EQUITAS SMALL FINANCE BANK LTD (EQUITASBNK): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹56.1 latest close · −26.5% over the last 90 sessions

₹56.1 month-end · −12.6% over 12 months

₹56.1 month-end · −40.3% over 3 years

₹56.1 month-end · +63.3% since Nov '20

52-week range ₹47.32 to ₹83.90 · 1-year volatility 37.3%

Was the rally earned?

3 years5 years

-40%share price, 3 yearsMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 18.2x to 12.6x); per-share earnings took off 11 points.
The share count rose 3%.

Net profit growth-9 ptsNet profit fell about 11%, which lowers the price.

P/E change-29 ptsThe P/E fell from 18.2x to 12.6x, which lowers the price.

Share count change-2 ptsShare count rose 3%, which lowers the price.

-7%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 27 points, but investors now pay less per rupee of profit (P/E 17.9x to 12.6x), which took 34 points back.
The share count barely moved.

Net profit growth+28 ptsNet profit rose about 33%, which lifts the price.

P/E change-34 ptsThe P/E fell from 17.9x to 12.6x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 1 year: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with ICICI BANK

How rough has the ride been?

Maximum drawdown-56.1%not yet recovered

1-year volatility37.3%annualised

Beta vs sector index0.853-year daily, correlation 0.45

Volume spikes9last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-56.1% (2024-01 peak to 2025-08 low, not yet recovered)

-45.9% (2021-07 peak to 2022-06 low, recovered 2023-02)

-19.7% (2021-03 peak to 2021-04 low, recovered 2021-05)

Most recent volume spikes

2026-11-09: 6.6x the 50-day median, price +0.4% that day

2026-11-06: 9.7x the 50-day median, price -0.2% that day

2026-11-05: 11.3x the 50-day median, price -1.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

1.1xP/B todayNear its historic low

Against its own history5th percentile

CheapestMedian 1.5xDearest

Usual range 1.1x to 2.1x since 2020-11.

Against Finance1.1x vs 1.5x

This company

1.1x

Sector median

1.5x

31% below the Finance median.

P/BP/EP/S

P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianFinance median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/B history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (banks and financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROE (approx.)15th▲ 4 pts vs a year ago
EPS growth13th▲ 4 pts vs a year ago
P/B ↓62nd▼ 3 pts vs a year ago
12M momentum42nd▼ 8 pts vs a year ago
FII + DII92ndflat vs a year ago

Rank history

ROE (approx.)

EPS growth

P/B ↓

12M momentum

FII + DII

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~12%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 16.8x, a holder earning 12%/yr needs earnings to grow about 12.3%/yr for 10 years, then trade at 15x.

Delivered15.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap−2.8 ptsimplied minus delivered

Rank24thmost demanding of 63 financials

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	13.7%	14.7%	15.7%
15x	11.3%	12.3%	13.3%
20x	8.3%	9.3%	10.2%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 12.3%/yr

Looking back

Jan 2021Price implied 20%/yr; EPS has since grown −15%/yr (6.0 yrs)
Jan 2022Price implied 21%/yr; EPS has since grown −23%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹56.10
P/E: 12.6x
Market Cap: ₹6417 cr
Revenue (TTM): ₹7105 cr
P/S: 0.9x
P/B: 1.0x
ROE: 2.0%
Debt / Equity: 0.9x
12M Momentum: -12.6%

52-week range

₹47.32₹83.90

24% of the way from its 52-week low to its high

Price risk

1Y volatility

37.3%

Beta vs sector

1-year daily

0.97

Balance sheet & cash

Share count, 1Y

+0.1%

Are profits backed by cash?

1 of 1checks within rangeAll clear

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Tap a check to see how it is measured

Cash conversion and receivable days are not meaningful for banks and NBFCs, so only the other-income and tax-rate checks are shown.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs added 7.3 pts; FIIs trimmed 2.5 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters———

FIIs18.2%15.7%-2.5 pts

DIIs43.9%51.3%+7.3 pts

Public and others37.9%33.0%-4.9 pts

Number of shareholders

3.7 lakhshareholders+2% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+8.5%typical 12-month return vs the marketAbove the base rate

We found 50 past situations where a bank, NBFC or insurer looked like EQUITAS SMALL FINANCE BANK LTD today on valuation, return on capital, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −6% to +51% vs the market, against −3% for all financial companies in the same months.
The analogs' median sat above that base rate (gap +11.0%, 80% range +5.7% to +20.8%), but the matches cluster in only 5 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 6 beyond the range shown, drawn at the edge

