Utkarsh Small Finance Bank Limited (UTKARSHBNK.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

-176.2%

-₹9.31

vs ₹12.22 price

Levered DCF

-₹0.68

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.13

Distress zone

Rating

Overall 2 / 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	-1.22×	104.55×	10.3×	13.01×	85.71×	32.88×	19.28×	35.04×
P/B	0.51×	0.83×	1.72×	2.63×	3.35×	2.98×	3.53×	4.25×
P/S	0.37×	0.57×	1.43×	1.88×	2.59×	2.39×	4.95×	7.81×
EV / EBITDA	-1.78×	13.39×	11.44×	14.88×	73.15×	42.77×	17.37×	264.62×
Gross margin	9.0%	60.1%	63.9%	65.2%	61.3%	56.5%	100.0%	100.0%
Operating margin	-39.5%	0.6%	18.4%	19.1%	3.9%	8.9%	34.4%	37.0%
Net margin	-30.2%	0.5%	13.9%	14.4%	3.0%	6.6%	25.7%	22.3%
Current ratio	0.96×	0.17×	0.63×	6.48×	0.19×	4.32×	6.28×	0×
Debt / equity	1.02×	0.79×	2.08×	3.05×	3.46×	3.54×	2.61×	1.83×
Interest coverage	-0.79×	0.02×	0.51×	0.55×	0.1×	0.2×	0×	0×
Dividend yield	0.0%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	232.2%	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	-41.5%	0.8%	16.7%	20.2%	3.9%	8.2%	18.3%	12.1%
Return on invested capital	-4.0%	0.3%	2.5%	6.4%	1.1%	2.6%	2.0%	2.5%
Return on assets	-4.0%	0.1%	2.1%	2.1%	0.4%	0.9%	2.0%	1.5%
Free cash flow yield	-11.5%	-136.3%	20.3%	28.5%	22.5%	-4.0%	-38.2%	-43.0%
Earnings yield	-81.9%	1.0%	9.7%	7.7%	1.2%	2.7%	5.2%	2.9%
Enterprise value	₹25.4B	₹14B	₹82.9B	₹88.5B	₹88.2B	₹77.4B	₹47.9B	₹43.1B
Net debt / EBITDA	-0.8×	-10.38×	4.37×	6.03×	29.53×	20.28×	4.33×	63.19×
Cash conversion cycle (days)	-82	-138	-152	-136	-160	-126	0	0