# Banks - Small Finance — company-by-company sector analysis

> Banks - Small Finance: AU Small Finance Bank Ltd owns the largest revenue base; Fino Payments Bank Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Banks - Small Finance has outperformed NIFTY 500 by 17.9% over 52 weeks and 21.7% over 13 weeks. 7 of 9 covered companies beat NIFTY on Mansfield relative strength, while 5 of 9 beat the sector itself. AU Small Finance Bank Ltd leads with income of ₹19,560 crore, based on 9 of 9 comparable companies through Jun 2026.

### Is the Banks - Small Finance sector outperforming NIFTY 500?

Banks - Small Finance has outperformed NIFTY 500 by 17.9% over 52 weeks and 21.7% over 13 weeks. 7 of 9 covered companies beat NIFTY on Mansfield relative strength, while 5 of 9 beat the sector itself.

### Which Banks - Small Finance company is largest by income?

AU Small Finance Bank Ltd leads with income of ₹19,560 crore, based on 9 of 9 comparable companies through Jun 2026.

### Which Banks - Small Finance company is growing fastest?

Fino Payments Bank Ltd has the fastest current income growth at 27.1%, across 9 of 9 comparable companies.

### Which Banks - Small Finance company has the strongest 4-Factor Sector Score?

Suryoday Small Finance Bank Ltd ranks first at 68.1/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Banks - Small Finance company has the largest deposit base?

AU Small Finance Bank Ltd has the largest reported deposit base at ₹1,52,661 crore. Bank borrowings are operating funding, not industrial leverage.

### Which Banks - Small Finance company has the lowest comparable P/BV-to-ROE?

Capital Small Finance Bank Ltd has the lowest comparable P/BV ÷ ROE at 0.09, among 7 of 9 companies that pass the metric’s comparability rules.

### How much history does this Banks - Small Finance comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Banks - Small Finance has outperformed NIFTY 500 by 17.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 21.7%. 7 of 9 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. ESAF Small Finance Bank Ltd is the strongest against the sector itself at +16.3%.

13-week sector return versus NIFTY 500: 22%
52-week sector return versus NIFTY 500: 18%
Stocks leading NIFTY: 7/9
Stocks leading sector: 5/9

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 9
Combined market value: ₹1.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Suryoday Small Finance Bank Ltd (SURYODAY): 68/100 — Favorable setup; evidence 97%
   - Growth & earnings 31.8/35 | Capital efficiency 10.8/25 | Valuation 7.8/20 | Relative strength 17.7/20
   - Exact sum: 31.8 + 10.8 + 7.8 + 17.7 = 68.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 61/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 21.7/35 | Capital efficiency 18.0/25 | Valuation 7.5/20 | Relative strength 13.8/20
   - Exact sum: 21.7 + 18 + 7.5 + 13.8 = 61
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. AU Small Finance Bank Ltd (AUBANK): 58/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 24.7/35 | Capital efficiency 22.1/25 | Valuation 6.2/20 | Relative strength 5.2/20
   - Exact sum: 24.7 + 22.1 + 6.2 + 5.2 = 58.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.5% and the one-year return is 26.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Capital Small Finance Bank Ltd (CAPITALSFB): 56/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 17.7/35 | Capital efficiency 17.1/25 | Valuation 16.7/20 | Relative strength 4.7/20
   - Exact sum: 17.7 + 17.1 + 16.7 + 4.7 = 56.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. ESAF Small Finance Bank Ltd (ESAFSFB): 52/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 20.1/35 | Capital efficiency 3.9/25 | Valuation 7.6/20 | Relative strength 20.0/20
   - Exact sum: 20.1 + 3.9 + 7.6 + 20 = 51.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Jana Small Finance Bank Ltd (JSFB): 48/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 15.2/35 | Capital efficiency 12.2/25 | Valuation 8.6/20 | Relative strength 12.0/20
   - Exact sum: 15.2 + 12.2 + 8.6 + 12 = 48
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Equitas Small Finance Bank Ltd (EQUITASBNK): 38/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 13.0/35 | Capital efficiency 8.6/25 | Valuation 3.2/20 | Relative strength 13.6/20
   - Exact sum: 13 + 8.6 + 3.2 + 13.6 = 38.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 24%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Fino Payments Bank Ltd (FINOPB): 34/100 — Adverse evidence; evidence 76%
   - Growth & earnings 13.3/35 | Capital efficiency 11.5/25 | Valuation 6.1/20 | Relative strength 3.0/20
   - Exact sum: 13.3 + 11.5 + 6.1 + 3 = 33.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Utkarsh Small Finance Bank Ltd (UTKARSHBNK): 18/100 — Adverse evidence; evidence 84%
   - Growth & earnings 6.2/35 | Capital efficiency 0.4/25 | Valuation 9.2/20 | Relative strength 2.4/20
   - Exact sum: 6.2 + 0.4 + 9.2 + 2.4 = 18.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Income Scale & Growth Durability

What the numbers say: AU Small Finance Bank Ltd is the scale leader at ₹19,560 crore, 166.6% ahead of Ujjivan Small Finance Bank Ltd. Fino Payments Bank Ltd's growth is 27.1% from a ₹248 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: AU Small Finance Bank Ltd is the scale benchmark; Fino Payments Bank Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: AU Small Finance Bank Ltd's growth falls below Fino Payments Bank Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: AU Small Finance Bank Ltd · ₹19,560 crore | 166.6% versus #2 · Ujjivan Small Finance Bank Ltd | 8/8 recent comparable periods | 9/9 companies · 156 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. AU Small Finance Bank Ltd (AUBANK): ₹19.6K Cr
2. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): ₹7.3K Cr
3. Equitas Small Finance Bank Ltd (EQUITASBNK): ₹6.8K Cr
4. Jana Small Finance Bank Ltd (JSFB): ₹5.6K Cr
5. ESAF Small Finance Bank Ltd (ESAFSFB): ₹3.5K Cr

### Income growth — fastest growers
1. Fino Payments Bank Ltd (FINOPB): 27%
2. Jana Small Finance Bank Ltd (JSFB): 18%
3. AU Small Finance Bank Ltd (AUBANK): 17%
4. Suryoday Small Finance Bank Ltd (SURYODAY): 17%
5. Capital Small Finance Bank Ltd (CAPITALSFB): 16%

