Equitas Small Finance Bank Limited (EQUITASBNK)

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Equitas Small Finance Bank Limited (EQUITASBNK) · mywealthgrid

About

Equitas Small Finance Bank operates in the small finance banking segment, serving retail and MSME customers with a market cap of ₹8,522.85 Cr. With latest quarter revenue of ₹1,960.4 Cr, it is a mid-sized player in India's small finance banking space focused on underserved customer segments typical of the sector.

Founded: 2007
Face value: ₹10

Market cap

₹7,824 Cr

P/E

15.3×

P/B

1.3×

Dividend yield

1.5%

ROE

1.7%

ROCE

6.4%

Debt / equity

0.94

OPM

39.6%

EPS (TTM)

₹4.5

Book value

₹53.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

ROE of 1.69% is critically low — what structural profitability challenges exist, and are they addressable?

Net loss of ₹223.76 Cr in Jun 2025 followed by variable earnings (EPS -₹1.96 to ₹1.86) — verify underlying asset quality and whether issues have genuinely resolved.

D/E of 0.94 against margin compression to 16.61% in Jun 2025 raises questions on asset quality resilience — verify portfolio health and leverage sustainability.

Earnings remain volatile; recent recovery from loss to profitability requires verification of quality and cash conversion.

Generated analysis · source review pending

Growth drivers

Revenue growth of 19% YoY (₹1,648.86 Cr Jun 2025 to ₹1,960.4 Cr Jun 2026) — verify if driven by volume expansion or pricing and whether sustainable.

Operating margin recovery from 16.61% (Jun 2025 trough) to 46-47% (recent quarters) suggests operational improvements — verify root causes and structural nature of recovery.

Return to profitability after Jun 2025 loss, with recent quarters at ₹183.61 Cr and ₹212.68 Cr net profit — verify earnings quality and cash generation capability.

Generated analysis · source review pending

1,458 historical price candles were omitted because the exchange source has not been verified.

₹68.4+2%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 39.6%
+Revenue CAGR of 16.3% over the last 5 years

Cons

−Low return on equity of 6.2% (3-yr avg)
−Profit declined 23.1% a year over the last 5 years
−Weak interest coverage of 1×

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 32
Growth: 50
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,645	3,194	3,460	4,162	5,486	6,312	6,794
Interest	1,150	1,396	1,421	1,617	2,407	3,060	3,403
Expenses	1,180	1,705	2,123	2,446	2,681	3,816	4,106
Financing profit	315	93	-84	99	399	-564	-715
Financing margin %	11.9%	2.9%	-2.4%	2.4%	7.3%	-8.9%	-10.5%
Other income	282	418	538	670	799	911	1,074
Depreciation	—	—	75	—	134	148	231
Profit before tax	—	511	378	769	1,063	199	128
Tax	—	127	97	195	264	52	25
Tax %	—	24.9%	25.8%	25.4%	24.9%	26.1%	19.6%
PAT	244	384	281	574	799	147	103
EPS (₹)	—	3.5	2.4	4.8	7.1	1.3	0.9
EPS adjusted (₹)	2.3	3.4	2.2	5.2	7	1.3	0.9
	—	0%	0%	21%	14%	0%	—
Gross NPA %	—	3.7%	4.2%	2.8%	0%	2.9%	2.6%
Net NPA %	—	1.6%	2.5%	1.2%	0%	1%	0.7%
Annual report	—	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1,053	1,139	1,252	1,111	1,135	1,140	1,141
Reserves	1,691	2,257	2,994	4,047	4,834	4,933	4,984
Deposits	10,788	16,392	18,951	25,381	36,129	43,107	46,533
Borrowings	5,135	4,165	2,616	2,974	1,788	2,137	5,773
Other liabilities	628	762	1,139	1,446	1,418	1,519	2,180
Total equity & liabilities	19,296	24,715	26,952	34,958	45,304	52,836	60,610
Fixed assets	213	185	200	379	605	696	715
Investments	2,343	3,705	4,450	6,665	9,065	9,289	10,149
	16,740	20,825	22,302	27,914	35,634	42,851	49,746
Total assets	19,296	24,715	26,952	34,958	45,304	52,836	60,610

