Ujjivan Small Finance Bank Limited (UJJIVANSFB.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

-48.9%

₹29.09

vs ₹56.90 price

Levered DCF

₹37.44

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.4

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	14.15×	9.31×	7.29×	4.34×	-6.17×	635.42×	12.47×	46.63×
P/B	1.44×	1.12×	1.66×	1.11×	0.91×	1.64×	1.31×	4.43×
P/S	1.22×	0.96×	1.48×	0.98×	0.81×	1.7×	1.39×	3.95×
EV / EBITDA	9.56×	6.06×	8.51×	8.36×	-17.54×	126.06×	12.2×	34.14×
Gross margin	52.0%	61.7%	64.1%	69.1%	67.3%	65.3%	64.6%	64.4%
Operating margin	11.3%	13.3%	26.9%	30.9%	-17.3%	0.3%	15.4%	13.2%
Net margin	8.6%	10.2%	20.3%	23.1%	-13.1%	0.3%	11.6%	9.8%
Current ratio	0.08×	0.1×	0.02×	14.55×	3.44×	3.45×	2.15×	11.83×
Debt / equity	0.55×	0.47×	1.52×	2.03×	2.8×	2.37×	1.17×	2.34×
Interest coverage	0.3×	0.35×	0.75×	1×	-0.53×	0.01×	0.44×	0.37×
Dividend yield	0.0%	4.2%	0.7%	3.4%	0.0%	0.0%	0.3%	0.3%
Payout ratio	0.0%	40.0%	5.3%	14.3%	0.0%	0.0%	3.8%	11.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.2%	11.9%	22.8%	26.1%	-14.8%	0.3%	11.0%	10.9%
Return on invested capital	5.8%	7.4%	3.2%	3.2%	-27.1%	0.3%	74.9%	6.8%
Return on assets	1.2%	1.5%	3.2%	3.3%	-1.8%	0.0%	1.9%	1.4%
Free cash flow yield	14.7%	-63.0%	16.3%	20.0%	97.5%	49.3%	-12.3%	4.1%
Earnings yield	7.1%	10.6%	13.7%	23.5%	-16.2%	0.2%	8.3%	2.5%
Enterprise value	₹100.9B	₹65.2B	₹153.2B	₹130.2B	₹82.4B	₹109.7B	₹65.7B	₹112.3B
Net debt / EBITDA	0.28×	-0.29×	3.32×	5.36×	-12.1×	65.47×	4.42×	9.65×
Cash conversion cycle (days)	0	-9	328	-802	-879	-20	-617	-645