### 20-quarter Income history
- AUBANK: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 ₹5.3K Cr
- UJJIVANSFB: Sep 2021 ₹645 Cr | Dec 2021 ₹708 Cr | Mar 2022 ₹818 Cr | Jun 2022 ₹905 Cr | Sep 2022 ₹993 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.0K Cr
- EQUITASBNK: Sep 2021 ₹844 Cr | Dec 2021 ₹901 Cr | Mar 2022 ₹896 Cr | Jun 2022 ₹940 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- JSFB: Sep 2021 ₹668 Cr | Dec 2021 ₹699 Cr | Mar 2022 ₹694 Cr | Jun 2022 ₹678 Cr | Sep 2022 ₹718 Cr | Dec 2022 ₹809 Cr | Mar 2023 ₹849 Cr | Jun 2023 ₹885 Cr | Sep 2023 ₹979 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.5K Cr
- UTKARSHBNK: Sep 2021 ₹428 Cr | Dec 2021 ₹441 Cr | Mar 2022 ₹536 Cr | Jun 2022 ₹571 Cr | Sep 2022 ₹602 Cr | Dec 2022 ₹641 Cr | Mar 2023 ₹691 Cr | Jun 2023 ₹720 Cr | Sep 2023 ₹756 Cr | Dec 2023 ₹806 Cr | Mar 2024 ₹896 Cr | Jun 2024 ₹966 Cr | Sep 2024 ₹987 Cr | Dec 2024 ₹932 Cr | Mar 2025 ₹880 Cr | Jun 2025 ₹881 Cr | Sep 2025 ₹840 Cr | Dec 2025 ₹821 Cr | Mar 2026 ₹837 Cr | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹292 Cr | Mar 2023 ₹329 Cr | Jun 2023 ₹358 Cr | Sep 2023 ₹375 Cr | Dec 2023 ₹411 Cr | Mar 2024 ₹445 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹507 Cr | Dec 2024 ₹488 Cr | Mar 2025 ₹471 Cr | Jun 2025 ₹495 Cr | Sep 2025 ₹520 Cr | Dec 2025 ₹544 Cr | Mar 2026 ₹602 Cr | Jun 2026 ₹622 Cr
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹701 Cr | Mar 2023 ₹774 Cr | Jun 2023 ₹899 Cr | Sep 2023 ₹943 Cr | Dec 2023 ₹974 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹995 Cr | Dec 2024 ₹948 Cr | Mar 2025 ₹892 Cr | Jun 2025 ₹828 Cr | Sep 2025 ₹820 Cr | Dec 2025 ₹894 Cr | Mar 2026 ₹995 Cr | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹177 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹204 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹224 Cr | Dec 2024 ₹235 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹256 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹273 Cr | Jun 2026 ₹288 Cr

### 20-quarter Income growth history
- AUBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 42% | Dec 2022 42% | Mar 2023 36% | Jun 2023 35% | Sep 2023 27% | Dec 2023 29% | Mar 2024 24% | Jun 2024 53% | Sep 2024 55% | Dec 2024 50% | Mar 2025 51% | Jun 2025 16% | Sep 2025 15% | Dec 2025 15% | Mar 2026 18% | Jun 2026 21%
- UJJIVANSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 54% | Dec 2022 53% | Mar 2023 45% | Jun 2023 42% | Sep 2023 40% | Dec 2023 36% | Mar 2024 29% | Jun 2024 23% | Sep 2024 16% | Dec 2024 8.2% | Mar 2025 2.9% | Jun 2025 2.7% | Sep 2025 4.3% | Dec 2025 10% | Mar 2026 19% | Jun 2026 25%
- EQUITASBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 19% | Dec 2022 18% | Mar 2023 29% | Jun 2023 33% | Sep 2023 36% | Dec 2023 34% | Mar 2024 25% | Jun 2024 20% | Sep 2024 14% | Dec 2024 13% | Mar 2025 14% | Jun 2025 9.9% | Sep 2025 4.0% | Dec 2025 5.0% | Mar 2026 12% | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.5% | Dec 2022 16% | Mar 2023 22% | Jun 2023 31% | Sep 2023 36% | Dec 2023 28% | Mar 2024 31% | Jun 2024 32% | Sep 2024 19% | Dec 2024 13% | Mar 2025 6.5% | Jun 2025 6.3% | Sep 2025 12% | Dec 2025 17% | Mar 2026 22% | Jun 2026 22%
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 41% | Dec 2022 45% | Mar 2023 29% | Jun 2023 26% | Sep 2023 26% | Dec 2023 26% | Mar 2024 30% | Jun 2024 34% | Sep 2024 31% | Dec 2024 16% | Mar 2025 -1.8% | Jun 2025 -8.8% | Sep 2025 -15% | Dec 2025 -12% | Mar 2026 -4.9% | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 41% | Mar 2024 35% | Jun 2024 36% | Sep 2024 35% | Dec 2024 19% | Mar 2025 5.8% | Jun 2025 1.4% | Sep 2025 2.6% | Dec 2025 11% | Mar 2026 28% | Jun 2026 26%
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39% | Mar 2024 29% | Jun 2024 14% | Sep 2024 5.5% | Dec 2024 -2.7% | Mar 2025 -11% | Jun 2025 -19% | Sep 2025 -18% | Dec 2025 -5.7% | Mar 2026 12% | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 57% | Mar 2024 41% | Jun 2024 37% | Sep 2024 31% | Dec 2024 26% | Mar 2025 27% | Jun 2025 35% | Sep 2025 26% | Dec 2025 28% | Mar 2026 21% | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 14% | Jun 2024 15% | Sep 2024 14% | Dec 2024 15% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 16% | Mar 2026 18% | Jun 2026 17%

## Profit Scale & Acceleration

What the numbers say: AU Small Finance Bank Ltd leads with ₹2,857 crore of TTM profit, 215% above Ujjivan Small Finance Bank Ltd. Suryoday Small Finance Bank Ltd shows ≥100% on the scoring scale (143% uncapped) growth from a ₹192 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: AU Small Finance Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: AU Small Finance Bank Ltd · ₹2,857 crore | 215% versus #2 · Ujjivan Small Finance Bank Ltd | 7/8 recent comparable periods | 9/9 companies · 156 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. AU Small Finance Bank Ltd (AUBANK): ₹2.9K Cr
2. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): ₹907 Cr
3. Jana Small Finance Bank Ltd (JSFB): ₹380 Cr
4. Suryoday Small Finance Bank Ltd (SURYODAY): ₹192 Cr
5. Capital Small Finance Bank Ltd (CAPITALSFB): ₹150 Cr

### Profit growth — fastest growers
1. Suryoday Small Finance Bank Ltd (SURYODAY): 100%
2. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 72%
3. AU Small Finance Bank Ltd (AUBANK): 31%
4. Capital Small Finance Bank Ltd (CAPITALSFB): 13%
5. Jana Small Finance Bank Ltd (JSFB): -12%

### 20-quarter Net profit history
- AUBANK: Sep 2021 ₹279 Cr | Dec 2021 ₹302 Cr | Mar 2022 ₹346 Cr | Jun 2022 ₹268 Cr | Sep 2022 ₹343 Cr | Dec 2022 ₹393 Cr | Mar 2023 ₹425 Cr | Jun 2023 ₹387 Cr | Sep 2023 ₹402 Cr | Dec 2023 ₹375 Cr | Mar 2024 ₹371 Cr | Jun 2024 ₹503 Cr | Sep 2024 ₹571 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹504 Cr | Jun 2025 ₹581 Cr | Sep 2025 ₹561 Cr | Dec 2025 ₹668 Cr | Mar 2026 ₹832 Cr | Jun 2026 ₹796 Cr
- UJJIVANSFB: Sep 2021 ₹-274 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹203 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹293 Cr | Mar 2023 ₹310 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹328 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹282 Cr | Jun 2026 ₹317 Cr
- EQUITASBNK: Sep 2021 ₹41 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹202 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹-224 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹213 Cr | Jun 2026 —
- JSFB: Sep 2021 ₹7 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹322 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹140 Cr | Jun 2026 ₹155 Cr
- UTKARSHBNK: Sep 2021 ₹21 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹-168 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-239 Cr | Sep 2025 ₹-348 Cr | Dec 2025 ₹-375 Cr | Mar 2026 ₹-188 Cr | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹50 Cr | Jun 2026 ₹75 Cr
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹-190 Cr | Dec 2024 ₹-211 Cr | Mar 2025 ₹-183 Cr | Jun 2025 ₹-81 Cr | Sep 2025 ₹-116 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹40 Cr | Jun 2026 ₹41 Cr

