ESAF Small Finance Bank (ESAFSFB) Fair Value & Analysis
Financial Services · IN · Market cap ₹16.8B
Fair value as of: Aug 2, 2026
From 3 valuation models · updated 11 days ago
Fair value updated Aug 2, 2026, revised from ₹11.65 to ₹7.80 (−33.0%) since Jun 29, 2026. Share price +12.4% over the past month.
Below-average quality, and screening another 80% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹10.01). The favourable scenario is already priced in.
- Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range (₹4.73 to ₹10.01) leaves room in how you read the outcome.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.
How to read this chart
33‑month range ₹19.86 – ₹77.55 · fair‑value band ₹4.73 – ₹10.01 · the ₹39.83 price screens above the ₹7.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.
Analysis
ESAF Small Finance Bank (ESAFSFB) currently trades at ₹39.83, while our model-based Fair Value estimate is ₹7.80, implying the stock looks roughly 80.4% overvalued today. The Quality Score stands at 34/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, ESAF Small Finance Bank generated revenue of ₹15.7B at a net margin of -10.6%. Revenue grew 103.9% year over year. It earns a return on equity of -8.9%. Net debt stands at ₹15.8B. Fundamentals as of Aug 2, 2026
Our scenario range runs from ₹4.73 (bear case) to ₹10.01 (bull case); at ₹39.83, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 101% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at -80%, ESAFSFB screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 3 models by family
Widest divergence: Asset-Based (₹23.20) versus Dividend Discount (₹11.24). Highest evidence: Gordon GGM (70).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 31 · Market factors (momentum, volatility) 67
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
ESAF Small Finance Bank provides banking products and services to retail, rural, and corporate customers in India. It operates through Treasury, Wholesale Banking, Retail Banking, and Other Banking segments.
Full company description
ESAF Small Finance Bank provides banking products and services to retail, rural, and corporate customers in India. It operates through Treasury, Wholesale Banking, Retail Banking, and Other Banking segments. The company offers savings, current, and NRI accounts; foreign currency non-resident deposit accounts; fixed, recurring, social, and term deposits; personal net, mobile, SMS, missed call, and USSD banking services; and debit and credit cards. It also provides working capital/term, farmer interest group, used and new car, two- and three-wheeler, light commercial vehicle, school, personal, agri gold, lease rental discounting, dream education, gold, dairy development, MSME, dream home, clean energy, business, micro housing, income generation, general, microfinance, QR, micro enterprise, and other loans; as well as ESAF FPO finance; trade receivables e-discounting system; salary overdrafts; and loans against property. In addition, the company offers micro-banking services; unified payment interface services; investment products, including national pension systems; third party financial product distribution, such as life, general, and health insurance, as well as 3-in-1 accounts; treasury services; foreign exchange services comprising purchase and sale of currencies, outward and inward remittances, money transfer service schemes, multicurrency forex card, and non-resident repatriation; and other banking services. The company was founded in 1992 and is based in Thrissur, India. ESAF Small Finance Bank is a subsidiary of ESAF Financial Holdings Private Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
ESAF Small Finance Bank reported revenue of ₹43.5B in FY2025 versus ₹21.5B in FY2021, a compound +19.3%/yr. Reported net income was −₹1.7B in FY2025.
ESAFSFB screens 80% overvalued. Compare with PT Bank Central Asia Tbk →
Peer Group
Banks - Regional · 1086 stocks
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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| PT Bank Central Asia Tbk BBCA | 6,175 IDR | 6,087 IDR | -1% |
| KB Financial Group 105560 | 184,400 KRW | 213,797 KRW | +16% |
| PT Bank Rakyat Indonesia (Persero) Tbk BBRI | 2,970 IDR | 4,891 IDR | +65% |
| PT Bank Mandiri (Persero) Tbk BMRI | 4,310 IDR | 7,841 IDR | +82% |
| Banco Bradesco S.A BBD | 5,120 ARS | 10,240 ARS | +100% |
| Shinhan Financial Group 055550 | 107,900 KRW | 137,259 KRW | +27% |
| Hana Financial Group 086790 | 136,800 KRW | 193,969 KRW | +42% |
| Lloyds Banking Group LYG | 4,138 ARS | 8,275 ARS | +100% |
| Banco de Chile, CHILE | 193.10 CLP | 152.55 CLP | -21% |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB | 59,400 VND | 84,201 VND | +42% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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