Ujjivan Small Finance Bank Ltd
UJJIVANSFBUjjivan Small Finance Bank Ltd — A small finance bank pivoting from group microloans to secured lending, now 50.4% secured — 's price has outrun its earnings. +46.5% in a year against EPS −4.8% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +46.5% in a year while annual EPS moved −4.8% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (72 weeks in) while the P/BV sits at the 67th percentile of its own 7-year range. Underneath, the last four quarters read improving — profit +207.8% year on year, and gross NPA has eased to 2.16%. What settles it: whether earnings grow into a price that has already moved.
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.
Ujjivan Small Finance Bank Ltd trades at ₹64.7, in a confirmed uptrend and 72 weeks into that stage. That is +7.6% against its own 200-day average. It sits at 64% of a 52-week range of ₹51 to ₹72. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks.
Today the stock is in a confirmed uptrend — week 72 of stage 2, confirmed. At ₹64.7 it trades +7.6% versus its 200-day average and sits at 64% of its 52-week range (₹51–₹72).
Against the market, two honest reads. Cumulative: over the last 6.8 years the stock moved +24% while the NIFTY 500 moved +129% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 12 straight weeks — 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
Ujjivan Small Finance Bank Ltd's story is not scored yet against the markers our research file set on 17 August 2026. Marker count: 18 not due yet.
From the numbers. Real inflection — record core profit of ₹548 crore, credit cost at a five-year low — but FY26 already delivered the mid-cycle earning power the structure supports.
From the price. Confirmed uptrend, 66 weeks old, +125.6% off the ₹32.13 low, 25% above the 200-day average, 1% below the 52-week high — late-stage strength.
From the research. Management is near-perfect on countable in-year targets (every FY26 guidance line met or beaten) and wrong on every judgement call: the licence, the 18–20% ROE promise, Karnataka, capital adequacy, its own deposit-rate stance.
🚨 Where they disagree. Numbers and research agree the operating turn is real. The price disagrees about its value: 1.97× book assumes ~17% sustained return on equity against 10.7–13.6% of evidence. That gap is the decision.
What is proven. The asset-quality turn is genuine: write-off intensity fell 64→9→17 basis points across four quarters, recoveries tripled to ₹143 crore, fresh slippages halved to ₹171 crore, 99.68% of current loans pay on time, and coverage on bad loans reached 85% — five independent series that cannot be engineered together.
What is not proven yet. That the new 50%-secured book earns more than ~1.3–1.4% on assets across a full cycle. FY26 delivered exactly 1.32%/10.9%; the current price assumes ~17% return on equity sustained forever; the bank's own cross-cycle average return on assets is 1.7% and the core lending spread is structurally 212 basis points below its FY23 level.
🚨 What would change our mind. A pullback toward the bank's own five-year median book multiple (~1.6×, roughly ₹59) with the FY27 markers intact — micro-banking growth actually throttled below 10%, the ₹250 crore spend genuinely incurred, early-overdue loans not deteriorating — would make this a live entry again.
The test written in advance. The benign-cycle bet: loan losses stay at or below steady state — quarterly credit cost <= ₹150 cr per quarter (FY27 total <= ₹580 cr) by FY27-Q2 results, ~October 2026, and each quarter after.
The test written in advance. The early-warning tick-up was noise, not signal — all-overdue ratio / watch-bucket ratio below 4.2% / below 1.8% (from 3.58% / 1.42%) by FY27-Q2 results, ~October 2026.
The test written in advance. The licence path requires micro-banking to actually slow — micro-banking year-on-year growth below 12% and falling (guide: under 10%; actual: 16.8%) by FY27-Q3 results, ~January 2027.
What the company does. Lends small sums to low-income, mostly self-employed women — group loans of ₹40,000–₹65,000 at ~23% guaranteed by peers, graduating repeat borrowers up a ladder to individual loans, micro-mortgages and affordable housing. Funded by ordinary deposits costing ~6.9%. The spread between ~18% blended lending yield and deposit cost, minus running costs and loan losses, is the profit. Loan losses swing violently with the microfinance cycle and decide every year's result.
