ESAF Small Finance Bank Ltd
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]
- Market Cap ₹ 1,557 Cr.
- Current Price ₹ 30.2
- High / Low ₹ 51.0 / 24.3
- Stock P/E
- Book Value ₹ 37.8
- Dividend Yield 2.32 %
- ROCE 4.28 %
- ROE -23.5 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.80 times its book value
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of 3.51% over last 3 years.
- Earnings include an other income of Rs.490 Cr.
- Working capital days have increased from 41.1 days to 82.3 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|
29 | 597 | 1,032 | 1,413 | 1,641 | 1,940 | 2,854 | 3,819 | 3,862 | 3,667 | |
Interest | 16 | 315 | 458 | 621 | 720 | 793 | 1,017 | 1,449 | 1,811 | 1,827 |
31 | 357 | 538 | 646 | 879 | 1,248 | 1,676 | 2,190 | 3,152 | 3,217 | |
Financing Profit | -18 | -75 | 35 | 146 | 43 | -101 | 160 | 180 | -1,101 | -1,377 |
Financing Margin % | -61% | -13% | 3% | 10% | 3% | -5% | 6% | 5% | -28% | -38% |
19 | 102 | 109 | 133 | 127 | 208 | 288 | 442 | 467 | 490 | |
Depreciation | 0 | 0 | 17 | 23 | 29 | 33 | 42 | 51 | 59 | 0 |
Profit before tax | 1 | 27 | 127 | 256 | 141 | 74 | 406 | 570 | -693 | -887 |
Tax % | 0% | 0% | 29% | 26% | 25% | 26% | 26% | 25% | -25% | |
1 | 27 | 90 | 190 | 105 | 55 | 302 | 426 | -521 | -665 | |
EPS in Rs | 0.03 | 0.87 | 2.11 | 4.45 | 2.34 | 1.22 | 6.73 | 8.27 | -10.12 | -12.91 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 22% |
3 Years: | 26% |
TTM: | -7% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
TTM: | -269% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | -40% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 4% |
3 Years: | 4% |
Last Year: | -23% |
Balance Sheet
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|
Equity Capital | 302 | 312 | 428 | 428 | 449 | 449 | 449 | 515 | 515 |
Reserves | 4 | 31 | 466 | 656 | 903 | 962 | 1,266 | 1,977 | 1,434 |
Deposits | 409 | 2,523 | 4,317 | 7,028 | 8,999 | 12,815 | 14,666 | 19,868 | 23,276 |
Borrowing | 2,053 | 1,675 | 1,702 | 1,203 | 1,694 | 2,953 | 3,354 | 3,223 | 1,406 |
227 | 183 | 145 | 154 | 293 | 528 | 489 | 505 | 547 | |
Total Liabilities | 2,994 | 4,724 | 7,058 | 9,470 | 12,339 | 17,708 | 20,224 | 26,087 | 27,178 |
33 | 69 | 86 | 116 | 133 | 159 | 188 | 205 | 237 | |
CWIP | 0 | 0 | 4 | 4 | 6 | 0 | 0 | 3 | 63 |
Investments | 579 | 732 | 1,531 | 1,734 | 1,932 | 4,070 | 4,889 | 5,541 | 5,995 |
2,382 | 3,924 | 5,438 | 7,616 | 10,268 | 13,478 | 15,147 | 20,338 | 20,883 | |
Total Assets | 2,994 | 4,724 | 7,058 | 9,470 | 12,339 | 17,708 | 20,224 | 26,087 | 27,178 |
Cash Flows
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|
-239 | 1,089 | 1,127 | -584 | -571 | 1,001 | 3,176 | |||
-171 | -635 | -638 | -982 | -573 | -583 | -769 | |||
488 | -499 | 653 | 1,259 | 399 | 235 | -1,852 | |||
Net Cash Flow | 78 | -45 | 1,143 | -308 | -745 | 654 | 556 |
Ratios
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|
ROE % | 8% | 15% | 19% | 9% | 4% | 19% | 20% | -23% |
Documents
Announcements
- Closure of Trading Window 1d
-
Board Meeting Intimation for Considering And Approving Proposal Of Raising Tier I Capital By Way Of Issuance Of Equity Shares Or Any Other Eligible Securities Through Permissible Modes As May Be Permitted Under Applicable Laws.
1d - Board meeting on Sep 20, 2025 to propose Tier-I capital raise; EGM/postal ballot for shareholder approval.
-
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
9 Sep - Allotment of Equity Shares under ESAF Employee Stock Option Scheme 2019
-
Compliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
4 Sep - ESAF SFB paid Rs.81,21,580 interest for ISIN INE818W08099 on Sept 04, 2025; issue size Rs.85,00,00,000.
-
Announcement under Regulation 30 (LODR)-Credit Rating
3 Sep - CARE downgraded ESAF SFB Tier-II/Lower Tier-II to CARE A-; CD downgraded to CARE A1; FY25 loss ₹521 crore.
Annual reports
Concalls
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Aug 2025Transcript PPT
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Aug 2025TranscriptNotesPPT
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May 2025Transcript PPT
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Feb 2025Transcript PPT
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
Business Overview:[1][2][3]
a) ESAF SFB is a Scheduled commercial bank with a presence in 24 States and 2 UTs, with ~756 Banking Outlets and 646 ATMs
b) It has 8,834 Customer Touchpoints for 89.4 lakh Customers
c) Company has Loan Book of Rs. 19,216 Cr which includes Micro Loans ~62%, and Retail & Other Loans ~38%. It has Deposits of Rs. 21,613 Cr
d) GNPA ~6.9%, NNPA ~2.9%, CASA ~22.7%, NIM ~10.7%
e) 53% of their customers are in rural and semi urban areas, and 70% of their banking outlets are in rural and semi-urban areas