Suryoday Small Finance Bank Ltd
SURYODAYSuryoday Small Finance Bank Ltd is coiled. The quarters are improving, yet the P/BV sits at the 32nd percentile of its own 5-year range — the business is moving before the market.
The sharpest disagreement: Domestic institutions moved −7.2 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (19 weeks in) while the P/BV sits at the 32nd percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +114.3% year on year, and gross NPA has eased to 6.60%. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Suryoday Small Finance Bank Ltd trades at ₹148, in a confirmed uptrend and 19 weeks into that stage. That is −4.0% against its own 200-day average. It sits at 37% of a 52-week range of ₹122 to ₹193. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹148 it trades −4.0% versus its 200-day average and sits at 37% of its 52-week range (₹122–₹193).
Against the market, two honest reads. Cumulative: over the last 5.5 years the stock moved −47% while the NIFTY 500 moved +86% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-07-24) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Suryoday Small Finance Bank Ltd's story is not scored yet against the markers our research file set on 17 August 2026. Where it sits in its own cycle: Credit-flow recovery on a structurally thinner margin, after two loss cycles without an equity raise. Marker count: 15 not due yet. Our fortnightly research layers last read it on 19 July 2026.
From the numbers. Slippages falling five quarters and guarantee cash rebuilding cover; net interest income per rupee of assets still near the floor and costs still outrunning income.
From the price. Stage 2 from the ₹122 trough to ₹193 on the claim events, then minus 21% to ₹152 — first weekly close below the 200-day average after the plus 113% print.
From the research. Guarantee-mechanical promises met four of four; operating and quality promises missed; founder holding 5.22% with 96% pledged to an undisclosed lender.
🚨 Where they disagree. The three streams agree that the credit node turned and the price is not extended. They disagree on whether that is enough: the numbers say the margin node is impaired, the tape sold a doubled profit, and the research says the guide that would justify a re-rating has a ~40% one-year error bar. What is still open is FY27-Q2 — the first quarter without the extra priority-sector fee.
What is proven. Four CGFMU claims paid in full (₹32cr, ₹56cr, ₹313cr, ₹387cr = ₹788cr) against ~₹250–270cr of premium; slippages 308→92 crore over five quarters; deposits now exceed loans (credit-deposit 98%); capital ratio 20% with no equity raised since the March 2021 listing; book value per share 150.5→202.8 = 5.7% a year.
What is not proven yet. That the FY24 engine (net interest income 8.65% of assets, return on assets 1.94%, return on equity 12.9%) can return at 56% secured; that FY27 profit of ~₹300cr holds once priority-sector fees normalise; that used-commercial-vehicle overdue (PAR30+ 11.5% and rising) and the residual joint-liability-group book (gross bad loans ~24%) stay contained; that a ₹300cr equity issue will price at or above book.
🚨 What would change our mind. Two consecutive quarters with net interest margin at or above 7.5%, cost-to-income at or below 68%, slippages at or below ₹90 crore, priority-sector-certificate income at the ₹10–20 crore run-rate, and the ₹300 crore equity raise priced at or above book — or the opposite: slippages above ₹100 crore, a second weekly close under the 200-day average together with a below-book raise, or a pledge invocation.
Layer 1 read, 19 July 2026 — KEEP. Real MFI credit-cycle turn off a loss trough, but a serial guidance-misser — cheap for a reason, hold at P2. Net profit went from -34cr in Mar 2025 to 50cr in Mar 2026 while GNPA fell from an 8.46% peak to 6.55%, and FY26 PAT was Rs 152 Cr up 32% — so the earnings engine is genuinely recovering, not a cheap-and-falling trap. What holds it back is credibility: management has missed ROA, GNPA, slippage and deposit guidance six times without acknowledgment, and the DCF's EXTREME MoS is a model read off still-depressed trailing earnings, not a real over-valuation.
What would change Layer 1’s mind. Q1 FY27 PAT below the ~Rs 75 Cr quarterly run-rate needed for the Rs 300 Cr annual target, OR GNPA rising again above ~7% — either confirms the credit cycle has not durably turned and makes this the 4th guidance walk-down (drops to a value trap).
Layer 2 read, 19 July 2026 — BENCH. Real MFI recovery but five straight guidance misses cap conviction — BENCH pending Q1FY27 proof, not a DROP. L1 capped this at P2 for serial guidance misses; L2 confirms the pattern is decisive — management missed ROA/ROE, GNPA (actual 6.5% vs guided 5%), slippages and deposit-growth targets five times with no acknowledgment, and the FY27 2x-PAT target risks being the fourth walk-down. It is NOT a DROP because the credit cycle is genuinely turning (GNPA rolling back 8.46%->6.55%, net profit -34cr->+50cr) and the EXTREME -42.8% MoS is a DCF artifact on a lender whose correct lens (P/BV 0.93x, below book) is not egregious. It holds at BENCH until Q1FY27 verifies the ROA ramp.
What would change Layer 2’s mind. Q1 FY27 results (the G7 verification point) landing ON or ABOVE the ROA 1.2%-ramping-to-1.6% / PAT-2x path WITH GNPA continuing to fall — the first delivered-not-walked-down guidance in the record — would flip BENCH to ADVANCE. Conversely, a sixth miss / GNPA re-accelerating flips BENCH to DROP.
The test written in advance. The first honest quarter holds the clean run-rate — FY27-Q2 profit after tax with priority-sector-certificate income ₹10–15cr >= ₹55 crore by FY27-Q2 results (October–November 2026).
The test written in advance. New bad-loan formation stays inside the guided band — Bank slippages <= ₹90 crore by FY27-Q2 results.
The test written in advance. The margin node actually lifts — Net interest margin >= 7.5% for two consecutive quarters by FY27-Q3 results (January–February 2027).
What the company does. Suryoday takes ordinary deposits (₹14,634cr) and lends small amounts (₹14,376cr) to low-income households and tiny businesses — group microfinance loans, individual 'Vikas' loans to the same borrowers, home and small-mortgage loans, used-commercial-vehicle loans and small-business loans, now 56% secured. From FY23 it insured almost the entire unsecured book under the government's CGFMU credit-guarantee scheme, paying ~1% a year in premium for 72.75% cover on defaults; the trust has paid it ₹788cr across four claims. It became a bank in January 2017 and listed in March 2021 at ₹305.
