# ESAF Small Finance Bank share price today (ESAF Small Finance Bank Ltd, NSE: ESAFSFB)

> ESAF Small Finance Bank share price today: ₹41.35 at the NSE close on 4 November 2026, up 50.5% in a year. ESAF Small Finance Bank (NSE: ESAFSFB) is worth ₹2,133 crore, trades at a P/BV of 1.1 and has closed between ₹21.07 and ₹44.71 over the past 52 weeks. > ESAF Small Finance Bank Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. ESAFSFB · Banks - Small Finance · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/esaf-small-finance-bank-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹41.35 (+50.5% in a year)
- P/BV: 1.1× (higher than 74% of the last 2.7 years)
- Revenue (Sep 2026): ₹1,175 Cr (+43.3% on a year ago)
- Profit (Sep 2026): ₹160 Cr
- Net margin: 13.6% (+27.7 points on a year ago)
- ROE: −9%, FY26
- Gross NPA (bad loans): 2.84% (−5.70 points on a year ago)

The main question: domestic institutions moved −2.0 percentage points over 8 quarters while the business went the other way. ## What is the ESAF Small Finance Bank share price today? ESAF Small Finance Bank Ltd's share price was ₹41.35 at the close on 4 November 2026. It has been rising for 19 weeks. That is 16.9% 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. In the last 52 weeks it traded between ₹21 and ₹45, and at that close it sat 86% of the way up from that low. Over the last 3 years the share price moved −42% 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. ## What changed at ESAF Small Finance Bank this quarter? 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. ## What are ESAF Small Finance Bank's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Total income | ₹1,175 crore | ₹820 crore | +43.3% |
| Profit | ₹160 crore | loss of ₹116 crore | n/a |
| Earnings per share | ₹3.10 | ₹−2.25 | n/a |
| Net margin | 13.6% | −14.1% | +27.7 points |
| Gross bad loans (gross NPA) | 2.84% | 8.54% | −5.70 points |

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.)

## What is the ESAF Small Finance Bank share price history? ESAF Small Finance Bank closed at ₹41.35 on 4 November 2026, up 50.5% from ₹27.48 a year earlier (7 November 2025) and down 42.0% 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹42.46 | −2.6% |
| 1 month ago · 1 Oct 2026 | ₹43.40 | −4.7% |
| 6 months ago · 8 May 2026 | ₹29.51 | +40.1% |
| 1 year ago · 7 Nov 2025 | ₹27.48 | +50.5% |
| 3 years ago · 12 Nov 2023 | ₹71.35 | −42.0% |
| Earliest weekly close in our records · 12 Nov 2023 | ₹71.35 | −42.0% |
| Highest weekly close since November 2023 · 12 Jan 2024 | ₹71.55 | −42.2% |
| Lowest weekly close since November 2023, also the 52-week low · 27 Mar 2026 | ₹21.07 | +96.3% |
| 52-week high (weekly close) · 28 Aug 2026 | ₹44.71 | −7.5% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (163 weekly closes from 12 November 2023 to 4 November 2026.)

## What is the latest news on ESAF Small Finance Bank? 4 Nov 2026: ESAF Small Finance Bank closed at ₹41.35, down 2.6% on the week and down 4.7% 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. ## What dividend does ESAF Small Finance Bank pay? ESAF Small Finance Bank paid no dividend in the 12 months to 5 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

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 7 Aug 2024 | ₹0.70 | Dividend |

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. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

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 5 November 2026.)

## What did ESAF Small Finance Bank management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/32094-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of ESAF Small Finance Bank? What is changing in the business? 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. Fewer bad loans too early to call

Fewer borrowers are falling behind. New bad loans (slippages) fell from ₹340 crore in the Sep 2025 quarter to ₹219 crore, ₹106 crore and ₹75 crore in the next three quarters. The share of loans that have gone bad (gross bad loans) fell from 8.54% (Sep 2025) to 5.64%, 5.41% and 5.40%; after provisions (net bad loans) it fell from 3.83% to 2.73%, 1.77% and 0.83%. Management says the microfinance stress of 2022-23 loans is fading and loans made after June 2024 behave far better. Why it may last: This is mainly the microfinance credit cycle turning after a stress period the bank itself went through in FY25. The shift to secured lending could make it more lasting, but the new secured book has not yet been through a downturn. Next check: 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. Quarter by quarter, 4 quarters