How the money is made. Profit = (loan book × lending spread) + fees − running costs − loan losses; the loan-loss line has ranged from 0.06% to 5.4% of assets in five years and dominates every outcome
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Credit cost (loan losses) | ₹127 cr a quarter — 23% of… | ₹265 cr at the March 2025 peak… | the single line that decides every year; the whole FY27 profit guidance is a bet this stays low | any quarter back above ₹200 cr breaks the FY27 plan |
| Early-overdue loans (the lead indicator) | 3.58% of loans overdue at… | 3.54% and 1.27% a quarter earlier | this turned UP in the very quarter the guidance was raised — first deterioration in five quarters | above 4.2% overdue or 1.8% watch-bucket at the October 2026 result kills the benign-cycle case |
| Secured share of loans | 50.4% | 30% in March 2024 | the regulator's implicit price for the universal-bank licence, and the reason the lending spread is structurally thinner | 56% by the March 2027 result — requires micro-banking growth to halve from 16.8% to under 10% |
| Net interest margin | 8.5% | 7.7% five quarters ago; 9.5% in… | flattered by vanished interest reversals and a funding-cost tailwind management says is exhausted | at or above 8.4% each quarter of FY27 with no further deposit-rate rises |
| Core profit before provisions | ₹548 cr a quarter — a record | stuck at ₹359–360 cr for four… | the engine itself, separate from the provision cycle — this is the genuinely good news | ₹560 cr+ by the December 2026 result to keep compounding |
| Capital | 20.36% adequacy; ₹2,000 cr… | 24.8% eight quarters ago | internal profit funds ~10.7% growth; the book is compounding at 26–29% — the raise is arithmetic, not optional | pricing and dilution of the raise in H2 FY27 against a ₹36.7 book value |
| Driver | Before | Now | Effect |
|---|---|---|---|
| Interest earnings (net) | ₹856 cr | ₹1,186 cr | +₹330 cr |
| Loan losses (credit cost) | ₹225 cr | ₹127 cr | +₹98 cr |
| Fee and other income | ₹249 cr | ₹256 cr | +₹7 cr |
| Running costs | ₹745 cr | ₹895 cr | −₹152 cr |
| Pre-tax profit | ₹138 cr | ₹421 cr | +₹283 cr |
- interest earnings from book growth+₹218 cr77%
- interest earnings from margin+₹112 cr40%
- lower loan losses+₹98 cr35%
- fee income+₹7 cr2%
- higher running costs−₹152 cr-54%
What this shows. Growth-led, not provision-led — better quality than the 2022 recovery. But ~19–25% of the pre-tax profit is flattered by deferred spend, below-steady-state loan losses and vanished interest reversals.
| Window | What went in and what came out | Rate | |
|---|---|---|---|
| FY23 (the peak year) | ₹1,485 cr core profit → ₹18 cr losses | 1.2% consumed | the unrepeatable year the market keeps remembering |
| FY25 (the break year) | ₹1,689 cr core profit → ₹748 cr losses | 44% consumed |
Did the business cover its own costs? Operating profit covered loan losses, out of core profit before provisions in 18 of 20 periods; cumulatively . The engine survives its own credit cycle with room to spare in 18 of 20 quarters — solvency is not the question; valuation is.
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.
🚨 January 2024: the disclosure diverged from the action. The numbers still looked fine and the price held, but management was tightening credit from December 2023 while telling the market the early-overdue uptick was 'seasonality and holidays'. The qualitative stream knew before the fundamental stream printed it — and segment slippage disclosure, which would have shown it, was refused on the same call.
🚨 FY25: the narrative and the ratio diverged from the rupees. The headline bad-loan ratio 'improved' 2.68%→2.18% into March 2025 while gross bad loans rose and ₹865 cr of write-offs and distressed-loan sales did the cosmetic work. The price found its bottom (₹32.13, May 2025) roughly when the REAL flow data — slippages, collections — began turning, not when the ratio said so.
🚨 23 July 2026: the market diverged from the print. Profit tripled and the stock FELL 2–3% on results day, at 17 buys / 0 sells, at the consensus target. The market quietly agreed with this dive's arithmetic — the print was flattered and the forward was already paid for — even as every covering analyst stayed bullish.
🚨 Today: fundamentals up, price ahead of them. The numbers stream says real inflection (record core profit, credit cost at a five-year low). The research stream says the same inflection with an asterisk (flattered quarter, judgement-risk management, dilution pending). The price stream says both are old news: 66 weeks of uptrend, 1% off the high, 1.97× book. The divergence is not about direction — all three point up — it is about how much is left.
| Kind | What sits here |
|---|---|
| Temporary | The Karnataka ordinance shock (February 2025) and state-level collection freezes — resolved; all ten states normal since January 2026. The ₹250 cr capacity-spend deferral — resolves within FY27 by definition (spent or exposed). |
| Cyclical | The microfinance credit cycle itself: industry over-lending → guardrails → 7 shrinking quarters → recovery from March 2026. Ujjivan's credit cost (0.06%→5.4%→0.9% of assets across five years) is the cycle in miniature. Also cyclical: the funding-cost tailwind (rate cycle), now exhausted by management's own account. |
| Structural | The 212-basis-point loss of core lending spread from the secured shift — a permanent trade of margin for stability that management is deepening (56% secured guided). The cost base stuck at 6.2–6.8% of assets for five years. The regulatory gate: universal-bank licence requires a diversification level the regulator will not name. The expected-credit-loss accounting regime from 1 April 2027… |
| Company-specific | Management judgement risk: guidance backdating, the denied turn, the licence misread, two six-week reversals — a credibility discount that caps position size. The ₹2,000 cr equity raise (~15–18% of market value) with no pricing update. Zero promoter means no insider-conviction signal exists; institutional flows are the substitute. |
Lever 16 · Asset quality — ACTIVE. Loan-loss normalisation: credit cost fell from 74% of core profit (Mar 2025) to 23% (Jun 2026). Every rupee of loss not taken is a rupee of pre-tax profit. The entire FY27 guidance is this one line staying benign. What proves it keeps working: Quarterly credit cost ≤ ₹150 cr AND early-overdue loans (currently 3.58%) not rising for two consecutive quarters. It stops working if Credit cost back above ₹200 cr in any quarter, or the overdue ratio above 4.2% — the June 2026 uptick (3.54%→3.58%) is the first warning.
