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Ujjivan Small Finance Bank Ltd.
(UJJIVANSFB)
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Rating:66Neutral
Price Target:
₹57.00
▼(-17.88% Downside)
Action:Reiterated
Date:10/16/26
The score is driven primarily by improving balance-sheet strength and growth, plus a notably positive earnings call (record profitability, strong loan/deposit expansion, and stable asset quality with maintained guidance). Offsetting factors are the financial trend of margin compression since FY2024 and uneven cash-flow stability, while technicals are mixed with negative MACD and price below the 50DMA. Valuation appears reasonable on P/E, but dividend support is not available.
Positive Factors
Loan Book Growth
Rapid loan-book expansion demonstrates strong customer demand and growing lending reach across the bank’s target segments. If credit quality remains controlled, this scale can support sustained interest income growth, operating leverage, and stronger competitive positioning over the next several quarters.
Negative Factors
Margin Compression
The substantial decline in net margin shows that recent revenue growth has not translated proportionately into profitability. Continued margin pressure could limit earnings conversion, reduce internally generated capital, and make future returns more sensitive to funding costs and lending yields.
Read all positive and negative factors
Positive Factors
Negative Factors
Loan Book Growth
Rapid loan-book expansion demonstrates strong customer demand and growing lending reach across the bank’s target segments. If credit quality remains controlled, this scale can support sustained interest income growth, operating leverage, and stronger competitive positioning over the next several quarters.
Read all positive factors
Ujjivan Small Finance Bank Ltd. (UJJIVANSFB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹103.90B
Dividend Yield3.38%
Average Volume (3M)1.04M
Price to Earnings (P/E)9.0
Beta (1Y)1.07
Revenue Growth20.90%
EPS Growth174.30%
CountryIN
Employees26,555
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)5.91
Shares Outstanding1,952,965,000
10 Day Avg. Volume1,099,063
30 Day Avg. Volume1,042,408
Financial Highlights & Ratios
PEG Ratio-2.95
Price to Book (P/B)1.44
Price to Sales (P/S)1.22
P/FCF Ratio6.79
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)6.25
Revenue Forecast (FY)₹62.87B
Ujjivan Small Finance Bank Ltd. Business Overview & Revenue Model
Company Description
Ujjivan Small Finance Bank Limited is an Indian financial institution providing a broad spectrum of banking and financial solutions. Its operations are structured into three main divisions: Treasury, Retail Banking, and Corporate/Wholesale Banking...
How the Company Makes Money
Ujjivan Small Finance Bank’s earnings are not available from the provided context, so this data point cannot be stated with certainty....
Ujjivan Small Finance Bank Ltd. Earnings Call Summary
Earnings Call Date:Oct 16, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 29, 2027
Earnings Call Sentiment Positive
The call was strongly positive, supported by record profit, 32.1% year-on-year loan growth, 29.2% deposit growth, robust performance across secured lending businesses, stable asset quality, capital strengthening, and the potential to exceed ROA guidance. The main challenges were expected NIM and funding-cost pressure from higher policy rates, CASA moderation, uncertainty around insurance commission regulations, drought-related monitoring in selected states, and the ongoing MD transition. Management maintained its growth and asset-quality guidance despite these risks.Positive Updates
Record Quarterly Profit and Strong Returns
Profit after tax reached an all-time high of INR 365 crore, with ROA of 2.4% and ROE of 19.7%.
Negative Updates
Expected Margin Compression From Rate Hike
Following the 25 basis point repo rate increase, management expects approximately a 10 basis point impact on margin, with NIM potentially declining from 8.45% in Q2 to around 8.35% in the second half.
Read all updates
Q2-2027 Updates
Positive
Negative
Record Quarterly Profit and Strong Returns
Profit after tax reached an all-time high of INR 365 crore, with ROA of 2.4% and ROE of 19.7%.
