One of India's largest retail asset-backed NBFCs, financing vehicles, MSMEs, farm equipment and gold
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 13,792 | +15.8% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Sept 2026 | Not in the filed figures for the quarter to sept 2026. No older figure is substituted. | ||
| Net profit | 3,684 | +59.2% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 11.39 | +0.7 pts | Trailing twelve months | TTM to Sept 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) | 13.76 | −11.2 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
7 of 12 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gold Finance Share of AUM | Increase share of book by 2% from ~5% | Q3 FY26 | The original promise was not addressed. Instead, management issued a new, more specific target to double the gold portfolio's share from 2.5% to 5% over three years. | Ghosted |
| New Vehicle Disbursements Proportion | Increase from 15-20% to 20-30% over the next two quarters (by Q2 FY27) | Q4 FY26 | New vehicle disbursement was reported at ~16% in Q1. The target of 20-30% by Q2 FY27 seems unlikely. Management's commentary shifted to a longer timeline of 'over the period'. | At Risk |
| Net Interest Margin | 8.5%-8.6% for FY26 | Q4 FY25 | Achieved. Q4 FY26 NIM was 8.61%, meeting the guided exit rate of 8.5%-8.6% for the year. | Achieved |
5 of Shriram Finance Limited's 27 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹715.45 on 24 Oct 2025 → ₹825. High ₹1,141 (6 Aug 2026), low ₹715.45 (24 Oct 2025).
Overview
Based on the company's own presentations, annual report and earnings calls.
Shriram Finance is a retail-focused non-banking financial company (NBFC) that lends to underserved borrowers such as Small Road Transport Operators, first-time vehicle buyers and micro, small and medium enterprises across India. It earns primarily by extending loans against vehicles and other assets, funding itself through borrowings including non-convertible debentures, bonds and public deposits. Formed from the merger of Shriram Transport Finance with Shriram City Union Finance and Shriram Capital, it operates a pan-India branch network serving millions of customers.
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
7 of 12 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gold Finance Share of AUM | Increase share of book by 2% from ~5% | Q3 FY26 | The original promise was not addressed. Instead, management issued a new, more specific target to double the gold portfolio's share from 2.5% to 5% over three years. | Ghosted |
| New Vehicle Disbursements Proportion | Increase from 15-20% to 20-30% over the next two quarters (by Q2 FY27) | Q4 FY26 | New vehicle disbursement was reported at ~16% in Q1. The target of 20-30% by Q2 FY27 seems unlikely. Management's commentary shifted to a longer timeline of 'over the period'. | At Risk |
| Net Interest Margin | 8.5%-8.6% for FY26 | Q4 FY25 | Achieved. Q4 FY26 NIM was 8.61%, meeting the guided exit rate of 8.5%-8.6% for the year. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Shriram Finance Limited Q1 FY27
Shriram Finance Limited delivered a strong Q1 FY27, marked by robust disbursement and AUM growth, significant NII and PAT expansion, and improved margins. The company benefited from a positive auto industry performance and lower cost of borrowing. However, macroeconomic headwinds such as revised GDP forecasts, rising inflation, geopolitical tensions, and monsoon uncertainties remain key concerns for the outlook.
Read the full callShriram Finance Q4 FY26
Shriram Finance delivered a strong Q4 FY26, marked by robust growth in AUM, NII, and PAT, alongside improved asset quality and cost efficiency. A significant capital infusion from MUFG Bank bolstered capital adequacy. However, management expressed caution regarding the FY27 outlook, anticipating muted growth and potential challenges in Q1 due to macroeconomic uncertainties.
Read the full callShriram Finance Limited Q3 FY26
Shriram Finance Limited announced a strategic partnership with MUFG, involving a US$4.4 billion capital infusion for a 20% stake. This capital is expected to fuel an accelerated growth rate of 18-20%, improve ROA from 2.8% to 3.6%, and reduce borrowing costs by 100 basis points over two years. While ROE is projected to dip to 13.5% next year due to the capital, it is expected to recover to 31% within five years, driven by conservative lending and focus on existing customer retention.