### 20-quarter Profit growth history
- AUBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 23% | Dec 2022 30% | Mar 2023 23% | Jun 2023 44% | Sep 2023 17% | Dec 2023 -4.6% | Mar 2024 -13% | Jun 2024 30% | Sep 2024 42% | Dec 2024 41% | Mar 2025 36% | Jun 2025 16% | Sep 2025 -1.8% | Dec 2025 27% | Mar 2026 65% | Jun 2026 37%
- UJJIVANSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 144% | Jun 2023 60% | Sep 2023 12% | Dec 2023 2.4% | Mar 2024 6.5% | Jun 2024 -7.1% | Sep 2024 -29% | Dec 2024 -64% | Mar 2025 -75% | Jun 2025 -66% | Sep 2025 -48% | Dec 2025 71% | Mar 2026 240% | Jun 2026 208%
- EQUITASBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 708% | Sep 2022 183% | Dec 2022 57% | Mar 2023 58% | Jun 2023 97% | Sep 2023 71% | Dec 2023 19% | Mar 2024 9.5% | Jun 2024 -86% | Sep 2024 -93% | Dec 2024 -67% | Mar 2025 -80% | Jun 2025 -962% | Sep 2025 85% | Dec 2025 36% | Mar 2026 407% | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 57% | Dec 2022 — | Mar 2023 8,000% | Jun 2023 100% | Sep 2023 1,018% | Dec 2023 13% | Mar 2024 298% | Jun 2024 90% | Sep 2024 -21% | Dec 2024 -18% | Mar 2025 -62% | Jun 2025 -40% | Sep 2025 -23% | Dec 2025 -91% | Mar 2026 14% | Jun 2026 52%
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 456% | Sep 2022 319% | Dec 2022 — | Mar 2023 179% | Jun 2023 21% | Sep 2023 30% | Dec 2023 23% | Mar 2024 19% | Jun 2024 27% | Sep 2024 -55% | Dec 2024 -245% | Mar 2025 -98% | Jun 2025 -274% | Sep 2025 -782% | Dec 2025 — | Mar 2026 -6,367% | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 217% | Mar 2024 56% | Jun 2024 46% | Sep 2024 -10% | Dec 2024 -42% | Mar 2025 -156% | Jun 2025 -50% | Sep 2025 -33% | Dec 2025 12% | Mar 2026 — | Jun 2026 114%
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 199% | Mar 2024 -57% | Jun 2024 -52% | Sep 2024 -236% | Dec 2024 -288% | Mar 2025 -526% | Jun 2025 -229% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 14% | Jun 2024 30% | Sep 2024 8.4% | Dec 2024 1.4% | Mar 2025 -4.8% | Jun 2025 -27% | Sep 2025 -27% | Dec 2025 -47% | Mar 2026 -70% | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.6% | Mar 2024 17% | Jun 2024 0.0% | Sep 2024 38% | Dec 2024 17% | Mar 2025 21% | Jun 2025 6.7% | Sep 2025 6.1% | Dec 2025 0.0% | Mar 2026 18% | Jun 2026 28%

## Funding Base & Its Composition

What the numbers say: AU Small Finance Bank Ltd leads both deposits at ₹1,52,661 crore and borrowings at ₹13,872 crore.

Investor read: AU Small Finance Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: AU Small Finance Bank Ltd · ₹1,52,661 crore | 228.1% versus #2 · Equitas Small Finance Bank Ltd | 8/8 recent comparable periods | 9/9 companies · 112 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases
1. AU Small Finance Bank Ltd (AUBANK): ₹1.5 L Cr
2. Equitas Small Finance Bank Ltd (EQUITASBNK): ₹46.5K Cr
3. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): ₹45.7K Cr
4. Jana Small Finance Bank Ltd (JSFB): ₹35.8K Cr
5. ESAF Small Finance Bank Ltd (ESAFSFB): ₹25.9K Cr

### Borrowings — largest borrowings
1. AU Small Finance Bank Ltd (AUBANK): ₹13.9K Cr
2. Equitas Small Finance Bank Ltd (EQUITASBNK): ₹5.8K Cr
3. Jana Small Finance Bank Ltd (JSFB): ₹5.5K Cr
4. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): ₹3.7K Cr
5. Suryoday Small Finance Bank Ltd (SURYODAY): ₹3.1K Cr