How the money is made. Profit = (loan yield ~16–17% − funding cost ~7.5%) on ₹14,376cr of loans, minus a ~70% cost-to-income operating base, minus ~1% a year of guarantee premium on the insured book, minus credit losses net of collateral and net of guarantee receipts — taxed at a normal ~24%.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Net interest margin per rupee of assets | 6.30% (FY27-Q1 annualised) | 8.65% (FY24), 6.19% (FY26) | the node that broke — 246 basis points lost as the book went secured and deposits repriced; at 56% secured the FY24 level cannot… | net interest margin at or above 7.5% with yield stable at 17.2–17.5% at the FY27-Q2 result (November 2026) |
| Pre-provision engine | 2.77% of assets (FY27-Q1… | 4.08% (FY24), 2.16% (FY26) | halved through the stress because costs never adjusted (5.6–6.2% of assets every year); cost-to-income 70.1% against a 55% promise | cost-to-income below 70% at FY27-Q2 and within 67–70% for FY27 |
| Loan-loss formation | ₹92cr (bank), ~₹52cr… | ₹308cr peak (FY25-Q4); five… | the cleanest evidence of the turn — but ₹92cr already sits above the ₹75–90cr FY27 band | at or below ₹90cr in FY27-Q2 with monthly microfinance flows under ₹20cr |
| Guarantee cheque | ₹788cr received (four… | ₹32cr → ₹56cr → ₹313cr → ₹387cr… | the last ₹387cr was parked as provisions, taking cover to 81.8% and net bad loans to 1.2% — without it net bad loans would be… | the ₹13–20cr final FY27 claim received, and the FY28 eligible ₹135–150cr confirmed, by the FY27-Q3 result (February 2027) |
| Funding race | loans-to-deposits 98%… | 143% at September 2021; 25%… | deposits finally exceed loans — won by price, not by low-cost balances | deposit growth of at least 30% for FY27 with cost of funds held at ~7.5% at the FY27-Q2 result |
| Capital clock | capital ratio 20.0%, tier-1… | 51.5% at March 2021 | ₹300cr equity + ₹200cr subordinated debt approved August 2026 — struck near 0.75× book it dilutes book value; ₹100cr of 12.5%… | the issue price of the ₹300cr equity raise, and the tier-2 close, by the FY27-Q3 result |
| Driver | Before | Now | Effect |
|---|---|---|---|
| Net interest income | ₹247.1cr | ₹315.7cr | +₹68.6cr |
| Other income | ₹108.6cr | ₹147.9cr | +₹39.3cr |
| Operating costs plus guarantee premium | ₹246.9cr | ₹325.1cr | −₹78.2cr |
| Provisions (net of the ₹387cr guarantee receipt) | ₹62.1cr | ₹36.7cr | +₹25.4cr |
Did the business cover its own costs? Operating profit covered reported (net-of-claims) credit cost, out of operating profit after guarantee premium in 17 of 20 periods; cumulatively . Survival was never the question — the bank came through covid and the second microfinance cycle at 20%+ capital with no equity raised. Earnings quality is: twenty quarters of ₹591cr reported profit sit beside a book value that compounded at only 5.7% a year.
The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading.
🚨 The market sold a doubled profit. FY27-Q1 profit +113% to ₹75.2cr. Weekly close went ₹193.1 (24-Jul, 52-week high) → ₹152.06 (14-Aug), −21%, first close under the 200-day average. The two covering notes raised targets the same week; the tape ignored them. Non-earnings events had been the ones that popped (+12.6% on the ₹313cr claim, +3.4% on the 1729 Capital clearance). The three streams split here: the numbers printed a beat, the research said ~₹23cr of it was extra certificate income and the cover rebuild was trust cash, and the price agreed with the research.
🚨 Cover rebuilt, rupee bad loans at a record. Net bad loans 4.2% → 1.2% and cover 37% → 82% in one quarter. Gross bad loans in rupees 864 → 931, the highest ever. Same-period write-offs ₹5cr. The fundamental stream’s ‘asset quality improved’ and the qualitative stream’s ‘removal event, not a cure’ are both true. They describe different columns of the same table.
🚨 Guarantee paid; engine did not return. ₹788cr received, four of four claims in full, ~30 paise of premium per rupee. Pre-provision profit per rupee of assets still 2.16–2.77% against FY24’s 4.08%. The credit stream and the margin stream have decoupled — the first time in this small-finance-bank series that neglect is real on ownership and the engine, not the accident, is the argument against engaging.
🚨 Snapshot table versus the tape. The 9-Aug-2026 price-to-book snapshot still prints 0.95×, 59th percentile, mid-expansion. The 14-Aug close on the June book is 0.75×, below median. Using the snapshot as ‘not cheap’ or ‘already mid-cycle’ is a stale-denominator error.