July to September 2025

Slippages ₹340 crore, down from ₹450 crore in each of the two quarters before, but the gross bad-loan share still rose to 8.54% from 7.48% in Jun 2025. Early sign only. ✓ fact

From our notes of the call for July to September 2025: Q2 slippages of ₹340 crore comprised primarily ₹265 crore from microfinance (older vintages)

October to December 2025

Slippages ₹219 crore. ✓ fact

From our notes of the call for October to December 2025: Slippages sharply declined to ₹219 crore from ₹505 crore in October to December 2024. January to March 2026

Slippages ₹106 crore with zero sales of bad loans and zero write-offs in the quarter, yet net bad loans still fell to 1.77%. This is the clean test quarter. ✓ fact

From our notes of the call for January to March 2026: Q4 slippages ₹106 crore versus ₹427 crore prior year represents 75.4% decline. April to June 2026

Slippages ₹75 crore. Gross bad-loan share flat at 5.40%; net fell to 0.83% partly because the bank set aside an extra ₹65 crore above the rules (coverage 86%, 81% without it). Annualised credit cost (loan losses as a share of loans) still 4.4%. ✓ fact

From our notes of the call for April to June 2026: Gross NPA declined to 5.4% from 7.5% on a year earlier; NNPA to 0.8% from 3.8%; slippages to ₹75 crore from ₹458 crore. Costs spread over more sales too early to call

The same branch network is earning much more. Profit before provisions (pre-provision operating profit, as stated in the calls) went from ₹93 crore (Sep 2025 quarter) to ₹253, 241 and 349 crore. Net interest income (interest earned minus interest paid, from the data) rose from ₹372 crore to ₹432, 518 and 584 crore. Management says nine years of branch building sat underused for two years and is now being put to work. Why it may last: The branch network is the bank's own and is underused, which argues for lasting; but much of the income gain is a lending margin at a peak of 7.9% against management's own steady-state guide of 7.0% plus or minus 0.5%. What decides it: whether costs stay near 55-58% of income once the margin settles. What could be flattering it: The profit jump comes from a fatter lending margin (fewer interest reversals on bad loans, a falling cost of funds after rate cuts) and lumpy other income, not from fixed costs being spread over more business. Next check: Running costs (net interest income plus other income minus pre-provision profit) stay below about 60% of income, and net interest income (revenue minus interest expense) stays above ₹560 crore. Quarter by quarter, 4 quarters

July to September 2025

Pre-provision profit fell to ₹93 crore from ₹165 crore as other income dropped from ₹195 crore to ₹145 crore. Implied running costs (net interest income 372 + other income 145 - 93) about ₹424 crore, roughly 82% of income. ✓ fact

From our notes of the call for July to September 2025: Operating profit declined to ₹93 crore (Q2) from ₹165 crore (Q1) primarily due to lower other income. October to December 2025

Pre-provision profit ₹253 crore. Net interest income 894 - 462 = 432; other income jumped to 269. Implied running costs about ₹448 crore, about 64% of income. Part of the jump is other income, whose make-up is not disclosed. ✓ fact

From our notes of the call for October to December 2025: Pre-provisioning Operating Profit ₹253 crore (+171.0% on the previous quarter, +98.0% on a year earlier)

January to March 2026

Pre-provision profit dipped to ₹241 crore. Net interest income rose to 995 - 477 = 518 but other income fell to 201; implied running costs about ₹478 crore, about 66% of income, slightly worse than Dec. ✓ fact

From our notes of the call for January to March 2026: Pre-provisioning operating profit up 166.0% on a year earlier to ₹241 crore in Q4, fee income up 39.0% on a year earlier. April to June 2026

Pre-provision profit ₹349 crore. Net interest income 1098 - 514 = 584 (up from 378 a year earlier); other income 248. Implied running costs about ₹483 crore, only ₹5 crore more than the quarter before while income rose about ₹113 crore; about 58% of income. ✓ fact

From our notes of the call for April to June 2026: PPOP improvement attributed to robust business growth, product pricing, fee-based income, and controlled operating expenses. 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.)

## What could change the ESAF Small Finance Bank story? What are the risks? 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.)

