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Last Updated: April 2, 2026, 4:34 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 544020 | NSE: ESAFSFB

ESAF Small Finance Bank Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹97.51Undervalued by 335.31%vs CMP ₹22.40

P/E (15.0) × ROE (23.5%) × BV (₹33.90) × DY (2.00%)

Defaults: P/E=15

₹39.33Undervalued by 75.58%vs CMP ₹22.40
MoS: +43% (Strong)Confidence: 44/100 (Low)Models: 3 Under, 1 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹62.2137%Under (+177.7%)
Earnings PowerEarnings₹29.9322%Under (+33.6%)
Net Asset ValueAssets₹33.8622%Under (+51.2%)
EV/EBITDAEnterprise₹11.4219%Over (-49%)
Consensus (4 models)₹39.33100%Undervalued
Key Drivers: EPS CAGR -36.2% drags value — could be higher if earnings stabilize. | Wide model spread (₹11–₹62) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -36.2% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

55
ESAF Small Finance Bank Ltd scores 55/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health63/100 · Moderate
ROCE 4.3% WeakROE 23.5% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 63.3% Stable
Earnings Quality50/100 · Moderate
Quarterly Momentum50/100 · Moderate
Industry Rank60/100 · Moderate
ROCE 4.3% vs industry 6.8% AverageROE 23.5% vs industry 11.8% Above peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:34 am

Market Cap 1,157 Cr.
Current Price 22.4
Intrinsic Value₹39.33
High / Low 36.2/19.7
Stock P/E
Book Value 33.9
Dividend Yield0.00 %
ROCE4.28 %
ROE23.5 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for ESAF Small Finance Bank Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
ESAF Small Finance Bank Ltd 1,157 Cr. 22.4 36.2/19.7 33.90.00 %4.28 %23.5 % 10.0
Capital Small Finance Bank Ltd 1,038 Cr. 228 331/2077.65 3061.75 %7.04 %10.4 % 10.0
Fino Payments Bank Ltd 1,036 Cr. 125 339/11014.5 90.50.00 %6.64 %13.3 % 10.0
Dhanlaxmi Bank Ltd 888 Cr. 22.5 33.5/19.410.1 36.40.00 %5.47 %5.48 % 10.0
DCB Bank Ltd 5,371 Cr. 167 204/1027.64 1860.81 %7.67 %11.4 % 10.0
Industry Average135,761.26 Cr305.6715.04214.170.61%6.84%11.80%6.30

All Competitor Stocks of ESAF Small Finance Bank Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue701.28773.80898.72943.37974.401,002.001,022.34995.28947.85892.06828.23819.82894.05
Interest 249.93274.91313.29346.79377.40411.25434.10456.06462.87457.65450.36448.02461.72
Expenses 481.23456.69504.75487.20567.10682.06618.72833.61881.30819.97682.21672.38692.59
Financing Profit-29.8842.2080.68109.3829.90-91.31-30.48-294.39-396.32-385.56-304.34-300.58-260.26
Financing Margin %-4.26%5.45%8.98%11.59%3.07%-9.11%-2.98%-29.58%-41.81%-43.22%-36.75%-36.66%-29.11%
Other Income 80.9194.0293.0678.91119.95149.84115.4039.73113.93144.72195.14145.16269.39
Depreciation 0.000.000.000.000.000.000.000.000.000.000.000.000.00
Profit before tax 51.03136.22173.74188.29149.8558.5384.92-254.66-282.39-240.84-109.20-155.429.13
Tax % 26.69%25.58%25.20%25.58%25.17%25.94%26.08%-25.36%-25.32%-23.94%-25.62%-25.49%22.02%
Net Profit 37.41101.38129.96140.12112.1443.3562.77-190.07-210.90-183.19-81.22-115.817.12
EPS in Rs 0.832.262.893.122.180.841.22-3.69-4.09-3.55-1.58-2.250.14
Gross NPA %7.24%2.49%1.65%2.64%4.16%4.76%6.61%6.98%6.96%6.87%7.48%8.54%5.64%
Net NPA %3.73%1.13%0.81%1.19%2.19%2.26%3.22%2.98%2.97%2.99%3.77%3.83%2.73%

