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Equitas Small Finance Bank Limited (EQUITASBNK) fair value: what the stock is really worth

As of Nov 11, 2026: fair value (intrinsic value) of Equitas Small Finance Bank Limited stock ₹29.58, price ₹55.96, that is 47.1% below the price, quality 49 out of 100. Rating: strongly overvalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services IN · ISIN INE063P01018

ES Equitas Small Finance Bank Limited logo Thin data Nov 9, 2026

Equitas Small Finance Bank Limited

EQUITASBNK · NSE
Very expensive, weak quality

Our calculation puts a fair price 47% below what the stock costs today.

Solidly profitable · 14.1% net margin (TTM)
Revenue last quarter +31% vs. a year ago.
Quality 49/100
Mixed Growth (revenue 5y +17.0 %/yr in INR)
Mixed vs. peers (7/12)
Moderate moat 48/100
Fair value ₹29.58 · Strongly overvalued
Thin data
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹113.10 ₹36.99 Fair Value ₹29.58 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range ₹36.99 – ₹113.10 · fair‑value band ₹28.02 – ₹33.35 · the ₹55.96 price screens above the ₹29.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Equitas Small Finance Bank Limited provides various banking products and services to individuals and corporates, and micro, small, and medium enterprises in India. It operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments.

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The company offers fixed and term deposit products, and savings and current accounts, as well as trust, association, society, and club accounts.

It also provides various loans, such as small business loans; vehicle financing, including used and new commercial vehicles and passenger cars; microfinance and microloans; affordable housing finance; MSE and NBFC finance; gold and staff loans; credit cards; and personal loans.

In addition, the company offers lockers; forex services; life insurance products, including traditional, term, and ULIP; general insurance products, such as motor, fire, PA, and Sachet; health insurance products, including SAHI plans; mutual funds; FASTag; and the three-in-one account, comprising bank, demat, and trading.

It serves children and senior citizens, non-resident Indians (NRIs), and farmers through banking outlets, offices, and ATMs. The company was formerly known as Equitas Finance Limited. Equitas Small Finance Bank Limited was incorporated in 1993 and is based in Chennai, India.

Stock analysis

Equitas Small Finance Bank Limited (EQUITASBNK) currently trades at ₹55.96, while our model-based Fair Value estimate is ₹29.58, 47% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹40.11 per share, and 1 of the 4 models we run sit above the ₹55.96 price.

Bear case: the Economic Profit group reads lowest at ₹29.58, and 3 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: ₹28.02 (bear) to ₹33.35 (bull), the price of ₹55.96 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 49/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Equitas Small Finance Bank Limited reported revenue of ₹78.7B in FY2026 versus ₹39.3B in FY2022, a compound +18.9%/yr. Reported net income was ₹1.0B in FY2026, compounding −22.2%/yr from FY2022.

Key figures

Market cap ₹64.2B (≈ $685M) Small · P/E ratio 9.1 · P/S ratio 1.29 · EPS (TTM) ₹6.15 · Net margin 14.1% · Return on equity 11.4% · Return on assets (EBIT) 1.3% (5-year average) · Operating margin 30.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).

What moves the price

The share trades about 33% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −47%, EQUITASBNK screens richer than that median.

Fair Value models

Bear ₹28.02 Fair Value ₹29.58 Bull ₹33.35
Price ₹55.96 · Downside -47.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹3.81 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income ₹28.02 ₹29.58 ₹33.35 76
P/E Multiple ₹8.78 ₹11.71 ₹14.64 63
P/B Multiple ₹51.38 ₹68.50 ₹85.63 55
All 4 models by family
Multiples
P/E Multiple ₹8.78 ₹11.71 ₹14.64 63
P/B Multiple ₹51.38 ₹68.50 ₹85.63 55
Asset-Based
NCAV (Graham) ₹24.47 ₹32.78 ₹48.93 51
Economic Profit
Residual Income ₹28.02 ₹29.58 ₹33.35 76