| Kind | What sits here |
|---|---|
| Temporary | FY27-Q1 extra priority-sector-certificate income (~₹31cr above a ₹10–15cr run-rate) and the ₹387cr fourth guarantee claim parked as provisions (cover 37% → 82%, net bad loans 4.2% → 1.2%, almost no profit-and-loss effect). The remaining FY27 claim of ₹13–20cr is small. The ₹102cr December-2024 provision release was a one-time policy change. |
| Cyclical | Microfinance credit: slippages 308 → 92 over five quarters, industry 31–180 day overdue 6.3% → 2.0%, first industry portfolio growth in seven quarters. Suryoday’s own model is quiet years at 0.2–0.5% then one year at 8–10%. Used-commercial-vehicle overdue 11.5% is a second, imported cycle. Rate-cycle help on cost of funds (8.1% → 7.5%) is cyclical too. |
| Structural | The margin node at 56% secured: net interest income per rupee of assets 8.65% → 6.30%, and management’s own end-state is 65% secured. Operating costs 5.6–6.2% of assets every year since FY21. The guarantee is a policy artefact whose next-cycle premium and claim scrutiny are untested. Expected-credit-loss rules from 1-Apr-2027. Current-and-savings never above 23%. Book-value compounding 5.7% a… |
| Company-specific | Founder 5.22% with 96% pledged; guidance record (FY25 profit half the guide, FY26 slippages 2×, FY26 bad-loan target unowned); three different bad-loan ratios on one June 2026 slide; premium line deleted from decks; ₹300cr equity approved below book. |
Lever 16 · Asset quality — ACTIVE. New bad loans fell five straight quarters (₹308cr → ₹92cr). The government guarantee paid ₹788cr in four claims, the last ₹387cr parked as provisions, taking cover to 81.8% and net bad loans to 1.2%. Without that receipt net bad loans would be ~4.0%. Gross bad loans in rupees are a record ₹931cr — every headline fall was a write-off or an asset-reconstruction sale, not a collections recovery. What proves it keeps working: FY27-Q2 slippages at or below ₹90cr with monthly microfinance flows under ₹20cr, and net provisions at or below ₹40cr with no new claim inside the quarter. It stops working if FY27-Q2 slippages above ₹100cr, or used-commercial-vehicle 30-day overdue holding above 11.5%, or the trust contesting a claim.
Lever 2 · Value-added mix — BUILDING. Secured lending 33% → 56% of the book (home loans, small mortgages, used commercial vehicles, small business). Inclusive-finance share 44%, of which Vikas individual loans are 75%. The mix shift is the main reason loan yield fell 20.1% → 16.2% and net interest income per rupee of assets cannot return to the FY24 8.65%. What proves it keeps working: Inclusive-finance share near 45% by March 2027 with Vikas-loan gross bad loans not rising from 8.5%, and used-commercial-vehicle 30-day overdue turning down from 11.5%. It stops working if Inclusive-finance share back above 50% (re-risking) or used-vehicle overdue still rising at the FY27-Q2 result.
Lever 4 · Paying down debt — BUILDING. Deposits compounded ~38% a year and now exceed loans (credit-deposit 98%, from 143% in September 2021). Current-and-savings balances never crossed 23% against a 25% target. Cost of funds 7.5%. A ₹100cr 12.5% subordinated bond matures 7 April 2027; ₹200cr of fresh subordinated debt and ₹300cr of equity are approved. What proves it keeps working: Deposit growth of at least 30% for FY27 with cost of funds held near 7.5%, and the April 2027 bond rolled at a lower coupon. It stops working if Credit-deposit back above 110%, or current-and-savings below 19%, or the equity raise priced well below book with no named buyer.
What this research does not know. The files named annual-FY24.pdf and annual-FY25.pdf are the FY21 and FY22 annual reports. No FY23–FY26 annual report is in the working set, so deferred-tax-asset after March 2022, the true second-claim amount, and Table V pledge detail…; Second guarantee claim printed as ₹50cr (call, Jul-2025), ₹56cr (deck — used here), and ‘₹70cr’ (call, Jan-2026).; Third-claim write-off ₹432cr versus a ₹423cr footnote; claim restated as ‘₹340-odd crores’ on a later call.; FY23-Q3 earnings-call transcript is genuinely absent — the bank’s own URL serves the wrong file.; Current pledgee and purpose of the 53.4 lakh pledged founder shares.; Whether the ₹387.45cr fourth claim hit cash on 30-Jun or 1-Jul-2026 (booked in FY27-Q1; exchange filing 1-Jul).
Sources: Q1 FY27 earnings presentation (24 July 2026); Q1 FY27 conference-call transcript (24 July 2026); Q4 FY26 earnings presentation (7 May 2026); Q4 FY26 conference-call transcript (8 May 2026); Q3 FY26 conference-call transcript (23 January 2026); Q2 FY26 conference-call transcript (10 November 2025); Q1 FY26 conference-call transcript (25 July 2025); Q4 FY25 conference-call transcript (9 May 2025); +9 more. The story check is re-scored every results season; the record below never changes.
Also being watched. These checks belong to parts of the business this page cannot chart, because the underlying figures are not held per quarter — the instruction still stands.
10% payout on a 5.7% book-compounding franchise
| Section | Where it is now | Vs a year ago | The one thing to watch next | Read |
|---|---|---|---|---|
| Income | NII ₹316cr | ▲ +28% YoY, flat QoQ | NII vs book growth at Q2 | volume |
| Margin | 7.2% / 6.30% of assets | ▬ from 8.65% of assets in FY24 | ≥7.5% two quarters | impaired |
| Profit | ₹75cr printed / ~₹53cr clean | ▲ +113% printed, ~+₹38cr clean vs clean | Q2 ≥₹55cr clean | flattered |
| Bad loans | GNPA 6.5% / NNPA 1.2% | ▼ NNPA 4.2%→1.2% on ₹387cr cash | slippages ≤₹90cr | optics |
| Book mix | 56% secured / 44% inclusive | ▲ from 33% secured in FY22 | CV overdue down | pivot |
| Returns | RoA 1.6% printed / ~1.1% clean | ▲ FY26 0.86% | clean RoA ≥1.2% | honest |
| Funding | CD 98%, CRAR 20% | ▲ CD from 143% in Sep 2021 | raise ≥ book | funded |
| Owners | promoter 22.5%, 96% of founder pledged | ▼ DII 20.9%→5.5% | pledge disclosed | misaligned |
| Dividend | ₹1.50 maiden | ▲ first ever | no raise-and-payout clash | token |
| Regulator | A Stable, two small fines | ▬ no downgrade through the stress | outlook held | cleanish |
| Multiple | 0.75× June book | ▼ median ~0.9×, trough 0.7× | hold >0.7× on a clean Q2 | priced |
Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.
Suryoday Small Finance Bank Ltd reported ₹622 Cr of income in the Jun 26 quarter, +25.7% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 26.9% a year. The last full year, FY26, came in at ₹2,160 Cr. The last four reported quarters add to ₹2,288 Cr.