Last Updated: February 2, 2026, 2:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 4:55 am

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue295971,0321,4131,6411,9402,8543,8193,8623,434
Interest 163154586217207931,0171,4491,8111,818
Expenses 313575386468791,2481,6762,1903,1522,867
Financing Profit-18-753514643-101160180-1,101-1,251
Financing Margin %-61%-13%3%10%3%-5%6%5%-28%-36%
Other Income 19102109133127208288442467754
Depreciation 00172329334251590
Profit before tax 12712725614174406570-693-496
Tax % 0%0%29%26%25%26%26%25%-25%
Net Profit 1279019010555302426-521-373
EPS in Rs 0.030.872.114.452.341.226.738.27-10.12-7.24
Dividend Payout % 0%0%0%0%0%0%0%8%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)2600.00%233.33%111.11%-44.74%-47.62%449.09%41.06%-222.30%
Change in YoY Net Profit Growth (%)0.00%-2366.67%-122.22%-155.85%-2.88%496.71%-408.03%-263.36%

ESAF Small Finance Bank Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Last Updated: September 5, 2025, 3:26 pm

Balance Sheet

Last Updated: January 7, 2026, 5:25 pm

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 302312428428449449449515515516
Reserves 4314666569039621,2661,9771,4341,233
Deposits4092,5234,3177,0288,99912,81514,66619,86823,27622,894
Borrowing2,0531,6751,7021,2031,6942,9533,3543,2231,4062,113
Other Liabilities 227183145154293528489505547374
Total Liabilities 2,9944,7247,0589,47012,33917,70820,22426,08727,17827,129
Fixed Assets 336986116133159188205237435
CWIP 00446003630
Investments 5797321,5311,7341,9324,0704,8895,5415,9956,396
Other Assets 2,3823,9245,4387,61610,26813,47815,14720,33820,88320,298
Total Assets 2,9944,7247,0589,47012,33917,70820,22426,08727,17827,129

Reserves and Borrowings Chart

Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -2391,0891,127-584-5711,0013,176
Cash from Investing Activity + -171-635-638-982-573-583-769
Cash from Financing Activity + 488-4996531,259399235-1,852
Net Cash Flow 78-451,143-308-745654556
Free Cash Flow -2771,0361,078-638-6419303,024
CFO/OP -40%152%162%-82%-43%71%448%

Free Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-378.00355.00534.00639.00871.00-11.00-13.00-17.00-20.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 8%15%19%9%4%19%20%-23%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 63.39%63.39%63.39%63.38%63.36%63.31%63.31%63.30%63.29%
FIIs 1.16%0.81%0.12%0.15%0.16%0.27%0.16%0.16%0.01%
DIIs 10.98%10.26%8.90%5.56%5.02%5.00%5.00%5.00%4.97%
Public 24.48%25.53%27.57%30.92%31.45%31.41%31.51%31.53%31.74%
No. of Shareholders 94,7131,02,1241,07,4131,15,8181,18,5121,16,9121,16,4901,13,9551,11,691

