ESAF Small Finance Bank share price today

ESAF Small Finance Bank Ltd's share price was ₹40.89 at the close on 3 November 2026. It has been rising for 19 weeks. That is 15.6% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 33 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today ESAF Small Finance Bank Ltd is in stage 2. The phase helps read everything below.

In the last 52 weeks it traded between ₹21 and ₹45, and at that close it sat 84% of the way up from that low.

Over the last 3 years the share price moved −43% while the NIFTY 500 moved +24%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: bad loans at their lowest share in 12 quarters, promoters cut their stake for 5 quarters in a row and indian funds and insurers (DIIs) cut their stake for 4 quarters in a row.

1. Bad loans at their lowest share in 12 quarters

   Gross NPA, the share of loans not being repaid, was 2.84% in the September 2026 quarter, from 8.54% a year earlier.

2. Promoters cut their stake for 5 quarters in a row

   From 63.3% to 63.2% of the company by the September 2026 quarter.

3. Indian funds and insurers (DIIs) cut their stake for 4 quarters in a row

   From 5% to 3.6% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), ESAF Small Finance Bank reported total income of ₹1,175 crore, up 43.3% from ₹820 crore a year earlier, and a profit of ₹160 crore, against a loss of ₹116 crore a year earlier.

ESAF Small Finance Bank results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

ESAF Small Finance Bank's management discussed these results on a call held on 29 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Income and profit in ₹ crore.

ESAF Small Finance Bank closed at ₹40.89 on 3 November 2026, up 45.5% from ₹28.10 a year earlier (31 October 2025) and down 42.7% over three years. Its highest weekly close since November 2023 was ₹71.55 on 12 January 2024.

ESAF Small Finance Bank share price: then and now

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

163 weekly closes from 12 November 2023 to 3 November 2026.

3 Nov 2026: ESAF Small Finance Bank closed at ₹40.89, up 5.3% on the week and down 5.8% on the month. 29 Oct 2026: ESAF Small Finance Bank held its results call for July to September 2026. Management guided: FY27 full-year RoA 2% upgraded from exit-quarter view despite pending tech costs.

Earlier

• Results for July to September 2026: Total income up 43.3% on a year earlier.

ESAF Small Finance Bank paid no dividend in the 12 months to 4 November 2026. The last was a dividend of ₹0.70 a share, ex-date 7 August 2024.

ESAF Small Finance Bank dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Not in its latest year. ESAF Small Finance Bank Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 1 of its last 10 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 4 November 2026.

On the call for July to September 2026, held on 29 October 2026, ESAF Small Finance Bank's management guided: FY27 full-year RoA 2% upgraded from exit-quarter view despite pending tech costs.

“Total technical write-off for the quarter was 626 crores, probably the last lot from the legacy NPAs.”Girish C.P., EVP and CFO, on the call for July to September 2026

What management guided

• Full-year FY27 credit cost around 2% on controlled slippages with backlog complete.
• FY28 credit cost estimated at 1.5% as normalized run-rate with legacy cleared.
• FY27 cost-to-income around 60% with H2 tech and network spend ahead for efficiency.
• Q3 funding cost to edge up with cushion to absorb NIM impact.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 29 October 2026.

The changes showing up in ESAF Small Finance Bank's own numbers are fewer bad loans and costs spread over more sales. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Secured growth fails to reduce credit losses or its funding and operating costs absorb the benefit.

Each change stops working if

• Secured-product expansion: Secured growth fails to reduce credit losses or its funding and operating costs absorb the benefit.
• Deposit repricing and interest-income recovery: Deposit competition prevents funding-cost reductions or asset yields fall faster.
• Technology and distribution execution: Implementation slips again or completed modules do not improve processing and operating costs.

The main risks

• Residual credit stress: Gross impaired assets remain material despite the fall in net NPA. ⚠ estimate
• Profit and portfolio disclosure conflicts: Conflicting profit and secured-mix figures obstruct a clean operating bridge. ⚠ estimate
• Income composition and optical recovery: A profit jump from a loss base does not establish repeatable earnings. ⚠ estimate
• Guidance and technology execution: Moving return goals and a relaxed implementation deadline lower forecast reliability. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When ESAF Small Finance Bank reports October to December 2026, these are the 6 checks that show whether the story is still on course. First: Slippages stay at or below about ₹100 crore and annualised credit cost moves down from 4.4% toward the guided 2% by year-end, without any new sale of bad loans to asset-reconstruction companies.