Lever 2 · Value-added mix — ACTIVE. The secured shift (50.4%→56% guided) LOWERS yield ~9–12 bps per percentage point to save ~1–2 bps of losses — it trades earning power for stability. It is the regulator's implicit price for the universal-bank licence, not an earnings driver. What proves it keeps working: Secured share ≥53% by the December 2026 result with net interest margin still ≥8.4%. It stops working if Margin below 8.2% while the mix shifts — the trade destroying more than it buys.
Lever 1 · Operating leverage — BUILDING. Costs are the stuck lever: 6.2–6.8% of assets for five straight years, cost-to-income 65.6% against a stated 55% ambition. Interest income grew 37% over five quarters against 15.6% cost growth — if that spread persists, profit compounds; the bank grew 73% in three years and bought only 12 bps of cost ratio. What proves it keeps working: Cost-to-income below 64% by FY27-Q4 WITH the ₹250 cr capacity spend actually incurred. It stops working if Costs above 6.5% of assets, or the spend deferred again to manufacture the profit guidance.
Lever 10 · New geographies — ACTIVE. New secured engines scale through the existing branch grid: gold +248.6% to ₹1,020 cr, vehicle +85%, small-business +54%. But gold earns ₹2.24 cr per branch against a ₹6 cr break-even — the fastest engine is 37% of the way to covering its own fixed cost, and every new line is moving UP the ticket-size curve into LOWER yields. What proves it keeps working: Gold at ₹230–250 cr monthly disbursements by March 2027 (June 2026 run-rate: ₹170–175 cr). It stops working if Product-level returns stay undisclosed while tickets rise and yields fall — growth bought, not earned.
What this research does not know. Write-offs are undisclosed for five of twenty quarters (Sep 2021, Mar 2022, Jun 2022, Dec 2022 and the Q4 FY25 quarterly split) — those quarters' bad-loan ratios stand unaccompanied; The four oldest investor presentations (Q3 FY22–Q3 FY23) are no longer on the bank's website; those quarters lean on transcripts and annual reports; Product-level profitability (housing, gold, small-business return on assets) has been refused at least three times — the operating-leverage story cannot be audited from outside; The rupee value of the loan book under the government microfinance guarantee scheme (which expired for new cover in August 2026) is undisclosed; the ₹1,228 cr disclosed is a different scheme; Whether the bank has re-applied for the universal-bank licence, on what timetable, and what diversification level the regulator wants — all unknown, unmentioned since May 2026; The expected-credit-loss regime (1 April 2027) impact is unquantified anywhere — and the FY27 guidance conveniently ends one quarter before it starts.
Sources: Quarterly earnings-call transcripts, 20 consecutive calls Nov 2021 → Jul 2026, read end to end (exchange filings) (17 August 2026); Quarterly investor presentations Q4 FY23 → Q1 FY27 (14 decks; exact loan-loss waterfalls, provision stacks) (23 July 2026); Annual reports FY22–FY26 (write-off ledgers, floating-provision notes, audited identities) (8 May 2026); Q1 FY27 results and earnings call (23 July 2026); RBI guidelines: voluntary transition of small finance banks to universal banks (April 2024 circular) (26 April 2024); Licence application returned by RBI — exchange filing and press coverage (13 April 2026); Microfinance industry turn: first portfolio growth in seven quarters (12 June 2026); Industry bad-loan mechanics (improvement 'largely due to write-offs') (30 June 2026); +5 more. The story check is re-scored every results season; the record below never changes.
| Section | Where it is now | Vs a year ago | The one thing to watch next | Read |
|---|---|---|---|---|
| Income | ₹2,281 cr | ▲ +22% YoY | year-on-year loan book growth | strong |
| Margin | 8.5% | ▬ flat QoQ | net interest margin | peaked |
| Profit | ₹317 cr | ▲ 3.1× YoY | return on assets, adjusted for capacity spend actually incurred | flattered |
| Bad loans | 2.17% | ▼ 3.58% ex-write-offs | early-overdue loans (all overdue / watch bucket) | two-faced |
| Loan book | ₹42,903 cr | ▲ +28.9% YoY | micro-banking year-on-year growth | migrating |
| Ownership | DII 33.5% | ▲ from 6.6% | domestic institutional holding | accumulated |
| Capital | 20.36% | ▼ −4.4pp in 8 qtrs | the equity raise: pricing versus the ₹36.7 book value | raise-bound |
| Price/book | 1.97× | ▲ median 1.6× | price-to-book against the bank's own median | paid-up |
Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.
Ujjivan Small Finance Bank Ltd reported ₹2,025 Cr of income in the Jun 26 quarter, +25.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 13 years it has compounded at 30.3% a year. The last full year, FY26, came in at ₹6,931 Cr. The last four reported quarters add to ₹7,337 Cr.
Why this happened. Interest earnings hit a record ₹1,186 cr because the book grew 28.9% — two-thirds to three-quarters of the gain is volume, not margin. Fee income was flat: treasury gains collapsed and priority-sector certificate income went to zero, offset by processing fees and insurance distribution.
