Middle East conflict impact on MSME portfolio
Management acknowledged potential spillover effects from the Iran war on MSME customers, citing a petrol pump owner receiving fewer fuel tankers, but no significant stress yet.
JANASMALLFINANCEBANK / bear-case history
Track the concerns that keep returning.
Jana Small Finance · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
CASA ratio decline in Q4 due to government deposit outflows
CASA ratio fell to 23.8% in Q4 from 28% a year ago, driven by short-notice withdrawal of government deposits, which may be hard to fully recover.
Unsecured book growth may slow if competition returns
Management noted that strong unsecured growth partly reflects fewer players in the market; if competitors re-enter, growth could moderate.
Credit cost guidance not explicitly given
Management declined to give specific credit cost guidance for FY27, only indicating it could be in the same range as Q4 (0.47%) or slightly better.