ESAF Small Finance Bank is on 4 of our India lists: Multibagger study list, Momentum stocks, Penny stocks and Bank stocks.

ESAF Small Finance Bank Ltd earned ₹160 Cr of net profit in the Sep 2026 quarter. The full FY26 year was a loss of ₹166 Cr. That is 13.6% of the quarter's revenue. The same quarter a year earlier lost ₹116 Cr. 5 of the last 12 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

FY27-Q1. revenue ₹1,098 Cr and profit ₹80 Cr as reported.

FY27-Q2. revenue ₹1,175 Cr and profit ₹160 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

ESAF Small Finance Bank Ltd reported ₹1,175 Cr of income in the Sep 2026 quarter, +43.3% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 9 years it has grown 70.5% a year on average. The last full year, FY26, came in at ₹3,537 Cr.

For a bank, revenue is everything it earns: interest on its loans plus fees and other income.

The last four reported quarters add to ₹4,162 Cr.

FY26 revenue was ₹3,537 Cr, −8.3% on the year before.

Recent pace: the last four quarters grew +20.4% on average, against 70.5% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +19.3%, against +2.1% a year over the last 8 quarters (accelerating).

FY27-Q1. revenue ₹1,098 Cr and profit ₹80 Cr as reported.

FY27-Q2. revenue ₹1,175 Cr and profit ₹160 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

ESAF Small Finance Bank Ltd's net margin was 13.6% in the Sep 2026 quarter, 27.7 percentage points higher than the same quarter a year ago. Across 10 years it has been between −13.5% and 13.4%. The latest quarter is above every full year in that period.

Net margin is what the bank keeps from every ₹100 of revenue after every cost, provision for bad loans and tax. It is the clearest single margin we can read for a lender.

Why this happened. The Predictable Repricing Catalyst fits management's explanation that term deposits mature and reprice. Interest income after interest expense improves in the supplied quarterly cells, supporting a spread contribution to the recovery. The maturity schedule is absent, so the remaining repricing benefit and its first full contribution are unknown. Competition for deposits and lower secured-loan yields could keep part of the benefit from reaching profit.

Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

FY27-Q1. revenue ₹1,098 Cr and profit ₹80 Cr as reported.

FY27-Q2. revenue ₹1,175 Cr and profit ₹160 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

ESAF Small Finance Bank Ltd's gross NPA, the share of loans that have stopped being repaid, is 2.84% in Sep 2026, down from 8.54% a year ago. After the money already set aside for bad loans, 0.34% is left (net NPA). That is the 4th quarter in a row of improvement.

Gross NPA is the share of the loan book where repayments have stopped. Net NPA is what is left after the money the lender has already set aside for those loans. Falling is good; rising is a warning.

Why this happened. Collections and underwriting are the named actions behind the recovery. Additional provisions improve coverage, so net NPA improvement must be read alongside gross NPA and new slippages. The benefit reaches shareholders only if lower credit charges persist without renewed arrears. The latest quarter's gross NPA plateau means the remaining improvement cannot be assumed from net NPA alone.

Across the 12 quarters on file it has been between 2.84% and 8.54%. Falling bad loans mean the loan book is healing; rising ones mean new damage.

In Sep 2026, gross NPA was 2.84% and net NPA 0.34%, against 8.54% and 3.83% a year ago.

In short: a lender's profit growth is only as good as its loans, and this loan book is healing, several quarters running. Quarterly detail on money set aside for bad loans is not in our data yet, so this shows the levels and the trend, not the cost of the clean-up.

Why bad loans moved: recoveries, write-offs and new bad loans all play a part. That split is not in our data, so the page shows the trend without the breakdown.

ESAF Small Finance Bank Ltd's revenue was ₹3,537 Cr in FY26, −8.3% on the year before, so the loan book is not growing. The latest quarter was +43.3% on a year earlier. The net margin on that income is 13.6%, +27.7 percentage points on a year ago.

We read the loan book through revenue: when the book grows, revenue grows with it. It is only a rough guide, because interest-rate changes and fee swings can move it a few points in any year.

