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What the record says.
Jana Small Finance Bank reported a decisive turnaround in Q3 FY26, with slippages and SMA trends peaking in Q1 and now declining sustainably. The bank achieved its highest disbursals in 18 months across both secured and unsecured portfolios, while NIMs showed modest improvement of 10 bps. Deposits grew 30% YoY, with CASA ratio improving to 20% and cost of funds declining to 7.7%. Management guided for Q4 PAT of 140-160 crore and credit cost of 170-190 crore, with FY27 credit cost expected at 1.7-1.8%. The guarantee program now covers 62% of the unsecured book, expected to yield 120 crore in claims next year. ROA and ROE are guided to 1.5-1.6% and 14-15% respectively for FY27. Key risk: execution on unsecured growth and guarantee claim realization timelines.
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Guidance to track
- Management expects Q4 PAT to be between 140 and 160 crore, a significant improvement from Q3 PAT of 10 crore.
- Credit cost is expected to decline to 1.7-1.8% in FY27 from an estimated 2.6-2.7% in FY26, driven by lower SMA and provisioning.
- Management guided for ROA of 1.5-1.6% and ROE of 14-15% in FY27, supported by NIMs crossing 7% and lower credit costs.
- Cost-to-income ratio is expected to normalize to 60-62% by Q2 or Q3 of next financial year as unsecured growth resumes and slippages reduce.
Risks flagged
- Claims from the guarantee program are received 18 months after the financial year close, creating a timing mismatch between premium payments and recoveries.
- Unsecured book growth has just turned positive after a prolonged slowdown; sustaining growth without a spike in slippages is key.
- January saw tight liquidity; while incremental deposit costs are at 7%, any reversal could pressure NIMs.
- Three large BCs caused significant NPAs; though collections have stabilized, any recurrence could impact asset quality.
Key quotes
- What we were hoping to see in quarter two, we have finally seen in quarter three. So we are quarter late in what we thought would be a bottoming out of all issues specifically the slippages and SMA trend but we have seen that decisively happen in quarter three.
- Our unsecured block had a slow growth. It costed us a nimic operation of 20 bits. Now the growth is back. We should expect positive contribution on NIMS.
- We were a bit more ambitious on what quarter 2 will do to quarter 1 slippages and hence did not go in for a big provision in quarter 1.
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