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Capital Small Finance Bank delivered a steady Q3 FY26 with 19.8% YoY advance growth and 18.5% YoY deposit growth, driven by secured lending in MSME and mortgage segments. NIM held at 4% as yield on advances stabilized at 11%, while cost of deposits began to decline to 5.86%. PAT (ex-exceptional) rose 12% YoY to ₹38 crore, supported by stable credit costs at 0.2% and improving cost-to-income ratio of 60.9%. Management guided for 20%+ advance growth in FY26, with NIM expansion of ~10 bps in Q1 FY27 from deposit repricing, and a medium-term ROA target of 1.6% by FY29. Key risk: SMA 1&2 pool elevated at 6.46% due to seasonal agri cash flow lags, though management expects normalization by March 2026.
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Guidance to track
- Management reiterated 20%+ organic secured loan book growth for FY26, with a medium-term target of ₹16,000 Cr advances by FY29.
- Expect NIM to improve by ~10 bps in Q1 FY27 from deposit repricing benefits, with further improvement in Q2.
- Aim to improve ROA from current 1.3% to 1.6% by FY29, driven by NIM expansion and cost optimization.
- Plan to expand branch network from 203 to 300+ by FY29, focusing on semi-urban and rural markets.
Risks flagged
- SMA 1&2 pool stood at 6.46% as of Dec 2025, higher than typical levels, attributed to seasonal agri cash flow lags. Management expects normalization to sub-5% by Mar 2026.
- Intense competition for deposits may limit the pace of cost of deposit reduction, impacting NIM recovery.
- Gross NPA on agriculture book rose to 4.7% due to slower growth and seasonal factors; management remains confident on recoverability.
Key quotes
- We strongly believe our liabilities are one of our biggest assets.
- The benefit of deposit repricing has started showing initial signs and yet to be realized.
- We are quite confident of bringing it back again sub 5% level by March 31, 2026.
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