

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 Activity +488-4996531,259399235-1,8521,347
Net Cash Flow78-451,143-308-745654556-805
Free Cash Flow-2771,0361,078-638-6419303,024-2,242

Financials of ESAF Small Finance Bank Ltd

Ratios

Working capital efficiency and return ratios

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %0%8%15%19%9%4%19%20%-23%-9%

Guidance history

How ESAF Small Finance Bank Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlannedPlannedRising
Q4 FY26 call →10–20%Flat——Rising
Q3 FY26 call →20–40%Flat——Rising
Q2 FY26 call →10–20%Flat———

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

44out of 100

Momentum score · price trend

44 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+53.2%86%
Last 6 months+62.7%91%
Last 3 months+17.7%85%

The price is 40% below its all-time high of ₹71.55 (12 Jan 2024). Stocks more than 20% below their peak have their score halved, so 88 became 44.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For ESAF Small Finance Bank Ltd: 0.4 × 86 + 0.4 × 91 + 0.2 × 85 = 88, halved to 44 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What ESAF Small Finance Bank Ltd's management said in earlier quarters

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