Why this happened. Net interest income rose 28% year on year on a 33% larger loan book — all volume, slightly negative rate. Yield 20.1% → 16.2% as the book went secured and bad loans stopped paying. The sequential step was flat (₹316.6cr → ₹315.7cr) on an 8% larger book.
FY26 revenue came in at ₹2,160 Cr (+10.5% on the year), capping 10 years at 26.9% compound. The latest quarter (Jun 26) printed ₹622 Cr, +25.7% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +16.9% growth against the decade's 26.9% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +16.7% over the last 4 quarters against +15.4%/yr over the last 8 — stabilising; TTM profit +143.0% vs −10.2%/yr — accelerating.
FY26-Q4. Slippages ₹106cr; FY26 profit ₹152cr on return on assets 0.86% vs a 1.5–1.6% guide; first-ever dividend ₹1.50; the FY26 bad-loan target missed and never acknowledged aloud
FY27-Q1. Fourth guarantee claim ₹387cr parked as provisions — cover 35% → 82%, net bad loans 4.2% → 1.2%; ₹46cr of one-off priority-sector income; the market sold the +113% print
Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.
Q1 was +28% income vs +33% loans
Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.
Suryoday Small Finance Bank Ltd's net margin is 12.1% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −9.9% to 17.0%. The current quarter sits inside that band.
🚨 Why this happened. Net interest income per rupee of assets 8.65% (FY24) → 6.19% (FY26) → 6.30% now. About half the loss is the secured mix (a choice), about a third is non-paying loans (recoverable), the rest is pricing and a slightly dearer deposit book. At 56% secured the FY24 margin cannot structurally return. Printed net interest margin 7.2%, flat year on year, against a 7.5–8.0% guide.
The latest quarter's net margin is 12.1%, +5.0 pp against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −9.9%–17.0%.
Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.
FY26-Q4. Slippages ₹106cr; FY26 profit ₹152cr on return on assets 0.86% vs a 1.5–1.6% guide; first-ever dividend ₹1.50; the FY26 bad-loan target missed and never acknowledged aloud
FY27-Q1. Fourth guarantee claim ₹387cr parked as provisions — cover 35% → 82%, net bad loans 4.2% → 1.2%; ₹46cr of one-off priority-sector income; the market sold the +113% print
Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.
loan yield fell from 20.1% to 16.2% as the book went 44% → 56% secured and bad loans stopped paying; the FY24 margin structurally cannot return at this mix
Q1 printed 7.2%
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Suryoday Small Finance Bank Ltd earned ₹75.0 Cr of net profit in the Jun 26 quarter, +114.3% year on year. Full-year FY26 profit was ₹152 Cr. The 10-year compound rate is 18.9%. That is 12.1% of the quarter's revenue. The same quarter a year earlier earned ₹35.0 Cr. 1 of the last 12 reported quarters were loss-making.
Why this happened. FY27-Q1 profit ₹75.2cr versus ₹35.3cr a year earlier. About ₹31cr of that is extra priority-sector-certificate income against a ₹10–15cr run-rate. Clean profit is ~₹52–55cr. The sequential jump was almost entirely that fee. Costs still grew faster than net interest income.
Jun 26 profit was ₹75.0 Cr, +114.3% year on year. On the full year, FY26 printed ₹152 Cr (+32.2%), and the 10-year compound rate is 18.9%.
Why profit moved: revenue contributed +25.7% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +31.0% vs revenue +16.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
🚨 Covid trough — 24% of the book visibly stressed · FY22-Q2 → FY22-Q4. Covid second wave: provisions ₹97cr against ₹83cr of operating profit; restructured book 14% of loans First profit of the window — ₹93cr written off in the quarter to hold headline bad loans at 10.5%
The reset — write-offs, an asset-reconstruction sale, guarantee cover bought · FY23-Q1 → FY23-Q4. ₹122cr written off; a ₹36cr treasury mark-to-market loss netted against a ₹21.5cr accounting gain on priority-sector certificates Repair continues; bad loans still 9.9%; the ₹40cr-a-month operating-profit promise missed for the third time
The peak year — return on assets 1.94% · FY24-Q1 → FY25-Q1. Peak year begins: net interest income 8.7% of assets; the June-2023 analyst day promises 15% return on equity and a 4% return-on-assets 'steady state' Growth 41% incl. sold-down loans; cover only 50.5% against a '90% plus' promise; group-loan bad loans quietly rising 3.6% → 5.3%
🚨 Second microfinance cycle — the margin breaks, the guarantee starts paying · FY25-Q2 → FY26-Q3. Stress arrives — slippages ₹129cr; management calls it 'usually seasonal'; margin starts compressing Slippages ₹270cr, bad loans double to 5.5%; the bank stops provisioning the guaranteed portion — a one-time ₹102cr release keeps credit cost tame
Guarantee-funded recovery on a flat engine · FY26-Q4 → FY27-Q1. Slippages ₹106cr; FY26 profit ₹152cr on return on assets 0.86% vs a 1.5–1.6% guide; first-ever dividend ₹1.50; the FY26 bad-loan target missed and never acknowledged aloud Fourth guarantee claim ₹387cr parked as provisions — cover 35% → 82%, net bad loans 4.2% → 1.2%; ₹46cr of one-off priority-sector income; the market sold the +113% print
Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.
₹102cr of provisions released in December 2024 when the bank stopped providing on the guaranteed portion; ₹369cr of FY26 claims funded ₹516cr of write-offs; ₹387cr of the FY27-Q1 gross provisions were paid for by the guarantee; ₹46cr of priority-sector income against a ~₹15cr run-rate
the credit-cost definition migrated during the cycle from gross to net-of-guarantee; the premium is a separate line below operating profit
management said the next two quarters will be a little subdued
Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.
Suryoday Small Finance Bank Ltd's gross NPA is 6.60% of the loan book in Jun 26, down from 8.46% a year ago. Net of provisions already set aside, 1.27% remains. Across the 12 quarters held here the book has ranged 2.84% to 8.46%. Falling NPAs are a loan book healing; rising NPAs are damage arriving.
