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Middle East conflict impact on MSME portfolio
View Risks →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%).
bullish
high
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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.
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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.
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.
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Guidance and risk preview
Management guided for 19-21% growth in gross loan portfolio for FY27, driven by secured assets growing 25-30% and unsecured 10-12%.
Management acknowledged potential spillover effects from the Iran war on MSME customers, citing a petrol pump owner receiving fewer fuel tankers, b...
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