Why this happened. Product Mix Change applies to the intended expansion of agricultural, gold and mortgage lending. Existing distribution and customer knowledge are the proposed channels. Lower loss rates could offset lower asset yields, but the summaries provide no segment contribution bridge proving that trade-off. The internally conflicting secured-share disclosure prevents a clean assessment of progress against the goal.

Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year.

In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses.

ESAF Small Finance Bank Ltd's P/BV is 1.0×, near the high end of its own history: higher than 74% of past readings. Its usual P/BV (the middle reading) is 0.8×, over 2.7 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

For a bank or lender we compare the price with book value, the net worth on its balance sheet. P/BV is how many rupees the market pays for each ₹1 of that net worth. Below 1× means the market values it at less than its net worth.

Why the multiple is low: this lender earns about −9% a year on its equity. A lender that earns less on its net worth is valued lower for each rupee of it, and that gap usually closes only if returns improve.

In short: the multiple is high against its own past, so the book value trend underneath matters more than the multiple.

ESAF Small Finance Bank Ltd's business is giving mixed signals. Profit and EPS growth are shrinking while ROE is still rising at 13.4%, so growth and returns point different ways. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

ESAF Small Finance Bank Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION. Still open: Fresh credit deterioration accompanied by a return to reported quarterly losses would break the thesis that portfolio rehabilitation is translating into repeatable profitability.

NOT YET CHECKED

From the numbers. The operating classification places the bank in middle expansion and the price curve in stage 2, while annual…

From the price. Price stage 2, week 19, above its 200-day line, relative strength rising.

Where they disagree. The operating classification places the bank in middle expansion and the price curve in stage 2, while annual earnings remain damaged. Recent rehabilitation can coexist with a contracting longer earnings history; this does not establish a completed structural turnaround.

What is not proven yet. Fresh credit deterioration accompanied by a return to reported quarterly losses would break the thesis that portfolio rehabilitation is translating into repeatable profitability.

What would change our mind. Fresh credit deterioration accompanied by a return to reported quarterly losses would break the thesis that portfolio rehabilitation is translating into repeatable profitability.

The test written in advance. Fresh credit deterioration accompanied by a return to reported quarterly losses would break the thesis that portfolio rehabilitation is translating into repeatable profitability. Measured by: the thesis as written as stated by the next result.

The test written in advance. Residual credit stress. Measured by: Residual credit stress Gross NPA above 5.4% together with renewed quarterly losses. by the next result.

What the company does. Absolute profits and net NPA improve together, supporting a recovery mechanism beyond an unreliable loss-base growth percentage. Secured lending and deposit repricing could extend the recovery, but inconsistent portfolio disclosures and moving guidance reduce confidence in its pace.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: Higher profit and lower net NPA suggest the recovery is advancing. The research reads it further: Net NPA falls materially while gross NPA barely changes sequentially. Additional provisioning improves coverage; it cannot be equated with borrower cures. Interest income after interest expense also improves, supporting an earnings mechanism beyond provisions alone.

What the surface reading misses. The surface reading is: Profit and asset quality improve sequentially. The research reads it further: Lower slippages and funding costs are named mechanisms, but gross NPA remains material and the low tax rate and income composition complicate recurring-profit interpretation.

• 1 · Operating leveragequiet
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualitybuilding

Lever 16 · Asset quality: building. Lower slippages and declining net NPA create room for profitability to recover. What proves it keeps working: Credit-loss normalization. It stops working if Fresh slippages rise and provisioning remains elevated despite the portfolio transition.

Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What ESAF Small Finance Bank Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Total Business Figure Reversal · 29 October 2026. The Aug 2026 call reported total business of INR 50,140 crores, while the Oct 2026 call reported Rs.36,399 crores. If both figures are intended to represent Q1 and Q2 FY27, this implies a roughly 27% sequential contraction despite the latest call reporting growth in gross advances and deposits, and management did not explain the discrepancy; the latest excerpt also refers to September 30, 2024 rather than a FY27 date.

Emerging Household Portfolio Reset · 29 October 2026. The latest call materially reduces the reported emerging household contribution from 32% to 22% of gross advances and slows reported growth from 185% YoY and 14% quarter-on-quarter to 124% YoY and 5% quarter-on-quarter. Because emerging households were presented as a key growth catalyst, this unexplained change materially affects the expected pace and portfolio mix of the diversification strategy.