### 20-quarter Deposits history
- AUBANK: Sep 2021 ₹39.0K Cr | Dec 2021 — | Mar 2022 ₹52.6K Cr | Jun 2022 — | Sep 2022 ₹58.3K Cr | Dec 2022 — | Mar 2023 ₹69.4K Cr | Jun 2023 — | Sep 2023 ₹75.7K Cr | Dec 2023 — | Mar 2024 ₹87.2K Cr | Jun 2024 — | Sep 2024 ₹1.1 L Cr | Dec 2024 — | Mar 2025 ₹1.2 L Cr | Jun 2025 — | Sep 2025 ₹1.3 L Cr | Dec 2025 — | Mar 2026 ₹1.5 L Cr | Jun 2026 —
- UJJIVANSFB: Sep 2021 ₹14.1K Cr | Dec 2021 ₹15.6K Cr | Mar 2022 ₹18.3K Cr | Jun 2022 ₹18.4K Cr | Sep 2022 ₹20.4K Cr | Dec 2022 ₹23.2K Cr | Mar 2023 ₹25.5K Cr | Jun 2023 — | Sep 2023 ₹29.1K Cr | Dec 2023 — | Mar 2024 ₹31.5K Cr | Jun 2024 — | Sep 2024 ₹34.1K Cr | Dec 2024 — | Mar 2025 ₹37.6K Cr | Jun 2025 — | Sep 2025 ₹39.2K Cr | Dec 2025 — | Mar 2026 ₹45.7K Cr | Jun 2026 —
- EQUITASBNK: Sep 2021 ₹18.1K Cr | Dec 2021 ₹17.9K Cr | Mar 2022 ₹18.2K Cr | Jun 2022 — | Sep 2022 ₹21.7K Cr | Dec 2022 ₹23.4K Cr | Mar 2023 ₹24.4K Cr | Jun 2023 — | Sep 2023 ₹30.8K Cr | Dec 2023 — | Mar 2024 ₹34.9K Cr | Jun 2024 — | Sep 2024 ₹39.9K Cr | Dec 2024 — | Mar 2025 ₹41.5K Cr | Jun 2025 — | Sep 2025 ₹44.1K Cr | Dec 2025 — | Mar 2026 ₹46.5K Cr | Jun 2026 —
- JSFB: Sep 2021 ₹12.8K Cr | Dec 2021 — | Mar 2022 ₹13.5K Cr | Jun 2022 ₹13.5K Cr | Sep 2022 ₹14.2K Cr | Dec 2022 ₹15.2K Cr | Mar 2023 ₹16.3K Cr | Jun 2023 ₹16.8K Cr | Sep 2023 ₹18.9K Cr | Dec 2023 — | Mar 2024 ₹22.6K Cr | Jun 2024 — | Sep 2024 ₹24.8K Cr | Dec 2024 — | Mar 2025 ₹29.1K Cr | Jun 2025 — | Sep 2025 ₹32.5K Cr | Dec 2025 — | Mar 2026 ₹35.8K Cr | Jun 2026 —
- UTKARSHBNK: Sep 2021 ₹8.1K Cr | Dec 2021 — | Mar 2022 ₹10.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹13.7K Cr | Jun 2023 — | Sep 2023 ₹14.0K Cr | Dec 2023 — | Mar 2024 ₹17.5K Cr | Jun 2024 — | Sep 2024 ₹19.5K Cr | Dec 2024 — | Mar 2025 ₹21.6K Cr | Jun 2025 — | Sep 2025 ₹21.4K Cr | Dec 2025 — | Mar 2026 ₹21.7K Cr | Jun 2026 —
- SURYODAY: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹6.4K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 — | Sep 2024 ₹8.9K Cr | Dec 2024 ₹9.7K Cr | Mar 2025 ₹10.6K Cr | Jun 2025 ₹11.3K Cr | Sep 2025 ₹12.0K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹14.0K Cr | Jun 2026 —
- ESAFSFB: Sep 2021 ₹10.7K Cr | Dec 2021 — | Mar 2022 ₹12.8K Cr | Jun 2022 — | Sep 2022 ₹13.5K Cr | Dec 2022 — | Mar 2023 ₹14.7K Cr | Jun 2023 ₹15.7K Cr | Sep 2023 ₹17.4K Cr | Dec 2023 — | Mar 2024 ₹19.9K Cr | Jun 2024 — | Sep 2024 ₹21.6K Cr | Dec 2024 — | Mar 2025 ₹23.3K Cr | Jun 2025 — | Sep 2025 ₹22.9K Cr | Dec 2025 — | Mar 2026 ₹25.9K Cr | Jun 2026 —
- FINOPB: Sep 2021 ₹302 Cr | Dec 2021 — | Mar 2022 ₹503 Cr | Jun 2022 — | Sep 2022 ₹634 Cr | Dec 2022 — | Mar 2023 ₹917 Cr | Jun 2023 — | Sep 2023 ₹1.0K Cr | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 — | Sep 2024 ₹1.4K Cr | Dec 2024 — | Mar 2025 ₹1.9K Cr | Jun 2025 — | Sep 2025 ₹2.1K Cr | Dec 2025 — | Mar 2026 ₹2.4K Cr | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 — | Mar 2023 ₹6.6K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 — | Mar 2024 ₹7.5K Cr | Jun 2024 ₹7.8K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.3K Cr | Jun 2025 ₹9.1K Cr | Sep 2025 ₹9.3K Cr | Dec 2025 ₹9.9K Cr | Mar 2026 ₹10.0K Cr | Jun 2026 ₹10.6K Cr

### 20-quarter Borrowings history
- AUBANK: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹8.8K Cr | Dec 2024 ₹8.8K Cr | Mar 2025 ₹11.7K Cr | Jun 2025 ₹11.7K Cr | Sep 2025 ₹10.3K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 —
- UJJIVANSFB: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- EQUITASBNK: Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- JSFB: Sep 2021 ₹5.4K Cr | Dec 2021 — | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 — | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 ₹5.5K Cr
- UTKARSHBNK: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 — | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- SURYODAY: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 — | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹3.1K Cr
- ESAFSFB: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- FINOPB: Sep 2021 ₹262 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹250 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹743 Cr | Dec 2022 ₹743 Cr | Mar 2023 ₹434 Cr | Jun 2023 ₹434 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹713 Cr | Sep 2024 ₹796 Cr | Dec 2024 — | Mar 2025 ₹839 Cr | Jun 2025 ₹839 Cr | Sep 2025 ₹865 Cr | Dec 2025 ₹865 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹498 Cr | Jun 2022 ₹565 Cr | Sep 2022 ₹783 Cr | Dec 2022 ₹783 Cr | Mar 2023 ₹721 Cr | Jun 2023 ₹696 Cr | Sep 2023 ₹573 Cr | Dec 2023 ₹573 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹466 Cr | Sep 2024 ₹390 Cr | Dec 2024 ₹354 Cr | Mar 2025 ₹321 Cr | Jun 2025 ₹488 Cr | Sep 2025 ₹577 Cr | Dec 2025 ₹566 Cr | Mar 2026 ₹499 Cr | Jun 2026 ₹686 Cr

## Return On Assets

What the numbers say: AU Small Finance Bank Ltd leads roa at 1.4%; Suryoday Small Finance Bank Ltd leads roa change at +2 percentage points.

Investor read: AU Small Finance Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: AU Small Finance Bank Ltd · 1.4% | 7.7% versus #2 · Capital Small Finance Bank Ltd | 2/7 recent comparable periods | 9/9 companies · 101 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. AU Small Finance Bank Ltd (AUBANK): 1.4%
2. Capital Small Finance Bank Ltd (CAPITALSFB): 1.3%
3. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 1.2%
4. Suryoday Small Finance Bank Ltd (SURYODAY): 1.1%
5. Fino Payments Bank Ltd (FINOPB): 1.0%

### ROA change — fastest improvers
1. Suryoday Small Finance Bank Ltd (SURYODAY): +2.0 pp
2. ESAF Small Finance Bank Ltd (ESAFSFB): +1.4 pp
3. AU Small Finance Bank Ltd (AUBANK): +0.1 pp
4. Capital Small Finance Bank Ltd (CAPITALSFB): −0.1 pp
5. Equitas Small Finance Bank Ltd (EQUITASBNK): −0.1 pp

