HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
AU Small Finance Bank Limited
NSE: AUBANKFinancial ServicesBanks - Regional
- Last close
- ₹932.90
- Day change
- −₹21.00 (−2.20%)vs
- Market cap
- ₹69,913 crIndian rupees
- Research updated
- 2 reports
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About AU Small Finance Bank
AU Small Finance Bank Ltd. is a regional financial institution offering a broad range of banking services primarily focused on underserved and unserved customers in India. Established with the mission to promote inclusive banking, the bank serves as a catalyst for economic empowerment by providing approachable financial solutions. Originally commencing operations as a vehicle finance company, it transitioned into a small finance bank as part of the Reserve Bank of India's initiative to extend banking services to wider demographics. The bank offers an array of products, including savings and current accounts, fixed deposits, loans, and insurance, aiming to meet the diverse financial needs of individuals and small businesses. Its operations are predominantly based in rural and semi-urban areas, significantly contributing to the financial inclusion landscape in India. With its strategic focus on leveraging technology and a customer-centric approach, AU Small Finance Bank plays a pivotal role in reaching marginalized sectors, thereby contributing to the economic growth of communities by fostering entrepreneurial opportunities and enhancing financial accessibility.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: AUBANK
- Next results
- Chief executive
- Mr. Sanjay Agarwal C.A.
- Employees
- 59,207
- Headquarters
- Mumbai, India
- ISIN
- INE949L01017
- Website
- au.bank.in
Public research · Report of
Business model & financial foundation
AU Small Finance Bank (NSE: AUBANK), Small Finance Banks: revenue of ₹21,614 crore in FY26 (+16.3% on FY25) and net profit of ₹2,641 crore.
- Revenue, FY26 (₹ crore)
- 21,614
- standalone
- Revenue growth, FY26
- +16.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,641
- to owners
- Return on equity, FY26
- 14.2%
- on average equity
- Market capitalisation (₹ crore)
- 73,233
- at the close of 24 Oct 2026
Company profile
AU is an Indian scheduled commercial small finance bank offering deposits, secured vehicle and mortgage loans, MSME/commercial credit, microfinance, cards and payment services. It earns net interest income on its lending and investment book plus fees, distribution and treasury income, with a retail-led physical and digital franchise. Fincare SFB was absorbed from April 2024, broadening microfinance and geographic reach. The FY26 annual report records in-principle RBI approval for universal banking and a final licence application, not an issued final licence.
| Item | Value |
|---|---|
| Legal name | AU Small Finance Bank Limited (formerly Au Financiers (India) Limited) |
| Exchange and ticker | NSE: AUBANK; BSE: 540611 |
| ISIN | INE949L01017 |
| CIN | L36911RJ1996PLC011381 |
| Sector | Financial Services |
| Industry | Small Finance Banks |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | M S K A & Associates LLP and Mukund M Chitale & Co. (joint statutory auditors) (since 2024-07-26) |
| Market capitalisation | ₹73,233 crore (24 Oct 2026) |
| Shares outstanding | 74.83 crore shares (FY26) |
| Price | ₹932.9 (close, 24 Oct 2026) |
| 52-week range | ₹831.7 - ₹1,144 (to 24 Oct 2026) |
| Website | https://www.au.bank.in |
Corporate structure and shareholding
No subsidiary is recorded.
No holding company, subsidiaries, associates or JVs. Fincare Small Finance Bank merged into AU effective 1 April 2024; it is not a surviving subsidiary. In-principle universal-bank approval 7 August 2025; final application March 2026, approval still pending in FY26 report. NOFHC condition applies only if AU/promoter group establishes a future group entity.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 22.76% | 22.67% | ||
| Promoter holding pledged | 0.00% | 0.00% | ||
| Foreign institutions | 37.26% | 36.06% | ||
| Domestic institutions | 31.30% | 32.83% | ||
| of which mutual funds | 23.22% | 24.85% | ||
| Retail | 2.16% | |||
| Other | 8.68% | 6.28% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
AU Small Finance Bank earns NII from secured retail, commercial and inclusive lending, plus fee and treasury income. Deposits are its operating funding base. The bank has no subsidiaries, associates or JVs; Fincare was amalgamated from April 2024.
