SMA (Special Mention Accounts)
3.66%
-33 bps YoY
SMA improved to 3.66% from 3.99% a year ago, exiting stress with a cleaner book.
JANASMALLFINANCEBANK
Financial Services
29 Apr 2026
Jana Small Finance Bank Ltd — Q4 FY26
Jana Small Finance Bank delivered a strong Q4 FY26, meeting all prior guidance on PAT (₹140 crore), net credit cost (0.47%), and SMA (3.66%).
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Jana Small Finance Bank delivered a strong Q4 FY26, meeting all prior guidance on PAT (₹140 crore), net credit cost (0.47%), and SMA (3.66%). The MFI stress is behind, with slippages at ₹334 crore—the lowest in eight quarters. Secured assets grew 28% YoY, now 72.6% of the book, while unsecured disbursements hit a record ₹2,522 crore. The bank guided for 19-21% loan growth, 23-25% deposit growth, and 80%+ PAT growth in FY27. Cost of funds declined 50 bps YoY to 7.46%, with further improvement expected in Q1. Key risks include potential spillover from the Middle East conflict on MSME customers and the need to sustain CASA growth after a Q4 dip.
Key Numbers
Secured Asset Mix
72.6%
+28% YoY
Secured assets grew 28% YoY, now 72.6% of total advances, moving toward 80/20 target.
Unsecured Disbursements (Q4)
₹2,522 Cr
+24% QoQ
Highest ever quarterly unsecured disbursement in 8 years, signaling strong demand.
Gold Loan Book
₹2,358 Cr
+140% YoY
Gold loan book surged 140% YoY, with room for yield improvement via cross-sell.
Management Guidance
Gross loan portfolio growth of 19-21% in FY27
Management guided for 19-21% growth in gross loan portfolio for FY27, driven by secured assets growing 25-30% and unsecured 10-12%.
Management guidance growthDeposit growth of 23-25% in FY27
Deposits are expected to grow 23-25% in FY27, with CASA growth targeted at 27-30%.
Management guidance growthPAT growth of 80%+ in FY27
Management guided for PAT growth of over 80% year-on-year in FY27, driven by lower credit costs, operating leverage, and revenue growth.
Management guidance revenueCost of funds to decline further in Q1 FY27, then stabilize
Cost of funds is expected to decline for one more quarter in Q1 FY27, after which it should stabilize, with no further rate cuts anticipated.
Management guidance marginsKey Risks
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.
medium · analyst_questionCASA 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.
medium · management_commentaryUnsecured 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.
low · management_commentaryCredit 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.
low · analyst_questionNotable Quotes
We are exiting the stress period with a better SMA book than when we started.
Our strategy of ensuring that we put the book under credit guarantee program hasn't changed, which is why the total guarantee program is at 77%.
We have not built that into our financials either for this year for sure and certainly for next year because whether we get universal or not we still think we have a strong business case.
Frequently Asked Questions
What was Jana Small Finance's revenue in Q4 FY26?
Jana Small Finance reported revenue of — in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Jana Small Finance management give for FY27?
Gross loan portfolio growth of 19-21% in FY27: Management guided for 19-21% growth in gross loan portfolio for FY27, driven by secured assets growing 25-30% and unsecured 10-12%. Deposit growth of 23-25% in FY27: Deposits are expected to grow 23-25% in FY27, with CASA growth targeted at 27-30%. PAT growth of 80%+ in FY27: Management guided for PAT growth of over 80% year-on-year in FY27, driven by lower credit costs, operating leverage, and revenue growth. Cost of funds to decline further in Q1 FY27, then stabilize: Cost of funds is expected to decline for one more quarter in Q1 FY27, after which it should stabilize, with no further rate cuts anticipated.
What are the key risks for Jana Small Finance in FY27?
Key risks include 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.; 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..
Did Jana Small Finance meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Jana Small Finance Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.