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Utkarsh Small Finance Bank Q1 FY27 Share Price & Earnings Call Analysis

₹11.90+1.36% today
Market cap
₹2,113 Cr
ROE
-40.03%
Price to sales
0.63
Debt to equity
8.82
52W high / low
₹20.4 / ₹10.2
Sales growth (5Y)
16.40%
EBITDA margin
7.08%
Net profit margin
-34.06%
Promoter holding
42.67%
Sales (last year)
₹3,381 Cr

Incorporated in 2016, Utkarsh Small Finance Bank is engaged in providing banking and financial services.[1]

Guidance scorecard · Q1 FY27 call

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

Revenue20–40%MarginsFlatCapexNone plannedFundraisingNone plannedOrder bookRising

RevenueQ1 FY27 call

20–40%
  • Targeting loan book growth of 25% to 30% year-on-year, including FY27 and FY28.
  • JLG (Joint Liability Group) and Micro Banking to grow at a more conservative 15%-20%, remaining around 25% of portfolio.
  • Disbursements grew 49% YoY in Q1 FY27, reflecting strong recovery momentum.
  • Non-JLG disbursements grew 93% YoY; JLG disbursements up 5% YoY.
  • Deposit growth steady at 3% YoY; CASA and retail term deposits grew 15% YoY, improving deposit mix and reducing cost of funds.
  • Focus on improving income-accruing assets with normalized credit costs and higher disbursements leading to steady AUM growth.
  • Operating cost to remain stable with no expansion plans; productivity improvement expected to drive incremental operating profit.

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

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

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

Full Q1 FY27 analysis

CapexQ1 FY27 call

None planned
  • The bank plans to raise around INR 500 crores through Tier 2 Non-Convertible Debentures (NCDs) in the current year to accelerate growth initiatives and reinforce capital adequacy.
  • No equity capital raise is anticipated at least till the end of FY27, as the bank expects to achieve sufficient capital through internal accruals and Tier 2 instruments.
  • Strategic investment focus includes technology transformation under the "Utkarsh 2.0" project, involving automation, digital underwriting tools, and a new Core Banking System (CBS) to improve efficiency, risk control, and customer experience.

2 more points from Utkarsh Small Finance Bank Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

None planned

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

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Loan book growth and portfolio composition
  • Asset quality and credit cost improvements
  • Disbursement growth trends, including JLG and non-JLG segments
  • Operational and technological enhancements
  • Capital raising plans and capital adequacy

2 more points from Utkarsh 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 Utkarsh 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 Utkarsh Small Finance Bank Ltd.

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

Financials of Utkarsh Small Finance Bank Ltd

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

Financials of Utkarsh Small Finance Bank Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue +691720756806896966987932880881840821837
Interest282298315324356393429452468479490473461
Expenses +305369392413452492593824687858913920724
Financing Profit1055349698882-35-343-276-457-562-571-347
Financing Margin %15%7%7%9%10%8%-4%-37%-31%-52%-67%-70%-42%
Other Income +6992105831211051031052871389781115
Depreciation0000000000000
Profit before tax17414515415220818668-23811-319-465-491-232
Tax %23%26%26%24%23%26%24%-29%74%-25%-25%-24%-19%
Net Profit +13410811411616013751-1683-239-348-375-188
EPS in Rs0.920.740.650.650.900.770.29-0.940.02-1.35-1.96-2.11-1.06
Gross NPA %3.23%3.13%2.81%3.04%2.51%2.78%3.88%6.17%9.43%11.42%12.42%11.05%7.71%
Net NPA %0.39%0.33%0.16%0.19%0.03%0.26%0.89%2.50%4.84%5.00%5.02%4.48%3.29%

Financials of Utkarsh Small Finance Bank Ltd

Profit & Loss

Annual income statement trend

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue +5198811,3081,5811,8492,5053,1783,7653,379
Interest2513825797427889761,2931,7421,902
Expenses +3743925517831,1251,2341,5612,5183,414
Financing Profit-10610717756-64295324-496-1,938
Financing Margin %-20%12%14%4%-3%12%10%-13%-57%
Other Income +435899125185299400600431
Depreciation0162530415965770
Profit before tax-631492501518053665928-1,507
Tax %0%37%25%26%23%25%25%14%-24%
Net Profit +-63941871126140449824-1,151
EPS in Rs-0.830.791.520.820.422.802.800.13-6.47
Dividend Payout %0%0%0%0%0%0%11%0%0%

Financials of Utkarsh Small Finance Bank Ltd

Balance Sheet

Capital structure and asset base

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4707377598488968961,0991,1021,780
Reserves-58362605206771,1041,8741,873941
Deposits2,1943,9415,2357,50810,07413,71017,47321,56621,654
Borrowing1,7891,2802,6752,6082,5722,3491,9952,3552,829
Other Liabilities +1292454756548451,0571,4621,2321,665
Total Liabilities4,5246,2399,40412,13815,06419,11723,90328,12728,869
Fixed Assets +8787110125286301301324458
CWIP0322561210630
Investments6618621,1922,3142,3482,8593,6794,9586,914
Other Assets +3,7755,2878,0819,64312,42915,95519,91222,78321,497
Total Assets4,5246,2399,40412,13815,06419,11723,90328,12728,869

Financials of Utkarsh Small Finance Bank Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +211115-831,3291,573991876781
Cash from Investing Activity +-171-322-532-739-693-620-777-3,309
Cash from Financing Activity +-921,304172111-2351403101,412
Net Cash Flow-521,097-444702645511409-1,115
Free Cash Flow19470-1631,1831,498921718638
CFO/OP44%27%2%191%129%65%61%-2,205%

Financials of Utkarsh Small Finance Bank Ltd

Ratios

Working capital efficiency and return ratios

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %-15%16%21%9%4%23%20%1%-40%

Guidance history

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

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatNone plannedNone plannedRising
Q4 FY26 call →20–40%FlatPlannedNone planned—
Q3 FY26 call →20–40%Up 0–2%None plannedPlannedRising
Q2 FY26 call →10–20%Up 0–2%PlannedPlanned—

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

9out of 100

Momentum score · price trend

9 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−41.8%10%
Last 6 months−17.5%23%
Last 3 months−16.8%24%

The price is 77.7% below its all-time high of ₹53.28 (12 Jan 2024). Stocks more than 20% below their peak have their score halved, so 18 became 9.

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 Utkarsh Small Finance Bank Ltd: 0.4 × 10 + 0.4 × 23 + 0.2 × 24 = 18, halved to 9 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 Utkarsh Small Finance Bank Ltd's management said in earlier quarters

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