Similar setups' median

+8.5%

All companies' median

−2.5%

Beat the market

66% vs 47%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

Company	When	P/E	P/B	12M mom.	Drawdown	Next 12 months
RBLBANK Finance	Jan 2024	17x	1.8x	+67%	−12%	−42%
CENTRALBK Finance	May 2023	22x	0.9x	+43%	−32%	+67%
BANKBARODA Finance	Feb 2020	16x	0.3x	−26%	−49%	−17%
DCBBANK Finance	May 2023	13x	0.9x	+42%	−15%	−24%
SURYODAY Finance	Jan 2024	23x	1.1x	+55%	−12%	−31%

Show the other 3 matches

Company	When	P/E	P/B	12M mom.	Drawdown	Next 12 months
MAHABANK Finance	Mar 2022	19x	0.9x	−20%	−43%	+56%
CANBK Finance	Jan 2020	22x	0.4x	−20%	−33%	−48%
KARURVYSYA Finance	Oct 2020	11x	0.4x	−41%	−49%	−5%

How reliable is this?

Matched on P/E, P/B, ROE, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and P/B. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to EQUITAS SMALL FINANCE BANK LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

KARNATAKA BANKKTKBANK

Finance

65%similar

volatilityP/B

FUSION FINANCEFUSION

Finance

63%similar

ROEP/B

ARMAN FINANCIAL SERVICES LIMITARMANFIN

Finance

61%similar

EPS growthROE

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since May '23

2026
OctValuationP/B fell below the 10th percentile of its own history to date (1.0x).
OctPriceVolume reached 126.5x its 50-day median on 2026-10-30; price -6.3% that day.
JulPriceVolume reached 5.3x its 50-day median on 2026-07-28; price -5.5% that day.
JunResultsEPS (TTM) turned positive.
JunDividendDividend payout cut from 78% to 0% of profit.
MayPriceVolume reached 19.9x its 50-day median on 2026-05-04; price +6.1% that day.
MarValuationP/B fell below the 10th percentile of its own history to date (1.0x).
2025
NovPriceVolume reached 7.3x its 50-day median on 2025-11-17; price +7.8% that day.

Show 22 earlier events

2025
SepResultsEPS (TTM) turned negative.
SepInstitutionsFII + DII holding rose 5.4 pts over 2 quarters to 63.4%.
AugPriceFell 56% from the Jan 2024 peak to the Aug 2025 low.
JunPeer rankSlipped to the bottom quartile of Finance on ROE (from the 2nd quartile).
MayValuationP/B fell below the 10th percentile of its own history to date (1.2x).
AprPriceVolume reached 6.5x its 50-day median on 2025-04-28; price -4.3% that day.
2024
DecResultsYear-on-year EPS growth turned negative.
DecInstitutionsFII + DII holding fell 4.5 pts over 1 quarter to 60.6%.
DecPeer rankSlipped to the bottom quartile of Finance on EPS growth (from the 3rd quartile).
OctValuationP/B fell below the 10th percentile of its own history to date (1.3x).
SepPeer rankSlipped to the 3rd quartile of Finance on EPS growth (from the 2nd quartile).
JulPriceVolume reached 7.3x its 50-day median on 2024-07-29; price -5.2% that day.
JunResultsRevenue (TTM) reached a new high of ₹5,486 cr.
JunPeer rankMoved into the 2nd quartile of Finance on ROE (from the 3rd quartile).
JunPriceVolume reached 5.2x its 50-day median on 2024-06-19; price +2.6% that day.
MarInstitutionsFII + DII holding rose 3.2 pts over 1 quarter to 65.2%.
2023
DecValuationP/B crossed above the 90th percentile of its own history to date (2.3x).
DecPriceVolume reached 9.9x its 50-day median on 2023-12-12; price +9.9% that day.
JunResultsYear-on-year EPS growth turned positive.
JunPeer rankMoved into the top quartile of Finance on EPS growth (from the bottom quartile).
JunDividendStarted paying a dividend (payout 19% of profit).
MayValuationP/B crossed above the 90th percentile of its own history to date (2.6x).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history73 months · 2020-11 to 2026-11

