INDOSTAR
IndoStar Capital Finance share price & financials
- Price
- ₹249.47
- Market cap
- ₹3.7k Cr
- Sector
- Financial Services
- Calls analysed
- 8
IndoStar Capital Finance Limited Q1 FY27
What went well
- Retail disbursements grew 44% YoY to INR1,235 crores, exceeding 35% CAGR target.
- Micro LAP disbursements grew 85% YoY to INR50 crores, with AUM nearly tripling to INR217 crores.
- Early delinquency ratio significantly reduced from 5.55% in Q1 FY26 to 2.29% in Q1 FY27.
What to watch
- Monsoon rainfall during July expected to remain below normal due to El Nino conditions.
- Retail inflation increased to 4.38% in June from 3.93% in May.
What IndoStar Capital Finance Limited does
IndoStar Capital Finance Limited is a retail-focused, middle-layer NBFC registered with the Reserve Bank of India, offering secured lending to underserved customer segments across India. Its core Vehicle Finance business finances used and new commercial vehicles, construction equipment, farm equipment, and passenger vehicles/cars for transport entrepreneurs, self-employed operators, agricultural equipment users and fleet owners, sourced largely through a referral-led branch network with first-mover presence in several Tier-4/Tier-5 markets. It also runs Micro LAP, a small-ticket loan-against-property product launched in FY2024-25 for salaried and self-employed customers such as shopkeepers, tradespeople and small transporters in Tier-3/Tier-4 towns, using the existing vehicle-finance branch infrastructure. The company is co-promoted by Brookfield and Everstone and is professionally managed and institutionally owned.
Segments
- Vehicle Finance
- Micro LAP
- Branch network
- 454 branches across 24 states & union territories (Q4 FY26)
- Employees
- 4,585 employees (Q4 FY26)
- Live customer accounts
- ~165,000 outstanding live loan accounts (Q4 FY26)
- Micro LAP branch footprint
- 108 branches across 4 states — Andhra Pradesh, Gujarat, Tamil Nadu, Telangana
- Micro LAP dedicated team
- ~500-person dedicated local team
- Vehicle finance asset categories
- 4 categories — commercial vehicles, construction equipment, passenger vehicles, farm equipment
Guidance record · Q1 FY27
what the last two calls moved 30 tracked 4 delivered 7 missed 19 open- HFC Sale Closure delivered said Q1 FY25 Promised: FY25 or early FY26 Q1 FY27: Promise achieved in a prior quarter.
- Standalone AUM Growth missed said Q4 FY25 Promised: 12% to 15% for FY26 Q1 FY27: Promise missed in a prior quarter.
- AUM Growth on track said Q1 FY26 Promised: around 15% to 17% for FY27 Q1 FY27: AUM grew 6% YoY. While this is below the annual target range of 15-17%, management reiterated confidence citing strong disbursement momentum and expected acceleration.
All 30 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 5.8%, net profit down 98.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 352 | 373 | 373 | 344 | 357 +1% | 346 −7% | 347 −7% | 364 +6% |
| EBITDA | 213 | 211 | 211 | -279 | 185 −13% | — | — | — |
| Net profit | 32 | 28 | 36 | 546 | 10 −69% | 8 −71% | -424 −1278% | 11 −98% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −7.5% 1Y
1Y: ₹264.15 on 10 Sept 2025 → ₹244.38. High ₹274.7 (29 Jul 2026), low ₹182.51 (27 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.2%
- 30 Jul
- Q4 FY26
- +2.7%
- 28 May
- Q3 FY26
- −1.3%
- 10 Feb
- Q2 FY26
- −1.2%
- 31 Oct
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.
Financials, as filed
Revenue grew 5.9% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.4k Cr |
| Operating profit | ₹853 Cr | ₹708 Cr | ₹818 Cr | — |
| Operating margin | 72.6% | 60.9% | 58.2% | — |
| Interest | ₹579 Cr | ₹602 Cr | ₹741 Cr | ₹621 Cr |
| Depreciation | ₹39 Cr | ₹28 Cr | ₹31 Cr | ₹29 Cr |
| Net profit | ₹226 Cr | ₹116 Cr | ₹121 Cr | ₹140 Cr |
| Net margin | 19.2% | 10.0% | 8.6% | 10.0% |
| Cash from operations | ₹899 Cr | ₹-2.2k Cr | ₹-1.1k Cr | ₹-989 Cr |
| Free cash flow | ₹873 Cr | ₹-2.2k Cr | ₹-1.1k Cr | ₹-997 Cr |
| ROE | 7.0% | 1.0% | 0.0% | -24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹124 Cr | ₹136 Cr | ₹136 Cr | ₹136 Cr | ₹137 Cr | ₹162 Cr |
| Reserves | ₹3.6k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹3.1k Cr | ₹3.9k Cr | ₹3.6k Cr |
| Borrowings | ₹6.0k Cr | ₹6.2k Cr | ₹5.6k Cr | ₹7.6k Cr | ₹5.7k Cr | ₹5.5k Cr |
| Other liabilities | ₹376 Cr | ₹508 Cr | ₹357 Cr | ₹300 Cr | ₹528 Cr | ₹257 Cr |
| Total liabilities | ₹10.1k Cr | ₹9.7k Cr | ₹9.1k Cr | ₹11.1k Cr | ₹10.2k Cr | ₹9.5k Cr |
| Fixed assets | ₹366 Cr | ₹386 Cr | ₹377 Cr | ₹381 Cr | ₹360 Cr | ₹355 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1.6k Cr | ₹548 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹2.0k Cr | ₹982 Cr |
| Other assets | ₹8.1k Cr | ₹8.7k Cr | ₹7.7k Cr | ₹9.6k Cr | ₹7.9k Cr | ₹8.2k Cr |
| Total assets | ₹10.1k Cr | ₹9.7k Cr | ₹9.1k Cr | ₹11.1k Cr | ₹10.2k Cr | ₹9.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse IndoStar Capital Finance Limited
Guides on how to read this kind of business and the numbers that matter.