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

Fair Value

₹37.52Overvalued by 12.54%vs CMP ₹42.90

P/E (15.0) × ROE (8.9%) × BV (₹34.60) × DY (2.00%)

Defaults: P/E=15

₹25.33Overvalued by 40.96%vs CMP ₹42.90
MoS: -69.4% (Negative)Confidence: 57/100 (Moderate)Models: All 4: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹23.9437%Over (-44.2%)
Earnings PowerEarnings₹29.9522%Over (-30.2%)
Net Asset ValueAssets₹34.6322%Over (-19.3%)
EV/EBITDAEnterprise₹11.4319%Over (-73.4%)
Consensus (4 models)₹25.33100%Overvalued
Key Drivers: EPS CAGR -36.2% drags value — could be higher if earnings stabilize.

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

Analyst Summary

ESAF Small Finance Bank Ltd operates in the Finance - Banks - Private Sector segment, NSE: ESAFSFB | BSE: 544020, current market price is ₹42.90, market cap is 2,214 Cr.. At a glance, ROE is 8.86 %, ROCE is 5.65 %, book value is 34.6, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹25.33, around 41.0% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹3,862 Cr versus the prior period change of 1.1%, while latest net profit is about ₹-521 Cr with a prior-period change of -222.3%. The 52-week range shown on this page is 45.0/19.7, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisESAF 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) i…

This summary is generated from the stock page data available for ESAF Small Finance Bank Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

51
ESAF Small Finance Bank Ltd scores 51/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health53/100 · Moderate
ROCE 5.7% WeakROE 8.9% AverageD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.15% (6mo) Slight increaseDII holding down 1.20% MF sellingPromoter holding at 63.3% Stable
Earnings Quality50/100 · Moderate
Quarterly Momentum50/100 · Moderate
Industry Rank50/100 · Moderate
ROCE 5.7% vs industry 6.4% Average

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 10:04 am

Market Cap 2,214 Cr.
Current Price 42.9
Intrinsic Value₹25.33
High / Low 45.0/19.7
Stock P/E
Book Value 34.6
Dividend Yield0.00 %
ROCE5.65 %
ROE8.86 %
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 2,214 Cr. 42.9 45.0/19.7 34.60.00 %5.65 %8.86 % 10.0
Dhanlaxmi Bank Ltd 1,342 Cr. 34.0 36.8/19.411.6 38.30.00 %5.81 %7.16 % 10.0
Capital Small Finance Bank Ltd 1,300 Cr. 286 328/2078.62 3271.75 %7.07 %10.1 % 10.0
Fino Payments Bank Ltd 1,221 Cr. 147 339/11050.0 92.60.00 %4.53 %7.37 % 10.0
CSB Bank Ltd 5,758 Cr. 332 575/3138.66 2820.00 %7.05 %13.5 % 10.0
Industry Average150,380.09 Cr351.6920.82225.320.56%6.43%10.04%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: August 17, 2026, 1:00 am

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 302312428428449449449515515516
Reserves 4314666569039621,2661,9771,4341,271
Deposits4092,5234,3177,0288,99912,81514,66619,86823,27625,850
Borrowing2,0531,6751,7021,2031,6942,9533,3543,2231,4062,753
Other Liabilities 227183145154293528489505547479
Total Liabilities 2,9944,7247,0589,47012,33917,70820,22426,08727,17830,868
Fixed Assets 336986116133159188205237226
CWIP 0044600363290
Investments 5797321,5311,7341,9324,0704,8895,5415,9956,399
Other Assets 2,3823,9245,4387,61610,26813,47815,14720,33820,88323,953
Total Assets 2,9944,7247,0589,47012,33917,70820,22426,08727,17830,868

Reserves and Borrowings Chart

Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + -2391,0891,127-584-5711,0013,176-1,960
Cash from Investing Activity + -171-635-638-982-573-583-769-192
Cash from Financing Activity + 488-4996531,259399235-1,8521,347
Net Cash Flow 78-451,143-308-745654556-805
Free Cash Flow -2771,0361,078-638-6419303,024-2,242
CFO/OP -40%152%162%-82%-43%71%451%-226%

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 2025Mar 2026Jun 2026
Promoters 63.39%63.39%63.39%63.38%63.36%63.31%63.31%63.30%63.29%63.28%63.25%
FIIs 1.16%0.81%0.12%0.15%0.16%0.27%0.16%0.16%0.01%0.01%0.31%
DIIs 10.98%10.26%8.90%5.56%5.02%5.00%5.00%5.00%4.97%4.63%3.80%
Public 24.48%25.53%27.57%30.92%31.45%31.41%31.51%31.53%31.74%32.08%32.63%
No. of Shareholders 94,7131,02,1241,07,4131,15,8181,18,5121,16,9121,16,4901,13,9551,11,6911,09,2461,07,631

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

[display_about_company_data title=”About the Company – Qualitative Analysis”]

FAQ

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

As of 07 September 2026, ESAF Small Finance Bank Ltd's intrinsic value is ₹25.33, which is 40.96% lower than the current market price of ₹42.90, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (8.86 %), book value (₹34.6), 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 ₹42.90 as of 07 September 2026, with a FY2026-2027 high of ₹45.0 and low of ₹19.7. The stock is currently near its 52-week high. Market cap stands at ₹2,214 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 20.82. 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 5.65 % is on the lower side compared to the industry average of 6.43%. 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 ₹42.90. The company is currently not paying meaningful dividends.

Last Updated: August 25, 2026, 10:04 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 544020 | NSE: ESAFSFB
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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