ESAF Small Finance Bank (ESAFSFB.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

-201.5%

-₹41.34

vs ₹40.75 price

Levered DCF

₹30.28

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.77

Distress zone

Rating

B+

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	-6.15×	-2.57×	6.42×	10.29×	56.6×	28.07×	15.52×	29.14×
P/B	0.57×	0.69×	1.1×	1.81×	2.2×	2.19×	2.72×	2.94×
P/S	0.24×	0.31×	0.64×	1.01×	1.45×	2.81×	1.91×	2.31×
EV / EBITDA	-15.97×	-1.21×	6.25×	11.22×	44.03×	15.81×	15.93×	33.88×
Gross margin	36.1%	58.2%	66.0%	66.9%	63.1%	100.0%	59.8%	59.8%
Operating margin	-5.3%	-16.0%	13.4%	13.2%	2.5%	39.9%	12.3%	7.9%
Net margin	-3.8%	-12.0%	10.0%	9.8%	2.5%	10.0%	12.3%	7.9%
Current ratio	0×	0.1×	0.09×	0.07×	0.13×	0.22×	0.09×	0.17×
Debt / equity	1.54×	0.72×	1.03×	1.56×	1.6×	1.14×	0.96×	1.9×
Interest coverage	-0.12×	-0.38×	0.39×	0.4×	0.07×	0.58×	0.31×	0.2×
Dividend yield	0.0%	2.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-6.9%	0.0%	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	-9.3%	-26.8%	17.1%	17.6%	3.9%	7.8%	17.6%	10.1%
Return on invested capital	-0.5%	-13.4%	6.9%	5.5%	0.7%	9.4%	7.9%	3.3%
Return on assets	-0.5%	-1.9%	1.6%	1.5%	0.3%	0.9%	2.0%	1.3%
Free cash flow yield	20.4%	-28.7%	29.0%	-20.7%	17.2%	9.5%	5.4%	-10.5%
Earnings yield	-16.3%	-38.9%	15.6%	9.7%	1.8%	3.6%	6.4%	3.4%
Enterprise value	₹26B	₹7.7B	₹38.8B	₹50.2B	₹38.5B	₹26.9B	₹34B	₹36.3B
Net debt / EBITDA	-9.69×	0.9×	1.85×	4.27×	8.51×	-1.6×	2.1×	9.34×
Cash conversion cycle (days)	0	30	17	10	4	16	4	-8