Whalesbook: AI-Powered Stock Updates via WhatsApp

Stock Analysis

Description

Utkarsh Small Finance Bank, incorporated in 2016, is engaged in providing banking and financial services, evolving from a microfinance institution with a focus on rural and semi-urban areas and financial inclusion.

Key Growth Triggers

The bank is strategically pivoting towards secured lending and growing its Non-JLG segments, which have shown strong growth. Initiatives include operational optimization, improving asset quality, scaling profitable businesses, and leveraging digital advancements. Management aims to stabilize the JLG book and expects credit costs to decline. Strategic capital raises are planned to support future growth.

Order Book

Currently no data available for Order Book.

Key Red Flags

The bank has faced significant financial challenges, including net losses in Q1 and Q2 FY26, a sharp increase in Gross NPAs to over 12%, and rising provisions. Credit rating agencies have downgraded its instruments due to asset quality stress and profitability concerns. These issues stem partly from market disruptions in the microfinance segment.

Key Dates To Watch

Upcoming Q3 FY26 Financial Results announcement and Earnings Conference Call.

Corporate Announcements

5th Apr 26

Impact Rating: 7

On April 5, 2026, Utkarsh Small Finance Bank and Utkarsh CoreInvest filed a joint petition with the NCLT. This seeks sanction for their amalgamation scheme, following prior approvals from shareholders and creditors.

5th Apr 26

Impact Rating: 8

Utkarsh Small Finance Bank's Q4 FY26 provisional update reveals a gross loan portfolio of ₹19,333 crore, down 1.7% year-on-year. Total deposits reached ₹21,654 crore, showing minimal change, while retail term deposits surged 19.6%.

4th Apr 26

Impact Rating: 9

Utkarsh Small Finance Bank reported provisional Q4 FY26 results: Total disbursements rose 30.1% YoY to ₹4,207 cr. Non-JLG loans and deposits showed robust growth.

2nd Apr 26

Impact Rating: 5

Utkarsh Small Finance Bank has submitted its quarterly SEBI compliance certificate, confirming that dematerialization/rematerialization details of shares for the period have been sent to all stock exchanges where it is listed.

1st Apr 26

Impact Rating: 9

Utkarsh Small Finance Bank's proposed amalgamation with Utkarsh CoreInvest Limited has received strong approval from its unsecured creditors, with the resolution passing with 100% of votes cast in favour.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	AU Small Finance	1000.25	34.38	74736.76	0.10	560.87	-1.81	4511.28	15.36	8.40	17273.80	51.72	2173.88	560.87	4.14	1.58	7.87
2.	Ujjivan Small	57.97	26.98	11240.12	0.00	121.72	-47.77	1682.31	4.31	8.53	6465.58	38.93	416.95	121.72	1.86	1.65	6.77
3.	Equitas Sma. Fin	66.00	–	7528.75	0.00	24.14	87.42	1617.35	4.02	6.85	6522.11	33.88	-91.21	24.14	1.30	0.30	8.12
4.	Jana Small Finan	421.05	10.79	4432.56	0.00	74.99	-22.47	1304.78	11.90	8.15	4933.52	40.70	411.06	74.99	1.03	1.41	8.49
5.	Utkarsh Small F.	15.27	–	2717.33	0.00	-348.46	-778.07	839.97	-14.89	7.17	3532.93	7.10	-753.02	-348.46	1.17	0.09	9.98
6.	Fino Payments	250.40	25.95	2083.77	0.00	15.35	-27.42	60.11	25.88	6.64	223.23	-615.28	80.22	15.35	2.76	2.43	3.93
7.	Suryoday Small	142.75	23.26	1517.30	0.00	30.41	-33.00	519.66	2.46	7.28	1973.26	37.70	65.21	30.41	0.76	0.82	7.11
–	Median: 9 Co.	142.75	24.61	2717.33	0.0	30.41	-22.47	839.97	4.31	7.17	3532.93	37.7	80.22	30.41	1.17	1.36	7.87

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	342	413	824	369	492	858	305	452	687	334	392	593	913
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	71	83	105	92	105	138	69	121	287	74	105	103	97
Profit before tax	122	152	-238	145	186	-319	174	208	11	117	154	68	-465
Tax %	24%	24%	-29%	26%	26%	-25%	23%	23%	74%	25%	26%	24%	-25%
Net Profit	94	116	-168	108	137	-239	134	160	3	88	114	51	-348
EPS in Rs	0.65	0.65	-0.94	0.74	0.77	-1.35	0.92	0.90	0.02	0.61	0.65	0.29	-1.96