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	440	2,044	159	-998	4,298	1,937	-3,316
	-72	-43	-89	-261	-422	-239	-185
	908	-1,154	-1,317	60	-1,612	259	3,641
Net cash flow	1,276	847	-1,246	-1,199	2,264	1,957	140
Free cash flow	365	2,014	96	-1,263	4,053	1,778	-3,422
CFO / Operating profit %	—	137.2%	11.9%	—	153.2%	77.6%	-123.3%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Retail Banking	6,615.83	-161.3	42,723.19	38,668.62	4,054.57	-3.98
Treasury	1,003.63	266.04

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
PAT margin %	9.2%	12%	8.1%	13.8%	14.6%	2.3%	1.5%
Return ratios
Return on assets %	1.3%	1.6%	1%	1.6%	1.8%	0.3%	0.2%
Return on capital employed %	1.5%	9%	7.2%	2.3%	9%	6.8%	6.4%
Return on equity %	8.9%	11.3%	6.6%	11.1%	13.4%	2.4%	1.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Margin, working-capital and leverage ratios are omitted: a bank funds itself with deposits and books interest as its cost of revenue, so they would measure something other than what they name.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	18.16%	19.6%	19.5%	19.65%	16.91%	15.42%	16.47%	16.3%	15.67%	14.63%	14.74%	15.7%
	43.93%	45.65%	45.21%	45.42%	43.67%	42.62%	42.7%	47.13%	48.2%	49.96%	50.88%	51.26%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	37.91%	34.75%	35.29%	34.93%	39.42%	41.96%	40.83%	36.57%	36.13%	35.41%	34.38%	33.04%
No. of shareholders	—	—	—	—	—	—	—	—	4,18,050	4,05,850	3,85,971	3,69,493

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

19.96%

of the company's equity

All mutual funds

45.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

21 schemes · 11 fund houses

		Shares
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	4.81 Cr	355.53	2.41%	4.203%	-0
Contra Fund	SBI Mutual Fund	3.31 Cr	244.86	0.51%	2.894%	-0
Small Cap Fund	Axis Mutual Fund	2.68 Cr	197.89	0.63%	2.339%	-0
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	2.36 Cr	174.42	1.34%	2.062%	-0
BANKING & FINANCIAL SERVICES FUND	Nippon India Mutual Fund	2.16 Cr	159.43	2.02%	1.885%	-0
ELSS Tax Saver Fund	SBI Mutual Fund	2.1 Cr	155.2	0.49%	1.835%	-9.09 L
SMALL CAP FUND	Nippon India Mutual Fund	1.37 Cr	101.58	0.12%	1.201%	-0
VALUE FUND	Nippon India Mutual Fund	98.68 L	72.99	0.81%	0.863%	-0

1–8 of 21

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend9 Aug 2024 · ex-date₹1
Dividend dividend28 Jul 2023 · ex-date₹1

1

Board meeting to consider results28 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

48 announcementsExport CSV

30 Sept 2026, 12:20 pmCompany Update

Update On Phased Shifting And Operational Commencement At New Corporate Office

General PDF

29 Sept 2026, 10:15 pmCompany Update

Disclosure In Terms Of The SEBI Master Circular For Issue And Listing Of Non-Convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities And Commercial Paper Issued On October 15, 2025- Chapter XIV- Centralized Database For Corporate Bonds/Debentures

General PDF

28 Sept 2026, 9:20 pmCompany Update

Receipt Of Update On Show Cause Notice

General PDF

28 Sept 2026, 2:54 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 5:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate PDF

22 Sept 2026, 12:24 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations,2015

General PDF

16 Sept 2026, 2:52 pmCompany Update

Non Deal Roadshow To Be Attended By The Representatives Of The Bank

General PDF

16 Sept 2026, 11:56 amBoard Meeting

Board Meeting Outcome for Outcome Of Board Meeting Held On September 16, 2026

Outcome of Board Meeting PDF

Date	Category	Subject	Filing
30 Sept 2026, 12:20 pm	Company Update General	Update On Phased Shifting And Operational Commencement At New Corporate Office	PDF
29 Sept 2026, 10:15 pm	Company Update General	Disclosure In Terms Of The SEBI Master Circular For Issue And Listing Of Non-Convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities And Commercial Paper Issued On October 15, 2025- Chapter XIV- Centralized Database For Corporate Bonds/Debentures

