Ujjivan Small Finance Bank Limited — Q4 FY26

Ujjivan SFB delivered a strong Q4 FY26 with total income of ₹2,186 crore (+18.6% YoY) and PAT of ₹282 crore, driven by robust loan growth of 26.6% YoY and NIM expansion to 8.5%. The secured portfolio mix improved to 49.4% (up from 43.5% YoY), aided by 43.5% growth in secured advances. Asset quality stabilized with GNPA at 2.27% and credit cost improving to 2.2% for FY26. Management guided for FY27 advances growth of ~25%, credit cost moderation to 1.4-1.5%, and ROA of ~1.6%, with NIM expected to remain near current levels. Key risks include potential margin compression from mix shift and elevated opex from branch expansion (140 new branches) and technology investments.