Utkarsh CoreInvest Ltd
Varanasi-based promoter holding company that owns about two-thirds of listed Utkarsh Small Finance Bank and is being merged into the bank under an NCLT scheme — so its shares are effectively a discounted, illiquid claim on bank stock.
Market cap
₹1,230 Cr
9.84 Cr shares
P/E ratio
Loss making
Sector average 15
Book value
₹254.88
P/B 0.49
1-year return
-37.14%
52w ₹125 – ₹205
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
-37.14% ₹199 → ₹125
52-week band in this window: ₹121.43 – ₹198.84. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Holds about 68–69% of listed Utkarsh Small Finance Bank; amalgamation into the bank cleared by RBI (Jan 2025) and exchanges (Jul 2025), NCLT sanction pending.
- FY25 consolidated total income ₹4,156 Cr (+22.8%) but net loss ₹422 Cr after ₹1,370 Cr provisions; net worth ₹2,508 Cr; standalone PAT ₹30.3 Cr.
- UnlistedZone ₹125 (2 Aug 2026), down from ₹205 within the year; lot 100; implied market value about ₹1,230 Cr on ~9.84 Cr shares.
- Dealer-cited exchange ratio 699 bank shares per 100 UCL shares — ₹125 equals about ₹17.9 per bank share.
About Utkarsh CoreInvest
Utkarsh CoreInvest Limited (UCL) is the promoter and holding company of Utkarsh Small Finance Bank (USFB, listed on NSE/BSE since July 2023). It began life as Utkarsh Micro Finance, the Varanasi microlender founded by Govind Singh that grew into one of eastern India's largest MFIs before receiving an RBI small finance bank licence; the lending business was transferred to the new bank in January 2017 and the parent was renamed Utkarsh CoreInvest and registered as a core investment company (NBFC-CIC). Its only material asset is its stake in the bank — around 68–69% after the bank's IPO — and standalone income is dividends, interest and fees from that holding.
UCL's shareholders are mostly institutions that backed the microfinance business: British International Investment (formerly CDC), RBL Bank, Olympus ACF, NMI, Faering Capital, Aavishkaar Goodwell, Sarva Capital, responsAbility, HDFC Life, ICICI Prudential Life, SIDBI and others, alongside the founder, employees and a long tail of private investors who bought through unlisted-share dealers. Paid-up capital is about ₹98 Cr, i.e. roughly 9.84 Cr shares of ₹10 (share count approximate — confirm with the FY25 annual report).
Consolidated results mirror the bank. FY24 total income was ₹3,384 Cr with profit before tax of ₹439 Cr. FY25 total income rose 22.8% to ₹4,156 Cr but a surge in microfinance stress — provisions of ₹1,370 Cr against ₹378 Cr a year earlier and gross NPAs of 9.4% against 2.5% — produced a loss before tax of ₹556 Cr and a net loss of ₹422 Cr; consolidated net worth fell to ₹2,508 Cr from ₹2,911 Cr. Standalone, UCL stayed profitable with FY25 PAT of ₹30.3 Cr. The bank's own FY26 results (year to March 2026) showed a net loss of about ₹1,151 Cr on total income of ₹3,810 Cr, so the consolidated picture for FY26 is weaker still.
The decisive corporate event is the reverse merger: UCL is to be amalgamated into USFB so that its shareholders receive bank shares directly and the holding-company structure disappears. The RBI gave its no-objection in January 2025, NSE and BSE issued observation letters in July 2025, shareholders and unsecured creditors approved the scheme, the second-motion petition was filed with the NCLT Allahabad Bench on 5 April 2026 and hearings were listed in May and July 2026; a sanction order had not been reported when this profile was written. UnlistedZone's blog cites an exchange ratio of 699 bank shares for every 100 UCL shares, which should be checked against the scheme document.