Why this happened. Slippages fell five quarters. Cover 81.8% and net bad loans 1.2% only because ₹387cr of trust cash sits in provisions. Gross bad loans ₹931cr, never organically down. Same-period write-offs in Q1 were ₹5cr — the claim was parked, not used to take loans off the book. Cumulative write-offs since December 2021 ~₹1,030cr plus three asset-reconstruction sales, about 48% of today’s net worth.
Jun 26: gross NPA at 6.60% and net NPA at 1.27%, against 8.46% / 5.64% a year ago. Over the 12 quarters we hold, the book's worst reading was 8.46% and its best is 2.84%.
The synthesis: profit growth at a bank is only as good as the book behind it, and this book is better than a year ago. A note on depth: quarterly provisioning detail is not in our numbers yet, so this ladder reads levels and trend, not the cost of the cleanup.
Why the ladder moved: recoveries, write-offs and slippages each play a part, and that split sits below what we hold — the numbers show the healing; the driver mix does not travel with them.
the fourth claim was routed into the provision stock rather than used to write loans off; gross bad loans actually rose to ₹931cr, the highest in the bank's history
every headline fall in the series — December 2022, September 2025, June 2026 — was a removal event; the rupee stock of bad loans has never organically declined
Q1 slippages ₹92cr already sit above the ₹75–90cr band
The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.
Suryoday Small Finance Bank Ltd's revenue grew +10.5% in FY26 to ₹2,160 Cr, so the book is growing. The latest quarter ran +25.7% year on year. The net margin on that income is 12.1%, +5.0 percentage points against a year ago.
Why this happened. Gross loans ₹14,376cr, 56% labelled secured. Hard-collateral retail (homes, mortgages, vehicles) is 36%; adding loans-to-lenders and supply-chain gets near 50%. Inclusive finance is 44% and ~98% guarantee-covered — that is 72.75% of principal, so about one-third of the whole bank. Vikas individual loans grew 40% and supplied 39% of the year’s growth; the joint-liability-group book still disbursed ₹343cr in Q1 and rose ₹102cr even while management talks of running it down. Used vehicles 13.7% of the book, 30-day overdue 11.5% and rising.
FY26 revenue was ₹2,160 Cr, +10.5% on the year, and the latest quarter ran +25.7% year on year. The net margin on that revenue is 12.1% this quarter (+5.0 pp YoY) — growth with a widening margin on it.
The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.
JLG book rose in Q1 despite a 12–18 month run-down promise
Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.⚠ unverified
Suryoday Small Finance Bank Ltd earns a return on equity of 8% in FY26. Its trough over the ladder below was −6% in FY22. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.
Why this happened. Printed FY27-Q1 return on assets 1.6% and return on equity 14.5%. Ex the extra certificate fee: ~1.1% and ~10%. FY26 delivered 0.86% and 7.6% against a 1.5–1.6% return-on-assets guide. Twenty-quarter average return on equity ~6.4%. Mid-cycle build at 56% secured, fully taxed at ~24%: about 10% return on equity (band 8–13%). The 13–14% FY27 guide needs margin, costs and credit cost to land together.
FY26 ROE came in at 8%, recovered from a FY22 trough of −6%. Return on assets is withheld on this page — its two source series disagree for this quarter. That return is below the bar a bank must clear to compound book value quickly — which is also the honest reason the stock trades where it does.
Why ROE moved: profit compounded 18.9% a year over 10 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.
management guided FY26 at 1.5–1.6% return on assets and delivered 0.86%; the FY27 guide of ₹300cr profit carries that demonstrated ~40% one-year error
ICRA’s own negative trigger is return on assets below 1% on a sustained basis
Debt
For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.
Why this happened. Deposits ₹14,634cr exceed loans. Retail 87%, current-and-savings 21%, cost of funds 7.5%. Capital ratio 20%, tier-1 ~19%. No equity since listing. ₹300cr equity plus ₹200cr subordinated debt approved August 2026; ₹100cr of 12.5% bonds mature April 2027. Struck near ₹152 the equity issue dilutes book about 4% and earnings about 16%.
A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.
management said they are not going to raise money which is dilutive
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 7.2 points of Suryoday Small Finance Bank Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 5.5% of the company. Foreign institutions moved +2.3 points over the same window, to 5.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
🚨 Why this happened. Promoter group 22.48%. Founder-CEO Baskar Babu Ramachandran 5.22%, of which 96% is pledged (53.4 lakh shares, 5% of the company, ~₹81cr at ₹152). The pledge was released and re-created in March 2026. Lender and purpose of the current pledge are not in the public tables. Domestic institutions 20.9% → 5.5% since March 2023. 1729 Capital is cleared to 9.99% and holds 3.69%.
The register over the last two years — Domestic institutions: −7.2 points over 8 quarters to 5.5%; Foreign institutions: +2.3 points over 8 quarters to 5.3%; Promoters: +0.1 points over 8 quarters to 22.5%.
Why the register moved: rotation — foreign institutions +2.3 points against domestic institutions −7.2 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
a below-book price is also the founder’s margin-call zone
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Suryoday Small Finance Bank Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.
Why this happened. Two RBI process penalties (₹57.75 lakh in 2022 for fraud-reporting delays; ₹2 lakh in FY26 for a government-securities bounce). No inspection restriction found. ICRA A (Stable) reaffirmed 17 March 2026, with the guarantee named as the reason credit cost stayed ratable. Universal-bank licence never applied; ineligible while gross bad loans exceed 3%. A ‘Watch Developing’ flag circulating on aggregator pages belongs to another borrower, not this bank.
The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.
ICRA’s own negative trigger is return on assets below 1% sustained
Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.
Suryoday Small Finance Bank Ltd trades at 0.8× P/BV, near the bottom of its own range — cheaper only 32% of the time. Its long-run median P/BV is 0.8×, measured across 5.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Why this happened. ₹152 is 0.75× June book and 0.78× March book, below a ~0.9× listed median and 7–17% above a twice-tested 0.7× trough. The 5.4-year band is real: the market has refused above 1.1× since listing and re-tested 0.7× twice. At 0.75× the price assumes a permanent return on equity of roughly 10–11% with no growth value — the cleaned present, not the guide, not history (6.4%). Haircut the ₹300cr guide 40% as the record says and ~8% return on equity supports only ~0.55–0.6×.
