JANA SMALL FINANCE BANK LTD (JSFB): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹402.4 latest close · −14.3% over the last 90 sessions

₹402.4 month-end · −11.3% over 12 months

₹402.4 month-end · −10.2% since Feb '24

52-week range ₹330.00 to ₹606.95 · 1-year volatility 45.9%

Was the rally earned?

-11%share price, 1 yearEarnings-driven

Mostly earnings.

Per-share earnings took off 13 points, while the multiple moved less (P/E 11.0x to 11.2x).
The share count barely moved.

Net profit growth-12 ptsNet profit fell about 12%, which lowers the price.

P/E change+1 ptsThe P/E rose from 11.0x to 11.2x, which lifts the price.

Share count change-1 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 3 years and 5 years: 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-53.6%not yet recovered

1-year volatility45.9%annualised

Beta vs sector index1.113-year daily, correlation 0.43

Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-53.6% (2024-06 peak to 2026-03 low, not yet recovered)

-18.8% (2024-05 peak to 2024-06 low, recovered 2024-06)

-17.5% (2024-02 peak to 2024-03 low, recovered 2024-04)

Most recent volume spikes

2026-10-19: 6.4x the 50-day median, price -12.8% that day

2026-09-25: 5x the 50-day median, price +2.4% that day

2026-08-24: 5.6x the 50-day median, price -0.1% 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?

0.9xP/B todayNear its historic low

Against its own history18th percentile

CheapestMedian 1.2xDearest

Usual range 0.9x to 1.9x since 2024-02.

Against Finance0.9x vs 1.5x

This company

0.9x

Sector median

1.5x

37% below the Finance median.

P/BP/EP/S

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

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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.)32nd▼ 27 pts vs a year ago
EPS growth12th▼ 4 pts vs a year ago
P/B ↓71st▲ 4 pts vs a year ago
12M momentum45th▼ 15 pts vs a year ago
FII + DII42ndflat 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?

~9%annual earnings growth implied by the price

At a P/E of 11.2x, the price would imply about 8.7%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹402.40
P/E: 11.2x
Market Cap: ₹4253 cr
Revenue (TTM): ₹5628 cr
P/S: 0.8x
P/B: 1.0x
ROE: 8.0%
Debt / Equity: 1.2x
Promoter Holding: 16.9%
12M Momentum: -11.3%

52-week range

₹330.00₹606.95

26% of the way from its 52-week low to its high

Price risk

1Y volatility

45.9%

Beta vs sector

1-year daily

0.97

Balance sheet & cash

Share count, 1Y

unchanged

Are profits backed by cash?

0 of 1checks within range1 beyond a threshold

Tax rate0%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 0.0%. 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 2 years, promoters trimmed 5.6 pts; FIIs added 2.9 pts; DIIs trimmed 2.4 pts.
The number of shareholders fell from 72,042 to 49,932 (-31%) between Mar 2024 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupMar '24Jun '26Change

Promoters22.5%16.9%-5.6 pts

FIIs1.1%4.0%+2.9 pts

DIIs17.7%15.3%-2.4 pts

Public and others58.6%62.7%+4.1 pts

Number of shareholders

49,932shareholders-31% since Mar '24

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

+6.3%typical 12-month return vs the marketAbove the base rate

We found 50 past situations where a bank, NBFC or insurer looked like JANA 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 −8% to +49% vs the market, against −2% for all financial companies in the same months.
The analogs' median sat above that base rate (gap +7.8%, 80% range +2.6% to +16.9%), but the matches cluster in only 6 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median

+6.3%

All companies' median

−1.5%

Beat the market

58% vs 48%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

Company	When	P/E	P/B	12M mom.	Drawdown	Next 12 months
MAHABANK Finance	Oct 2021	24x	1.1x	+88%	−28%	−6%
SURYODAY Finance	Jan 2024	23x	1.1x	+55%	−12%	−31%
DHANBANK Finance	Oct 2025	12x	0.8x	−7%	−26%	+25%
DCBBANK Finance	May 2023	13x	0.9x	+42%	−15%	−24%
RBLBANK Finance	May 2025	13x	1.4x	−13%	−21%	+58%

Show the other 3 matches

Company	When	P/E	P/B	12M mom.	Drawdown	Next 12 months
BAIDFIN Finance	Aug 2025	12x	1.0x	−23%	−34%	−14%
CANBK Finance	Jan 2020	22x	0.4x	−20%	−33%	−48%
MUTHOOTCAP Finance	Jul 2025	11x	0.8x	−9%	−22%	−29%

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 ROE. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 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 JANA 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.

SURYODAY SMALL FINANCE BANKSURYODAY

Finance

74%similar

ROEpromoter holding

DCB BANKDCBBANK

Finance

62%similar

promoter holdingmarket cap

ARMAN FINANCIAL SERVICES LIMITARMANFIN

Finance

58%similar

promoter holdingROE

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

What changed?

