Delhi-NCR-focused NBFC offering secured loans: SME retail loans against property to small businesses, schools and salaried borrowers, plus niche wholesale real-estate lending to affordable/mid-income housing developers.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 70.0 | +18.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 22.0 | +4.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 14.82 | +0.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | Fiscal year | FY ending Mar 2026 | Not in the analysed materials. No older figure is substituted. | ||
| Revenue growth (YoY) | 19.73 | −11.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 5 judged targets kept · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AUM Growth | 20-25% bare minimum growth which we should be targeting | Q4 FY25 | AUM grew 21% YoY for FY26, meeting the lower end of the guided range. | Achieved |
| SME Retail Growth | 30-40% year on year growth | Q4 FY25 | Management stated SME has 'not grown in last 12-15 months' and performance 'fell short of growth ambitions', indicating the YoY growth target for FY26 was not met. | Missed |
| SME Retail AUM Mix | 50 to 60% in next 18 to 24 months | Q4 FY25 | SME retail mix declined to 31% of AUM. Management acknowledged 'underwhelming' performance and significant headwinds. | At Risk |
4 of CSL Finance's 11 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 8 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹278 on 24 Oct 2025 → ₹216.19. High ₹321.7 (22 Dec 2025), low ₹202.53 (8 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
CSL Finance is a Non-Banking Finance Company registered with the RBI and listed on the NSE and BSE, providing secured loan products to small and medium-sized enterprises and to real-estate and non-real-estate corporates. Its SME Retail vertical lends against property to self-employed individuals, schools and salaried borrowers (LAP-SENP, LAP-SCHOOL, LAP-SALARIED) and offers mid-sized loans against property for business expansion or working capital. Its Wholesale vertical is a niche, NCR-centric real-estate lending book comprising structured loans for mid-income/affordable group housing projects, construction loans against single plotted projects, and loans against SORP/SOCP properties and securities/deposits. The entire loan book is fully secured, with in-house sourcing and collections and a digital, low-touch onboarding process.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
1 of 5 judged targets kept · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AUM Growth | 20-25% bare minimum growth which we should be targeting | Q4 FY25 | AUM grew 21% YoY for FY26, meeting the lower end of the guided range. | Achieved |
| SME Retail Growth | 30-40% year on year growth | Q4 FY25 | Management stated SME has 'not grown in last 12-15 months' and performance 'fell short of growth ambitions', indicating the YoY growth target for FY26 was not met. | Missed |
| SME Retail AUM Mix | 50 to 60% in next 18 to 24 months | Q4 FY25 | SME retail mix declined to 31% of AUM. Management acknowledged 'underwhelming' performance and significant headwinds. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 11 tracked commitments, with each call’s wording and source.
Call summaries
CSL Finance Q4 FY26
CSL Finance reported a mixed Q4 FY26, with strong growth in its wholesale segment driving overall AUM and loan book expansion by 21% YoY. Full-year PAT increased by 19%, and ROE improved to 14.81%. However, the SME retail segment faced headwinds, leading to underwhelming performance and a sequential decline in Q4 disbursements. Asset quality saw some deterioration with GNPA and NNPA rising, and Q4 PAT was impacted by higher provisions.
Read the full callCSL Finance Q2 FY26
CSL Finance reported a strong Q2 FY26, with AUM growing 29% YoY to Rs. 1,397 crores, driven by a significant revival in SME retail disbursements. Profitability metrics like PAT and PBT showed robust growth, while asset quality improved with lower NPS figures and high recovery rates. The company is cautiously optimistic, focusing on disciplined growth in SME retail, branch expansion, and operational efficiencies, despite broader industry challenges and some NIM compression.
Read the full callCSL Finance Q4 FY25
CSL Finance concluded FY25 with a year of consolidation, particularly in the SME Retail segment, while the Wholesale vertical demonstrated resilience. AUM grew 25% YoY to ₹1,195 crore, and NII and PAT also saw double-digit growth. However, the company missed its AUM target due to industry challenges, leading to increased slippages and higher provisioning. Strategic adjustments, including tightened credit policies and branch expansion, were implemented, and a dividend of ₹3 per share was recommended.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +5% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 54 | 53 | 57 | 59 | 64 | 64 | 69 | 70 |
| Expenses | 14 | 14 | 13 | 13 | 14 | 17 | 15 | 16 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 16 | 17 | 18 | 18 | 21 | 22 | 23 | 24 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Profit before tax | 25 | 23 | 25 | 28 | 29 | 25 | 30 | 30 |
| Tax rate | 28.0% | 26.0% | 24.0% | 23.0% | 15.0% | 18.0% | 36.0% | 25.0% |
| Net profit | 18 | 17 | 19 | 21 | 24 | 21 | 19 | 22 |
| EPS (₹ per share) | 7.83 | 7.36 | 8.33 | 9.36 | 10.74 | 9.18 | 8.52 | 9.72 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 117 | 165 | 215 | 256 |
| Expenses | 29 | 37 | 53 | 59 |
| Other income | 0 | 0 | 0 | 0 |
| Interest | 26 | 42 | 65 | 84 |
| Depreciation | 0 | 0 | 0 | 3 |
| Profit before tax | 61 | 85 | 98 | 112 |
| Net profit | 46 | 64 | 72 | 85 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 20 | 20 | 22 | 22 | 22 | 22 |
| Reserves | 301 | 342 | 452 | 519 | 558 | 599 |
| Borrowings | 206 | 410 | 505 | 695 | — | 856 |
| Other liabilities | 5 | 6 | 6 | 8 | 13 | 10 |
| Total liabilities | 532 | 779 | 985 | 1,245 | 1,391 | 1,488 |
| Fixed assets | 6 | 8 | 8 | 9 | 9 | 8 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 526 | 771 | 978 | 1,236 | 1,382 | 1,479 |
| Total assets | 532 | 779 | 985 | 1,245 | 1,391 | 1,488 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 22 | -158 | -166 | -128 | -102 | -57 |
| Cash from investing | 0 | -4 | -2 | -1 | -9 | -1 |
| Cash from financing | -17 | 157 | 196 | 143 | 121 | 70 |
| Net cash flow | 5 | -5 | 27 | 14 | 10 | 13 |
| Free cash flow | 22 | -162 | -169 | -129 | -104 | -58 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on equity | 11.0% | 12.0% | 13.0% | 15.0% | 14.0% | 15.0% |
| Dividend payout | 7.0% | 15.0% | 11.0% | 9.0% | 9.0% | 26.0% |
Ownership
Promoters hold 49.17% as of Sept 2026; institutions cut 0.44 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of CSL Finance above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 29.98% | +0.20 pp | |
| 16.57% | unchanged | |
| 3.38% | unchanged | |
| 3.18% | unchanged | |
| NBFC / DFI | 2.18% | +0.36 pp |
| 2.06% | unchanged | |
| 2.04% | +0.80 pp | |
| 1.91% | unchanged | |
| 1.85% | unchanged | |
| 1.46% | unchanged | |
| 1.40% | unchanged | |
| 0.32% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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