### 20-quarter ROA history
- AUBANK: Sep 2021 — | Dec 2021 — | Mar 2022 1.6% | Jun 2022 — | Sep 2022 1.6% | Dec 2022 — | Mar 2023 1.6% | Jun 2023 — | Sep 2023 1.7% | Dec 2023 — | Mar 2024 1.4% | Jun 2024 — | Sep 2024 1.3% | Dec 2024 — | Mar 2025 1.3% | Jun 2025 — | Sep 2025 1.3% | Dec 2025 — | Mar 2026 1.4% | Jun 2026 —
- UJJIVANSFB: Sep 2021 -4.7% | Dec 2021 -5.6% | Mar 2022 -0.7% | Jun 2022 2.3% | Sep 2022 3.4% | Dec 2022 4.6% | Mar 2023 4.1% | Jun 2023 3.9% | Sep 2023 3.2% | Dec 2023 — | Mar 2024 3.2% | Jun 2024 — | Sep 2024 2.7% | Dec 2024 — | Mar 2025 1.5% | Jun 2025 — | Sep 2025 0.8% | Dec 2025 — | Mar 2026 1.2% | Jun 2026 —
- EQUITASBNK: Sep 2021 — | Dec 2021 — | Mar 2022 1.7% | Jun 2022 1.8% | Sep 2022 1.5% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 2.3% | Sep 2023 1.9% | Dec 2023 — | Mar 2024 1.8% | Jun 2024 — | Sep 2024 0.9% | Dec 2024 — | Mar 2025 0.3% | Jun 2025 — | Sep 2025 -0.2% | Dec 2025 — | Mar 2026 0.2% | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2% | Sep 2022 0.9% | Dec 2022 0.2% | Mar 2023 2.1% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 1.8% | Mar 2024 2.0% | Jun 2024 — | Sep 2024 2.2% | Dec 2024 — | Mar 2025 1.3% | Jun 2025 — | Sep 2025 1.0% | Dec 2025 — | Mar 2026 0.7% | Jun 2026 —
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 0.4% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.1% | Jun 2023 — | Sep 2023 2.3% | Dec 2023 — | Mar 2024 2.1% | Jun 2024 — | Sep 2024 1.8% | Dec 2024 — | Mar 2025 0.1% | Jun 2025 — | Sep 2025 -2.7% | Dec 2025 — | Mar 2026 -4.0% | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 -0.1% | Mar 2022 0.3% | Jun 2022 -2.5% | Sep 2022 0.4% | Dec 2022 0.6% | Mar 2023 0.8% | Jun 2023 1.7% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 1.5% | Mar 2025 1.0% | Jun 2025 -0.9% | Sep 2025 0.9% | Dec 2025 0.7% | Mar 2026 0.9% | Jun 2026 1.1%
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.5% | Dec 2023 2.6% | Mar 2024 1.6% | Jun 2024 — | Sep 2024 0.1% | Dec 2024 — | Mar 2025 -1.9% | Jun 2025 — | Sep 2025 -2.2% | Dec 2025 — | Mar 2026 -0.5% | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.6% | Dec 2023 — | Mar 2024 2.5% | Jun 2024 — | Sep 2024 2.6% | Dec 2024 — | Mar 2025 2.2% | Jun 2025 — | Sep 2025 1.9% | Dec 2025 — | Mar 2026 1.0% | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.0% | Dec 2022 1.2% | Mar 2023 — | Jun 2023 — | Sep 2023 1.5% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 1.2% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.2% | Jun 2026 1.3%

### 20-quarter ROA change history
- AUBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 — | Mar 2025 −0.1 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +0.1 pp | Jun 2026 —
- UJJIVANSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.1 pp | Dec 2022 +10.2 pp | Mar 2023 +4.8 pp | Jun 2023 +1.6 pp | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 — | Mar 2025 −1.7 pp | Jun 2025 — | Sep 2025 −1.9 pp | Dec 2025 — | Mar 2026 −0.3 pp | Jun 2026 —
- EQUITASBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 +0.5 pp | Sep 2023 +0.4 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 −1.5 pp | Jun 2025 — | Sep 2025 −1.1 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.1 pp | Sep 2023 +0.5 pp | Dec 2023 +1.6 pp | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 — | Mar 2025 −0.7 pp | Jun 2025 — | Sep 2025 −1.2 pp | Dec 2025 — | Mar 2026 −0.6 pp | Jun 2026 —
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 — | Mar 2025 −2.0 pp | Jun 2025 — | Sep 2025 −4.5 pp | Dec 2025 — | Mar 2026 −4.1 pp | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.7 pp | Mar 2023 +0.5 pp | Jun 2023 +4.2 pp | Sep 2023 +1.5 pp | Dec 2023 +1.3 pp | Mar 2024 +1.3 pp | Jun 2024 +0.4 pp | Sep 2024 −0.2 pp | Dec 2024 −0.4 pp | Mar 2025 −1.1 pp | Jun 2025 −3.0 pp | Sep 2025 −0.8 pp | Dec 2025 −0.8 pp | Mar 2026 −0.1 pp | Jun 2026 +2.0 pp
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 — | Mar 2025 −3.5 pp | Jun 2025 — | Sep 2025 −2.3 pp | Dec 2025 — | Mar 2026 +1.4 pp | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 −0.3 pp | Jun 2025 — | Sep 2025 −0.7 pp | Dec 2025 — | Mar 2026 −1.2 pp | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 −0.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 −0.2 pp | Jun 2026 −0.1 pp

## ROE — Leaders & Improvers

What the numbers say: AU Small Finance Bank Ltd leads roe at 14.3%; ESAF Small Finance Bank Ltd leads roe change at +37.7 percentage points.

Investor read: AU Small Finance Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: AU Small Finance Bank Ltd · 14.3% | 32.4% versus #2 · Ujjivan Small Finance Bank Ltd | 4/8 recent comparable periods | 9/9 companies · 160 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. AU Small Finance Bank Ltd (AUBANK): 14%
2. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 11%
3. Capital Small Finance Bank Ltd (CAPITALSFB): 10%
4. Jana Small Finance Bank Ltd (JSFB): 7.6%
5. Suryoday Small Finance Bank Ltd (SURYODAY): 7.6%

### ROE change — fastest improvers
1. ESAF Small Finance Bank Ltd (ESAFSFB): +37.7 pp
2. Suryoday Small Finance Bank Ltd (SURYODAY): +16.7 pp
3. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): +4.3 pp
4. Equitas Small Finance Bank Ltd (EQUITASBNK): +1.6 pp
5. AU Small Finance Bank Ltd (AUBANK): +1.4 pp

### 20-quarter ROE history
- AUBANK: Sep 2021 13% | Dec 2021 17% | Mar 2022 18% | Jun 2022 19% | Sep 2022 14% | Dec 2022 16% | Mar 2023 16% | Jun 2023 16% | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 12% | Sep 2024 16% | Dec 2024 16% | Mar 2025 13% | Jun 2025 12% | Sep 2025 14% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —
- UJJIVANSFB: Sep 2021 -30% | Dec 2021 -39% | Mar 2022 -5.0% | Jun 2022 19% | Sep 2022 28% | Dec 2022 35% | Mar 2023 30% | Jun 2023 30% | Sep 2023 31% | Dec 2023 29% | Mar 2024 25% | Jun 2024 25% | Sep 2024 22% | Dec 2024 16% | Mar 2025 7.4% | Jun 2025 5.6% | Sep 2025 6.8% | Dec 2025 7.8% | Mar 2026 12% | Jun 2026 —
- EQUITASBNK: Sep 2021 1.4% | Dec 2021 4.8% | Mar 2022 12% | Jun 2022 12% | Sep 2022 9.1% | Dec 2022 11% | Mar 2023 15% | Jun 2023 16% | Sep 2023 15% | Dec 2023 15% | Mar 2024 15% | Jun 2024 15% | Sep 2024 1.7% | Dec 2024 0.9% | Mar 2025 4.5% | Jun 2025 2.8% | Sep 2025 -15% | Dec 2025 1.6% | Mar 2026 6.1% | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.6% | Sep 2022 14% | Dec 2022 2.9% | Mar 2023 29% | Jun 2023 19% | Sep 2023 17% | Dec 2023 20% | Mar 2024 19% | Jun 2024 21% | Sep 2024 19% | Dec 2024 10% | Mar 2025 12% | Jun 2025 12% | Sep 2025 9.9% | Dec 2025 7.1% | Mar 2026 0.9% | Jun 2026 13%
- UTKARSHBNK: Sep 2021 4.8% | Dec 2021 — | Mar 2022 -6.3% | Jun 2022 12% | Sep 2022 23% | Dec 2022 — | Mar 2023 20% | Jun 2023 21% | Sep 2023 22% | Dec 2023 20% | Mar 2024 17% | Jun 2024 18% | Sep 2024 19% | Dec 2024 6.7% | Mar 2025 -22% | Jun 2025 0.4% | Sep 2025 -32% | Dec 2025 -52% | Mar 2026 -63% | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 -0.5% | Mar 2022 1.2% | Jun 2022 -13% | Sep 2022 2.1% | Dec 2022 3.4% | Mar 2023 4.7% | Jun 2023 9.9% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 14% | Sep 2024 12% | Dec 2024 11% | Mar 2025 6.9% | Jun 2025 -7.0% | Sep 2025 7.3% | Dec 2025 6.2% | Mar 2026 7.3% | Jun 2026 9.7%
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 18% | Jun 2022 32% | Sep 2022 30% | Dec 2022 15% | Mar 2023 9.5% | Jun 2023 25% | Sep 2023 29% | Dec 2023 29% | Mar 2024 23% | Jun 2024 7.7% | Sep 2024 10% | Dec 2024 -32% | Mar 2025 -36% | Jun 2025 -34% | Sep 2025 -17% | Dec 2025 -25% | Mar 2026 1.6% | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 35% | Jun 2022 22% | Sep 2022 8.4% | Dec 2022 11% | Mar 2023 15% | Jun 2023 17% | Sep 2023 14% | Dec 2023 14% | Mar 2024 15% | Jun 2024 16% | Sep 2024 15% | Dec 2024 13% | Mar 2025 12% | Jun 2025 13% | Sep 2025 9.5% | Dec 2025 8.0% | Mar 2026 6.2% | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 17% | Mar 2023 20% | Jun 2023 17% | Sep 2023 19% | Dec 2023 14% | Mar 2024 16% | Jun 2024 12% | Sep 2024 9.9% | Dec 2024 11% | Mar 2025 11% | Jun 2025 10% | Sep 2025 9.4% | Dec 2025 10% | Mar 2026 9.8% | Jun 2026 11%

