Jana Small Finance Bank Limited (JSFB.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

-70.5%

₹113.04

vs ₹382.60 price

Levered DCF

-₹912.88

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.3

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	11.91×	8.65×	4.62×	7.76×	347.31×	23.45×	62.4×	-0.75×
P/B	0.87×	1.06×	0.86×	1.23×	1.64×	1.78×	1.8×	2.16×
P/S	0.61×	0.81×	0.69×	0.61×	0.65×	0.74×	0.83×	1.07×
EV / EBITDA	16.98×	6.13×	9.5×	17.45×	42.12×	29.64×	28.6×	-1.12×
Gross margin	43.5%	56.8%	58.2%	61.0%	55.5%	53.9%	56.6%	40.1%
Operating margin	5.1%	8.8%	11.4%	7.1%	0.6%	2.7%	1.3%	-143.4%
Net margin	5.1%	9.3%	14.8%	7.1%	0.6%	2.7%	1.3%	-143.4%
Current ratio	0.07×	0.15×	0.09×	0.12×	0.11×	0.19×	0.27×	0×
Debt / equity	1.23×	0.82×	1.23×	3.09×	3.09×	4.37×	2.02×	2.59×
Interest coverage	0.12×	0.2×	0.27×	0.18×	0.01×	0.06×	0.03×	-2.4×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	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	7.3%	12.2%	18.7%	14.2%	1.5%	6.5%	2.9%	-289.3%
Return on invested capital	2.8%	5.7%	5.5%	3.0%	0.3%	1.1%	0.2%	-20.6%
Return on assets	0.7%	1.3%	2.0%	1.0%	0.1%	0.4%	0.2%	-20.6%
Free cash flow yield	12.1%	-58.5%	20.4%	-179.6%	41.6%	28.8%	49.3%	187.0%
Earnings yield	8.4%	11.5%	21.6%	11.6%	0.9%	3.6%	1.6%	-134.2%
Enterprise value	₹68.2B	₹32.7B	₹54.8B	₹56.7B	₹41.4B	₹45.9B	₹35.1B	₹20.7B
Net debt / EBITDA	7.31×	-2.03×	4.14×	10.66×	22.11×	16.83×	13.27×	-0.33×
Cash conversion cycle (days)	0	-156	-189	-80	-84	-56	-70	-61