Shareholding Pattern Chart

No. of Shareholders

ESAF Small Finance Bank Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal Nifty Microcap 250 Index Fund 142,909 0.05 0.74142,9092025-04-22 15:56:500%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
Face Value10.0010.0010.0010.0010.00
Basic EPS (Rs.) -10.138.966.731.222.46
Diluted EPS (Rs.) -10.128.946.711.222.46
Cash EPS (Rs.) -8.979.267.661.952.98
Book Value[Excl.RevalReserv]/Share (Rs.) 37.8148.4138.1631.4130.08
Book Value[Incl.RevalReserv]/Share (Rs.) 37.8148.4138.1631.4130.08
Dividend / Share (Rs.) 0.700.000.000.000.00
Operating Revenue / Share (Rs.)74.9374.1763.4943.1636.51
Net Profit / Share (Rs.) -10.128.276.731.222.34
Interest Income / Employee (Rs.)3084840.266399240.495668770.364684678.824315469.37
Net Profit / Employee (Rs.)-416445.29713202.11600582.04132170.49277139.10
Business / Employee (Rs.)32990664.5463953268.3156793714.7459048725.6745140709.97
Interest Income / Branch (Rs.)49075222.3650709519.2640766557.1433737834.7829839509.09
Net Profit / Branches (Rs.)-6625025.415651629.484319042.86951857.391916290.91
Business / Branches (Rs.)524832426.94506785062.42408427942.86425253518.26312127490.91
Net Profit Margin (%) -13.4911.1410.592.826.42
Operating Profit Margin (%)-20.7015.1314.234.0410.05
Return On Assets (%) -1.911.631.490.300.85
Return On Equity / Networth (%)-26.7517.0717.623.877.79
Net Interest Margin (X)7.549.089.086.477.46
Cost To Income (%)77.8858.6457.9263.6960.30
Interest Income / Total Assets (%)14.2114.6314.1110.9513.30
Non-Interest Income / Total Assets (%)1.711.691.421.171.02
Operating Profit / Total Assets (%)-3.63-0.060.07-0.86-0.16
Operating Expenses / Total Assets (%)7.216.326.084.875.12
Interest Expenses / Total Assets (%)6.665.555.034.475.83
Enterprise Value (Rs.Cr.)24595.0824515.800.000.000.00
EV Per Net Sales (X)6.376.420.000.000.00
Price To Book Value (X)0.641.120.000.000.00
Price To Sales (X)0.320.730.000.000.00
Retention Ratios (%) 106.91100.00100.00100.00100.00
Earnings Yield (X)-0.410.150.000.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

ESAF Small Finance Bank Ltd. is a Public Limited Listed company incorporated on 05/05/2016 and has its registered office in the State of Kerala, India. Company's Corporate Identification Number(CIN) is U65990KL2016PLC045669 and registration number is 045669. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 3862.22 Cr. and Equity Capital is Rs. 515.43 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance - Banks - Private SectorBuilding No.VII/83/8, Thrissur/Trichur Kerala 680651Contact not found
Management
NamePosition Held
Mr. Ravimohan Periyakavil RamakrishnanNon Exe. Ind. Part Time Chairman
Dr. Kadambelil Paul ThomasManaging Director & CEO
Mr. George K JohnExecutive Director
Dr. Joseph Vadakkekara AntonyNon Executive Director
Mr. Biju VarkkeyInd. Non-Executive Director
Mr. Ravi VenkatramanInd. Non-Executive Director
Mr. Vinod Vijayalekshmi VasudevanInd. Non-Executive Director
Mr. Thomas Jacob KalappilaInd. Non-Executive Director
Mr. John SamuelNon Exe. & Nominee Director
Mr. Ajayan Mangalath Gopalakrishnan NairNon Exe. & Nominee Director
Mrs. Kolasseril Chandramohanan RanjaniInd. Non-Executive Director

FAQ

What is the intrinsic value of ESAF Small Finance Bank Ltd and is it undervalued?

As of 14 April 2026, ESAF Small Finance Bank Ltd's intrinsic value is ₹39.33, which is 75.58% higher than the current market price of ₹22.40, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (23.5 %), book value (₹33.9), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of ESAF Small Finance Bank Ltd?

ESAF Small Finance Bank Ltd is trading at ₹22.40 as of 14 April 2026, with a FY2026-2027 high of ₹36.2 and low of ₹19.7. The stock is currently near its 52-week low. Market cap stands at ₹1,157 Cr..

How does ESAF Small Finance Bank Ltd's P/E ratio compare to its industry?

ESAF Small Finance Bank Ltd has a P/E ratio of , which is below the industry average of 15.04. This is broadly in line with or below the industry average.

Is ESAF Small Finance Bank Ltd financially healthy?

Key indicators for ESAF Small Finance Bank Ltd: ROCE of 4.28 % is on the lower side compared to the industry average of 6.84%; ROE of 23.5 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is ESAF Small Finance Bank Ltd profitable and how is the profit trend?

ESAF Small Finance Bank Ltd reported a net profit of ₹-521 Cr in Mar 2025 on revenue of ₹3,862 Cr. Compared to ₹55 Cr in Mar 2022, the net profit shows a declining trend.

Does ESAF Small Finance Bank Ltd pay dividends?

ESAF Small Finance Bank Ltd has a dividend yield of 0.00 % at the current price of ₹22.40. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in ESAF Small Finance Bank Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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