India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Equity Bottom-Up

Equitas Small Finance Bank / Equity Bottom-Up

<ul>
<li>Equitas is actively meeting strict RBI criteria, including maintaining a Rs. 1,000 crore net worth and using floating reserves to keep Net NPAs below 0.88%. 
</li>
<li>Transitioning to a universal license would allow the bank to reduce Priority Sector Lending from 75% to 40% and lower capital adequacy requirements</li>
<li>By pivoting to a 90% secured loan book and a cloud-native "cyborg bank" model, the institution is stabilizing its risk profile for large-scale operations.</li>
</ul>


Equitas is actively meeting strict RBI criteria, including maintaining a Rs. 1,000 crore net worth and using floating reserves to keep Net NPAs below 0.88%. 

Transitioning to a universal license would allow the bank to reduce Priority Sector Lending from 75% to 40% and lower capital adequacy requirements
By pivoting to a 90% secured loan book and a cloud-native "cyborg bank" model, the institution is stabilizing its risk profile for large-scale operations.


Equitas: Portfolio Diversification - The Path to Stable Earnings

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Ujjivan Small Finance Bank / Equity Bottom-Up

<ul><li>Ujjivan Small Finance Bank (Ujjivan) hosted an Analyst Meet and reiterated its guidance for muted FY26 earnings while showcasing its medium-term strategy of upscaling the mix of secured loans and individual micro-banking portfolio</li><li>Basis our channel checks, we believe that lenders (including Ujjivan) have been witnessing a gradual improvement in collection efficiencies in their micro-banking portfolio (including Karnataka) during July and August, indicative of stress peaking out in the MFI portfolio</li><li>Although the MFI stress is expected to normalize downwards during H2FY26, we expect the overall stress to remain elevated for Ujjivan, resulting in muted return ratios</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ujjivan Small Finance Bank (Ujjivan) hosted an Analyst Meet and reiterated its guidance for muted FY26 earnings while showcasing its medium-term strategy of upscaling the mix of secured loans and individual micro-banking portfolioBasis our channel checks, we believe that lenders (including Ujjivan) have been witnessing a gradual improvement in collection efficiencies in their micro-banking portfolio (including Karnataka) during July and August, indicative of stress peaking out in the MFI portfolioAlthough the MFI stress is expected to normalize downwards during H2FY26, we expect the overall stress to remain elevated for Ujjivan, resulting in muted return ratiosContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ujjivan Small Finance Bank: Muted FY26, Building for a Diversified Mix. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>UJSFB has articulated a long-term growth strategy anchored in a robust liability franchise, asset diversification towards secured loans, and digital plus physical branch expansion.</li><li>The bank expects its deposit base to triple by FY30, supported by an improvement in the CASA ratio to 35% (from 25.5% in Q1FY26).</li><li>Similarly, the loan book is expected to scale to Rs 1 Lc Cr, with the proportion of secured assets rising to 65–70% from 44% currently. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UJSFB has articulated a long-term growth strategy anchored in a robust liability franchise, asset diversification towards secured loans, and digital plus physical branch expansion.The bank expects its deposit base to triple by FY30, supported by an improvement in the CASA ratio to 35% (from 25.5% in Q1FY26).Similarly, the loan book is expected to scale to Rs 1 Lc Cr, with the proportion of secured assets rising to 65–70% from 44% currently. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ujjivan Small Finance Bank Ltd - Secured Assets to Lead Growth; Risk Reward Favourable!

<ul><li>PAR Accretion Tapering: The PAR accretion (in Group Loans) has been consistently moderating over the past 2 quarters.</li><li>The PAR inch-up seen in Q1 can be attributed to the ARC sale done in Q4FY25, resulting in PAR looking optically meaningfully lower.</li><li>However, adjusting for the ARC, the PAR has improved, supported by better X-bucket Collection trends, which have been consistently maintained at ~99.4% since May’25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PAR Accretion Tapering: The PAR accretion (in Group Loans) has been consistently moderating over the past 2 quarters.The PAR inch-up seen in Q1 can be attributed to the ARC sale done in Q4FY25, resulting in PAR looking optically meaningfully lower.However, adjusting for the ARC, the PAR has improved, supported by better X-bucket Collection trends, which have been consistently maintained at ~99.4% since May’25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ujjivan Small Finance Bank Ltd. - MFI Stress Peaks Out

