Jana Small Finance Bank (JSFB) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Jana Small Finance Bank ₹317, price ₹482, upside -34.4%, quality 35 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
32‑month range ₹341.85 – ₹736.20 · fair‑value band ₹311.38 – ₹398.06 · the ₹482.40 price screens above the ₹316.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Jana Small Finance Bank Limited provides banking and financial services to individuals and enterprises in India. It operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments.
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Jana Small Finance Bank Limited provides banking and financial services to individuals and enterprises in India. It operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments. The company offers current and savings accounts; fixed, recurring, and other deposits; and loans, such as two-wheeler, group, business, gold, home improvement, agri group and individual, and home loans, as well as consumer education on loan overdue concepts. It also offers life, general, and health insurance products; cards; and investment and payment services, as well as mobile, internet, and corporate internet banking services. The company was formerly known as Janalakshmi Financial Services Limited and changed its name to Jana Small Finance Bank Limited in March 2018. Jana Small Finance Bank Limited was founded in 1999 and is headquartered in Bengaluru, India.
Stock analysis
Jana Small Finance Bank (JSFB) currently trades at ₹482.40, while our model-based Fair Value estimate is ₹316.51, 34.4% 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 ₹401.01 per share, and 1 of the 4 models we run sit above the ₹482.40 price.
Bear case: the Asset-Based group reads lowest at ₹283.03, and 3 of the 4 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹311.38 (bear) to ₹398.06 (bull), the price of ₹482.40 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 35/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Jana Small Finance Bank reported revenue of ₹63.7B in FY2025 versus ₹30.1B in FY2021, a compound +20.7%/yr. Reported net income was ₹3.3B in FY2025, compounding +107.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹51.0B (≈ $529M) · P/E ratio 13.4 · P/S ratio 0.69 · EPS (TTM) ₹35.96 · Net margin 5.1% · Return on equity 7.6% · Return on assets (EBIT) 0.9% · Operating margin 18.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −34%, JSFB screens cheaper than that median.
Fair Value models
Bear ₹311.38Fair Value ₹316.51Bull ₹398.06
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹35.96 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.Evidence ⓘEvidence = 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.
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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.8%
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.
+20.6%
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.
+19.0%
Start year 2020 (pandemic). Over 10 years: +21.2% a year
Revenue growth 12 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.
+31.0%
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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. Basis: EBIT basis. 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.
+39.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.3%
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.39.3% vs −6.8%, picking up
Profit margin 2020 to 2025 ⓘ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.3% → 5%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −13.3% a year for the price.
Compare Jana Small Finance Bank with another stock
Price, fair value, quality and upside side by side.
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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 · 1052 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside−34.4% · Bottom 25%
Profitability
Return on equity (TTM)7.6% · Below median
Return on assets0.8% · Below median
Net margin (TTM)12.9% · Bottom 25%
Operating margin (TTM)18.7% · Bottom 25%
Growth and dividend
Revenue growth25.1% · Top 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)13.4× · Pricier than median
P/B1.14× · Cheaper than median
P/S (TTM)1.73× · Cheapest 25%
P/FCF10.8× · Pricier than median
EV/EBITDA6.3× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)100· sector 47
PAST (return on equity)30· sector 41
HEALTH (low debt)0· sector 84
DIVIDEND (yield)0· sector 53
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Jana Small Finance Bank Fair Value". https://www.fairvalue-calculator.com/stock/JSFB
Frequently asked questions
Is Jana Small Finance Bank (JSFB) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹316.51 versus a price of ₹482.40, about −34% upside (overvalued).
What is the fair value of JSFB?
Our model-based fair value for Jana Small Finance Bank is ₹316.51 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹482.40.
What is the quality score of JSFB?
Jana Small Finance Bank has a Quality Score of 35/100. 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 Jana Small Finance Bank (JSFB)?
Our model-based price target is the fair value of ₹316.51 (as of Oct 2, 2026) from 4 valuation models. Cautious scenario ₹311.38, optimistic scenario ₹398.06. It is a calculation from audited fundamentals, not an analyst target.
What is the Jana Small Finance Bank stock forecast for 2026?
Our models put fair value at ₹316.51, about −34% upside versus a price of ₹482.40 (overvalued). Cautious scenario ₹311.38, optimistic scenario ₹398.06. The calculation is refreshed regularly with new filings.
What is the revenue of Jana Small Finance Bank (JSFB)?
Jana Small Finance Bank reported trailing-twelve-month revenue of about ₹29.4B (latest available figure, as of Oct 2, 2026).