| Peer | Why the dossier compares them |
|---|---|
| Equitas Small Finance Bank (EQUITASBNK) | Direct SFB regulatory/deposit comparator; secured vehicle and small-business lending overlaps AU's legacy franchise. |
| Ujjivan Small Finance Bank (UJJIVANSFB) | SFB deposit mobilisation and operating-cost benchmark; microfinance exposure compares with AU's acquired Fincare book. |
| Jana Small Finance Bank (JSFB) | SFB with retail-deposit building and transition toward secured lending; comparable inclusion and credit-cost economics. |
| Utkarsh Small Finance Bank (UTKARSHBNK) | SFB comparator for rural distribution, microfinance collection risk and deposit competition; less secured than AU. |
| IDFC First Bank (IDFCFIRSTB) | Universal-bank aspirational peer with retail lending, granular deposits and high franchise-building operating costs. |
| Federal Bank (FEDERALBNK) | Established mid-sized private bank benchmark for funding costs, SME/retail mix and steady-state returns as AU scales. |
| RBL Bank (RBLBANK) | Mid-sized private bank comparator for retail deposits, unsecured credit risk and operating-efficiency improvement. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income (interest earned plus other income) | 12,252 | 18,590 | 21,614 | ||
| Other operating costs (vendor classification) * | 862.5 | 1,116 | 1,740 | 3,660 | 2,399 |
| Profit before tax | 1,454 | 1,865 | 1,999 | 2,788 | 3,474 |
| Total income-tax expense | 324.2 | 436.7 | 464.7 | 682.1 | 832.8 |
| Net profit after tax | 1,130 | 1,428 | 1,535 | 2,106 | 2,641 |
| Diluted earnings per share (₹) | 17.85 | 21.74 | 22.86 | 28.24 | 35.01 |
| Interest earned | 10,555 | 16,064 | 18,636 | ||
| Interest expended | 5,398 | 8,052 | 9,524 | ||
| Net interest income | 5,157 | 8,012 | 9,113 | ||
| Other income (fees, distribution and treasury) | 1,697 | 2,526 | 2,978 | ||
| Payments to and provision for employees | 2,104 | 3,148 | 3,848 | ||
| Other operating expenses including depreciation | 2,361 | 2,809 | 3,154 | ||
| Depreciation on bank property | 225.4 | 258.5 | 271.5 | ||
| Total operating expenses including depreciation | 4,465 | 5,957 | 7,002 | ||
| Operating profit before non-tax provisions | 2,389 | 4,581 | 5,089 | ||
| Provisions and contingencies excluding tax | 390.0 | 1,793 | 1,615 | ||
| Profit attributable to equity owners | 1,535 | 2,106 | 2,641 | ||
| Interest earned | 10,555 | 16,064 | 18,636 | ||
| Interest expended | 5,398 | 8,052 | 9,524 | ||
| Operating expenses | 4,388 | 5,957 | 7,002 | ||
| Exceptional items (a charge is negative) | -76.8 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 22.98 | 28.32 | 35.40 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders funds including ESOP outstanding | 7,514 | 10,977 | 12,560 | 17,166 | 19,974 |
| Borrowings excluding customer deposits | 5,991 | 6,299 | 5,479 | 11,660 | 13,872 |
| Cash, RBI and bank/call balances (statutory) | 5,977 | 9,478 | 6,376 | 9,466 | 8,523 |
| Trade payables * | 250.6 | 366.8 | 495.6 | 743.5 | 868.6 |
| Fixed assets (statutory net book value) | 851.6 | 912.5 | 1,436 | ||
| Capital work in progress * | 13.9 | 32.9 | 67.5 | 87.4 | 554.9 |
| Total assets | 1,09,426 | 1,57,846 | 1,91,797 | ||
| Net advances (statutory balance-sheet loans) | 73,163 | 1,07,092 | 1,34,276 | ||
| Customer deposits | 87,182 | 1,24,269 | 1,52,661 | ||
| Paid-up equity capital | 669.2 | 744.5 | 748.3 | ||
| Reserves and surplus excluding separate ESOP | 11,828 | 16,298 | 18,984 | ||
| Employee stock options outstanding reserve | 62.7 | 124.2 | 240.8 | ||
| Cash and balances with RBI | 4,638 | 8,605 | 6,973 | ||
| Bank balances and money at call/short notice | 1,738 | 861.7 | 1,550 | ||
| Statutory investment portfolio | 27,133 | 37,848 | 44,794 | ||
| Advances | 73,163 | 1,07,092 | 1,34,276 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 2,608 | 5,462 | 1,829 | ||
| Free cash flow (vendor definition) * | 6,566 | 5,188 | 2,262 | 5,198 | 1,020 |
| Dividends paid (cash outflow negative) | -31.5 | -66.7 | -74.3 | -74.5 | |
| Purchase of fixed assets (cash outflow negative) | -281.0 | -303.7 | -346.4 | -264.4 | -808.6 |
| Net cash flow from investing activities | -4,855 | -5,931 | -5,090 | ||
| Net cash flow from financing activities | -802.1 | 2,407 | 2,318 | ||
