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Tue, 20 Oct 2026
05:01:57 pm
Tue, 20 Oct 2026
05:01:57 pm
Rudransh Sangwan
Published at: September 2, 2026, 8:28 AM
Synopsis
ICICI Securities retains its buy call on Ujjivan Small Finance Bank, with investors tracking the brokerage view, stock outlook and business performance.
ICICI Securities has retained its buy rating on Ujjivan Small Finance Bank with an unchanged target price of Rs 90, according to a research report dated September 2, 2026. The brokerage said the bank's business fundamentals remain supported by strong asset growth and a rising share of secured loans.
The report comes after a leadership change at Ujjivan Small Finance Bank. Sanjeev Nautiyal has taken early retirement due to health concerns, with the board accepting his resignation. Carol Furtado, currently an Executive Director and Whole Time Director, has been appointed interim MD and CEO with effect from September 1, 2026.
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ICICI Securities said the leadership transition could create some short term execution risks, but expects business continuity to be supported by Ujjivan Small Finance Bank's second line of management. The brokerage also noted that management has maintained its core business parameters for FY27.
During Sanjeev Nautiyal's tenure, Ujjivan Small Finance Bank navigated the microfinance credit cycle better than the industry while continuing to diversify its loan book. The bank's secured book has now crossed 50% of its total loan portfolio.
Ujjivan Small Finance Bank's assets under management grew 29% year on year, while gross non performing loans were around 2% in Q1FY27, according to the ICICI Securities report.
The brokerage expects favourable conditions in the microfinance industry to support the bank's business outlook. ICICI Securities has retained its Rs 90 target price, valuing the stock at 2 times estimated September 2027 book value per share.
With the leadership transition now in effect, investors will track whether Ujjivan Small Finance Bank maintains its FY27 business targets and continues the diversification of its loan book in the coming quarters.
ICICI Securities has retained a Buy rating on Ujjivan Small Finance Bank with a target price of Rs 90.
Yes. ICICI Securities has kept its Buy recommendation on Ujjivan Small Finance Bank unchanged despite the recent leadership transition.
ICICI Securities cited Ujjivan Small Finance Bank's strong asset growth, rising secured loan share, asset diversification and strong second line of management.
Sanjeev Nautiyal requested early retirement from Ujjivan Small Finance Bank due to health concerns. The board accepted his resignation, effective September 1, 2026.
Carol Furtado, the Executive Director and Whole Time Director of Ujjivan Small Finance Bank, has been appointed interim MD and CEO from September 1, 2026.
Carol Furtado is already part of Ujjivan Small Finance Bank's senior management and has experience across several business and operational functions.
The leadership change may create some short term uncertainty for Ujjivan Small Finance Bank. ICICI Securities has acknowledged short term execution risks but has retained its Buy rating.
Ujjivan Small Finance Bank shares came under pressure as investors reacted to Sanjeev Nautiyal's early retirement and the resulting leadership transition.
ICICI Securities expects Ujjivan Small Finance Bank's business continuity to remain supported by its second line of management and existing business strategy.
The secured book of Ujjivan Small Finance Bank has crossed 50% of its loan portfolio, reflecting the bank's ongoing shift toward a more diversified loan mix.
Ujjivan Small Finance Bank's assets under management grew 29% year on year, according to the ICICI Securities research report.
Ujjivan Small Finance Bank's gross non performing loan ratio was around 2% in Q1 FY27, according to the ICICI Securities report.
Ujjivan Small Finance Bank's management has maintained its core business parameters for FY27 despite the leadership change.
Yes. ICICI Securities expects Ujjivan Small Finance Bank's second line of management and existing business strategy to support continuity during the leadership transition.
ICICI Securities has retained its Rs 90 target price based on a valuation of 2 times estimated September 2027 book value per share.
Ujjivan Small Finance Bank will need to complete the process for appointing a permanent MD and CEO after Sanjeev Nautiyal's exit. The timing of the permanent appointment has not been specified in the report.
ICICI Securities sees some short term execution risk from the leadership transition but expects Ujjivan Small Finance Bank's existing management structure to support business continuity.
ICICI Securities remains positive on Ujjivan Small Finance Bank and has retained its Rs 90 target price based on the bank's expected business performance.
The Rs 90 target price represents ICICI Securities' current valuation view for Ujjivan Small Finance Bank based on its estimated September 2027 book value per share.
Yes. Ujjivan Small Finance Bank's management has maintained its core FY27 business parameters following the leadership transition.
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