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: +59% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 10,698 | 11,454 | 11,536 | 11,912 | 12,171 | 12,513 | 13,400 | 13,792 |
| Expenses | 3,033 | 3,293 | 3,062 | 3,109 | 3,397 | 3,104 | 3,406 | 3,725 |
| Other income | 1,574 | 6 | 6 | 9 | 26 | 18 | 18 | 9 |
| Interest | 4,751 | 5,224 | 5,401 | 5,525 | 5,259 | 5,336 | 5,204 | 4,965 |
| Depreciation | 162 | 171 | 173 | 174 | 177 | 175 | 183 | 180 |
| Profit before tax | 4,326 | 2,772 | 2,906 | 3,113 | 3,363 | 3,917 | 4,626 | 4,932 |
| Tax rate | 25.0% | 23.0% | 26.0% | 26.0% | 25.0% | 23.0% | 25.0% | 25.0% |
| Net profit | 3,249 | 2,144 | 2,159 | 2,314 | 2,530 | 3,021 | 3,453 | 3,684 |
| EPS (₹ per share) | 17.27 | 11.40 | 11.48 | 12.30 | 13.45 | 16.06 | 14.67 | 15.66 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 30,477 | 34,964 | 41,847 | 48,132 |
| Expenses | 8,764 | 9,941 | 11,823 | 12,672 |
| Other income | 32 | 234 | 1,720 | 59 |
| Interest | 12,933 | 14,805 | 18,454 | 21,521 |
| Depreciation | 601 | 569 | 645 | 699 |
| Profit before tax | 8,213 | 9,885 | 12,643 | 13,299 |
| Net profit | 6,021 | 7,399 | 9,577 | 10,024 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 374 | 376 | 376 | 376 | 376 | 471 |
| Reserves | 43,138 | 48,571 | 56,094 | 60,227 | 65,542 | 1,10,964 |
| Borrowings | 1,64,202 | 1,95,496 | 2,34,197 | — | 2,50,692 | 2,36,272 |
| Other liabilities | 2,858 | 3,823 | 3,330 | 4,276 | 4,764 | 7,056 |
| Total liabilities | 2,10,573 | 2,48,266 | 2,93,998 | 2,99,189 | 3,21,375 | 3,54,762 |
| Fixed assets | 3,714 | 3,718 | 2,914 | 2,807 | 2,635 | 2,536 |
| Capital work in progress | 66 | 0 | 0 | 0 | 0 | 0 |
| Investments | 7,430 | 9,472 | 15,788 | 13,427 | 14,993 | 19,397 |
| Other assets | 1,99,363 | 2,35,076 | 2,75,296 | 2,82,956 | 3,03,746 | 3,32,829 |
| Total assets | 2,10,573 | 2,48,266 | 2,93,998 | 2,99,189 | 3,21,375 | 3,54,762 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on equity | 13.0% | 11.0% | 17.0% | 16.0% | 16.0% | 16.0% |
| Dividend payout | 18.0% | 20.0% | 22.0% | 23.0% | 19.0% | 20.0% |
Ownership
Foreign institutions hold 55.65% as of Sept 2026; institutions added 0.01 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 2 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Shriram Finance Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bank | 20.02% | unchanged |
| 14.27% | unchanged | |
| 5.68% | unchanged | |
| Sovereign | 3.75% | +0.71 pp |
| Pension / PF | 1.80% | −0.09 pp |
| Mutual fund | 1.63% | −0.08 pp |
| Mutual fund | 1.62% | unchanged |
| Mutual fund | 1.41% | unchanged |
| Global fund house | 1.30% | +0.10 pp |
| Sovereign | 1.29% | +0.06 pp |
| Mutual fund | 1.03% | unchanged |
| 0.33% | 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.
Filings to Sep 2026
0 new, 11 added, 13 trimmed, 1 sold out — net +10.80 L shares (+1.9%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹2.7k Cr | +0.04 L | Mar '24 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹857 Cr | +1.97 L | Mar '24 |
| SBI Flexicap Fund SBI Mutual Fund | ₹442 Cr | +15.45 L | Dec '25 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹316 Cr | held | Dec '22 |
| SBI Arbitrage Fund (Erstwhile known as SBI Arbitrage Opportunities Fund) SBI Mutual Fund | ₹207 Cr | +3.09 L | May '23 |
| HDFC Banking & Financial Services Fund HDFC Mutual Fund | ₹187 Cr | held | Dec '22 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹185 Cr | −3.49 L | Dec '22 |
| SBI Nifty Index Fund SBI Mutual Fund | ₹174 Cr | −0.02 L | Mar '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
11 added, 13 trimmed — net +10.80 L shares (+1.9%)
Shares held by these funds −17%
Oct '23 5.80 cr shares Sep '26
Your own record
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