Equitas Small Finance Bank has strengthened its leadership team by appointing Mr. Shanmugam Manivannan as the Chief Digital Officer effective June 17, 2026. This strategic move aims to bolster the bank's digital capabilities and drive organizational goals through digital transformation. Manivannan has been designated as a Senior Management Personnel (SMP) following a change in the internal reporting structure.

The appointment was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank communicated this change to the National Stock Exchange of India Limited and BSE Limited, disclosing the details required under Part A of Schedule III of the regulations.

Profile of the Appointee

Mr. Shanmugam Manivannan brings over 21 years of extensive experience across banking, digital transformation, operations, customer experience, and fintech partnerships. He previously served as the National Manager-Digital Banking of the Bank. His expertise includes strong leadership in P&L management and strategic planning, with a focus on driving end-to-end execution of business goals.

Key Appointment Details

The disclosure was signed by N. Ramanathan, Company Secretary of Equitas Small Finance Bank Limited, confirming the formal induction of the new officer into the senior management cadre.

Motilal Oswal Securities (MOSL) has maintained a Buy rating on Equitas Small Finance Bank , setting a target price of ₹85. The brokerage's conviction is anchored in the bank's potential to deliver 20%+ long-term growth, supported by a diversified secured loan portfolio and a strengthening liability franchise.

Key Investment Rationale

MOSL's bullish stance is driven by several structural and operational factors that the brokerage believes position the bank favorably for sustained performance. The following table summarises the key parameters underpinning the Buy recommendation:

Growth Drivers and Portfolio Strategy

MOSL identifies the bank's focus on secured lending as a central pillar of its growth strategy. The three primary segments — Small Business Loans (SBL), vehicle finance, and home loans — are expected to drive loan book expansion while maintaining portfolio quality. A stronger liability franchise is also cited as a key enabler, supporting the bank's ability to fund growth at competitive costs.

The brokerage further highlights improving operating leverage as a factor that could enhance profitability over the medium to long term, as the bank scales its operations across these secured asset classes.

Asset Quality and Risk Management

On the risk management front, MOSL notes that MFI exposure is capped at 10% of total loans, limiting concentration risk in a segment that has faced broader industry headwinds. The bank's credit costs are projected in the range of 1.25–1.5%, reflecting a measured approach to provisioning. These factors, combined with healthy asset quality, contribute to the brokerage's confidence in the bank's financial resilience.

Profitability Outlook

MOSL points to a RoA guidance of 1.5–1.8% as indicative of the bank's improving return profile. This guidance, alongside the anticipated benefits of operating leverage and a disciplined credit cost trajectory, forms the basis of the brokerage's positive long-term assessment of Equitas Small Finance Bank.