FY26 revenue came in at ₹6,931 Cr (+9.1% on the year), capping 13 years at 30.3% compound. The latest quarter (Jun 26) printed ₹2,025 Cr, +25.1% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +14.7% growth against the decade's 30.3% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +14.7% over the last 4 quarters against +10.9%/yr over the last 8 — accelerating; TTM profit +71.8% vs −15.1%/yr — accelerating.
FY26-Q4. Clean recovery quarter — smallest write-off of the year (₹37 cr), largest recoveries (₹143 cr) — but the licence application comes back rejected on 13 April
FY27-Q1. Record core profit ₹548 cr; guidance raised — while early-overdue loans tick UP for the first time in five quarters and ₹250 cr of budgeted spend sits unspent
Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.
the mix inside the growth is the test — secured must do all the work
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.
Ujjivan Small Finance Bank Ltd's net margin is 15.7% in the Jun 26 quarter, +9.3 percentage points against the same quarter a year ago. Across 12 fiscal years the net margin has ranged −14.8% to 26.4%. The current quarter sits inside that band.
Why this happened. Net interest margin recovered 7.7%→8.5% — but the three tailwinds that did it are spent: funding-cost repricing is 'almost consumed' (management's words), interest reversals vanished as slippages fell, and deposit rates were RAISED in June 2026 six weeks after management said they would not be. The secured shift now works against the margin by design.
The latest quarter's net margin is 15.7%, +9.3 pp against the same quarter a year ago. Across 12 fiscal years the net margin has ranged −14.8%–26.4%.
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. Clean recovery quarter — smallest write-off of the year (₹37 cr), largest recoveries (₹143 cr) — but the licence application comes back rejected on 13 April
FY27-Q1. Record core profit ₹548 cr; guidance raised — while early-overdue loans tick UP for the first time in five quarters and ₹250 cr of budgeted spend sits unspent
Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.
The floating provision has been used twice as a presentation lever and never as an actual buffer; it has sat unchanged at ₹181 cr for five quarters.
cost of funds above 7.0% breaks it
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Ujjivan Small Finance Bank Ltd earned ₹317 Cr of net profit in the Jun 26 quarter, +207.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹693 Cr. The 13-year compound rate is 26.1%. That is 15.7% of the quarter's revenue. The same quarter a year earlier earned ₹103 Cr.
Why this happened. ₹316.5 cr, up 3.1× on a stress-bottom base. Stripped of the deferred ₹250 cr spend, below-steady-state losses and vanished reversals, the honest run-rate is 1.65–1.87% on assets — inside the guidance band, at its floor. FY26 already delivered the structure's mid-cycle earning power (1.32%/10.9%).
Jun 26 profit was ₹317 Cr, +207.8% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹693 Cr (−4.5%), and the 13-year compound rate is 26.1%.
Why profit moved: revenue contributed +25.1% and the margin +9.3 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +117.7% vs revenue +14.7%. 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 · FY22-Q2 → FY22-Q4. Covid bad-loan peak: 11.8% of loans non-performing, ₹437 cr of provisions in one quarter, no CEO in the chair New CEO arrives; record disbursements; loss narrows as collections recover to 97%
Zero-provision boom · FY23-Q1 → FY24-Q1. Provision line switches off (~zero); the recovery is mostly the absence of losses, not new earning power Highest-ever profit; credit cost negative; minimum-public-shareholding met via share sale at ~₹21
Plateau, hidden turn · FY24-Q2 → FY24-Q4. First cracks: lending margin slips 9.2%→8.8%, low-cost deposit target missed, small-business push delayed The turn, denied: early-overdue loans tick up, called 'seasonality and holidays' — while credit is quietly tightened from December
🚨 Microfinance break · FY25-Q1 → FY25-Q4. New CEO's first quarter; overdue-loan ratio jumps 3.5%→4.2%; credit-cost guidance quietly re-based upward and backdated Capitulation: credit-cost guidance abandoned (1.7%→2.3–2.5%), ROE guidance withdrawn, branch expansion halted
Normalisation · FY26-Q1 → FY27-Q1. Honest deterioration: bad loans rise to 2.52% despite ₹159 cr written off; margin bottoms at 7.7%; FY26 guidance finally issued The turn confirmed in flow data: slippages fall, collections hit 99.5% — but the quarter's ₹220 cr write-off (the year's largest) is never spoken on the call
Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.
₹250 cr of budgeted capacity spend was not yet spent, credit cost sat below the bank's own steady state, and interest reversals stopped recurring — together 19–25% of pre-tax profit.
guidance met by under-spending is a deferral, not an earning
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.
Ujjivan Small Finance Bank Ltd's gross NPA is 2.16% of the loan book in Jun 26, down from 2.52% a year ago. Net of provisions already set aside, 0.34% remains. That is the 4th straight quarter of improvement. Across the 12 quarters held here the book has ranged 2.16% to 2.68%.