ROA Goal Reframed · 29 October 2026. The Aug 2026 call described 2% ROA as a FY27 year-end goal, while the Oct 2026 call explicitly recast the earlier goal as 2% quarterly ROA by year-end and replaced it with 2% for the full year. This changes the goal from an exit-rate measure to an annual-average measure, and the latest reported annualized ROA was only 1.5%; management did not explain the change.

Secured Portfolio Mix Reversal · 3 August 2026. The latest call reports that secured loans are only 32% of gross advances, versus 61% in May and 63% in February, reversing the previously stated de-risking trajectory and making the March 2027 70% secured-asset goal difficult to reconcile. The latest call provides no explanation for the change, and its separately reported secured portfolio of 14,465 crores against gross advances of 23,216 crores also warrants reconciliation with the stated 32% figure.

Every quote above is taken word for word from the company’s own earnings calls.

This grades the record mixed and the verdict pass.

Regulatory and governance record

The RBI customer-service penalty dated January 2024 is historical and completed; no live material conduct proceeding, fraud or proven lie surfaced. The original August call refutes the saved summary’s apparent misstatements.

Checked 14 October 2026.

ESAF Small Finance Bank Ltd earned a return on equity of −9% in FY26. Its lowest yearly reading on file was −23% in FY25. On its assets, every ₹100 earned about ₹0.91, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together.

Two numbers rate a bank: ROE, what it earns on shareholders’ money, and ROA, what it earns on all its assets. An ROE above about 13 to 15% is healthy; below that, net worth grows slowly.

That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is.

Why: the ROE chart shows the move, but the deposit-cost and bad-loan details behind it are not in our data.

For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead.

For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here.

Domestic institutions cut their stake in ESAF Small Finance Bank Ltd by 2.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 3.6% of the company. Promoters moved −0.2 points over the same period, to 63.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: −2.0 points over 8 quarters, to 3.6%; Promoters: −0.2 points over 8 quarters, to 63.2%; Foreign institutions: +0.0 points over 8 quarters, to 0.2%.

Why the owners changed: domestic institutions drove it (−2.0 points). They reduced their stake.

For ESAF Small Finance Bank Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

61.6 out of 100, rank 3 of 9 in Banks - Small Finance, with 77% of the evidence available.

ESAF Small Finance Bank Ltd scores 61.6 out of 100 against the 9 companies it is compared with in Banks - Small Finance, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 26.3 + 7.7 + 7.6 + 20 = 61.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector.

ESAF Small Finance Bank ranks 3 of 9 Banks - Small Finance companies on the 4-Factor Sector Score, with 61.6 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Banks - Small Finance, all 9 compared on one page.

ESAF Small Finance Bank is the 5th largest of 9 Banks - Small Finance companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Ujjivan Small Finance Bank, Equitas Small Finance Bank and Jana Small Finance Bank. Just below it: Utkarsh Small Finance Bank, Suryoday Small Finance Bank and Capital Small Finance Bank.

Banks - Small Finance companies close in size

2. Ujjivan Small Finance Bank Ltd ₹10,368 crore
3. Equitas Small Finance Bank Ltd ₹6,131 crore
4. Jana Small Finance Bank Ltd ₹3,953 crore
5. ESAF Small Finance Bank Ltd ₹2,192 crore
6. Utkarsh Small Finance Bank Ltd ₹2,039 crore
7. Suryoday Small Finance Bank Ltd ₹1,432 crore
8. Capital Small Finance Bank Ltd ₹1,236 crore

All 9 Banks - Small Finance companies, largest first

Companies close in size in other industries

1195. Medi Assist Healthcare Services Ltd ₹2,205 crore · Insurance - Proxy
1196. J.G.Chemicals Ltd ₹2,204 crore · Chemicals - Inorganic
1197. ESAF Small Finance Bank Ltd ₹2,192 crore
1198. Talbros Automotive Components Ltd ₹2,181 crore · Auto Ancillaries - Axle shafts
1199. Thejo Engineering Ltd ₹2,179 crore · Capital Goods - Others

Sector Alpha, written by code from the published numbers. Data as of 3 November 2026.

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