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Quality Score breakdown

Overall quality 49/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 13
How much profit the company makes from its sales and capital
Quality Growth 37
Are margins and returns getting better?
Cashflow 69
Do the profits arrive as real cash?
Financial strength 31
Debt, balance sheet and risk of trouble
Investment 56
Does it invest with discipline instead of growing at any price?
Low Volatility 75
How calm the share price moves, does not count
Price momentum 27
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 22
Distance to the 52-week high, does not count
New shares 87
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+10.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.0%
Start year 2021 (pandemic). Over 10 years: +37.6% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+52.6%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−17.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−17.8% vs −3.6%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 2%
Pace: the 5-year rate starts in 2021 (pandemic)

EQUITASBNK screens overvalued: fair value 47% below the price. Compare with China Merchants Bank Co →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 999 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside −47.1% · Bottom 25%
Profitability
Return on equity (12 months) 11.4% · Above median
Return on assets 0.2% · Bottom 25%
Net margin (12 months) 14.1% · Bottom 25%
Operating margin (12 months) 30.6% · Below median
Growth and dividend
Revenue growth (quarter YoY) 31.4% · Top 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 9.1× · Cheaper than median
P/B 1.05× · Cheaper than median
P/S (12 months) 1.29× · Cheapest 25%
Price / free cash flow (fiscal year) 8.3× · Cheaper than median
EV/EBITDA 2.6× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 9
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)45 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 52

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.63 ¥7.59 +35% vs EQUITASBNK
China Merchants Bank Co 600036 ¥42.56 ¥52.73 +24% vs EQUITASBNK
BNP Paribas SA BNP €95.77 €107.43 +12% vs EQUITASBNK
Intesa Sanpaolo S.p.A ISP €6.30 €4.91 −22% vs EQUITASBNK
UniCredit S.p.A UCG €84.24 €58.08 −31% vs EQUITASBNK
Oversea-Chinese Banking Corporation O39 28.82 SGD 18.20 SGD −37% vs EQUITASBNK
Mizuho Financial Group MFG $10.16 $5.87 −42% vs EQUITASBNK
DBS Group D05 70.97 SGD 40.39 SGD −43% vs EQUITASBNK
HDFC Bank Limited HDFCBANK ₹806.60 ₹406.39 −50% vs EQUITASBNK
ICICI Bank Limited ICICIBANK ₹1,572 ₹615.63 −61% vs EQUITASBNK

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Equitas Small Finance Bank Limited: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Equitas Small Finance Bank Limited Fair Value". https://www.fairvalue-calculator.com/stock/EQUITASBNK