Why this happened. The genuine turn: write-off intensity collapsed 64→9→17 bps across four quarters, recoveries tripled to ₹143 cr, slippages halved to ₹171 cr, 99.68% of current loans pay on time, coverage 85%. The caveat that must travel with it: ₹614 cr of write-offs is why 3.58% reports as 2.17%, gross bad loans ROSE in rupees throughout, and the early-warning indicators ticked UP in June 2026 for the first time in five quarters.
Jun 26: gross NPA at 2.16% and net NPA at 0.34%, against 2.52% / 0.70% a year ago. Over the 12 quarters we hold, the book's worst reading was 2.68% and its best is 2.16% — which is the current print. The ladder has now improved for 4 consecutive quarters.
The synthesis: profit growth at a bank is only as good as the book behind it, and this book is healing on a multi-quarter streak. 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.
Write-offs remove a bad loan from the ratio without repayment. Gross bad loans ROSE ₹696→₹924 cr through the entire improvement; the ratio fell because the book grew 33.6% in lockstep. The honest offset: coverage reached 85% and the unprovided portion more than halved.
The denominator changed from average loans to average total assets (a much larger number) in the same sentence the guidance was cut. Real improvement, half the headline.
the June uptick (3.54→3.58%, 1.27→1.42%) is either noise or the same signal management called seasonality in January 2024
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.
Ujjivan Small Finance Bank Ltd's revenue grew +9.1% in FY26 to ₹6,931 Cr, so the book is growing. The latest quarter ran +25.1% year on year. The net margin on that income is 15.7%, +9.3 percentage points against a year ago.
Why this happened. ₹42,903 cr, +28.9% — but the book is migrating: secured crossed 50.4%, micro-banking is growing 16.8% against a sub-10% guide it must hit for the 56% secured target, and every new secured line is scaling by RAISING ticket sizes into LOWER yields (small-business tickets ₹58–60 lakh→₹80–90 lakh at ~10.5%). Rural is only 9% of the book — this is an urban/semi-urban lender, not a rural-recovery play — and the bank stopped publishing the loan-book geography chart after September 2025.
FY26 revenue was ₹6,931 Cr, +9.1% on the year, and the latest quarter ran +25.1% year on year. The net margin on that revenue is 15.7% this quarter (+9.3 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.
16.8% now — the guide and the actual are already inconsistent
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.
Ujjivan Small Finance Bank Ltd earns a return on equity of 11% in FY26. Its trough over the ladder below was −15% in FY22. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.
FY26 ROE came in at 11%, recovered from a FY22 trough of −15%. 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 26.1% a year over 13 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.
FY23 credit cost was ₹18 cr for the whole year — an artifact of the post-covid recovery, stated as unrepeatable by the then-management itself.
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.
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.
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 added 26.1 points of Ujjivan Small Finance Bank Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 33.5% of the company. Foreign institutions moved −7.9 points over the same window, to 16.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. The loudest external signal: domestic institutions went 6.6%→33.5% in six quarters (mutual funds 4.7%→28.5%) while retail holders fell by a third and foreign investors drifted 24.7%→16.8%. Domestic funds bought through the stress AND the licence rejection. Zero promoter is structural — the holding company merged into the bank in April 2024; nobody sold.
The register over the last two years — Domestic institutions: +26.1 points over 8 quarters to 33.5%; Foreign institutions: −7.9 points over 8 quarters to 16.8%; Promoters: +0.0 points over 8 quarters to 0.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.
Why the register moved: rotation — foreign institutions −7.9 points against domestic institutions +26.1 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 reversal alongside the raise pricing would be the smart money leaving at the top
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.
Ujjivan 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. Capital adequacy fell 24.8%→20.36% in eight quarters because the book compounds at 26–29% against ~10.7% internal generation — the ₹2,000 cr raise (≈15–18% of market value, approved May 2026, unpriced, unmentioned since) is arithmetic, not choice. The rainy-day buffer sits unchanged at ₹181 cr for five quarters and management explicitly declined to pre-build for the expected-credit-loss accounting regime that starts 1 April 2027 — one quarter after the FY27 guidance expires.
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.
below ~1.6× book the raise itself argues the market re-rated the story down
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.
Ujjivan Small Finance Bank Ltd trades at 1.8× P/BV, mid-range by its own standards (67th percentile). Its long-run median P/BV is 1.6×, measured across 6.7 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. 1.97× book against a five-year median of 1.6× — the 70th percentile of its own history, after a straight-line re-rating from 1.6× in June 2026. The price mathematically assumes ~17% sustained return on equity; delivered five-year is 13.6%, mid-cycle computes to 10.7–13.6%. Both prior visits to ~2× book (Dec 2019, Sep 2023) lost more than half the multiple within nine quarters.
Today's P/BV of 1.8× is mid-range by its own standards (67th percentile), against a long-run median of 1.6× measured over 6.7 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 11% 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 +46.5% — the price ran ahead of the book, pushing the multiple up its own range.
The price move, decomposed: over 5y, of the +26.7%/yr price move, ~+18.7%/yr came from book-value growth and ~+8.0 pp from the multiple (expanding). 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 full against its own past, so the story rests on the book-value line underneath it, not the multiple.
that is where this becomes a depressed-breakout candidate again instead of a chase
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 13 June 2026 price, Ujjivan Small Finance Bank Ltd was paying for profit growth of about 9.1% a year. Profit itself has compounded 26.1% a year over the past 13 years. Today the market pays 1.8× P/BV, the 67th percentile of its own 7-year range.
