Equitas Small Finance Bank Ltd. (IN:EQUITASBNK)
:EQUITASBNK
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Equitas Small Finance Bank Ltd.
(EQUITASBNK)
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Rating:60Neutral
Price Target:
₹70.00
▲(4.52% Upside)
Action:Reiterated
Date:05/02/26
The score is held back primarily by the sharp profitability reset and weakening cash-flow trend despite continued revenue growth and a somewhat improved (but recently re-levered) balance sheet. Technicals are constructive with price strength above key averages and positive momentum, but valuation looks expensive with a high P/E and no dividend yield data to offset it.
Positive Factors
Consistent revenue growth
Sustained top-line expansion (+19.1% YoY in 2026) indicates durable demand for core lending and deposit services. Persistent revenue growth supports scale economies, funds investment in distribution/digital channels, and provides capacity to absorb periodic credit cost shocks over months.
Negative Factors
Sharp margin compression
A collapse in net margin from double digits to ~1.3% materially weakens earnings power and ROE. Persistently compressed margins reduce buffers against credit losses and funding cost volatility, constraining reinvestment and raising the bar for sustainable profitability over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent revenue growth
Sustained top-line expansion (+19.1% YoY in 2026) indicates durable demand for core lending and deposit services. Persistent revenue growth supports scale economies, funds investment in distribution/digital channels, and provides capacity to absorb periodic credit cost shocks over months.
Read all positive factors
Equitas Small Finance Bank Ltd. (EQUITASBNK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹75.89B
Dividend Yield1.63%
Average Volume (3M)236.91K
Price to Earnings (P/E)7.0
Beta (1Y)0.97
Revenue Growth8.92%
EPS Growth-30.41%
CountryIN
Employees22,854
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)-0.90
Shares Outstanding1,141,573,000
10 Day Avg. Volume329,486
30 Day Avg. Volume236,913
Financial Highlights & Ratios
PEG Ratio-1.90
Price to Book (P/B)0.97
Price to Sales (P/S)0.75
P/FCF Ratio7.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹78.00Price Target Upside16.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.24
Revenue Forecast (FY)₹53.23B
Equitas Small Finance Bank Ltd. Business Overview & Revenue Model
Company Description
Equitas Small Finance Bank Limited provides various banking products and services to for individuals and corporates, as well as micro, small, and medium enterprises. The company operates through Treasury, Corporate / Wholesale Banking, Retail Bank...
How the Company Makes Money
Equitas Small Finance Bank primarily makes money through (1) interest income and (2) fee and other income. Interest income is earned by lending funds collected from deposits and other funding sources into its loan portfolio; the key driver is the ...
Equitas Small Finance Bank Ltd. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
58
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 66.05B | 78.68B | 71.26B | 61.58B | 46.66B | 39.34B |
| Gross Profit | 41.34B | 33.28B | 40.66B | 37.52B | 30.48B | 25.13B |
| EBITDA | -1.34B | 2.95B | 3.47B | 11.98B | 8.53B | 4.53B |
| Net Income | -1.02B | 1.03B | 1.47B | 7.99B | 5.74B | 2.81B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 606.10B | 528.36B | 453.04B | 349.58B | 269.52B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 56.66B | 55.36B | 35.79B | 12.44B | 21.33B |
| Total Debt | 0.00 | 57.73B | 21.37B | 17.88B | 73.89B | 45.48B |
| Total Liabilities | -60.73B | 544.86B | 467.63B | 393.35B | 298.00B | 227.06B |
| Stockholders Equity | 60.73B | 61.25B | 60.73B | 59.69B | 51.58B | 42.46B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 7.76B | 16.92B | 34.70B | -12.63B | 667.13M |
| Operating Cash Flow | 0.00 | 9.69B | 19.37B | 38.34B | -9.98B | 1.59B |
| Investing Cash Flow | 0.00 | -79.01B | -2.39B | -3.60B | -2.61B | -890.90M |
| Financing Cash Flow | 0.00 | 70.72B | 2.59B | -12.10B | 601.13M | -13.17B |
Equitas Small Finance Bank Ltd. Technical Analysis
Positive
66.97
Price Trends
62.64
Positive
64.42
Positive
61.10
Positive
Market Momentum
1.33
Positive
56.71
Neutral
33.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EQUITASBNK, the sentiment is Positive. The current price of 66.97 is below the 20-day moving average (MA) of 68.70, above the 50-day MA of 62.64, and above the 200-day MA of 61.10, indicating a bullish trend. The MACD of 1.33 indicates Positive momentum. The RSI at 56.71 is Neutral, neither overbought nor oversold. The STOCH value of 33.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:EQUITASBNK.
Equitas Small Finance Bank Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹51.92B | 82.39 | ― | 1.23% | 17.59% | 110.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | ₹62.72B | 9.33 | ― | ― | 24.35% | 6.65% | |
61 Neutral | ₹16.97B | 8.75 | ― | ― | 16.07% | 32.15% | |
61 Neutral | ₹102.10B | 14.15 | ― | 2.82% | 11.64% | -4.91% | |
60 Neutral | ₹75.89B | 6.95 | ― | 1.63% | 8.92% | -30.41% | |
46 Neutral | ₹23.47B | -2.41 | ― | 2.82% | -12.72% | -4281.86% |
* Financial Sector Average
IN:EQUITASBNK
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Equitas Small Finance Bank Ltd. Corporate Events
Equitas Small Finance Bank Publishes Earnings Call Recording for FY 2026 Results
May 2, 2026
Equitas Small Finance Bank Ltd. has notified the stock exchanges that it has published the audio recording of its earnings call discussing the audited financial results for the quarter and financial year ended March 31, 2026. The bank also indicat...
Equitas Small Finance Bank Assigned Independent ESG Score of 66
Apr 6, 2026
Equitas Small Finance Bank Limited has received an independent Environment, Social and Governance score of 66 from NSE Sustainability Ratings Analytics Limited, a SEBI-registered ESG Rating Provider under Category I. The rating was based solely o...
Equitas Small Finance Bank Allots 54,997 Shares Under ESOP Scheme
Mar 4, 2026
Equitas Small Finance Bank has allotted 54,997 equity shares with a face value of Rs.10 each to employees who exercised options under its 2019 Employee Stock Option Scheme. As a result of this ESOP-driven issuance, the bank’s paid-up share c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.