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
PAT margin %	9.2%	12%	8.1%	13.8%	14.6%	2.3%	1.5%
Return ratios
Return on assets %	1.3%	1.6%	1%	1.6%	1.8%	0.3%	0.2%
Return on capital employed %	1.5%	9%	7.2%	2.3%	9%	6.8%	6.4%
Return on equity %	8.9%	11.3%	6.6%	11.1%	13.4%	2.4%	1.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Au Small Finance Bank LimitedAUBANKAUBANK	₹73,926 Cr	—	₹4,950 Cr	—	—	₹1,171 Cr	23.7%	—	—	—
Ujjivan Small Finance Bank LimitedUJJIVANSFBUJJIVANSFB	₹12,761 Cr	—	₹6,354 Cr	—	—	₹726 Cr	11.4%	—	—	—
Equitas Small Finance Bank LimitedEQUITASBNKEQUITASBNK	₹7,824 Cr	₹13,597 Cr	₹7,106 Cr	₹3,104 Cr	39.6%	₹510 Cr	1.5%	6.4%	1.7%	—
Jana Small Finance Bank LimitedJSFBJSFB	₹5,080 Cr	₹10,576 Cr	₹5,648 Cr	₹2,232 Cr	40%	₹380 Cr	6.1%	7.4%	7.6%	—
Utkarsh Small Finance Bank LimitedUTKARSHBNKUTKARSHBNK	₹2,390 Cr	₹5,219 Cr	₹3,381 Cr	₹239 Cr	5.1%	₹-945 Cr	-34.1%	1.5%	-40%	—
Esaf Small Finance Bank LimitedESAFSFBESAFSFB	₹2,239 Cr	₹4,992 Cr	₹4,008 Cr	₹1,234 Cr	38.6%	₹-5 Cr	-3.8%	5.6%	-8.9%	—
Suryoday Small Finance Bank LimitedSURYODAYSURYODAY	₹1,526 Cr	—	₹2,160 Cr	—	—	₹152 Cr	7%	—	—	—
Capital Small Finance Bank LimitedCAPITALSFBCAPITALSFB	₹1,263 Cr	—	₹794 Cr	—	—	₹112 Cr	14%	—	—	—
Fino Payments Bank LimitedFINOPBFINOPB	₹1,067 Cr	₹2,602 Cr	₹259 Cr	₹-1,027 Cr	-425%	₹21 Cr	21.1%	4.5%	6.8%	—

9 deals · 17 Mar 2023 – 25 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	24,22,323	₹106.20	₹25.73 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	24,22,323	₹106.20	₹25.73 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	12,59,627	₹106.20	₹13.38 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES - EUREKA FUND	Block	BSE	Buy	8,99,311	₹106.20	₹9.55 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIESGTOPS FUND	Block	BSE	Buy	3,57,938	₹106.20	₹3.80 Cr
25 Jan 2024	MARSHALLWACEINVESTMENTSTRATEGIESMARKETNEUTRALTOPSFUND	Block	BSE	Buy	2,378	₹106.20	₹0.03 Cr
17 Mar 2023	NORGES BANK ON ACCOUNT OF THE GOVERNMENT PENSION FUND GLOBAL	Bulk	NSE	Buy	87,70,000	₹67.96	₹59.60 Cr
17 Mar 2023	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Sell	66,39,982	₹67.99	₹45.15 Cr
17 Mar 2023	VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	Bulk	NSE	Buy	57,19,437	₹68.01	₹38.90 Cr

1–9 of 9

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Equitas Small Finance Bank Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

2

1

Announcements

2

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Capital and Other Reserves · revenue

Equitas Small Finance Bank Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends2

Board meetings1

Announcements

Ratio timeline

Dividends2

Board meetings1

Not in the F&O segment

Announcements

Quarterly record

Annual reports

Credit ratings

Investor Presentation and earnings call

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Capital and Other Reserves · revenue

2

1

2

1