At UnlistedZone's indicative ₹125 (2 August 2026; 52-week range ₹125–205; lot 100 — Planify quotes ₹124.60 and Sharescart ₹125, while wwipl's ₹150 dates from late 2025) the implied market capitalisation is about ₹1,230 Cr on 9.84 Cr shares — roughly 0.5 times FY25 consolidated book value, and well below the look-through value of the bank stake at most 2026 bank prices. The gap reflects illiquidity, the lock-in that merger-allotted shares may carry, time to NCLT sanction and the bank's FY26 losses. At 6.99 bank shares per UCL share, ₹125 equals about ₹17.9 per bank share, so the UCL quote and the bank's listed price can be compared directly.
Verification status (10 Oct 2026): CIN, registered office and incorporation are from the MCA registry (via InstaFinancials) and the bank's public documents; FY24–FY25 consolidated income, profit/loss, provisions, NPAs, net worth and standalone PAT are from Planify's summary of the FY25 annual report; merger milestones are from NSE/BSE filings and press summaries. The share count (9.84 Cr), shareholder percentages, interest/depreciation/tax splits and every balance-sheet and cash-flow line are approximations built around the bank's reported figures and are marked as estimates. The exchange ratio is from a dealer blog, not the scheme document.
Where the revenue comes from
- Utkarsh Small Finance Bank (consolidated banking income)99%
Interest, fees and treasury income of the 68–69%-owned bank (consolidated)
- Holding-company income1%
Dividends, interest on surplus funds and fees at the standalone level
Products & services
Stake in Utkarsh Small Finance Bank
Controlling holding in a scheduled small finance bank with 1,000+ branches across UP, Bihar, Jharkhand and other states: microfinance, MSME, housing, wholesale lending and retail deposits.
Holding-company treasury
Surplus funds invested in bank deposits and debt instruments at the standalone level.
What works
- • Direct economic exposure to a listed small finance bank with 1,000+ branches, ₹20,000 Cr-plus of deposits and a retail-loan book that grew 45% in FY25, bought at an implied discount to the bank's market price.
- • Clear exit path: the NCLT amalgamation, once sanctioned, converts every UCL share into listed, freely tradable bank shares at a fixed ratio (dealer-cited 699:100), removing the holding-company discount.
- • Standalone holding company is profitable (FY25 PAT ₹30.3 Cr) and debt-free, and its investor base — BII, RBL Bank, Faering, Aavishkaar, responsAbility, insurers and SIDBI — is institutional.
- • Consolidated net worth of ₹2,508 Cr (March 2025) versus an implied market value near ₹1,230 Cr at ₹125.
What to watch
- • The underlying bank is in a loss cycle: consolidated FY25 net loss ₹422 Cr after provisions of ₹1,370 Cr, gross NPAs 9.4%, and a bank-level FY26 net loss of about ₹1,151 Cr; microfinance stress in Bihar and UP may take several quarters to clear and could require fresh capital.
- • Merger timing and terms are outside shareholders' control: NCLT sanction had not been reported by October 2026, merger-allotted shares may be subject to lock-in, and the 699:100 exchange ratio is from a dealer blog rather than the scheme document.
- • Illiquid, falling quote: the share has slid from ₹205 to ₹125 within the year as the bank's stock fell; prices across dealers are indicative and may not be executable in size.
- • The share count (9.84 Cr) and shareholder percentages used here are approximations; the look-through value should be recomputed from the annual return before trading.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Utkarsh CoreInvestThis page | ₹125.00 | ₹1,230 Cr | — | 0.49 | +22.81% |
| Vivriti Capital | ₹650.00 | ₹7,313 Cr | 198.78 | 2.11 | +22.63% |
| Arohan | ₹228.00 | ₹3,283 Cr | 36.48 | 1.73 | +18.96% |
| InCred Holdings | ₹148.92 | ₹9,768 Cr | 23.49 | 2.25 | +36.10% |
Latest reported year: FY25 ending 31 Mar 2025.