What growth is priced into Jana Small Finance Bank (JSFB)?
For today's price to be fair in a discounted-cash-flow model, Jana Small Finance Bank would have to grow free cash flow by -9.7 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.0 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of JSFB use?
Our models discount Jana Small Finance Bank at 12.4 %: a base by market capitalisation (small), damped by beta 0.53, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Jana Small Finance Bank that is -9.7 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Jana Small Finance Bank (JSFB) delivered so far?
Over the past 5 years revenue at Jana Small Finance Bank grew +19.0 % a year. The price currently implies -9.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Jana Small Finance Bank (JSFB) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Jana Small Finance Bank (-9.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Jana Small Finance Bank (JSFB)?
The free-cash-flow yield on the price is 9.25 %: that much free cash flow Jana Small Finance Bank produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Jana Small Finance Bank (JSFB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jana Small Finance Bank it is ₹316.51 per share (as of Oct 2, 2026), against a price of ₹482.40. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Jana Small Finance Bank stock overvalued or undervalued in 2026?
As of Oct 2, 2026, JSFB trades above its calculated fair value: price ₹482.40, fair value ₹316.51, a gap of about −34% (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 JSFB?
No. The price is what the market pays today (₹482.40); the fair value is what the company's own numbers justify (₹316.51). For Jana Small Finance Bank the two are ₹165.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jana Small Finance Bank worth?
The market values Jana Small Finance Bank at about ₹51.0B (market capitalisation, as of Oct 2, 2026). Per share that is ₹482.40; our models calculate a fair value of ₹316.51 per share.
What do the bullish and bearish scenarios say about JSFB?
Our models span a range for Jana Small Finance Bank: cautious scenario ₹311.38, base ₹316.51, optimistic ₹398.06 per share (as of Oct 2, 2026, price ₹482.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JSFB?
Jana Small Finance Bank trades at a price-to-earnings ratio of 13.4 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹316.51 is built from several models across several years. Other multiples: P/B 1.1, P/S 1.7, EV/EBITDA 6.3.
How solid is the balance sheet of Jana Small Finance Bank (JSFB)?
Balance-sheet figures for Jana Small Finance Bank (as of Oct 2, 2026): return on equity 7.6%. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is JSFB from its 52-week high?
Jana Small Finance Bank trades at ₹482.40, about 18% below its 52-week high of ₹584.85 and 41% above the low of ₹341.85 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹316.51 is for.
Which stocks are comparable to Jana Small Finance Bank?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, 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 Jana Small Finance Bank stock attractive at the current price?
The data as of Oct 2, 2026: price ₹482.40, calculated fair value ₹316.51 (−34%), Quality Score 35/100, 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 JSFB calculated?
We run Jana Small Finance Bank through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹316.51, 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 14.5 % above its aggregate fair value. Jana Small Finance Bank 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 Jana Small Finance Bank (JSFB)?
The closing price on Oct 1, 2026 was ₹482.40. Our model-based fair value is ₹316.51, about −34% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jana Small Finance Bank right now?
The price sits above even our optimistic bull case (₹398.06). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 Jana Small Finance Bank
How large is the market capitalisation of Jana Small Finance Bank (JSFB)?
The market capitalisation of Jana Small Finance Bank is ₹51.0B (≈ $529M). 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 Jana Small Finance Bank (JSFB)?
The price-to-sales ratio of Jana Small Finance Bank is 0.69 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Jana Small Finance Bank (JSFB)?
Earnings per share at Jana Small Finance Bank are ₹35.96 (price ÷ EPS = P/E 13.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Jana Small Finance Bank (JSFB)?
The net margin of Jana Small Finance Bank is 5.1% (fiscal year 2025). 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 Jana Small Finance Bank (JSFB)?
The return on equity (ROE) of Jana Small Finance Bank is 7.6% (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 Jana Small Finance Bank (JSFB)?
On an EBIT basis the return on assets of Jana Small Finance Bank is 0.9% (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 Jana Small Finance Bank (JSFB)?
The operating margin of Jana Small Finance Bank is 18.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jana Small Finance Bank (JSFB)?
Revenue at Jana Small Finance Bank is growing +25.1% versus a year earlier (3y avg +20.6%). 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 Jana Small Finance Bank (JSFB)?
Earnings per share at Jana Small Finance Bank are growing +52.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Jana Small Finance Bank (JSFB) carry?
The net debt of Jana Small Finance Bank is ₹29.4B (fiscal year 2025, ≈ 6.2 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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