UJJIVANSFB
Micro CapUjjivan Small Finance Bank Limited
Consumer
Ujjivan Small Finance Bank is an Indian bank focused on financial inclusion, offering a diversified portfolio including microfinance, individual, affordable housing, and MSME loans. The bank emphasizes granular deposit growth, digital channels, and a pan-India presence across 26 states and UTs with 776 branches.
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 weak.
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
Excellent · 85/100Rev +19% YoY · PAT +240% YoY · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,878 Cr | +19.4% | +7.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹282 Cr | +239.8% | +51.6% |
| PAT margin | 15.0% | +974 bps | +440 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
Ujjivan SFB reports robust Q4FY26 performance with 27% YoY Gross Loan Book growth and 238% YoY PAT increase, driven by strong secured book expansion, NIM improvement, and moderated asset quality.
The bank's strategic shift towards a more diversified, secured loan book and granular deposit base is yielding positive results, reflected in strong growth, expanding margins, and improving asset quality. Digital adoption and analytics are enhancing operational efficiency and customer reach.
Gross Loan Book by Segment (Q4FY26)
Latest issuer-disclosed distribution across 10 reported categories.
Secured Loan Book Expansion
Secured advances grew 43.5% YoY, now comprising 49.4% of GLB, indicating successful diversification.
New Product Growth
Vehicle Loan book grew 102% YoY, Gold Loan 292% YoY, and Agri Banking 127% YoY, driving overall GLB growth.
Digital Adoption
93.7% of transactions are digital (IB, MB, UPI); 73% online retail term deposits; 45% pure digital repayments in Micro Banking.
Data Analytics
Generated additional business volume of ~₹1,100 Cr+ in FY26 and recovered ~₹38 Cr+ from written-off pools.
Branch Network Expansion
Total branches increased to 776 in Mar'26 from 753 in Mar'25, expanding pan-India presence.
Electronic Collection Points
The bank has 8K+ Electronic Collection Retail Points (ECRP) to enhance reach.
RBI Recognition of Diversification
On April 13th, RBI recognized the bank's loan portfolio diversification efforts.
Strong Capital Buffers
Strong provisioning and capital buffers provide meaningful absorption capacity for any geopolitical-led impacts.
Microfinance Concentration
Microfinance Group Loans still constitute 26.7% of GLB, a segment generally associated with higher credit risk.
Geopolitical Impacts
Management acknowledges potential for geopolitical-led second/third order impacts on the business.
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.
YoY comparison provides insight into the bank's annual growth trajectory and structural changes, while QoQ comparison is crucial for assessing sequential momentum in asset quality, profitability, and operational efficiency, which are key for a financial institution.
Gross Loan Book (GLB) Growth
GLB grew 26.6% YoY to ₹40,655 Cr in Q4FY26.
Secured Loan Book Share
Secured advances grew 43.5% YoY and now comprise 49.4% of the GLB in Q4FY26.
Total Deposits Growth
Total Deposits grew 21.4% YoY to ₹45,668 Cr in Q4FY26.
CASA Ratio
Focus on granular deposit led to CASA% reaching 28.6% in Q4FY26.
FY27 Advances Growth Guidance
Management guides for ~25% advances growth in FY27.
FY27 RoA Guidance
Management guides for RoA of 1.4% to 1.5% of Average GLB in FY27.
FY27 Credit Cost Guidance
Management guides for Credit Cost of ~1.6% in FY27.
Organizational Vision & Augmentation
Board and Management Augmentation continued through FY26 towards stated Organizational Vision.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Advances Growth | ~27% YoY (Q4FY26 GLB) | Achievement of ~25% growth as guided for FY27. |
| Return on Assets (RoA) | 2.1% (Q4FY26) | Movement towards the guided range of 1.4% to 1.5% for FY27. |
| Credit Cost | 1.5% (Q4FY26) | Adherence to the guided trajectory of ~1.6% for FY27. |
| Secured Loan Book Share | 49.4% of GLB | Continued increase in the share of secured advances to further de-risk the portfolio. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -3.3% / mo
Technical chart
UJJIVANSFBdaily · 6M+1.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 45. Wait for confirmation.
- SMA20 falling (~8.7% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 10% 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 80.6%.
- Growth contributes 19/25 to the score.
- Valuation contributes 18/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; 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: +1 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 42nd percentile of the scored universe and 42nd percentile within Consumer. Main check: financial discipline is weak at 36/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 5 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 42nd pctile, median 67 · Micro: 26th 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.
- ▸FCF yield is positive at 0.5%.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸5 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 7.7%.
- ▸Revenue CAGR is 19% but EPS CAGR is -14%.
- ▸2/8 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 14.70
- P/B
- 1.51
- EV/EBITDA
- —
- Market Cap
- 10177.00Cr
Profitability
- ROE
- 10.80%
- ROCE
- 7.74%
- ROA
- 1.20%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 194.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- —
- Altman Z
- 1.94
- Book Value
- 34.60
Cash Flow
- FCF Yield
- 0.49%
- FCF Positive Y
- 6/5
- OCF
- 1843.00 Cr
- EPS TTM
- 3.57
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.