## What to watch in ESAF Small Finance Bank's next results? 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. | What to check | Why |
| --- | --- |
| 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. | Fewer bad loans |
| Running costs (net interest income plus other income minus pre-provision profit) stay below about 60% of income, and net interest income (revenue minus interest expense) stays above ₹560 crore. | Costs spread over more sales |
| Gold SMA pool to clear on price stabilization - per management expectation of full recovery without NPA flow-through. | From the call |
| H2 slippages to stay normalized with minimal provisioning - per backlog-cleared cushion supporting full-year credit-cost guide. | From the call |
| Quality CASA acquisition to lift ratio by year-end - per NTB, NR and task focus offsetting term-led mix. | From the call |
| StratoNeXt operations to stabilize without major incidents - per post-go-live monitoring and productivity promise. | From the call |

## Which stock lists is ESAF Small Finance Bank on? ESAF Small Finance Bank is on 4 of our India lists: Multibagger study list, Momentum stocks, Penny stocks and Bank stocks. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 2134.696184644371](https://www.sectoralpha.in/momentum-stocks-india)
- [Penny stocks](https://www.sectoralpha.in/penny-stocks-india)
- [Bank stocks Market value (₹ crore): 2134.696184644371](https://www.sectoralpha.in/sectors/bank-stocks-india)

## Is ESAF Small Finance Bank profitable? 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. 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. ## How much revenue does ESAF Small Finance Bank make, and is it growing? 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. 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. ## How much does ESAF Small Finance Bank keep from what it earns? 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. 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. ## How many of ESAF Small Finance Bank's loans have gone bad? 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. 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. ## How fast is ESAF Small Finance Bank's loan book growing? 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. 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. ## What is ESAF Small Finance Bank's P/BV ratio, and how does it compare with its own history? ESAF Small Finance Bank Ltd's P/BV is 1.1×, 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. 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. ## Is the ESAF Small Finance Bank business getting better or worse? 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. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the ESAF Small Finance Bank story, and has it been checked? 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. Our read, 10 October 2026. 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. From the research. 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 proven. 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. The test written in advance. 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. 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. 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. ## Did ESAF Small Finance Bank management deliver what it promised? 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. ## What is ESAF Small Finance Bank management's track record? 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. 0% Promoter shares pledged

Sources:

- [esaf.bank.in](https://www.esaf.bank.in/wp-content/uploads/2026/08/Transcript-of-Earnings-Conference-Call-held-on-August-03-2026.pdf)
- [rbi.org.in](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=57118)
- [esaf.bank.in](https://www.esaf.bank.in/wp-content/uploads/2026/04/Shareholding-Pattern-as-on-March-31-2026.pdf)

(Checked 14 October 2026.)