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	–	–	–	–	–	–	–	–	–
Expenses	374	392	551	783	1,125	1,234	1,561	2,518	3,282
Operating Profit	–	–	–	–	–	–	–	–	–
Other Income	43	58	99	125	185	299	400	600	628
Interest	251	382	579	742	788	976	1,293	1,742	1,889
Depreciation	0	16	25	30	41	59	65	77	0
Profit before tax	-63	149	250	151	80	536	659	28	-1,010
Net Profit	-63	94	187	112	61	404	498	24	-753
EPS in Rs	-0.83	0.79	1.52	0.82	0.42	2.80	2.80	0.13	-4.23
Dividend Payout %	0%	0%	0%	0%	0%	0%	11%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	470	737	759	848	896	896	1,099	1,102	1,102
Reserves	-58	36	260	520	677	1,104	1,874	1,873	1,244
Borrowings	–	–	–	–	–	–	–	–	–
Other Liabilities	129	245	475	654	845	1,057	1,462	1,232	1,633
Total Liabilities	4,524	6,239	9,404	12,138	15,064	19,117	23,903	28,127	27,384
Fixed Assets	87	87	110	125	286	301	301	324	417
Gross Block	–	124.72	168.54	213.60	413.30	482.11	547.47	638.85	–
Accumulated Depreciation	–	37.60	58.81	88.32	127.69	180.62	246.17	314.93	–
CWIP	0	3	22	56	1	2	10	63	0
Investments	661	862	1,192	2,314	2,348	2,859	3,679	4,958	5,351
Other Assets	3,775	5,287	8,081	9,643	12,429	15,955	19,912	22,783	21,617
Total Assets	4,524	6,239	9,404	12,138	15,064	19,117	23,903	28,127	27,384

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	–	211	115	-83	1,329	1,573	991	876
Cash from Investing Activity	–	-171	-322	-532	-739	-693	-620	-777
Cash from Financing Activity	–	-92	1,304	172	111	-235	140	310
Net Cash Flow	–	-52	1,097	-444	702	645	511	409

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	–	–	–	–	–	–	–
Inventory Days	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–
Cash Conversion Cycle	–	–	–	–	–	–	–	–
Working Capital Days	–	–	–	–	–	–	–	–
ROCE %	–	–	–	–	–	–	–	–

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025
Promoters	69.28%	69.16%	69.06%	69.02%	68.94%	68.93%	68.92%	68.92%	68.92%	42.67%
FIIs	2.07%	0.74%	0.87%	0.94%	0.99%	1.33%	1.00%	1.85%	1.68%	13.07%
DIIs	12.99%	11.30%	9.82%	10.60%	10.01%	8.23%	7.04%	2.78%	2.39%	10.70%
Public	15.67%	18.80%	20.25%	19.43%	20.04%	21.50%	23.04%	26.43%	27.00%	33.54%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Utkarsh Small Finance Bank Files Petition for Amalgamation Sanction

5th April 2026, 4:52 pm

Utkarsh Small Finance Bank Q4 FY26 Provisional Update: Loan Portfolio Down 1.7% YoY, Deposits Stable

5th April 2026, 3:49 pm

Utkarsh Small Finance Bank Reports Q4 FY26 Provisional Business Updates with Growth in Loans and Deposits

5th April 2026, 2:13 am

Utkarsh Small Finance Bank Files SEBI Regulatory Compliance Certificate

2nd April 2026, 8:20 pm

Utkarsh SFB Amalgamation Scheme Gets Unsecured Creditor Approval

2nd April 2026, 12:19 am

Published by Other Websites

External media mentions & references

Equitas SFB Bets on Stability Amid Headwinds, Offers Investor Opportunity

9th April 2026, 11:01 am

Utkarsh SFB Q4: Disbursements Surge 30%, Loan Book Shrinks Slightly

5th April 2026, 7:33 pm

Senior Citizens Bag Up To 8.25% FD Rates: Top Banks Revealed

2nd April 2026, 10:03 am

Utkarsh SFB Sells ₹1,491 Cr Bad Loans at 13% Amid Deep Losses

31st March 2026, 8:30 pm

India's MFI Sector Gets Boost: New Credit Guarantee Scheme Launched

24th March 2026, 9:26 am

News Articles

Editorial & research coverage

Adani, PB Fintech, UPL Lead Earnings Surge: Stocks in Focus Feb 3

3rd February 2026, 7:20 am

Utkarsh SFB's Loss Widens Amid Loan Book Contraction

2nd February 2026, 5:42 pm

Amazon Pay Launches Fixed Deposits, Offers Up To 8% Interest

6th January 2026, 6:12 pm

Nifty Hits Record High, But HDFC Bank Dip Caps Gains; Bank Nifty Struggles

5th January 2026, 7:36 pm

Bihar's Banks Face Funding Puzzle: Deposits Soar, Loans Lag! Is This India's Next Banking Headache?

16th December 2025, 5:18 pm

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Business Updates For Quarter And Nine Months Ended December 31, 2025

1d - Q3 FY26 provisional: gross loans ₹18,306cr, deposits ₹21,087cr, CASA 21.9%, JLG down 34% YoY, LCR 200%

Announcement under Regulation 30 (LODR)-Credit Rating

1d - CARE reaffirmed CARE A for Rs200 crore Tier-II bonds; outlook revised to Negative (Jan 5, 2026).

Announcement under Regulation 30 (LODR)-Change in Directorate

3 Jan - Dr Ram Jass Yadav appointed Additional Non-Executive Director, Jan 03 2026–Jan 02 2031, subject to shareholder approval.

Board Meeting Outcome for Outcome Of The Board Meeting Held On January 03, 2026

3 Jan - Appointed Dr Ram Jass Yadav as Additional Non‑Executive Non‑Independent Director (Jan 03, 2026–Jan 02, 2031), subject to shareholders' approval.