What the two numbers say together. The multiple is full 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 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 28 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).
Ujjivan Small Finance Bank Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −58.1% at the trough to +71.8%, a 3-quarter improving streak, ROE holding at 10.2%. The read is built from 12 quarters across 4 curves, on full 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.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +9.1% | +18.5% | +19.8% | — |
| Profit | −4.5% | −14.3% | +144.1% | — |
| EPS | −4.8% | −14.1% | +134.8% | — |
| Share price | +46.5% | +9.6% | +26.7% | — |
4-Factor Sector Score
55.7/100 — rank 2 of 3 in Small Finance Banks · 98% evidence confidence
Ujjivan Small Finance Bank Ltd scores 55.7 out of 100 against the 3 companies it is compared with in Small Finance Banks, ranking 2. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.8% and the one-year return is 41.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 25.3 + 15.4 + 10 + 5 = 55.7. 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
18 markers came out of our Ujjivan 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 benign-cycle bet: loan losses stay at or below steady state (quarterly credit cost <= ₹150 cr per quarter (FY27 total <= ₹580 cr)) | Not checked yet. | PENDING |
| M10 | The next accounting regime is sized before it lands (a quantified expected-credit-loss impact estimate any disclosed number or buffer build) | Not checked yet. | PENDING |
| M11 | Credit cost in rupees and as % of BOTH average loans and average assets (the denominator game) | Not checked yet. | PENDING |
| M12 | Write-offs in the same breath as the bad-loan ratio — from the deck waterfall, never the call | Not checked yet. | PENDING |
| M13 | Early-overdue and watch-bucket ratios — did the June tick-up extend? | Not checked yet. | PENDING |
| M14 | Micro-banking growth rate versus the sub-10% guide | Not checked yet. | PENDING |
| M15 | Capacity spend actually incurred this quarter | Not checked yet. | PENDING |
| M16 | Net interest margin and cost of funds, with any deposit-rate action | Not checked yet. | PENDING |
| M17 | Any word on the equity raise pricing or the licence re-application | Not checked yet. | PENDING |
| M18 | Gross bad loans in rupees (₹924 cr at June): rising or falling? | Not checked yet. | PENDING |
| M2 | The early-warning tick-up was noise, not signal (all-overdue ratio / watch-bucket ratio < 4.2% / below 1.8% (from 3.58% / 1.42%)) | Not checked yet. | PENDING |
| M3 | The licence path requires micro-banking to actually slow (micro-banking year-on-year growth < 12% and falling (guide: under 10%; actual: 16.8%)) | Not checked yet. | PENDING |
| M4 | Guidance earned, not deferred (>=) | Not checked yet. | PENDING |
| M5 | The margin holds without its spent tailwinds (net interest margin / cost of funds >= 8.4% margin with cost of funds <= 7.0%) | Not checked yet. | PENDING |
| M6 | Secured mix reaches the regulator's implicit bar (secured share of gross loans >= 56% (from 50.4%)) | Not checked yet. | PENDING |
| M7 | The repair shows up in rupees, not just the ratio (gross bad-loan stock) | Not checked yet. | PENDING |
| M8 | The dilution is priced, not inflicted (the ₹2,000 cr equity raise: price versus book value) | Not checked yet. | PENDING |
| M9 | The funding franchise keeps its promise (low-cost (CASA) deposit share >= 29% (from 26.9%, against a 29–30% guide)) | Not checked yet. | PENDING |
Said versus delivered
What Ujjivan 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 2021-11-09, due FY22-Q4 — not due yet. Promised: FY22 credit cost ₹1,100–1,200 cr, expecting to use the rainy-day provision. What arrived: ₹1,118 cr WITHOUT touching the buffer.
Said 2022-07-26, due FY23-Q4 — not due yet. Promised: FY23: grow loans ~30%, credit cost under 1%, return on assets above 2.3%. What arrived: +32.6% growth, near-zero credit cost, ~3.9% on assets.
🚨 Said 2022-11-07, due FY23-FY24 — missed. Promised: Analyst proposals (Jul + Nov 2022) to build a countercyclical buffer in the good years. What arrived: 'We haven't evaluated as yet' — never built; the ₹250 cr floating provision unchanged into the crisis.
🚨 Said 2024-01-24, due FY24-Q4 — missed. Promised: The early-overdue uptick is 'nothing other than seasonality and holiday factors'. What arrived: Same executive, July 2024: 'from December onwards, we have been cautious… ticket size… we have trimmed down' — the bank acted on the signal it called noise.
🚨 Said 2024-05-21, due FY25-Q4 — missed. Promised: FY25 credit cost 1.4–1.5% (final call of the outgoing CEO, printed in the deck). What arrived: Raised to 1.7% by July and DESCRIBED as the original guidance; re-based to 2.3–2.5% by October; delivered 2.45%.