## How much does ESAF Small Finance Bank earn on its equity and assets? 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. 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. ## Does ESAF Small Finance Bank have too much debt? 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. ## What is the ESAF Small Finance Bank shareholding pattern? 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. 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. ## How far is ESAF Small Finance Bank from balance-sheet trouble? 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. ## How does ESAF Small Finance Bank rank in its industry? 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. ## Which companies is ESAF Small Finance Bank compared with? ESAF Small Finance Bank ranks 3 of 9 Banks - Small Finance companies on the 4-Factor Sector Score, with 61.6 out of 100. 1. [Capital Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/capital-small-finance-bank-ltd) CAPITALSFB · turning · Most evidence points up · 100% evidence 68.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.6/35 · Income 17% · Profit 19.3% · 100% evidence Capital efficiency 16.3/25 · ROA 1.3% · ROE 10.1% · GNPA 2.4% · 100% evidence Valuation 18.9/20 · P/BV 0.81× · P/BV÷ROE 0.08 · 100% evidence Relative strength 18.0/20 · Lead over its industry 8.7% · Lead over NIFTY 500 5% · 1 year -3.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 15.6 + 16.3 + 18.9 + 18 = 68.8 · What this means: Relative strength against the index is 5%, and revenue and profit growth are weak. 2. [Ujjivan Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/ujjivan-small-finance-bank-ltd) UJJIVANSFB · losing its lead · Most evidence points up · 100% evidence 65.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.4/35 · Income 20.8% · Profit 100% · 100% evidence Capital efficiency 21.8/25 · ROA 1.8% · ROE 10.8% · GNPA 2.1% · 100% evidence Valuation 9.7/20 · P/BV 1.39× · P/BV÷ROE 0.13 · 100% evidence Relative strength 6.2/20 · Lead over its industry -3% · Lead over NIFTY 500 -6.5% · 1 year 2.4% · 100% evidence · 8 of 12 weeks ahead Exact sum: 27.4 + 21.8 + 9.7 + 6.2 = 65.1 · What this means: Earnings are strong; relative strength in its sector is -3% and the one-year return is 2.4%. 3. ESAF Small Finance Bank Ltd this page ESAFSFB · leader · Evidence leans up · 77% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/35 · Income 19.3% · Profit 100% · 69% evidence Capital efficiency 7.7/25 · ROA 0.8% · ROE -8.9% · GNPA 2.8% · 100% evidence Valuation 7.6/20 · P/BV 1.08× · P/BV÷ROE n/a · 40% evidence Relative strength 20.0/20 · Lead over its industry 47.1% · Lead over NIFTY 500 40.6% · 1 year 51.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.3 + 7.7 + 7.6 + 20 = 61.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Suryoday Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/suryoday-small-finance-bank-ltd) SURYODAY · quiet · Evidence leans up · 100% evidence 59.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.4/35 · Income 25.2% · Profit 100% · 100% evidence Capital efficiency 10.9/25 · ROA 1.1% · ROE 7.6% · GNPA 3% · 100% evidence Valuation 8.0/20 · P/BV 0.65× · P/BV÷ROE 0.09 · 100% evidence Relative strength 11.1/20 · Lead over its industry -1.5% · Lead over NIFTY 500 -5% · 1 year -11.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 29.4 + 10.9 + 8 + 11.1 = 59.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [AU Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/au-small-finance-bank-ltd) AUBANK · quiet · Evidence leans up · 100% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.1/35 · Income 19.6% · Profit 45.1% · 100% evidence Capital efficiency 21.4/25 · ROA 1.5% · ROE 14.2% · GNPA 2% · 100% evidence Valuation 7.0/20 · P/BV 3.02× · P/BV÷ROE 0.21 · 100% evidence Relative strength 5.5/20 · Lead over its industry -5.6% · Lead over NIFTY 500 -8.7% · 1 year -1.6% · 100% evidence · 5 of 12 weeks ahead Exact sum: 21.1 + 21.4 + 7 + 5.5 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Equitas Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/equitas-small-finance-bank-ltd) EQUITASBNK · quiet · Evidence leans down · 85% evidence 49.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.1/35 · Income 15.8% · Profit 100% · 100% evidence Capital efficiency 12.0/25 · ROA 1% · ROE 1.7% · GNPA 2.3% · 100% evidence Valuation 3.2/20 · P/BV 0.94× · P/BV÷ROE 0.56 · 100% evidence Relative strength 7.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -16.9% · 1 year -6% · 25% evidence · 2 of 12 weeks ahead Exact sum: 26.1 + 12 + 3.2 + 7.9 = 49.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Jana Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/jana-small-finance-bank-ltd) JSFB · quiet · Evidence leans down · 100% evidence 38.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Income 20.9% · Profit 15.6% · 100% evidence Capital efficiency 11.7/25 · ROA 0.9% · ROE 7.6% · GNPA 2.3% · 100% evidence Valuation 8.0/20 · P/BV 0.81× · P/BV÷ROE 0.11 · 100% evidence Relative strength 2.2/20 · Lead over its industry -9.4% · Lead over NIFTY 500 -12.9% · 1 year -19.8% · 100% evidence · 9 of 12 weeks ahead Exact sum: 16.7 + 11.7 + 8 + 2.2 = 38.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Fino Payments Bank Ltd](https://www.sectoralpha.in/stocks/fino-payments-bank-ltd) FINOPB · quiet · Most evidence points down · 73% evidence 32.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.7/35 · Income 22.4% · Profit -80% · 86% evidence Capital efficiency 7.0/25 · ROA -0.3% · ROE 6.8% · GNPA n/a · 72% evidence Valuation 7.6/20 · P/BV 1.33× · P/BV÷ROE 0.2 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -30.1% · 1 year -58.7% · 25% evidence · 4 of 12 weeks ahead Exact sum: 10.7 + 7 + 7.6 + 7.5 = 32.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Utkarsh Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/utkarsh-small-finance-bank-ltd) UTKARSHBNK · quiet · Most evidence points down · 74% evidence 26.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.8/35 · Income -8.1% · Profit -80% · 60% evidence Capital efficiency 0.5/25 · ROA -4% · ROE -40% · GNPA 6.1% · 100% evidence Valuation 9.2/20 · P/BV 0.74× · P/BV÷ROE n/a · 40% evidence Relative strength 5.5/20 · Lead over its industry -11.5% · Lead over NIFTY 500 -14.4% · 1 year -43.7% · 100% evidence · 4 of 12 weeks ahead Exact sum: 10.8 + 0.5 + 9.2 + 5.5 = 26 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 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](https://www.sectoralpha.in/sectors/banks-small-finance), all 9 compared on one page. ## Which companies are close to ESAF Small Finance Bank in size? 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

