Equitas Holdings Ltd. (EHL) is one of the ten companies to receive Small Finance Bank (SFB) license. EHL, through its three 100% owned subsidiaries, operates in various small ticket segments like microfinance, used commercial vehicle finance, MSE finance and housing finance. At consolidated levels, AUM has grown at 50% CAGR F11-FY15 while net earnings have grown at 39% CAGR over FY11-15. RoAAs/ROE?s have been at ~2.9/11.2% (FY15), with leverage at 3.8x.