🚨 Said 2024-07-25, due FY25-Q4 — missed. Promised: FY25: 20% growth, 20% return on equity, margin 9%, normalcy by end of H1. What arrived: 8–9% growth, 12.4% return on equity, margin 8.8%, normalcy took four more quarters — six of eleven items broken in one quarter.
Every quote above is taken word for word from the company’s own earnings calls.
Governance
What we checked on how Ujjivan Small Finance Bank Ltd is run. 6 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 (6). FY26 audit intervention-free: no distressed-loan sale, no rainy-day-provision drawdown (drawdown NIL in the audited notes) — the strongest data-integrity point in the bull case; Zero promoter is structural, not a sale: the holding company merged INTO the bank (court-sanctioned 19 April 2024, effective 30 April 2024, 116 bank shares per 10 holdco shares); nobody sold a share; Domestic institutions 6.6%→33.5% and mutual funds 4.7%→28.5% in six quarters — accumulation through the stress and through the licence rejection; Every audited identity recomputes to the rupee: the FY25 write-off ledger reconciles across the annual report, the regulatory table and the quarterly series (₹362.95 cr); Write-off policy is conservative in cash terms: accounts ~85% provided before write-off, so the profit-and-loss cost of each write-off is small; The FY26 reset guidance was met or beaten on every single financial line.
🚨 On watch (8). Guidance backdated on the record: FY25 credit cost guided 1.4–1.5% (May 2024, in the deck), raised to 1.7% by July and described as the original 'beginning of the year' guidance — verified in two decks and two transcripts; The turn was denied while being acted on: January 2024 'nothing other than seasonality' versus July 2024 'from December onwards we have been cautious… ticket size… trimmed down'; A ₹26 cr credit loss from the December 2024 distressed-loan sale was routed through OTHER INCOME; the July 2025 prepared script claimed no such sales had been needed and was corrected by the risk officer on the same call; The credit-cost guidance denominator changed (average loans → average total assets) in the same July 2026 sentence that cut the number — the like-for-like improvement is ~17 bps, half the headline; Four separate calls where the prepared script disagreed with the question-and-answer session on a hard number; FY24 quarterly slippages sum to ₹531 cr against a stated ₹480 cr, unexplained; The two quarters whose write-offs were never spoken aloud on a call are the largest (₹220 cr) and the smallest (₹37 cr) of FY26 — verbal disclosure is unreliable in both directions; read the deck every quarter; Product-level returns refused at least three times; segment-wise slippages refused; the loan-book geography chart stopped being published after September 2025; A ₹1.5/share dividend paid in mid-2024 cost ₹290 cr of capital adequacy — into the first quarter of the downturn; no dividend since.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1ESAF Small Finance Bank LtdESAFSFB | 56.7/100Mixed-positive evidence75% evidence | LEADER | 23.0/35 Income 3.9% · PAT 99.3% 65% evidence | 4.7/25 ROA -0.5% · ROE -8.9% · GNPA 5.4% 95% evidence | 9.0/20 P/BV 1.25× · P/BV÷ROE — 40% evidence | 20.0/20 RS sector 12.9% · RS bench 44.5% · 1Y 41.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 23 + 4.7 + 9 + 20 = 56.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Ujjivan Small Finance Bank Ltdthis pageUJJIVANSFB | 55.7/100Mixed-positive evidence98% evidence | LEADER | 25.3/35 Income 14.7% · PAT 71.8% 100% evidence | 15.4/25 ROA 1.2% · ROE 10.8% · GNPA 2.2% 100% evidence | 10.0/20 P/BV 1.8× · P/BV÷ROE 0.17 90% evidence | 5.0/20 RS sector -12.8% · RS bench 13.1% · 1Y 41.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 15.4 + 10 + 5 = 55.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.8% and the one-year return is 41.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Jana Small Finance Bank LtdJSFB | 40.7/100Mixed-negative evidence94% evidence | LEADER | 13.2/35 Income 18.3% · PAT -12.2% 100% evidence | 9.6/25 ROA 0.7% · ROE 7.6% · GNPA 2.4% 100% evidence | 8.6/20 P/BV 1.18× · P/BV÷ROE 0.15 70% evidence | 9.3/20 RS sector -6.1% · RS bench 21.2% · 1Y 16.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 13.2 + 9.6 + 8.6 + 9.3 = 40.7 · 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 Ujjivan Small Finance Bank Ltd's share price today?
Ujjivan Small Finance Bank Ltd trades at ₹64.7, +46.5% over the past year. The company is valued at ₹12,303 Cr. The stock sits at 64% of its 52-week range of ₹51–₹72, +7.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 72 weeks in. — as of 28 September 2026.
What were Ujjivan Small Finance Bank Ltd's latest quarterly results?
Ujjivan Small Finance Bank Ltd reported total income of ₹2,025 Cr and net profit of ₹317 Cr for the Jun 26 quarter. Income rose 25.1% and profit rose 207.8% year on year. Earnings per share were ₹1.63. The net margin was 15.7%, 9.3 pp higher than a year earlier. — as of 28 September 2026.
What is Ujjivan Small Finance Bank Ltd's revenue?
