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ESAF Small Finance Bank Limited
(ESAFSFB)
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Rating:53Neutral
Price Target:
₹38.00
▲(47.98% Upside)
Action:Reiterated
Date:08/01/26
The score is held back primarily by weak financial performance—recent losses, declining equity, and a sharp rise in debt—despite a recovery-in-progress in cash flow. Technicals are a key offset, with the stock trading strongly above all major moving averages. Valuation remains constrained by negative earnings and no available dividend yield.
Positive Factors
Focused financial inclusion model
Serving retail, micro and small enterprises, and underbanked customers gives ESAF a defined financial-inclusion market focus. Its mix of deposits, microfinance, retail/MSME lending, payments and remittances creates multiple banking relationships that can support cross-selling over time.
Negative Factors
Persistent loss-making position
Recent losses show that core earnings power has not yet normalized after the deterioration from FY2024. Although the deficit narrowed in FY2026, continued negative profitability can weaken retained capital, constrain reinvestment and limit financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused financial inclusion model
Serving retail, micro and small enterprises, and underbanked customers gives ESAF a defined financial-inclusion market focus. Its mix of deposits, microfinance, retail/MSME lending, payments and remittances creates multiple banking relationships that can support cross-selling over time.
Read all positive factors
ESAF Small Finance Bank Limited (ESAFSFB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹21.24B
Dividend Yield1.39%
Average Volume (3M)55.63K
Price to Earnings (P/E)―
Beta (1Y)1.29
Revenue Growth10.82%
EPS Growth99.22%
CountryIN
Employees8,797
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)-0.10
Shares Outstanding516,120,300
10 Day Avg. Volume49,190
30 Day Avg. Volume55,630
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.57
Price to Sales (P/S)0.24
P/FCF Ratio4.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
ESAF Small Finance Bank Limited Business Overview & Revenue Model
Company Description
Operating within India, ESAF Small Finance Bank delivers a broad spectrum of banking and financial solutions. Its offerings encompass various account types, including savings, current, and non-resident Indian (NRI) accounts, complemented by divers...
How the Company Makes Money
ESAFSFB primarily makes money through net interest income, i.e., the spread between interest earned on its loan portfolio and interest paid on deposits and other borrowings. Interest income is generated from lending products such as microfinance/g...
ESAF Small Finance Bank Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
52
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 46.71B | 43.48B | 43.29B | 42.60B | 30.73B | 21.48B |
| Gross Profit | 20.63B | 15.70B | 25.19B | 28.11B | 20.55B | 13.55B |
| EBITDA | 206.90M | -1.63B | -6.34B | 6.21B | 4.48B | 875.06M |
| Net Income | -51.00M | -1.66B | -5.21B | 4.26B | 3.02B | 547.32M |
Balance Sheet | ||||||
| Total Assets | 314.29B | 308.68B | 271.78B | 260.87B | 202.24B | 177.08B |
| Cash, Cash Equivalents and Short-Term Investments | 14.70B | 11.75B | 19.79B | 14.23B | 7.67B | 15.12B |
| Total Debt | 21.13B | 27.53B | 14.06B | 25.73B | 26.80B | 22.57B |
| Total Liabilities | 295.61B | 290.81B | 252.29B | 235.95B | 185.09B | 162.96B |
| Stockholders Equity | 18.68B | 17.87B | 19.49B | 24.92B | 17.15B | 14.12B |
Cash Flow | ||||||
| Free Cash Flow | -16.16B | 2.09B | -3.85B | 7.94B | -6.42B | 5.34B |
| Operating Cash Flow | -14.48B | 4.92B | -2.32B | 8.65B | 8.79B | 5.88B |
| Investing Cash Flow | 1.70B | -52.18B | -7.69B | -5.83B | -5.73B | -9.82B |
| Financing Cash Flow | 3.25B | 39.21B | 15.57B | 54.37B | 22.50B | 50.74B |
ESAF Small Finance Bank Limited Technical Analysis
Positive
25.68
Price Trends
41.78
Negative
38.42
Positive
32.40
Positive
Market Momentum
-0.44
Positive
48.87
Neutral
28.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ESAFSFB, the sentiment is Positive. The current price of 25.68 is below the 20-day moving average (MA) of 42.27, below the 50-day MA of 41.78, and below the 200-day MA of 32.40, indicating a neutral trend. The MACD of -0.44 indicates Positive momentum. The RSI at 48.87 is Neutral, neither overbought nor oversold. The STOCH value of 28.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ESAFSFB.
ESAF Small Finance Bank Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹106.16B | 9.22 | ― | 3.38% | 20.90% | 174.30% | |
63 Neutral | ₹660.81B | 20.86 | ― | 0.11% | 16.85% | 44.38% | |
56 Neutral | ₹74.43B | 14.57 | ― | 1.27% | 9.24% | ― | |
56 Neutral | ₹40.31B | 8.41 | ― | ― | 17.75% | 15.09% | |
56 Neutral | ₹14.23B | 7.41 | ― | 1.12% | 21.20% | 139.21% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹21.24B | -409.00 | ― | 1.39% | 10.82% | 99.22% |
* General Sector Average
IN:ESAFSFB
ESAF Small Finance Bank Limited
41.16
13.21
47.26%
IN:AUBANK
AU Small Finance Bank Limited
879.00
-2.69
-0.31%
IN:EQUITASBNK
Equitas Small Finance Bank Ltd.
65.05
4.95
8.24%
IN:JSFB
Jana Small Finance Bank Ltd
380.95
-66.10
-14.79%
IN:SURYODAY
Suryoday Small Finance Bank Limited
133.85
-19.25
-12.57%
IN:UJJIVANSFB
Ujjivan Small Finance Bank Ltd.
54.36
2.13
4.08%
ESAF Small Finance Bank Limited Corporate Events
ESAF Small Finance Bank Posts Strong Q2 Growth in Deposits and Advances
Oct 1, 2026
ESAF Small Finance Bank reported strong growth in deposits and lending for the quarter ended September 30, 2026, with total deposits rising 24.34% year-on-year to ₹28,466 crore and CASA deposits up 9.91%, though the CASA ratio eased to 23.34...
ESAF Small Finance Bank to Raise ₹500 Crore via Tier II NCD Issue
Sep 23, 2026
ESAF Small Finance Bank’s board has approved a plan to raise up to ₹500 crore in Tier II capital via a private placement of listed, rated, taxable, unsecured, redeemable non-convertible debentures structured as Basel II-compliant Lower...
ESAF Small Finance Bank Posts Q1 FY2027 Investor Update
Jul 31, 2026
ESAF Small Finance Bank Limited has released an investor presentation covering its business and financial performance for the quarter ended June 30, 2026. The disclosure, shared with investors and analysts and posted on the bank’s website, i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.