NSE: CSLFINANCE · BSE: 530067
CSL FINANCE LIMITED
Earns primarily through interest on loans made to small and medium enterprises, split between wholesale and retail channels. FY26 interest income of Rs 24,182 lakh against total revenue from operations of Rs 25,606 lakh shows the business is almost entirely a lender. The loan book is funded by borrowings of Rs 85,417 lakh, supplemented by Rs 60 crore of NCDs raised in Q1FY27. Q1FY27 saw Rs 320 crore of fresh disbursements against Rs 290 crore of collections, with a liquidity surplus of Rs 175 crore. The wholesale segment remained robust in H2 FY26 while SME retail disbursements slowed on a tougher operating environment and competitive intensity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wholesale lending (WSL), SME Retail lending. NBFC focused on SME lending, wholesale-tilted loan book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 75 | 117 | 166 | 215 | 256 |
| EBITDA (ex other income) | 56 | 89 | 129 | 163 | 197 |
| margin % | 75.0 | 76.3 | 77.9 | 75.6 | 76.9 |
| Owners' profit | 33 | 46 | 63 | 72 | 86 |
| EPS, as reported (₹) | 17.86 | 22.02 | 28.60 | 31.64 | 37.80 |
| ROE % · ROCE % | 10.4 · — | 12.6 · — | 13.3 · — | 13.3 · — | 13.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (158) | (167) | (128) | (172) | (57) |
| Capex | (4) | (2) | (1) | (2) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54 | 53 | 57 | 59 | 64 | 64 | 69 | 70 |
| Profit before tax | 25 | 23 | 25 | 28 | 29 | 25 | 30 | 30 |
| Net profit | 18 | 17 | 19 | 21 | 24 | 21 | 19 | 22 |
| EPS (₹) | 7.84 | 7.36 | 8.32 | 9.36 | 10.73 | 9.18 | 8.52 | 9.72 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 18.1 | 26 of 200 | 87% |
| P/B | 0.8 | 1.1 | 102 of 253 | 59% |
| ROE | 13.8 | 3.1 | 21 of 257 | 92% |
| EBITDA margin | 77.2 | 48.6 | 61 of 249 | 76% |
| Revenue growth | 17.7 | 12.6 | 102 of 231 | 56% |
| Profit growth | 3.9 | 7.8 | 129 of 251 | 49% |
| Market cap | 488 | 34 | 49 of 268 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Akshay Gujar appointed CEO of the SME division | management changes | medium | — | — |
| 24 Oct 2026 · CSL Finance schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board to approve September quarter and half-year results on November 2 | results | low | — | — |
| 9 Oct 2026 · CSL Capital buys 1.17% from Rohit Gupta HUF via inter-se transfer | ownership changes | medium | — | — |
| 9 Oct 2026 · Promoter group transfers 2.65 lakh shares internally at CSL Finance | ownership changes | medium | — | — |
| 9 Oct 2026 · Quarterly compliance certificate for share dematerialisation | compliance | minimal | — | — |
| 7 Oct 2026 · Newspaper notice about special window for physical share dematerialisation | compliance | minimal | — | — |
| 1 Oct 2026 · CSL Finance Q2 FY27 update: portfolio up 24% YoY at about Rs 1,596 cr | business updates | medium | — | — |
| 28 Sept 2026 · CSL Capital to acquire 1.17% stake in CSL Finance from promoter group via inter-se transfer | ownership changes | medium | — | — |
| 22 Sept 2026 · CSL Finance 34th AGM: All 6 resolutions passed, Rs 10 dividend declared | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.