### 20-quarter ROE change history
- AUBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −1.6 pp | Mar 2023 −2.3 pp | Jun 2023 −3.3 pp | Sep 2023 −0.2 pp | Dec 2023 −1.4 pp | Mar 2024 −2.7 pp | Jun 2024 −3.9 pp | Sep 2024 +1.9 pp | Dec 2024 +1.9 pp | Mar 2025 +0.4 pp | Jun 2025 −0.1 pp | Sep 2025 −2.5 pp | Dec 2025 −3.4 pp | Mar 2026 +1.4 pp | Jun 2026 —
- UJJIVANSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +58.0 pp | Dec 2022 +73.2 pp | Mar 2023 +34.9 pp | Jun 2023 +11.4 pp | Sep 2023 +2.9 pp | Dec 2023 −5.5 pp | Mar 2024 −4.7 pp | Jun 2024 −4.5 pp | Sep 2024 −9.3 pp | Dec 2024 −13.0 pp | Mar 2025 −17.8 pp | Jun 2025 −19.8 pp | Sep 2025 −14.7 pp | Dec 2025 −8.4 pp | Mar 2026 +4.3 pp | Jun 2026 —
- EQUITASBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.7 pp | Dec 2022 +5.9 pp | Mar 2023 +2.6 pp | Jun 2023 +3.3 pp | Sep 2023 +5.7 pp | Dec 2023 +4.2 pp | Mar 2024 −0.2 pp | Jun 2024 −1.0 pp | Sep 2024 −13.1 pp | Dec 2024 −14.0 pp | Mar 2025 −10.2 pp | Jun 2025 −11.7 pp | Sep 2025 −16.4 pp | Dec 2025 +0.7 pp | Mar 2026 +1.6 pp | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +14.9 pp | Sep 2023 +2.7 pp | Dec 2023 +16.7 pp | Mar 2024 −10.2 pp | Jun 2024 +2.5 pp | Sep 2024 +2.1 pp | Dec 2024 −9.2 pp | Mar 2025 −7.2 pp | Jun 2025 −8.6 pp | Sep 2025 −9.2 pp | Dec 2025 −3.3 pp | Mar 2026 −10.6 pp | Jun 2026 +0.3 pp
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +18.0 pp | Dec 2022 — | Mar 2023 +26.6 pp | Jun 2023 +8.8 pp | Sep 2023 −1.3 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 −3.5 pp | Sep 2024 −3.0 pp | Dec 2024 −12.8 pp | Mar 2025 −38.3 pp | Jun 2025 −17.3 pp | Sep 2025 −50.7 pp | Dec 2025 −58.6 pp | Mar 2026 −41.2 pp | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.9 pp | Mar 2023 +3.5 pp | Jun 2023 +22.5 pp | Sep 2023 +9.7 pp | Dec 2023 +8.7 pp | Mar 2024 +8.7 pp | Jun 2024 +3.8 pp | Sep 2024 +0.3 pp | Dec 2024 −1.4 pp | Mar 2025 −6.5 pp | Jun 2025 −20.7 pp | Sep 2025 −4.8 pp | Dec 2025 −4.5 pp | Mar 2026 +0.4 pp | Jun 2026 +16.7 pp
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −8.7 pp | Jun 2023 −7.2 pp | Sep 2023 −0.8 pp | Dec 2023 +13.9 pp | Mar 2024 +13.1 pp | Jun 2024 −16.9 pp | Sep 2024 −19.1 pp | Dec 2024 −60.8 pp | Mar 2025 −58.7 pp | Jun 2025 −41.9 pp | Sep 2025 −26.8 pp | Dec 2025 +6.5 pp | Mar 2026 +37.7 pp | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −19.7 pp | Jun 2023 −5.2 pp | Sep 2023 +5.1 pp | Dec 2023 +2.4 pp | Mar 2024 +0.4 pp | Jun 2024 −0.4 pp | Sep 2024 +1.6 pp | Dec 2024 −0.9 pp | Mar 2025 −3.0 pp | Jun 2025 −2.9 pp | Sep 2025 −5.6 pp | Dec 2025 −4.7 pp | Mar 2026 −6.2 pp | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +4.6 pp | Dec 2023 −2.8 pp | Mar 2024 −4.0 pp | Jun 2024 −4.8 pp | Sep 2024 −8.6 pp | Dec 2024 −3.2 pp | Mar 2025 −5.7 pp | Jun 2025 −1.4 pp | Sep 2025 −0.5 pp | Dec 2025 −0.6 pp | Mar 2026 −0.8 pp | Jun 2026 +0.7 pp

## Gross NPA — Leaders & Improvers

What the numbers say: AU Small Finance Bank Ltd leads gross npa at 2.1%; Suryoday Small Finance Bank Ltd leads gnpa change at -1.9 percentage points.