Today's P/BV of 0.8× is near the bottom of its own range — cheaper only 32% of the time, against a long-run median of 0.8× measured over 5.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
The honest context for that discount: a bank earning about 8% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.
Why the multiple sits where it does: over the past year book value grew while the price moved +16.6% — price and book moved together, holding the multiple in its range.
The price move, decomposed: over 5y, of the −0.2%/yr price move, ~+4.3%/yr came from book-value growth and ~−4.5 pp from the multiple (compressing). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the book-value line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
the 9-Aug snapshot still prints 0.95× on a stale book — this document uses 0.75×
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 20 July 2026 price, Suryoday Small Finance Bank Ltd was paying for profit growth of about 6.3% a year. Profit itself has compounded 18.9% a year over the past 10 years. Today the market pays 0.8× P/BV, the 32nd percentile of its own 5-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Suryoday Small Finance Bank Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −67.5% at the trough to +143.0%, a 2-quarter improving streak, ROE lifting at 8.0%. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +10.5% | +22.2% | +22.7% | +26.9% |
| Profit | +32.2% | +24.9% | +66.2% | +18.9% |
| EPS | +32.2% | +25.0% | +66.4% | +7.2% |
| Share price | +16.6% | −3.3% | −0.2% | — |
4-Factor Sector Score
52.6/100 — rank 5 of 9 in Banks - Small Finance · 97% evidence confidence
Suryoday Small Finance Bank Ltd scores 52.6 out of 100 against the 9 companies it is compared with in Banks - Small Finance, ranking 5. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.9% and the one-year return is 21%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 31.2 + 10.2 + 8 + 3.2 = 52.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.
Quarterly scorecard
15 markers came out of our Suryoday Small Finance Bank Ltd research file of 17 August 2026, and each results season scores every one of them. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed.
| Marker | The bar | Where it stands | Score |
|---|---|---|---|
| M1 | The first honest quarter holds the clean run-rate (>= ₹55 crore) | Not checked yet. | PENDING |
| M10 | Gross and net bad loans in rupees, not only in percent | Not checked yet. | PENDING |
| M11 | Net interest margin and yield on performing loans | Not checked yet. | PENDING |
| M12 | Cost-to-income and whether the 100-branch plan has started | Not checked yet. | PENDING |
| M13 | Used-vehicle 30-day overdue and joint-liability-group book size | Not checked yet. | PENDING |
| M14 | Any filing on the ₹300cr equity price or the ₹200cr subordinated issue | Not checked yet. | PENDING |
| M15 | Second weekly close versus the 200-day average (₹154.45 as of 14-Aug-2026) | Not checked yet. | PENDING |
| M2 | New bad-loan formation stays inside the guided band (Bank slippages <= ₹90 crore) | Not checked yet. | PENDING |
| M3 | The margin node actually lifts (Net interest margin >= 7.5% for two consecutive quarters) | Not checked yet. | PENDING |
| M4 | Costs stop outrunning income (Cost-to-income <= 70% at Q2 and inside 67–70% for FY27) | Not checked yet. | PENDING |
| M5 | The raise does not transfer value from holders (₹300cr equity issue price versus June book of ₹202.8 priced at or above book, or dropped) | Not checked yet. | PENDING |
| M6 | The used-vehicle book is not a second accident (Used-commercial-vehicle 30-day overdue < 11.5% and falling) | Not checked yet. | PENDING |
| M7 | The founder pledge is not a margin call (Pledged founder shares and any invocation filing) | Not checked yet. | PENDING |
| M8 | FY27-Q2 profit, and the certificate-income line in rupees | Not checked yet. | PENDING |
| M9 | Slippages, write-offs and any new guarantee claim, all three, same period | Not checked yet. | PENDING |
Said versus delivered
What Suryoday Small Finance Bank Ltd's management promised, set against what actually arrived — 6 tracked promises on the record. Scored in our research file, promise by promise. A promise that slipped stays on this page after it is met.
🚨 Said 2023-06-22, due FY24–FY25 — missed. Promised: Analyst day: cost-to-income ~57% including guarantee premium, bad loans <2%, net bad loans <0.5%, return on equity 15%, current-and-savings 25%. What arrived: FY24 cost-to-income 61.6% including premium; bad loans 2.8%; net 0.8%; return on equity 12.9%; current-and-savings never crossed 23%. The March 2024 scorecard slide reprinted <2.5%, <1% and ~57% excluding premium.
🚨 Said 2024-10-25, due FY25 close — missed. Promised: FY25 profit after tax ~₹225 crore. What arrived: ₹115 crore.
🚨 Said 2024-08-02, due FY25 close — missed. Promised: FY25 advances growth 30–35%; cost-to-income 57–58%. What arrived: advances +18.5%; cost-to-income 70.6%.
🚨 Said 2024-08-02, due FY25-Q3 — missed. Promised: Stress is usually seasonal; normalisation next quarter. What arrived: Slippages 129 → 270 → 308; Q4 FY25 was the year’s worst. Management later called it a crisis sharper than anything in 15 years.
🚨 Said 2025-05-09, due FY26 close — missed. Promised: FY26 slippages ₹300–400 crore; gross / net bad loans <5% / <3%; return on assets 1.5–1.6%. What arrived: Slippages ₹746 crore; 6.5% / 4.2%; return on assets 0.86%. Two formal return-on-assets cuts (1.2% then 1.1%). The 5%/3% miss was never verbally acknowledged on the Q4 call.
Said 2025-05-09, due FY26 close — met. Promised: FY26 CGFMU claims ~₹350–360 crore. What arrived: ₹369 crore received (₹56cr + ₹313cr), paid in full.
Every quote above is taken word for word from the company’s own earnings calls.
Governance
What we checked on how Suryoday Small Finance Bank Ltd is run. 8 items came back clean and 8 are being watched. Read from the company’s own filings and earnings calls; a watch item is a question, not a finding.