| Cash proceeds from sale of fixed assets | 8.13 | 7.33 | 6.81 | ||
| Borrowing proceeds less repayments (net) | -819.3 | 2,420 | 2,212 | ||
| Cash received on option exercise/share issues | 83.8 | 61.3 | 181.2 | ||
| Opening cash and cash equivalents | 9,425 | 6,376 | 9,466 | ||
| Closing cash and cash equivalents | 6,376 | 9,466 | 8,523 | ||
| Cash equivalents taken over on amalgamation | n.a. | 1,152 | n.a. | ||
| Cash paid for business acquisitions | n.d. | n.a. | n.d. | ||
| Cash spent on equity buybacks | n.d. | n.d. | n.d. | ||
| Gross principal debt repayment | n.d. | n.d. | n.d. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual paid-up equity shares at year end | 62.66 | 65.32 | 66.92 | 74.45 | 74.83 |
| Weighted-average diluted shares | n.r. | n.r. | n.r. | ||
| Equity share face value (₹) | 10.00 | 10.00 | 10.00 | ||
| Dividend recommended for fiscal year (₹) | 1.00 | 1.00 | 1.00 | ||
| NCD redemptions (not total debt repaid) | n.r. | 75.0 | 600.0 | ||
| Tier II bonds issued | n.r. | 770.0 | 0.00 | ||
| Gross NPAs (the bank's standalone figure) | 1,237 | 2,477 | 2,756 | ||
| Net NPAs (the bank's standalone figure) | 401.0 | 791.3 | 989.9 | ||
| Gross NPA ratio, % (the bank's standalone figure) | 1.7% | 2.3% | 2.0% | ||
| Net NPA ratio, % (the bank's standalone figure) | 0.7% | 0.7% | |||
| CET1 ratio, % (the bank's standalone figure) | 18.8% | 18.1% | 16.9% | ||
| Additional tier 1 ratio, % (the bank's standalone figure) | 0.0% | 0.0% | 0.0% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income (gross) | 4,549 | 4,732 | 5,031 | 5,189 | 5,224 | 5,451 | 5,750 | 5,992 |
| Profit before tax (statutory) | 758.8 | 703.2 | 657.1 | 778.9 | 728.9 | 884.2 | 1,082 | 1,064 |
| Tax expense (statutory) | 187.6 | 174.8 | 153.5 | 198.0 | 168.0 | 216.5 | 250.2 | 268.0 |
| Net profit after all expenses and tax | 571.2 | 528.4 | 503.7 | 580.9 | 560.9 | 667.7 | 831.9 | 796.0 |
| Diluted EPS (not annualised) (₹) | 7.65 | 7.08 | 6.75 | 7.78 | 7.48 | 8.87 | 11.01 | 10.51 |
| Interest earned | 3,911 | 4,113 | 4,271 | 4,378 | 4,511 | 4,727 | 5,019 | 5,303 |
| Interest expended | 1,936 | 2,091 | 2,177 | 2,334 | 2,367 | 2,386 | 2,437 | 2,607 |
| Other income | 638.0 | 618.4 | 760.7 | 810.6 | 712.6 | 723.8 | 731.0 | 689.2 |
| Operating expenses including depreciation | 1,481 | 1,436 | 1,562 | 1,543 | 1,647 | 1,850 | 1,962 | 1,949 |
| Employees cost (statutory) | 785.5 | 754.7 | 817.5 | 865.5 | 918.7 | 1,019 | 1,045 | 1,064 |
| Other operating expenses including depreciation | 695.1 | 681.5 | 744.9 | 677.5 | 728.6 | 830.7 | 916.9 | 885.3 |
| Operating profit before provisions and contingencies | 1,132 | 1,205 | 1,292 | 1,312 | 1,210 | 1,215 | 1,352 | 1,435 |
| Provisions other than tax and contingencies | 373.0 | 501.7 | 635.1 | 533.3 | 480.8 | 331.1 | 269.4 | 371.5 |
| PAT attributable to owners (standalone) | 571.2 | 528.4 | 503.7 | 580.9 | 560.9 | 667.7 | 831.9 | 796.0 |
| Net interest income | 1,974 | 2,023 | 2,094 | 2,045 | 2,144 | 2,341 | 2,582 | 2,695 |
| Net total income (NII plus other income) | 2,612 | 2,641 | 2,855 | 2,855 | 2,857 | 3,065 | 3,313 | 3,385 |
| Separate quarterly depreciation (included in other opex) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Interest earned | 3,911 | 4,113 | 4,271 | 4,378 | 4,511 | 4,727 | 5,019 | 5,303 |
| Interest expended | 1,936 | 2,091 | 2,177 | 2,334 | 2,367 | 2,386 | 2,437 | 2,607 |
| Operating expenses | 1,481 | 1,436 | 1,562 | 1,543 | 1,647 | 1,850 | 1,962 | 1,949 |
| Exceptional items (a charge is negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Basic EPS (₹) | 7.68 | 7.10 | 6.77 | 7.80 | 7.52 | 8.94 | 11.13 | 10.63 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 51.7% | 16.3% | |||
| Net margin | 12.5% | 11.3% | 12.2% | ||
| Return on equity | 13.0% | 14.2% | 14.2% | ||
| Return on assets | 1.4% | 1.6% | 1.5% | ||
| Dividend payout | 4.3% | 3.5% | 2.8% | ||
| EPS, diluted (₹) | 17.85 | 21.74 | 22.86 | 28.24 | 35.01 |
| Book value per share (₹) | 119.9 | 168.1 | 187.7 | 230.6 | 266.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on AU Small Finance Bank includes
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- The 12-month rating and target
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on AU Small Finance Bank
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