Investor read: AU Small Finance Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: AU Small Finance Bank Ltd · 2.1% | 2.8% versus #2 · Ujjivan Small Finance Bank Ltd | 3/8 recent comparable periods | 8/9 companies · 117 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. AU Small Finance Bank Ltd (AUBANK): 2.1%
2. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 2.2%
3. Jana Small Finance Bank Ltd (JSFB): 2.4%
4. Capital Small Finance Bank Ltd (CAPITALSFB): 2.5%
5. Equitas Small Finance Bank Ltd (EQUITASBNK): 2.6%

### GNPA change — fastest improvers
1. Suryoday Small Finance Bank Ltd (SURYODAY): −1.9 pp
2. Utkarsh Small Finance Bank Ltd (UTKARSHBNK): −1.7 pp
3. ESAF Small Finance Bank Ltd (ESAFSFB): −1.5 pp
4. Jana Small Finance Bank Ltd (JSFB): −0.5 pp
5. AU Small Finance Bank Ltd (AUBANK): −0.4 pp

### 20-quarter Gross NPA history
- AUBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.8% | Mar 2023 1.7% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 2.0% | Mar 2024 1.7% | Jun 2024 1.8% | Sep 2024 2.0% | Dec 2024 2.3% | Mar 2025 2.3% | Jun 2025 2.5% | Sep 2025 2.4% | Dec 2025 2.3% | Mar 2026 2.0% | Jun 2026 2.1%
- UJJIVANSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.6% | Mar 2023 2.9% | Jun 2023 2.6% | Sep 2023 2.4% | Dec 2023 2.2% | Mar 2024 2.2% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 2.7% | Mar 2025 2.2% | Jun 2025 2.5% | Sep 2025 2.5% | Dec 2025 2.4% | Mar 2026 2.3% | Jun 2026 2.2%
- EQUITASBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.6% | Mar 2023 2.8% | Jun 2023 2.8% | Sep 2023 2.3% | Dec 2023 2.5% | Mar 2024 2.6% | Jun 2024 2.7% | Sep 2024 3.0% | Dec 2024 3.0% | Mar 2025 2.9% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 2.8% | Mar 2026 2.6% | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.4% | Mar 2023 3.9% | Jun 2023 2.9% | Sep 2023 2.4% | Dec 2023 2.2% | Mar 2024 2.1% | Jun 2024 2.6% | Sep 2024 3.0% | Dec 2024 2.8% | Mar 2025 2.7% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 2.6% | Mar 2026 2.5% | Jun 2026 2.4%
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.6% | Mar 2023 3.2% | Jun 2023 3.1% | Sep 2023 2.8% | Dec 2023 3.0% | Mar 2024 2.5% | Jun 2024 2.8% | Sep 2024 3.9% | Dec 2024 6.2% | Mar 2025 9.4% | Jun 2025 11% | Sep 2025 12% | Dec 2025 11% | Mar 2026 7.7% | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.2% | Mar 2023 3.1% | Jun 2023 3.0% | Sep 2023 2.9% | Dec 2023 3.1% | Mar 2024 2.9% | Jun 2024 2.8% | Sep 2024 3.0% | Dec 2024 5.5% | Mar 2025 7.2% | Jun 2025 8.5% | Sep 2025 5.9% | Dec 2025 6.7% | Mar 2026 6.6% | Jun 2026 6.6%
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 7.2% | Mar 2023 2.5% | Jun 2023 1.7% | Sep 2023 2.6% | Dec 2023 4.2% | Mar 2024 4.8% | Jun 2024 6.6% | Sep 2024 7.0% | Dec 2024 7.0% | Mar 2025 6.9% | Jun 2025 7.5% | Sep 2025 8.5% | Dec 2025 5.6% | Mar 2026 5.4% | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.0% | Mar 2023 2.8% | Jun 2023 2.8% | Sep 2023 2.7% | Dec 2023 3.0% | Mar 2024 2.8% | Jun 2024 2.7% | Sep 2024 2.6% | Dec 2024 2.7% | Mar 2025 2.6% | Jun 2025 2.7% | Sep 2025 2.7% | Dec 2025 2.7% | Mar 2026 2.5% | Jun 2026 2.5%

### 20-quarter GNPA change history
- AUBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +0.2 pp | Mar 2024 +0.0 pp | Jun 2024 +0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.3 pp | Mar 2025 +0.6 pp | Jun 2025 +0.7 pp | Sep 2025 +0.4 pp | Dec 2025 −0.0 pp | Mar 2026 −0.3 pp | Jun 2026 −0.4 pp
- UJJIVANSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.5 pp | Mar 2024 −0.7 pp | Jun 2024 −0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.5 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 −0.3 pp | Mar 2026 +0.1 pp | Jun 2026 −0.4 pp
- EQUITASBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.1 pp | Mar 2024 −0.2 pp | Jun 2024 −0.0 pp | Sep 2024 +0.7 pp | Dec 2024 +0.4 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 −0.0 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −4.2 pp | Mar 2024 −1.8 pp | Jun 2024 −0.3 pp | Sep 2024 +0.5 pp | Dec 2024 +0.6 pp | Mar 2025 +0.6 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 −0.5 pp
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.5 pp | Mar 2024 −0.7 pp | Jun 2024 −0.4 pp | Sep 2024 +1.1 pp | Dec 2024 +3.1 pp | Mar 2025 +6.9 pp | Jun 2025 +8.6 pp | Sep 2025 +8.5 pp | Dec 2025 +4.9 pp | Mar 2026 −1.7 pp | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.2 pp | Mar 2024 −0.2 pp | Jun 2024 −0.2 pp | Sep 2024 +0.1 pp | Dec 2024 +2.5 pp | Mar 2025 +4.2 pp | Jun 2025 +5.6 pp | Sep 2025 +2.9 pp | Dec 2025 +1.2 pp | Mar 2026 −0.6 pp | Jun 2026 −1.9 pp
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −3.1 pp | Mar 2024 +2.3 pp | Jun 2024 +5.0 pp | Sep 2024 +4.3 pp | Dec 2024 +2.8 pp | Mar 2025 +2.1 pp | Jun 2025 +0.9 pp | Sep 2025 +1.6 pp | Dec 2025 −1.3 pp | Mar 2026 −1.5 pp | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +0.0 pp | Mar 2024 −0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.3 pp | Mar 2025 −0.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.0 pp | Mar 2026 −0.0 pp | Jun 2026 −0.3 pp

## Valuation Against Growth & Quality

What the numbers say: Capital Small Finance Bank Ltd has the lowest comparable P/BV ÷ ROE at 0.09×, 30.8% below Suryoday Small Finance Bank Ltd. Only 7 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Capital Small Finance Bank Ltd · 0.09× | 30.8% versus #2 · Suryoday Small Finance Bank Ltd | 0/8 recent comparable periods | 7/9 companies · 118 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Capital Small Finance Bank Ltd (CAPITALSFB): 0.1
2. Suryoday Small Finance Bank Ltd (SURYODAY): 0.1
3. Jana Small Finance Bank Ltd (JSFB): 0.2
4. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 0.2
5. Fino Payments Bank Ltd (FINOPB): 0.2

### P/BV — lowest P/BV
1. Capital Small Finance Bank Ltd (CAPITALSFB): 0.9
2. Utkarsh Small Finance Bank Ltd (UTKARSHBNK): 0.9
3. Suryoday Small Finance Bank Ltd (SURYODAY): 1.0
4. ESAF Small Finance Bank Ltd (ESAFSFB): 1.1
5. Jana Small Finance Bank Ltd (JSFB): 1.3

### 20-quarter P/BV ÷ ROE history
- AUBANK: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- UJJIVANSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- EQUITASBNK: Sep 2021 1.4 | Dec 2021 0.4 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 0.1 | Dec 2023 0.2 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.9 | Dec 2024 1.3 | Mar 2025 0.2 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 0.8 | Mar 2026 0.2 | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 1.0 | Jun 2026 0.1
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.1 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.3 | Mar 2025 — | Jun 2025 3.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SURYODAY: Sep 2021 — | Dec 2021 — | Mar 2022 0.6 | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 — | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 — | Mar 2022 0.4 | Jun 2022 0.2 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 0.2 | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1