Clean (8). RBI re-approved Baskar Babu Ramachandran as MD and CEO 23-Jan-2026 → 22-Jan-2029; Joint statutory auditors unmodified; FY26 audited; RBI approved FY27 re-appointment (3rd and 2nd year); No inspection restriction or business embargo found in the public record; RBI penalties are process only: ₹57.75 lakh (20-Jul-2022, fraud-monitoring returns) and ₹2 lakh (FY26, government-securities bounce); ICRA A (Stable) / A1+ reaffirmed 17-Mar-2026 through the entire FY25–FY26 stress; No equity raised since the March 2021 listing, through two credit cycles; CFO unchanged since January 2022; Non-founder promoters show zero pledged shares.
🚨 On watch (8). Founder holding 5.22% (55.5 lakh shares); 53.4 lakh pledged = 96% of his stake = 5.0% of the company ≈ ₹81cr at ₹152; refinanced in Q4 FY26; current pledgee not in the public tables; Company secretary Krishna Kant Chaturvedi resigned effective 11-Aug-2026; Executive director Hemant Shah absent from the 24-Jul-2026 call roster with no comment; ₹300cr equity + ₹200cr subordinated debt approved 6-Aug-2026 while the stock trades at 0.75× book, against a 7-May-2026 line that the bank would not raise dilutive money; Cumulative CGFMU premium line last printed November 2025 and then deleted from decks; FY24 guidance-versus-achievement slide softened three thresholds and flipped the cost-to-income definition from including to excluding premium; Domestic institutions 20.93% (Mar-2023) → 5.47% (Jun-2026); 1729 Capital cleared to 9.99% in Dec-2025 still holds 3.69%; A Watch Developing rating circulating on aggregator pages is not this bank — it belongs to another borrower; do not treat it as a Suryoday fact.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Ujjivan Small Finance Bank LtdUJJIVANSFB | 63.0/100Mixed-positive evidence100% evidence | BREAKING OUT | 21.2/35 Income 14.7% · PAT 71.8% 100% evidence | 18.3/25 ROA 1.2% · ROE 10.8% · GNPA 2.2% 100% evidence | 7.9/20 P/BV 1.87× · P/BV÷ROE 0.17 100% evidence | 15.6/20 RS sector 5.1% · RS bench 14.8% · 1Y 54%10 of 12 weeks ahead 100% evidence |
| Exact sum: 21.2 + 18.3 + 7.9 + 15.6 = 63 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2AU Small Finance Bank LtdAUBANK | 59.2/100Mixed-positive evidence100% evidence | BREAKING OUT | 23.6/35 Income 17.3% · PAT 30.8% 100% evidence | 22.2/25 ROA 1.4% · ROE 14.2% · GNPA 2.1% 100% evidence | 4.5/20 P/BV 3.97× · P/BV÷ROE 0.28 100% evidence | 8.9/20 RS sector 1.2% · RS bench 10.8% · 1Y 52.5%8 of 12 weeks ahead 100% evidence |
| Exact sum: 23.6 + 22.2 + 4.5 + 8.9 = 59.2 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 3Capital Small Finance Bank LtdCAPITALSFB | 55.4/100Mixed-positive evidence91% evidence | ASLEEP | 16.5/35 Income 16.2% · PAT 12.8% 95% evidence | 16.5/25 ROA 1.3% · ROE 10.1% · GNPA 2.5% 95% evidence | 16.7/20 P/BV 0.83× · P/BV÷ROE 0.08 70% evidence | 5.7/20 RS sector -7.9% · RS bench 0.8% · 1Y -10.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 16.5 + 16.5 + 16.7 + 5.7 = 55.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4ESAF Small Finance Bank LtdESAFSFB | 54.3/100Mixed-positive evidence75% evidence | LEADER | 21.5/35 Income 3.9% · PAT 99.3% 65% evidence | 5.2/25 ROA -0.5% · ROE -8.9% · GNPA 5.4% 95% evidence | 7.6/20 P/BV 1.14× · P/BV÷ROE — 40% evidence | 20.0/20 RS sector 23.5% · RS bench 34.1% · 1Y 36.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 21.5 + 5.2 + 7.6 + 20 = 54.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Suryoday Small Finance Bank Ltdthis pageSURYODAY | 52.6/100Mixed-positive evidence97% evidence | ASLEEP | 31.2/35 Income 16.7% · PAT 100% 95% evidence | 10.2/25 ROA 1.1% · ROE 7.6% · GNPA 6.6% 95% evidence | 8.0/20 P/BV 0.76× · P/BV÷ROE 0.1 100% evidence | 3.2/20 RS sector -7.9% · RS bench 0.5% · 1Y 21%5 of 12 weeks ahead 100% evidence |
| Exact sum: 31.2 + 10.2 + 8 + 3.2 = 52.6 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.9% and the one-year return is 21%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 6Jana Small Finance Bank LtdJSFB | 49.4/100Mixed-negative evidence94% evidence | LEADER | 13.5/35 Income 18.3% · PAT -12.2% 100% evidence | 12.0/25 ROA 0.7% · ROE 7.6% · GNPA 2.4% 100% evidence | 8.6/20 P/BV 1.23× · P/BV÷ROE 0.16 70% evidence | 15.3/20 RS sector 6.9% · RS bench 16.5% · 1Y 5.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 12 + 8.6 + 15.3 = 49.4 · Decision use: Price leads the evidence: RS versus the benchmark is 16.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 7Equitas Small Finance Bank LtdEQUITASBNK | 44.5/100Mixed-negative evidence83% evidence | FADING | 16.9/35 Income 10% · PAT 100% 69% evidence | 9.3/25 ROA 0.2% · ROE 1.7% · GNPA 2.4% 100% evidence | 3.2/20 P/BV 1.36× · P/BV÷ROE 0.81 100% evidence | 15.1/20 RS sector 7.5% · RS bench 11.6% · 1Y 39.3%7 of 11 weeks ahead 70% evidence |
| Exact sum: 16.9 + 9.3 + 3.2 + 15.1 = 44.5 · Decision use: Price leads the evidence: RS versus the benchmark is 11.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 8Fino Payments Bank LtdFINOPB | 32.6/100Adverse evidence80% evidence | FADING | 11.7/35 Income 22.8% · PAT -76.7% 81% evidence | 10.8/25 ROA 1% · ROE 6.8% · GNPA — 68% evidence | 7.1/20 P/BV 1.45× · P/BV÷ROE 0.21 100% evidence | 3.0/20 RS sector -39.4% · RS bench -28.4% · 1Y -48.2%7 of 10 weeks ahead 70% evidence |
| Exact sum: 11.7 + 10.8 + 7.1 + 3 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Utkarsh Small Finance Bank LtdUTKARSHBNK | 27.4/100Adverse evidence77% evidence | BREAKING OUT | 10.1/35 Income -8.1% · PAT -80% 69% evidence | 0.9/25 ROA -4% · ROE -40% · GNPA 6.1% 100% evidence | 9.2/20 P/BV 0.93× · P/BV÷ROE — 40% evidence | 7.2/20 RS sector -9.7% · RS bench -1.1% · 1Y -19.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 10.1 + 0.9 + 9.2 + 7.2 = 27.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Suryoday Small Finance Bank Ltd's share price today?