Ujjivan Small Finance Bank Ltd reported revenue of ₹2,025 Cr in the Jun 26 quarter, +25.1% year on year. For the full FY26 fiscal year, revenue was ₹6,931 Cr (+9.1%). Over the last 13 years revenue compounded at 30.3% a year. — as of 28 September 2026.
What is Ujjivan Small Finance Bank Ltd's profit?
Ujjivan Small Finance Bank Ltd earned ₹317 Cr of net profit in the Jun 26 quarter, +207.8% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹693 Cr. The net margin ran 15.7% in the latest quarter. — as of 28 September 2026.
What is Ujjivan Small Finance Bank Ltd's market cap?
Ujjivan Small Finance Bank Ltd's market capitalisation is ₹12,303 Cr at a share price of ₹64.7. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 28 September 2026.
What is Ujjivan Small Finance Bank Ltd's P/BV ratio?
Ujjivan Small Finance Bank Ltd trades at a P/BV of 1.8×, at the 67th percentile of its own 7-year range, against a long-run median of 1.6×. This is a comparison with the stock's own history, not a value call — as of 28 September 2026.
Does Ujjivan Small Finance Bank Ltd pay a dividend?
Not in its latest year — Ujjivan Small Finance Bank Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 3 of its last 12 reported fiscal years, so there is a history but no current dividend. — as of 28 September 2026.
Is Ujjivan Small Finance Bank Ltd overvalued?
On its own history, Ujjivan Small Finance Bank Ltd looks expensive: its P/BV of 1.8× sits at the 67th percentile of its 7-year range (long-run median 1.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 28 September 2026.
Is Ujjivan Small Finance Bank Ltd growing?
Yes — Ujjivan Small Finance Bank Ltd is growing: latest-quarter revenue +25.1% year on year, profit +207.8%, and the net margin +9.3 pp at 15.7%. The 13-year compound rates are 30.3% (revenue) and 26.1% (profit). The earnings engine currently reads: improving — as of 28 September 2026.
How is Ujjivan Small Finance Bank Ltd performing?
Ujjivan Small Finance Bank Ltd is in a confirmed uptrend, 72 weeks in. Its latest quarter's income rose 25.1% and profit rose 207.8% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 12 weeks. This describes what the data did, not a rating. — as of 28 September 2026.
What stage is Ujjivan Small Finance Bank Ltd in?
Turning around — profit growth swung from −58.1% at the trough to +71.8%, a 3-quarter improving streak, ROE holding at 10.2%. The read comes from the last 12 quarters of growth (revenue growth +14.7% latest, profit growth +71.8% latest, eps growth +71.7% latest) plus the ROE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 28 September 2026.
Is Ujjivan Small Finance Bank Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 72 of stage 2), trading +7.6% versus its 200-day average and at 64% 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 28 September 2026.
Is Ujjivan Small Finance Bank Ltd beating the market?
On recent form, yes — Ujjivan Small Finance Bank Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 6.8 years the stock moved +24% against the NIFTY 500's +129% — behind the index over the full window. — as of 28 September 2026.
Will Ujjivan Small Finance Bank Ltd's share price go up?
This page publishes no price forecast for Ujjivan Small Finance Bank Ltd. What it measures instead: the share price is ₹64.7, the price is in a confirmed uptrend 72 weeks in. Its P/BV of 1.8× sits at the 67th percentile of its own 7-year range. — as of 28 September 2026.
Who owns Ujjivan Small Finance Bank Ltd?
Promoters hold 0.0% of Ujjivan Small Finance Bank Ltd, foreign institutions 16.8%, domestic institutions 33.5% and the public 49.7% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 26.1 points over 8 quarters. — as of 28 September 2026.
Is Ujjivan Small Finance Bank Ltd's loan book healthy?
Gross NPA is 2.16% of Ujjivan Small Finance Bank Ltd's loan book, down from 2.52% a year ago — the 4th straight quarter of improvement, and net NPA stands at 0.34%. Falling NPAs are a loan book healing; rising NPAs are damage arriving — as of 28 September 2026.
Where is Ujjivan Small Finance Bank Ltd in its business cycle?
Ujjivan Small Finance Bank Ltd's FY26 net margin was 10.0%, against a 12-year band of −14.8%–26.4%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 15.7%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 28 September 2026.
What growth does Ujjivan Small Finance Bank Ltd's price assume?
At its price on 13 June 2026, Ujjivan Small Finance Bank Ltd was priced for profit growth of about 9.1% a year. Profit itself has compounded 26.1% a year over the past 13 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 28 September 2026.
What could break the Ujjivan Small Finance Bank Ltd story?
The sharpest disagreement: the price moved +46.5% in a year while annual EPS moved −4.8% — the difference is re-rating, and re-rating has to be repaid with earnings. 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 28 September 2026.
Is Ujjivan Small Finance Bank Ltd a stock worth studying right now?
This is not investment advice. The machine read: Ujjivan Small Finance Bank Ltd — A small finance bank pivoting from group microloans to secured lending, now 50.4% secured — 's price has outrun its earnings. +46.5% in a year against EPS −4.8% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 28 September 2026.
Not SEBI Registered !! Not Investment advice !!