Month	P/E	Revenue (TTM)	ROE	Debt / Equity
2026-11	12.6x	₹7105 cr	2.0%	0.9x
2026-10	12.0x	₹7105 cr	2.0%	0.9x
2026-09	15.4x	₹7105 cr	2.0%	0.9x
2026-08	82.2x	₹6794 cr	2.0%	0.9x
2026-07	83.6x	₹6794 cr	2.0%	0.9x
2026-06	83.8x	₹6794 cr	2.0%	0.9x
2026-05	—	₹6602 cr	2.0%	0.4x
2026-04	—	₹6602 cr	2.0%	0.4x
2026-03	—	₹6602 cr	2.0%	0.4x
2026-02	—	₹6522 cr	2.0%	0.4x
2026-01	—	₹6522 cr	2.0%	0.4x
2025-12	—	₹6522 cr	2.0%	0.4x
2025-11	—	₹6460 cr	2.0%	0.4x
2025-10	—	₹6460 cr	2.0%	0.4x
2025-09	—	₹6460 cr	2.0%	0.4x
2025-08	39.0x	₹6312 cr	2.0%	0.4x
2025-07	45.9x	₹6312 cr	2.0%	0.4x
2025-06	52.0x	₹6312 cr	2.0%	0.4x
2025-05	23.1x	₹6113 cr	14.0%	0.3x
2025-04	24.3x	₹6113 cr	14.0%	0.3x
2025-03	20.0x	₹6113 cr	14.0%	0.3x
2025-02	14.4x	₹5930 cr	14.0%	0.3x
2025-01	16.8x	₹5930 cr	14.0%	0.3x
2024-12	16.2x	₹5930 cr	14.0%	0.3x
2024-11	11.1x	₹5734 cr	14.0%	0.3x
2024-10	12.4x	₹5734 cr	14.0%	0.3x
2024-09	13.7x	₹5734 cr	14.0%	0.3x
2024-08	11.5x	₹5486 cr	14.0%	0.3x
2024-07	11.5x	₹5486 cr	14.0%	0.3x
2024-06	13.8x	₹5486 cr	14.0%	0.3x
2024-05	17.9x	₹4162 cr	12.0%	0.6x
2024-04	18.8x	₹4162 cr	12.0%	0.6x
2024-03	17.9x	₹4162 cr	12.0%	0.6x
2024-02	19.3x	₹4162 cr	12.0%	0.6x
2024-01	20.1x	₹4162 cr	12.0%	0.6x
2023-12	20.4x	₹4162 cr	12.0%	0.6x
2023-11	18.2x	₹4162 cr	12.0%	0.6x
2023-10	18.0x	₹4162 cr	12.0%	0.6x
2023-09	17.4x	₹4162 cr	12.0%	0.6x
2023-08	17.5x	₹4162 cr	12.0%	0.6x
2023-07	18.4x	₹4162 cr	12.0%	0.6x
2023-06	17.5x	₹4162 cr	12.0%	0.6x
2023-05	38.6x	₹3460 cr	7.0%	0.6x
2023-04	30.8x	₹3460 cr	7.0%	0.6x
2023-03	30.0x	₹3460 cr	7.0%	0.6x
2023-02	31.9x	₹3460 cr	7.0%	0.6x
2023-01	24.2x	₹3460 cr	7.0%	0.6x
2022-12	26.0x	₹3460 cr	7.0%	0.6x
2022-11	25.5x	₹3460 cr	7.0%	0.6x
2022-10	22.4x	₹3460 cr	7.0%	0.6x
2022-09	22.3x	₹3460 cr	7.0%	0.6x
2022-08	20.5x	₹3460 cr	7.0%	0.6x
2022-07	19.9x	₹3460 cr	7.0%	0.6x
2022-06	17.6x	₹3460 cr	7.0%	0.6x
2022-05	12.1x	₹3194 cr	13.0%	1.2x
2022-04	16.2x	₹3194 cr	13.0%	1.2x
2022-03	15.2x	₹3194 cr	13.0%	1.2x
2022-02	15.4x	₹3194 cr	13.0%	1.2x
2022-01	16.4x	₹3194 cr	13.0%	1.2x
2021-12	17.7x	₹3194 cr	13.0%	1.2x
2021-11	17.9x	₹3194 cr	13.0%	1.2x
2021-10	19.1x	₹3194 cr	13.0%	1.2x
2021-09	18.5x	₹3194 cr	13.0%	1.2x
2021-08	17.7x	₹3194 cr	13.0%	1.2x
2021-07	18.7x	₹3194 cr	13.0%	1.2x
2021-06	17.5x	₹3194 cr	13.0%	1.2x
2021-05	25.6x	₹2645 cr	10.0%	1.9x
2021-04	24.0x	₹2645 cr	10.0%	1.9x
2021-03	26.1x	₹2645 cr	10.0%	1.9x
2021-02	20.3x	₹2645 cr	10.0%	1.9x
2021-01	17.1x	₹2645 cr	10.0%	1.9x
2020-12	16.3x	₹2645 cr	10.0%	1.9x
2020-11	14.9x	₹2645 cr	10.0%	1.9x

Methodology and data notes