Frequently asked questions

Is Equitas Small Finance Bank Limited (EQUITASBNK) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of ₹29.58 versus a price of ₹55.96, about 47% lower (overvalued).
What is the fair value of EQUITASBNK?
Our model-based fair value for Equitas Small Finance Bank Limited is ₹29.58 (as of Nov 9, 2026), built from audited fundamentals. The current price: ₹55.96.
What is the quality score of EQUITASBNK?
Equitas Small Finance Bank Limited has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Equitas Small Finance Bank Limited (EQUITASBNK)?
Our model-based price target is the fair value of ₹29.58 (as of Nov 9, 2026) from 4 valuation models. Cautious scenario ₹28.02, optimistic scenario ₹33.35. It is a calculation from audited fundamentals, not an analyst target.
What is the Equitas Small Finance Bank Limited stock forecast for 2026?
Our models put fair value at ₹29.58, about 47% lower versus a price of ₹55.96 (overvalued). Cautious scenario ₹28.02, optimistic scenario ₹33.35. The calculation is refreshed regularly with new filings.
What is the revenue of Equitas Small Finance Bank Limited (EQUITASBNK)?
Equitas Small Finance Bank Limited reported trailing-twelve-month revenue of about ₹49.9B (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Equitas Small Finance Bank Limited (EQUITASBNK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Equitas Small Finance Bank Limited it is ₹29.58 per share (as of Nov 9, 2026), against a price of ₹55.96. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Equitas Small Finance Bank Limited stock overvalued or undervalued in 2026?
As of Nov 9, 2026, EQUITASBNK trades above its calculated fair value: price ₹55.96, fair value ₹29.58, a gap of about −47% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EQUITASBNK?
No. The price is what the market pays today (₹55.96); the fair value is what the company's own numbers justify (₹29.58). For Equitas Small Finance Bank Limited the two are ₹26.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Equitas Small Finance Bank Limited worth?
The market values Equitas Small Finance Bank Limited at about ₹64.2B (market capitalisation, as of Nov 9, 2026). Per share that is ₹55.96; our models calculate a fair value of ₹29.58 per share.
What do the bullish and bearish scenarios say about EQUITASBNK?
Our models span a range for Equitas Small Finance Bank Limited: cautious scenario ₹28.02, base ₹29.58, optimistic ₹33.35 per share (as of Nov 9, 2026, price ₹55.96). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EQUITASBNK?
Equitas Small Finance Bank Limited trades at a price-to-earnings ratio of 9.1 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹29.58 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2021 to 2026), reported earnings: 19.3. Other multiples: P/B 1.1, P/S 1.3, EV/EBITDA 2.6.
How solid is the balance sheet of Equitas Small Finance Bank Limited (EQUITASBNK)?
Balance-sheet figures for Equitas Small Finance Bank Limited (as of Nov 9, 2026): return on equity 11.4%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is EQUITASBNK from its 52-week high?
Equitas Small Finance Bank Limited trades at ₹55.96, about 33% below its 52-week high of ₹83.07 and 8% above the low of ₹51.73 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of ₹29.58 is for.
Which stocks are comparable to Equitas Small Finance Bank Limited?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Equitas Small Finance Bank Limited stock attractive at the current price?
The data as of Nov 9, 2026: price ₹55.96, calculated fair value ₹29.58 (−47%), Quality Score 49/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EQUITASBNK calculated?
We run Equitas Small Finance Bank Limited through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of ₹29.58 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Equitas Small Finance Bank Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Equitas Small Finance Bank Limited (EQUITASBNK)?
The closing price on Nov 11, 2026 was ₹55.96. Our model-based fair value is ₹29.58, about 47% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Equitas Small Finance Bank Limited right now?
The price sits above even our optimistic bull case (₹33.35). The favourable scenario is already priced in. Weak quality (49/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Equitas Small Finance Bank Limited

How large is the market capitalisation of Equitas Small Finance Bank Limited (EQUITASBNK)?
The market capitalisation of Equitas Small Finance Bank Limited is ₹64.2B (≈ $685M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Equitas Small Finance Bank Limited (EQUITASBNK)?
The price-to-sales ratio of Equitas Small Finance Bank Limited is 1.29 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Equitas Small Finance Bank Limited (EQUITASBNK)?
Earnings per share at Equitas Small Finance Bank Limited are ₹6.15 (price ÷ EPS = P/E 9.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Equitas Small Finance Bank Limited (EQUITASBNK)?
The net margin of Equitas Small Finance Bank Limited is 14.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Equitas Small Finance Bank Limited (EQUITASBNK)?
The return on equity (ROE) of Equitas Small Finance Bank Limited is 11.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Equitas Small Finance Bank Limited (EQUITASBNK)?
On an EBIT basis the return on assets of Equitas Small Finance Bank Limited is 1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Equitas Small Finance Bank Limited (EQUITASBNK)?
The operating margin of Equitas Small Finance Bank Limited is 30.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Equitas Small Finance Bank Limited (EQUITASBNK)?
Revenue at Equitas Small Finance Bank Limited is growing +31.4% versus a year earlier (3y avg +19.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Equitas Small Finance Bank Limited (EQUITASBNK)?
Earnings per share at Equitas Small Finance Bank Limited are growing +805% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Equitas Small Finance Bank Limited (EQUITASBNK) generate?
The free cash flow of Equitas Small Finance Bank Limited is ₹7.8B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Equitas Small Finance Bank Limited (EQUITASBNK) carry?
The net debt of Equitas Small Finance Bank Limited is ₹1.1B (fiscal year 2026, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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