### 20-quarter P/BV history
- AUBANK: Sep 2021 5.3 | Dec 2021 4.8 | Mar 2022 5.6 | Jun 2022 6.1 | Sep 2022 3.9 | Dec 2022 4.3 | Mar 2023 4.6 | Jun 2023 6.0 | Sep 2023 4.3 | Dec 2023 4.5 | Mar 2024 3.2 | Jun 2024 4.1 | Sep 2024 3.9 | Dec 2024 2.6 | Mar 2025 2.5 | Jun 2025 4.3 | Sep 2025 3.2 | Dec 2025 4.0 | Mar 2026 3.6 | Jun 2026 3.9
- UJJIVANSFB: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 1.0 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 2.3 | Sep 2023 2.6 | Dec 2023 2.4 | Mar 2024 1.8 | Jun 2024 3.4 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 1.8
- EQUITASBNK: Sep 2021 2.0 | Dec 2021 1.9 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 2.0 | Jun 2023 2.8 | Sep 2023 1.9 | Dec 2023 2.2 | Mar 2024 1.9 | Jun 2024 2.1 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.3 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.1 | Jun 2026 —
- JSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.2 | Jun 2024 2.0 | Sep 2024 1.7 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 1.1
- UTKARSHBNK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.1 | Dec 2023 3.0 | Mar 2024 2.6 | Jun 2024 2.6 | Sep 2024 2.3 | Dec 2024 1.7 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 —
- SURYODAY: Sep 2021 1.2 | Dec 2021 1.0 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 0.9
- ESAFSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.8 | Mar 2024 1.4 | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 —
- FINOPB: Sep 2021 — | Dec 2021 19.0 | Mar 2022 13.5 | Jun 2022 4.1 | Sep 2022 3.8 | Dec 2022 4.2 | Mar 2023 3.5 | Jun 2023 4.5 | Sep 2023 4.8 | Dec 2023 3.7 | Mar 2024 4.1 | Jun 2024 4.4 | Sep 2024 5.1 | Dec 2024 4.0 | Mar 2025 2.8 | Jun 2025 3.7 | Sep 2025 2.9 | Dec 2025 2.8 | Mar 2026 1.4 | Jun 2026 —
- CAPITALSFB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 0.9

## Market action

Ujjivan Small Finance Bank Ltd has the strongest one-year price move in Banks - Small Finance at +44.7%. ESAF Small Finance Bank Ltd leads on Mansfield relative strength against NIFTY at +37.6%. 7 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 45%
2. Suryoday Small Finance Bank Ltd (SURYODAY): 37%
3. AU Small Finance Bank Ltd (AUBANK): 26%
4. Equitas Small Finance Bank Ltd (EQUITASBNK): 24%
5. ESAF Small Finance Bank Ltd (ESAFSFB): 16%

### Strongest relative strength versus NIFTY 500
1. ESAF Small Finance Bank Ltd (ESAFSFB): 38%
2. Suryoday Small Finance Bank Ltd (SURYODAY): 34%
3. Ujjivan Small Finance Bank Ltd (UJJIVANSFB): 31%
4. Equitas Small Finance Bank Ltd (EQUITASBNK): 24%
5. Jana Small Finance Bank Ltd (JSFB): 23%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.

## Every company
- AU Small Finance Bank Ltd (AUBANK) — market value ₹75.3K Cr; latest fundamentals Jun 2026
- Ujjivan Small Finance Bank Ltd (UJJIVANSFB) — market value ₹13.8K Cr; latest fundamentals Jun 2026
- Equitas Small Finance Bank Ltd (EQUITASBNK) — market value ₹9.0K Cr; latest fundamentals Mar 2026
- Jana Small Finance Bank Ltd (JSFB) — market value ₹5.7K Cr; latest fundamentals Jun 2026
- Utkarsh Small Finance Bank Ltd (UTKARSHBNK) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Suryoday Small Finance Bank Ltd (SURYODAY) — market value ₹2.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- ESAF Small Finance Bank Ltd (ESAFSFB) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Fino Payments Bank Ltd (FINOPB) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Capital Small Finance Bank Ltd (CAPITALSFB) — market value ₹1.3K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 4. Withheld: 0. Graded companies: 9.

4 of 9 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | SURYODAY | Suryoday Small Finance Bank Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ESAFSFB | ESAF Small Finance Bank Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | FINOPB | Fino Payments Bank Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | CAPITALSFB | Capital Small Finance Bank Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Banks - Small Finance index?

The Nifty Banks - Small Finance index tracks India's listed Banks - Small Finance companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Banks - Small Finance sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Banks - Small Finance stocks in India?

Ranked by this page's four-factor score, Suryoday Small Finance Bank Ltd places first among 9 listed Banks - Small Finance companies, followed by Ujjivan Small Finance Bank Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Banks - Small Finance stocks are listed in India?

This comparison covers 9 listed Banks - Small Finance companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Banks - Small Finance company is the biggest?

AU Small Finance Bank Ltd is the largest, with trailing-twelve-month income of ₹19,560 crore, ahead of Ujjivan Small Finance Bank Ltd at ₹7,337 crore. That covers 9 of 9 companies with comparable reporting through Jun 2026.

### Which Banks - Small Finance company is growing fastest?

Fino Payments Bank Ltd has the fastest income growth at 27.1% year on year, across 9 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Banks - Small Finance company makes the most profit?

AU Small Finance Bank Ltd earns the most, at ₹2,857 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. Suryoday Small Finance Bank Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Banks - Small Finance lender has the best asset quality?

AU Small Finance Bank Ltd reports the lowest gross NPA ratio at 2.1% — lower is better — across 8 of 9 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Banks - Small Finance company earns the highest return on capital?

AU Small Finance Bank Ltd leads on return on assets at 1.4%, across 9 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Banks - Small Finance stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Capital Small Finance Bank Ltd screens cheapest at 0.09×. Only 7 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Banks - Small Finance lender has the largest funding base?

AU Small Finance Bank Ltd has the largest reported deposit base at ₹1,52,661 crore. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt.

### Is the Banks - Small Finance sector beating the market?

Banks - Small Finance has outperformed NIFTY 500 by 17.9% over the last 52 weeks and 21.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Banks - Small Finance stock has the strongest price momentum?

ESAF Small Finance Bank Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Banks - Small Finance company scores highest for research priority?

Suryoday Small Finance Bank Ltd scores 68.1 out of 100 with 97% evidence confidence, from 31.8 points on growth and earnings, 10.8 on capital efficiency, 7.8 on valuation and 17.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Banks - Small Finance companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Banks - Small Finance sector?

The 9 Banks - Small Finance companies on this page carry ₹1,12,994 crore of combined market value. AU Small Finance Bank Ltd is the largest at ₹75,259 crore, about 67% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Banks - Small Finance sector's P/B ratio?

The median price-to-book ratio across the 9 Banks - Small Finance companies on this page is 1.3×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Banks - Small Finance sector performing?

7 of the 9 covered Banks - Small Finance companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 17.9% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/banks-small-finance