Read all positive updates
Company Guidance
Management expects micro banking growth of 12%-14% for the financial year, NIM of 8.35% for the second half of the year after an impact of around 10 basis points from the 25 basis points repo-rate increase, credit cost within the guided range of 90 basis points-100 basis points and in H2 similar to H1, and OpEx to ATA of 6.2 versus 6.4 previously indicated. Secured assets are expected to reach 56% by end of the year, with 5% improvement every year, while affordable housing growth is expected to continue in the range of 37%-38%; the bank plans to add a similar number of branches in H2 to the 117 added in H1. Management said there is a high probability of a significant beat on the upper end at ROA, expects micro-mortgage PAR to stabilize in the range of maybe 2.5%, just below 3%, and expects to complete the MD successor process in three to four months starting September 1st; the balance of the approved fundraise is planned within the resolution validity period up to July 2027.Ujjivan Small Finance Bank Ltd. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 89.62B | 80.39B | 70.88B | 63.25B | 47.55B | 31.75B |
| Gross Profit | 53.09B | 41.79B | 43.70B | 40.57B | 32.88B | 21.35B |
| EBITDA | 15.27B | 10.56B | 10.76B | 18.00B | 15.58B | -4.70B |
| Net Income | 11.49B | 6.93B | 7.26B | 12.81B | 11.00B | -4.15B |
Balance Sheet | ||||||
| Total Assets | 626.35B | 575.41B | 476.89B | 404.22B | 333.17B | 236.04B |
| Cash, Cash Equivalents and Short-Term Investments | 29.82B | 34.44B | 31.57B | 25.24B | 1.85B | 21.68B |
| Total Debt | 30.26B | 37.36B | 28.45B | 85.07B | 85.35B | 78.41B |
| Total Liabilities | 551.03B | 507.26B | 416.06B | 348.09B | 291.08B | 208.02B |
| Stockholders Equity | 75.32B | 68.16B | 60.83B | 56.13B | 42.09B | 28.03B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 14.44B | -43.07B | 15.23B | 9.34B | 24.95B |
| Operating Cash Flow | 0.00 | 16.27B | -41.40B | 17.69B | 10.60B | 25.47B |
| Investing Cash Flow | 0.00 | -22.65B | -17.93B | -71.36B | -20.96B | -8.41B |
| Financing Cash Flow | 0.00 | 9.11B | 65.67B | 55.77B | 11.86B | -14.84B |
Ujjivan Small Finance Bank Ltd. Technical Analysis
Negative
69.41
Price Trends
64.33
Negative
64.23
Negative
61.03
Negative
Market Momentum
-2.78
Positive
30.06
Neutral
6.37
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UJJIVANSFB, the sentiment is Negative. The current price of 69.41 is above the 20-day moving average (MA) of 61.36, above the 50-day MA of 64.33, and above the 200-day MA of 61.03, indicating a bearish trend. The MACD of -2.78 indicates Positive momentum. The RSI at 30.06 is Neutral, neither overbought nor oversold. The STOCH value of 6.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UJJIVANSFB.
Ujjivan Small Finance Bank Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹103.90B | 8.98 | ― | 3.38% | 20.90% | 174.30% | |
56 Neutral | ₹39.40B | 8.29 | ― | ― | 17.75% | 15.09% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹247.96B | 13.34 | ― | 0.97% | 0.82% | 51.69% | |
53 Neutral | ₹61.12B | 8.69 | ― | 1.27% | 15.28% | ― | |
53 Neutral | ₹21.90B | -423.10 | ― | 1.39% | 24.64% | ― | |
42 Neutral | ₹20.41B | -1.90 | ― | 0.83% | -12.04% | -121.91% |
* General Sector Average
IN:UJJIVANSFB
Ujjivan Small Finance Bank Ltd.
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Ujjivan Small Finance Bank Ltd. Corporate Events
Ujjivan Small Finance Bank Sets November 13 Virtual EGM, Details E-Voting Process
Oct 20, 2026
Ujjivan Small Finance Bank has notified the stock exchanges that it has published a newspaper advertisement regarding the dispatch of the notice for its upcoming Extra Ordinary General Meeting. The EGM will be held on November 13, 2026 via video c...
Ujjivan Small Finance Bank Completes Rs 500 Crore Direct Assignment of Priority Sector Loans
Oct 15, 2026
Ujjivan Small Finance Bank Ltd., a prominent player in India’s small finance banking space, concentrates on providing credit and other services to retail and underserved customers. Its portfolio includes unsecured standard assets that meet R...
Ujjivan Small Finance Bank Allots 1.9 Million Shares Under ESOP 2019
Oct 8, 2026
Ujjivan Small Finance Bank has approved the allotment of 1,908,578 fully paid equity shares of Rs 10 each under its Employee Stock Option Plan 2019, following the exercise of stock options by eligible employees. The bank has in-principle listing a...
Ujjivan Small Finance Bank Has CRISIL Withdraw Rating on Rs 375 Crore CD Programme
Oct 5, 2026
Ujjivan Small Finance Bank Ltd. has disclosed that CRISIL Ratings Ltd. has withdrawn its rating on the bank’s certificate of deposits programme amounting to Rs 375 crore, following a request from the bank. The move indicates a change in the ...
Ujjivan Small Finance Bank Allots ESOP Shares, Increases Paid-Up Capital
Sep 6, 2026
Ujjivan Small Finance Bank has allotted 2,515,773 fully paid equity shares of Rs 10 each following the exercise of employee stock options granted under its 2019 ESOP scheme. The bank has secured in-principle listing approvals from NSE and BSE and ...
Ujjivan Small Finance Bank schedules investor call on board change
Sep 1, 2026
Ujjivan Small Finance Bank has announced that it will host a conference call for investors and analysts on September 1, 2026, to discuss a recently intimated change in its board of directors. The call, scheduled for 4:00 p.m. IST and also accessib...
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.