1. [Ujjivan Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/ujjivan-small-finance-bank-ltd) ₹10,368 crore
2. [Equitas Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/equitas-small-finance-bank-ltd) ₹6,131 crore
3. [Jana Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/jana-small-finance-bank-ltd) ₹3,953 crore
4. ESAF Small Finance Bank Ltd ₹2,192 crore
5. [Utkarsh Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/utkarsh-small-finance-bank-ltd) ₹2,039 crore
6. [Suryoday Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/suryoday-small-finance-bank-ltd) ₹1,432 crore
7. [Capital Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/capital-small-finance-bank-ltd) ₹1,236 crore

[All 9 Banks - Small Finance companies, largest first](https://www.sectoralpha.in/sectors/banks-small-finance#all-companies)

### Companies close in size in other industries

1. [Medi Assist Healthcare Services Ltd](https://www.sectoralpha.in/stocks/medi-assist-healthcare-services-ltd) ₹2,205 crore · Insurance - Proxy
2. [J.G.Chemicals Ltd](https://www.sectoralpha.in/stocks/jgchemicals-ltd) ₹2,204 crore · Chemicals - Inorganic
3. ESAF Small Finance Bank Ltd ₹2,192 crore
4. [Talbros Automotive Components Ltd](https://www.sectoralpha.in/stocks/talbros-automotive-components-ltd) ₹2,181 crore · Auto Ancillaries - Axle shafts
5. [Thejo Engineering Ltd](https://www.sectoralpha.in/stocks/thejo-engineering-ltd) ₹2,179 crore · Capital Goods - Others

## What else do people ask about ESAF Small Finance Bank? ### What is ESAF Small Finance Bank's share price today? ESAF Small Finance Bank Ltd's share price is ₹41.35, +50.5% over the past year. The whole company is worth ₹2,133 Cr on the market. In the last 52 weeks it traded between ₹21 to ₹45; today it is 86% of the way up from the low, 16.9% above its 200-day average (as of 4 November 2026). ### What were ESAF Small Finance Bank's latest quarterly results? ESAF Small Finance Bank Ltd reported total income of ₹1,175 Cr and net profit of ₹160 Cr for the Sep 2026 quarter. Earnings per share were ₹3.10. The net margin was 13.6%, 27.7 percentage points higher than a year earlier. Gross NPA stood at 2.84% of the loan book (as of 4 November 2026). ### What is ESAF Small Finance Bank's market cap? ESAF Small Finance Bank Ltd's market capitalisation is ₹2,133 Cr at a share price of ₹41.35. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is ESAF Small Finance Bank performing? ESAF Small Finance Bank Ltd's share price has been rising for 19 weeks. Over the past 13 weeks it has done better than the NIFTY 500, for 33 weeks running. This describes what the data did, not a rating (as of 4 November 2026). ### Will ESAF Small Finance Bank's share price go up? This page does not forecast ESAF Small Finance Bank Ltd's share price. What it shows instead: the share price is ₹41.35, and it has been rising for 19 weeks. Its P/BV of 1.1× is higher than 74% of its own last 3 years (as of 4 November 2026). ### Who owns ESAF Small Finance Bank? Promoters own 63.2% of ESAF Small Finance Bank Ltd, foreign institutions 0.2%, domestic institutions 3.6% and the public 33.0% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 2.0 percentage points over 8 quarters (as of 4 November 2026). ### Where is ESAF Small Finance Bank in its business cycle? ESAF Small Finance Bank Ltd's FY26 net margin was −4.7%, against a 10-year range of −13.5% to 13.4%: the middle of its own range, neither a peak nor a low. The latest quarter was 13.6%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the ESAF Small Finance Bank story? The main question: domestic institutions moved −2.0 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is ESAF Small Finance Bank a stock worth studying right now? What the numbers show: ESAF Small Finance Bank Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a ESAF Small Finance Bank share price forecast for 2026? What management itself guided: FY27 full-year RoA 2% upgraded from exit-quarter view despite pending tech costs. 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. What would change the story: Secured growth fails to reduce credit losses or its funding and operating costs absorb the benefit. ### Where does this page get ESAF Small Finance Bank's management information? From ESAF Small Finance Bank's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Penny stocks: https://www.sectoralpha.in/penny-stocks-india
- Bank stocks: https://www.sectoralpha.in/sectors/bank-stocks-india

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