CSBBANK
Micro CapCSB Bank Limited
Financial Services
CSB Bank Limited, established in 1920, is an old private sector bank in Kerala. It offers personal, corporate, MSME, agricultural, and digital banking services. Promoted by FIH Mauritius Investments Ltd (Fairfax Group), the bank aims to be a mid-sized new-age bank with a national presence by 2030.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 40/100Rev +22% YoY · PAT +6% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,201 Cr | +22.4% | +4.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹202 Cr | +6.3% | +32.0% |
| PAT margin | 16.8% | -255 bps | +356 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CSB Bank reports robust FY26 growth with Gross Advances up 27% YoY and Deposits up 20% YoY. Q4 FY26 PAT grew 6% YoY to 202 Cr, while full-year PAT increased 7% YoY to 633 Cr. NIM for FY26 compressed to 3.76% from 4.13% in FY25.
While CSB Bank delivered strong balance sheet growth and improved asset quality with lower Net NPA, the significant compression in Net Interest Margin (NIM) for FY26 and increased credit costs YoY are concerning. Management's focus on scaling and diversification needs to translate into better profitability metrics.
Gross Advances Mix (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Gold Loan Segment
Strategic emphasis on the gold loan segment, which constituted 53% of gross advances in FY26.
Pan-India Operational Footprint
Management aims to establish a robust Pan-India operational footprint as part of the 'Sustain and Build' phase (till FY26).
Advanced Technology Platform
Management plans to develop an advanced, next-generation technology platform.
Diversified Product Portfolio
Management intends to diversify and enhance the product portfolio to cater to diverse customer segments.
Branch Network Expansion
Increased total branches to 862 in March 2026 from 829 in March 2025.
Technology Infrastructure
Four new Datacenters along with private cloud have been built and commissioned.
Core Banking System Upgrade
Bank is now on a New Core Banking System (Flexcube) including Payment System, Virtual Account Management, Digital Channels and Trade Finance.
Digital Transaction Penetration
89.11% of total transactions were digital in FY26, indicating strong adoption and efficiency.
Experienced Leadership
The Managing Director & CEO has over 35 years of experience in leading banking companies.
NIM Compression
Net Interest Margin (NIM) for FY26 declined to 3.76% from 4.13% in FY25.
Increased Provisions
Total Provisions for FY26 increased 112% YoY to 234 Cr.
CASA Ratio Decline
CASA ratio decreased to 21.90% in Q4 FY26 from 25.97% in Q4 FY25.
Asset Quality
Gross NPA % increased QoQ to 1.66% in Q4 FY26 from 1.57% in Q4 FY25.
Profitability Metrics
Return on Assets (ROA) for FY26 declined to 1.29% from 1.53% in FY25.
Treasury Income Volatility
Treasury Profit for Q4 FY26 was - 6 Cr, a significant decline of -112% YoY and -216% QoQ.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both YoY and QoQ comparisons for key financial metrics. YoY is crucial for assessing annual growth trends and overall business expansion, while QoQ helps track sequential momentum in advances, deposits, and profitability, especially for a financial services entity.
Gross Advances
40,359 Cr in FY26, up 27% YoY and 9% QoQ (Q4 FY26).
Deposits
44,246 Cr in FY26, up 20% YoY and 9% QoQ (Q4 FY26).
Net Interest Margin (NIM)
3.76% for FY26 (vs 4.13% in FY25); 3.83% for Q4 FY26 (vs 3.75% in Q4 FY25).
Cost of Deposits
6.37% for FY26 (vs 6.15% in FY25); 6.42% for Q4 FY26 (vs 6.57% in Q4 FY25).
Long-term Vision
Management has a long-term vision of becoming a mid-sized new age bank with a national presence by 2030 (SBS 2030).
Granular Liability Growth
A key objective is growth in granular liability franchise with an ever-improving CASA Ratio.
Asset Quality Focus
Management emphasizes focus on asset quality, risk management, and a strong collection framework.
Fee Business Emphasis
Management states a relentless focus on fee business and non-interest income earnings.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 3.76% (FY26) | Stabilization and improvement in Net Interest Margin. |
| CASA Ratio | 21.90% (Q4 FY26) | Reversal of the declining trend in CASA ratio. |
| Gross NPA (%) | 1.66% (Q4 FY26) | Sustained improvement in asset quality metrics. |
| Credit Cost | 1.29% (FY26) | Containment of credit costs relative to asset growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -10.7% / mo · near 52W low
Technical chart
CSBBANKweekly · 1Y-8.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 42.
- SMA20 falling (~11.9% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 39% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 70.7%.
- Valuation contributes 25/30 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 30th percentile of the scored universe and 47th percentile within Financial Services. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-314 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 47th pctile, median 62 · Micro: 17th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸7/8 recent quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-314 Cr.
- ▸Altman Z is 1.63.
- ▸ROCE is low at 7.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 9.68
- P/B
- 1.26
- EV/EBITDA
- —
- Market Cap
- 6130.00Cr
Profitability
- ROE
- 13.50%
- ROCE
- 7.05%
- ROA
- 1.10%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- —
- Altman Z
- 1.63
- Book Value
- 282.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -314.00 Cr
- EPS TTM
- 36.50
Shareholding
- Promoter Hold
- 40.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.