Suryoday Small Finance Bank Ltd trades at ₹148, +16.6% over the past year. The company is valued at ₹1,574 Cr. The stock sits at 37% of its 52-week range of ₹122–₹193, −4.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were Suryoday Small Finance Bank Ltd's latest quarterly results?
Suryoday Small Finance Bank Ltd reported total income of ₹622 Cr and net profit of ₹75.0 Cr for the Jun 26 quarter. Income rose 25.7% and profit rose 114.3% year on year. Earnings per share were ₹7.07. The net margin was 12.1%, 5.0 pp higher than a year earlier. — as of 11 September 2026.
What is Suryoday Small Finance Bank Ltd's revenue?
Suryoday Small Finance Bank Ltd reported revenue of ₹622 Cr in the Jun 26 quarter, +25.7% year on year. For the full FY26 fiscal year, revenue was ₹2,160 Cr (+10.5%). Over the last 10 years revenue compounded at 26.9% a year. — as of 11 September 2026.
What is Suryoday Small Finance Bank Ltd's profit?
Suryoday Small Finance Bank Ltd earned ₹75.0 Cr of net profit in the Jun 26 quarter, +114.3% year on year. Full-year FY26 profit was ₹152 Cr. The net margin ran 12.1% in the latest quarter. — as of 11 September 2026.
What is Suryoday Small Finance Bank Ltd's market cap?
Suryoday Small Finance Bank Ltd's market capitalisation is ₹1,574 Cr at a share price of ₹148. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Suryoday Small Finance Bank Ltd's P/BV ratio?
Suryoday Small Finance Bank Ltd trades at a P/BV of 0.8×, at the 32nd percentile of its own 5-year range, against a long-run median of 0.8×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Suryoday Small Finance Bank Ltd pay a dividend?
Yes — Suryoday Small Finance Bank Ltd's dividend payout was 10% of profit in FY26, and it recorded a payout in 1 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Suryoday Small Finance Bank Ltd overvalued?
On its own history, Suryoday Small Finance Bank Ltd looks cheap: its P/BV of 0.8× has been cheaper only 32% of the time in 5 years (long-run median 0.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Suryoday Small Finance Bank Ltd growing?
Yes — Suryoday Small Finance Bank Ltd is growing: latest-quarter revenue +25.7% year on year, profit +114.3%, and the net margin +5.0 pp at 12.1%. The 10-year compound rates are 26.9% (revenue) and 18.9% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Suryoday Small Finance Bank Ltd performing?
Suryoday Small Finance Bank Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's income rose 25.7% and profit rose 114.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Suryoday Small Finance Bank Ltd in?
Turning around — profit growth swung from −67.5% at the trough to +143.0%, a 2-quarter improving streak, ROE lifting at 8.0%. The read comes from the last 12 quarters of growth (revenue growth +16.7% latest, profit growth +143.0% latest, eps growth +139.4% latest) plus the ROE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Suryoday Small Finance Bank Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading −4.0% versus its 200-day average and at 37% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Suryoday Small Finance Bank Ltd beating the market?
Not lately — on a trailing-13-week view Suryoday Small Finance Bank Ltd is currently behind the NIFTY 500 (7 weeks and counting; last ahead the week of 2026-07-24), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 5.5 years the stock moved −47% against the NIFTY 500's +86% — behind the index over the full window. — as of 11 September 2026.
Will Suryoday Small Finance Bank Ltd's share price go up?
This page publishes no price forecast for Suryoday Small Finance Bank Ltd. What it measures instead: the share price is ₹148, the price is in a confirmed uptrend 19 weeks in. Its P/BV of 0.8× sits at the 32nd percentile of its own 5-year range. — as of 11 September 2026.
Who owns Suryoday Small Finance Bank Ltd?
Promoters hold 22.5% of Suryoday Small Finance Bank Ltd, foreign institutions 5.3%, domestic institutions 5.5% and the public 66.7% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 7.2 points over 8 quarters. — as of 11 September 2026.
Is Suryoday Small Finance Bank Ltd's loan book healthy?
Gross NPA is 6.60% of Suryoday Small Finance Bank Ltd's loan book, down from 8.46% a year ago, and net NPA stands at 1.27%. Falling NPAs are a loan book healing; rising NPAs are damage arriving — as of 11 September 2026.
Where is Suryoday Small Finance Bank Ltd in its business cycle?
Suryoday Small Finance Bank Ltd's FY26 net margin was 7.0%, against a 13-year band of −9.9%–17.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 12.1%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Suryoday Small Finance Bank Ltd's price assume?
At its price on 20 July 2026, Suryoday Small Finance Bank Ltd was priced for profit growth of about 6.3% a year. Profit itself has compounded 18.9% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Suryoday Small Finance Bank Ltd story?
The sharpest disagreement: Domestic institutions moved −7.2 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Suryoday Small Finance Bank Ltd a stock worth studying right now?
This is not investment advice. The machine read: Suryoday Small Finance Bank Ltd is coiled. The quarters are improving, yet the P/BV sits at the 32nd percentile of its own 5-year range — the business is moving before the market. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!