KIRA
KIRA Research · Financial Services · Small Finance Bank

Ujjivan Small Finance Bank Limited

NSE: UJJIVANSFB · BSE: 542904 · ISIN INE551W01018 · Data as of 2026-09-26
Research: READYConfidence: MEDIUMKIRA Score: Not yet scoredSmallFigures: INR crore; basis shown per row

KIRA view

Post-stress recovery story; asset quality, margins, returns all improved FY26. 0% promoter structure is distinctive research feature. Major strength: secured mix + 21.1% capital. Major risk: MFI-cycle recurrence; no anchor shareholder. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • NII (high-yield MFI + secured mix) ANALYSIS
  • Fees ANALYSIS

Competitive position — peers

  • AU SFB ANALYSIS
  • Equitas SFB ANALYSIS
  • Jana SFB ANALYSIS
  • Suryoday SFB ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
Net profit (PAT)Q4FY26₹281.97 crStandaloneSOURCEDS11, S10
PAT growth (YoY)Q4FY26238.2%StandaloneSOURCEDS10
Net interest incomeQ4FY26₹1,092 crStandaloneSOURCEDS10
Net profit (PAT)FY25₹726.1 crStandaloneSOURCEDS11
Net profit (PAT)FY26₹692.63 crStandaloneSOURCEDS11

Growth drivers

  • Secured-book pivot ANALYSIS
  • CoF decline supporting NIM ANALYSIS
  • 26%+ loan growth with improving PAR ANALYSIS
  • Universal-bank aspiration (management intent, NOT VERIFIED as filed) ANALYSIS

Recent developments

  • Q4 FY26 disbursements ₹9,811 crore (+32.1% YoY). SOURCED S10
  • Secured book share 49.4%. SOURCED S10
  • Collection efficiency 99.8% for March 2026. SOURCED S10

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

MetricPeriodValueBasisProvenanceSource
Return on assetsFY251.67%StandaloneSOURCEDS11
Return on assetsQ4FY262.1%StandaloneSOURCEDS10
Return on equityQ4FY2617.2%StandaloneSOURCEDS10
Net interest marginQ4FY268.5%StandaloneSOURCEDS10
Cost of fundsQ4FY267%StandaloneSOURCEDS10
Cost-to-incomeQ4FY2663%StandaloneSOURCEDS10
Return on assetsFY261.37%StandaloneSOURCEDS11

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

MetricPeriodValueBasisProvenanceSource
Gross NPA2026-03-312.26%StandaloneSOURCEDS11, S10
Net NPA2026-03-310.43%StandaloneSOURCEDS11, S10
Provision coverage2026-03-3181%StandaloneSOURCEDS10
Portfolio at risk2026-03-313.54%StandaloneSOURCEDS10
Capital adequacy (CAR)2026-03-3121.14%StandaloneSOURCEDS11, S10
Liquidity coverage ratio2026-03142%StandaloneSOURCEDS10
deposits2026-03-31₹45,668 crStandaloneSOURCEDS10
CASA ratio2026-03-3128.6%StandaloneSOURCEDS10
gross loan book2026-03-31₹40,655 crStandaloneSOURCEDS10

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

Notes

  • note: Bank — N/A; LCR 142% is quality marker ANALYSIS

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Shareholding

MetricPeriodValueBasisProvenanceSource
Promoter holding2026-06-300%—SOURCEDS13
institutions domestic2026-06-3033.45%—SOURCEDS13
institutions foreign2026-06-3016.81%—SOURCEDS13

Shareholding notes

  • 0% promoter holding follows the reverse merger with Ujjivan Financial Services — a structural feature (30-Jun-2026 filing, S13). SOURCED S13

Governance, regulatory & litigation

  • No promoter or promoter-group shareholding (0.00% at 30-Jun-2026); board-led institution; no promoter pledge or encumbrance declared. [Company filing] SOURCED S13

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • MFI-cycle recurrence ANALYSIS
  • FII selling pressure ANALYSIS
  • High cost-to-income (63%) ANALYSIS
  • Small-cap liquidity risk ANALYSIS

Key questions to monitor

None recorded yet.

Sources

IDDocumentPublisherTypeDateAuthority
S10Ujjivan SFB Q4 FY26 press releaseUjjivan Small Finance Bank Limitedresults press release2026-05-08PRIMARY
S11Audited financial results for the quarter and year ended 31 March 2026 (standalone)Ujjivan Small Finance Bank Limitedaudited financial results2026-05-08PRIMARY
S12Shareholding pattern — quarter ended 31-03-2026 (UJJIVANSFB / 542904 / INE551W01018)Ujjivan Small Finance Bank Limitedshareholding pattern (Reg. 31 filing)2026-03-31PRIMARY
S13Shareholding pattern as on 30-Jun-2026 — UJJIVANSFB, INE551W01018 (XBRL filed with NSE 09-Jul-2026)Ujjivan Small Finance Bank Limitedstock exchange filing — shareholding pattern (Reg. 31(1)(b), XBRL)2026-07-09PRIMARY

Research status

Status
READY
Confidence
MEDIUM
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
6 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · identity.isin
    Record keyed on INE334L01012.
    That is the ISIN of Ujjivan Financial Services Ltd (amalgamated holding company). The bank's filings show INE551W01018 (S12). Canonical ID corrected; old value in qa.lineage. S12
  • Resolved · shareholding
    Kimi FII 16.8 / DII 33.5 / public 49.7 (dated 2026-06, aggregator).
    Not supported by any primary filing retrieved; replaced by S12 filing categories (31-Mar-2026). A 30-Jun-2026 filing is still required (freshness). The bank's stock-information page labels 'June 30, 2026' but links to the same file as 'June 30, 2025' (SHP_Q1_Website_a8311dcf33.pdf, dated 30-06-2025), so no first-party 30-Jun-2026 filing is reachable. A BSE-derived summary (30-Jun-2026: promoter 0%, institutional 50.26%) is secondary and not used as provenance. S12
  • Resolved · asset_quality.GNPA
    GNPA 2.27% (PR) vs 2.26% (audited results).
    Audited results (S11) are canonical; the press release rounds. S11, S10