Whalesbook
Arey, ye kya hua Utkarsh SFB ke saath?
Toh hua yun ki Utkarsh Small Finance Bank ka Q3 FY26 ka result aaya hai aur bhai, loss kafi badh gaya hai. Pichle saal isi quarter mein ₹168 Crore ka loss tha, jo ab badh kar ₹375 Crore ho gaya hai. Ye numbers dekh ke lagta hai bank ki earning capacity par pressure aa raha hai. Iska sabse bada reason hai inka Net Interest Income (NII) jo 27.5% gir kar ₹348 Crore pe aa gaya hai. Matlab, lending se jo income aati thi, woh kam ho gayi.
Operating mein bhi tension, Stock gira
Aur jab lending se income kam ho, toh expenses control karna mushkil ho jata hai. Bank ka cost-to-income ratio 110.3% ho gaya hai, matlab jitna kama rahe hain usse zyada kharch kar rahe hain! ROA bhi negative (-5.4%) aur ROE bhi (-55.9%) negative mein chala gaya hai. Issi wajah se, Utkarsh SFB ka stock price pichle ek saal mein lagbhag 54.99% gira hai. Stock ab sirf ₹13.6 ke aas paas trade ho raha hai, jabki 52-week high ₹32.85 tha. Market cap bhi ab ₹2,429 Crore pe hai. P/E ratio bhi negative mein hai kyuki company loss mein hai.
Competitors ka comparison
Dekho, baaki SFBs acha kar rahe hain. AU Small Finance Bank ne ₹667.6 Crore ka profit kamaya aur Equitas SFB ka profit ₹90 Crore raha. AU ka market cap toh ₹73,000 Crore se upar hai, jabki Utkarsh SFB abhi ₹2,400 Crore ke aas paas hai. Competition kafi tough hai.
Strategy change: Loan book ko trim kiya
Ab is loss aur loan book shrink hone ke peeche ek strategy bhi hai. Bank ne intentionally naye loans kam diye hain, khas kar Joint Liability Group (JLG) loans jo 34.1% tak kam ho gaye hain. Isse overall loan book 3.9% gir kar ₹18,306 Crore pe aa gayi hai. Bank ab collection aur portfolio ko saaf karne par dhyan de rahi hai. Iske badle mein, non-JLG loans, jo MSME, housing, gold loans hain, woh 27.5% badhe hain. Micro-Banking Business Loan (MBBL) segment toh 80% growth dikha raha hai.
Kuch achi khabar bhi hai
Par sab kuch bura nahi hai. Asset quality mein sudhaar dikh raha hai. Gross NPAs kam ho kar 11.05% ho gaye hain (pehle 12.42% the) aur Net NPAs bhi 4.48% pe aa gaye hain (pehle 5.02% the). Deposits mein bhi 4.5% ki growth hui hai, Total Deposits ₹21,087 Crore ho gayi hain. Retail term deposits toh 23.8% badhi hain. Aur haan, bank ne November 2025 mein ₹950 Crore ka rights issue karke apni capital bhi strong ki hai.
Sector ka outlook aur Utkarsh ka future
Overall, small finance bank sector mein bhi thoda slowdown hai, loan growth FY26 mein 18-20% expected hai. Asset quality aur margins par pressure hai. RBI bhi regulations tight kar raha hai. Utkarsh SFB ki strategy JLG loans kam karke secured products par focus karne ki sahi direction mein hai, par is transition mein thoda time lagega aur short term mein performance par asar dikhega.