Equitas Small Finance Bank Limited (EQUITASBNK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-138.9%

-₹20.72

vs ₹53.29 price

Levered DCF

₹43.32

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.34

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	57.48×	44.08×	13.19×	14.25×	21.03×	17.07×	13.72×	15.69×
P/B	0.97×	1.07×	1.77×	1.58×	1.39×	1.93×	1.22×	1.46×
P/S	0.75×	0.91×	1.71×	1.75×	1.5×	1.83×	1.15×	1.41×
EV / EBITDA	20.47×	8.88×	7.3×	16.78×	18.35×	24.69×	17.54×	16.52×
Gross margin	42.3%	57.1%	60.9%	65.3%	63.9%	61.1%	60.5%	59.1%
Operating margin	1.6%	2.8%	17.3%	16.5%	9.6%	14.2%	12.1%	13.8%
Net margin	1.3%	2.1%	13.0%	12.3%	7.1%	10.7%	8.4%	9.0%
Current ratio	0×	0.14×	5.49×	0.51×	2.37×	21.4×	1.65×	2.79×
Debt / equity	0.94×	0.35×	0.3×	1.43×	1.07×	2.51×	1.81×	1.79×
Interest coverage	0.04×	0.06×	0.44×	0.48×	0.27×	0.37×	0.31×	0.34×
Dividend yield	0.0%	1.8%	1.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	77.2%	14.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.7%	2.4%	13.4%	11.1%	6.6%	11.3%	8.9%	9.3%
Return on invested capital	0.2%	1.4%	1.8%	31.2%	16.0%	8.1%	82.1%	41.8%
Return on assets	0.2%	0.3%	1.8%	1.6%	1.0%	1.6%	1.3%	1.3%
Free cash flow yield	13.1%	26.1%	32.9%	-15.5%	1.1%	30.4%	10.9%	53.1%
Earnings yield	1.7%	2.3%	7.6%	7.0%	4.8%	5.9%	7.3%	6.4%
Enterprise value	₹60.3B	₹30.8B	₹87.5B	₹143.2B	₹83.2B	₹145.1B	₹78.5B	₹68.6B
Net debt / EBITDA	0.36×	-9.8×	-1.5×	7.2×	5.33×	13.52×	10.05×	8.58×
Cash conversion cycle (days)	0	-3	-7	-521	-734	-2	-963	-647