<ul><li>Ujjivan Small Finance Bank Ltd. (UJSFB) is a leading and diversified SFB that transitioned from a NBFC (Ujjivan Financial Services Ltd.) in Feb'17.</li><li>The bank primarily serves low and middle-income individuals and businesses in metro and urban areas with limited or no access to formal banking and financial services.</li><li>Its diversified portfolio includes Microfinance—both group and individual products, MSE Finance, Affordable Housing Finance, FIG Finance, and newly introduced offerings such as personal loans, vehicle loans, and gold loans.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ujjivan Small Finance Bank Ltd. (UJSFB) is a leading and diversified SFB that transitioned from a NBFC (Ujjivan Financial Services Ltd.) in Feb'17.The bank primarily serves low and middle-income individuals and businesses in metro and urban areas with limited or no access to formal banking and financial services.Its diversified portfolio includes Microfinance—both group and individual products, MSE Finance, Affordable Housing Finance, FIG Finance, and newly introduced offerings such as personal loans, vehicle loans, and gold loans.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: Ujjivan Small Finance Bank Ltd - 22nd April, 2025

India

Ujjivan Small Finance Bank Ltd. is a mass-market focused bank in India, primarily serving financially unserved and underserved segments. It offers a comprehensive range of banking products and services, including savings and current accounts, fixed and recurring deposits, and various loans such as microfinance, housing, agriculture, vehicle, and MSME loans. The bank is headquartered in Bengaluru, Karnataka, India, and commenced banking operations on February 1, 2017.

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Ujjivan Small Finance Bank (UJJIVANS IN)

Equitas: Portfolio Diversification - The Path to Stable Earnings

Equitas is meeting strict RBI criteria, maintaining Rs. 1,000 crore net worth and using floating reserves to keep Net NPAs below 0.88%.

Sudarshan Bhandari

Ujjivan Small Finance Bank: Muted FY26, Building for a Diversified Mix. Maintain ADD

Basis our channel checks, we believe that lenders (including Ujjivan) have been witnessing a gradual improvement in collection efficiencies in...

HDFC Securities

Ujjivan Small Finance Bank Ltd - Secured Assets to Lead Growth; Risk Reward Favourable!

UJSFB has articulated a long-term growth strategy anchored in a robust liability franchise, asset diversification towards secured loans, and...

Axis Direct

Ujjivan Small Finance Bank Ltd. - MFI Stress Peaks Out

The PAR inch-up seen in Q1 can be attributed to the ARC sale done in Q4FY25, resulting in PAR looking optically meaningfully lower.However,...

Axis Direct

Axis Punch: Ujjivan Small Finance Bank Ltd - 22nd April, 2025

Ujjivan Small Finance Bank Ltd. (UJSFB) is a leading and diversified SFB that transitioned from a NBFC (Ujjivan Financial Services Ltd.) in Feb'17.

Axis Direct

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Equitas: Portfolio Diversification - The Path to Stable Earnings

​Equitas is meeting strict RBI criteria, maintaining Rs. 1,000 crore net worth and using floating reserves to keep Net NPAs below 0.88%.

Sudarshan Bhandari

Ujjivan Small Finance Bank: Muted FY26, Building for a Diversified Mix. Maintain ADD

Basis our channel checks, we believe that lenders (including Ujjivan) have been witnessing a gradual improvement in collection efficiencies in...

HDFC Securities

Ujjivan Small Finance Bank Ltd - Secured Assets to Lead Growth; Risk Reward Favourable!

UJSFB has articulated a long-term growth strategy anchored in a robust liability franchise, asset diversification towards secured loans, and...

Axis Direct

Ujjivan Small Finance Bank Ltd. - MFI Stress Peaks Out

The PAR inch-up seen in Q1 can be attributed to the ARC sale done in Q4FY25, resulting in PAR looking optically meaningfully lower.However,...

Axis Direct

Axis Punch: Ujjivan Small Finance Bank Ltd - 22nd April, 2025

Ujjivan Small Finance Bank Ltd. (UJSFB) is a leading and diversified SFB that transitioned from a NBFC (Ujjivan Financial Services Ltd.) in Feb'17.

Axis Direct

Equitas is meeting strict RBI criteria, maintaining Rs. 1,000 crore net worth and using floating reserves to keep Net NPAs below 0.88%.