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Revenue
₹1,239 Cr
verification pending
Revenue YoY
18%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Equitas Small Finance Bank delivered a strong Q4 FY26 with PAT of ₹213 crore (highest ever, +46% YoY) driven by NIM expansion to 7.29% (+57bps QoQ) and credit cost falling to 1.11% (lowest in 8 quarters). Advances grew 22% YoY to ₹46,165 crore, with disbursements at a record ₹7,347 crore. Management guided for FY27 ROA of 1.2-1.25% (Q4 exit ~1.5%), factoring in NIM moderation to ~7% due to deposit rate hikes and seasonal slippage, and credit cost normalization to ~1.5%. Key risk: potential diesel price pass-through could stress the 12% CV portfolio if fuel costs rise >10%.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 20%+ year-on-year growth in advances for FY27, supported by improved disbursements.
- Full-year ROA guided at 1.2-1.25%, with Q4 FY27 exit ROA expected around 1.5%, factoring in NIM moderation and credit cost normalization.
- Credit cost expected to rise from Q4's 1.11% to around 1.5% for the full year due to seasonal factors and normalization.
- Management expects NIM to moderate from 7.29% and stabilize around 7% due to deposit rate hikes and CD ratio management.
Risks flagged
- West Asia conflict could lead to diesel price hikes >10%, stressing the 12% CV portfolio due to lag in freight rate adjustment.
- March 2026 rate hikes on savings and term deposits will increase cost of funds, pressuring NIM from Q1 FY27 onwards.
- Q1 and Q2 are seasonally weak for collections, likely leading to higher GNP slippage and income reversals, impacting NIM and credit cost.
- If RBI raises rates or deposit competition intensifies, cost of funds could rise further, though management believes ability to pass on costs to borrowers.
Key quotes
- The NIM increased for the first time in Q3 after many years of decline and in Q4 the NIM continued to show an upward trajectory.
- We have increased our interest rate on TD and SA during March 26 and this is expected to increase the cost of funds going forward.
- Our micro finance which used to be around 50% in the past now it's come down to 10%.
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