Equitas Small Finance Bank appoints Shanmugam Manivannan as Chief Digital Officer

Equitas Small Finance Bank has appointed Mr. Shanmugam Manivannan as its Chief Digital Officer effective June 17, 2026, following a change in the internal reporting structure. He has been designated as a Senior Management Personnel (SMP) to bolster the bank's digital capabilities and drive organizational goals. The appointment was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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

S. No.	Particulars	Details
1	Name of the Senior Management Personnel	Mr. Shanmugam Manivannan, Chief Digital Officer
2	Reason for change	Appointment - arising out of change of reporting relationship and hence classification as a SMP
3	Date of appointment	June 17, 2026

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.05%	+1.87%	+2.66%	+15.22%	+20.86%	+14.15%

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:

Parameter:	Details
Rating:	Buy
Target Price:	₹85
Long-Term Growth Outlook:	20%+
Secured Loan Segments:	SBL, Vehicle Finance, Home Loans
MFI Exposure Cap:	10% of loans
Credit Cost Guidance:	1.25–1.5%
RoA Guidance:	1.5–1.8%

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.