23 events since May '24

2026
OctValuationP/B fell below the 10th percentile of its own history to date (0.9x).
OctPriceVolume reached 6.4x its 50-day median on 2026-10-19; price -12.8% that day.
SepPromoterPromoter holding fell 4.9 pts to 16.9% (largest drop in the history since 2019-01).
JulPriceVolume reached 11.4x its 50-day median on 2026-07-16; price +1.8% that day.
JunPeer rankSlipped to the 3rd quartile of Finance on ROE (from the 2nd quartile).
JunDebtDebt / equity rose above 1.0x (1.23x).
AprPriceVolume reached 11.3x its 50-day median on 2026-04-21; price +13.0% that day.
MarPriceFell 54% from the Jun 2024 peak to the Mar 2026 low.

Show 15 earlier events

2026
FebValuationP/B fell below the 10th percentile of its own history to date (0.9x).
FebPriceVolume reached 28.1x its 50-day median on 2026-02-09; price +14.1% that day.
2025
OctPriceVolume reached 10.7x its 50-day median on 2025-10-27; price +2.6% that day.
JulPriceVolume reached 9.1x its 50-day median on 2025-07-23; price -7.5% that day.
JunResultsYear-on-year EPS growth turned negative.
JunPeer rankSlipped to the 2nd quartile of Finance on ROE (from the top quartile).
JunDebtDebt / equity fell below 1.0x (0.94x).
JunPriceVolume reached 10.9x its 50-day median on 2025-06-10; price +0.1% that day.
MarPeer rankSlipped to the 2nd quartile of Finance on EPS growth (from the top quartile).
FebDebtDebt / equity halved over 12 months to 1.46x.
FebSharesShare count is up 90.9% over 12 months.
JanPriceVolume reached 77.6x its 50-day median on 2025-01-22; price +19.7% that day.
2024
DecPriceVolume reached 5.2x its 50-day median on 2024-12-13; price -2.9% that day.
AugPriceVolume reached 5.3x its 50-day median on 2024-08-19; price +0.8% that day.
MayPriceVolume reached 30.4x its 50-day median on 2024-05-02; price +10.9% that day.

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 history34 months · 2024-02 to 2026-11

Month	P/E	Revenue (TTM)	ROE	Debt / Equity
2026-11	11.2x	₹5628 cr	8.0%	1.2x
2026-10	10.4x	₹5628 cr	8.0%	1.2x
2026-09	13.6x	₹5628 cr	8.0%	1.2x
2026-08	17.3x	₹5354 cr	8.0%	1.2x
2026-07	18.5x	₹5354 cr	8.0%	1.2x
2026-06	15.1x	₹5354 cr	8.0%	1.2x
2026-05	16.8x	₹5093 cr	13.0%	0.9x
2026-04	15.5x	₹5093 cr	13.0%	0.9x
2026-03	12.2x	₹5093 cr	13.0%	0.9x
2026-02	9.5x	₹4896 cr	13.0%	0.9x
2026-01	9.2x	₹4896 cr	13.0%	0.9x
2025-12	10.9x	₹4896 cr	13.0%	0.9x
2025-11	11.0x	₹4768 cr	13.0%	0.9x
2025-10	11.3x	₹4768 cr	13.0%	0.9x
2025-09	11.6x	₹4768 cr	13.0%	0.9x
2025-08	10.2x	₹4694 cr	13.0%	0.9x
2025-07	9.9x	₹4694 cr	13.0%	0.9x
2025-06	10.7x	₹4694 cr	13.0%	0.9x
2025-05	7.2x	₹4622 cr	26.0%	1.5x
2025-04	7.5x	₹4622 cr	26.0%	1.5x
2025-03	6.1x	₹4622 cr	26.0%	1.5x
2025-02	4.9x	₹4483 cr	26.0%	1.5x
2025-01	5.4x	₹4483 cr	26.0%	1.5x
2024-12	4.8x	₹4483 cr	26.0%	1.5x
2024-11	4.2x	₹4296 cr	26.0%	1.5x
2024-10	4.8x	₹4296 cr	26.0%	1.5x
2024-09	5.9x	₹4296 cr	26.0%	1.5x
2024-08	9.3x	₹4014 cr	26.0%	1.5x
2024-07	10.2x	₹4014 cr	26.0%	1.5x
2024-06	10.5x	₹4014 cr	26.0%	1.5x
2024-05	11.5x	₹3075 cr	20.0%	4.3x
2024-04	11.9x	₹3075 cr	20.0%	4.3x
2024-03	8.1x	₹3075 cr	20.0%	4.3x
2024-02	8.9x	₹3075 cr	20.0%	4.3x

Methodology and data notes