NSE: FIVESTAR · BSE: 543663
FIVE-STAR BUS FIN LTD
Lends to micro and small businesses in India, primarily through secured business loans against property, with a loan book (AUM) of ₹13,722 cr as of Q1 FY27. Funds itself by borrowing at a book cost of 8.80%, with the spread between borrowing costs and lending yields (NIM of 19.97%) being the core earnings driver; quarterly disbursements hit a record ₹1,496 cr in Q1 FY27 (+23% QoQ), and total income for the quarter was ₹838.7 cr. Operates through 856 branches with over 500,000 active loan customers; 85-90% of loans are disbursed for a 7-year tenure. Employee cost runs at 19.6% of revenue, with depreciation at 1.2% and other operating expenses at 5.1%; the dominant cost for an NBFC is interest on borrowings. Asset quality shows 83.3% of the book as current, 30-plus DPD at 12.38%, gross Stage 3 at 3.46%, and credit cost at 1.85% of AUM, with collection efficiency at 97.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lending to micro and small businesses. Secured, asset-heavy NBFC focused on micro/small business lending with long-tenure loans
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,529 | 2,183 | 2,848 | 3,218 |
| EBITDA (ex other income) | 1,088 | 1,597 | 2,111 | 2,209 |
| margin % | 71.2 | 73.1 | 74.1 | 68.6 |
| Owners' profit | 603 | 836 | 1,072 | 1,099 |
| EPS, as reported (₹) | 20.71 | 28.64 | 36.61 | 37.31 |
| ROE % · ROCE % | 13.9 · — | 16.1 · — | 17.0 · — | 14.9 · — |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (1,123) | (2,122) | (1,045) | (264) |
| Capex | (12) | (22) | (83) | (26) |
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 | 702 | 727 | 752 | 787 | 799 | 815 | 817 | 829 |
| Profit before tax | 358 | 365 | 371 | 355 | 382 | 369 | 357 | 362 |
| Net profit | 268 | 274 | 279 | 266 | 286 | 277 | 269 | 271 |
| EPS (₹) | 9.16 | 9.36 | 9.49 | 9.04 | 9.72 | 9.41 | 9.14 | 9.19 |
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 | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.2 | 18.5 | 69 of 200 | 65% |
| P/B | 1.7 | 1.1 | 169 of 253 | 33% |
| ROE | 14.9 | 3.1 | 19 of 257 | 93% |
| EBITDA margin | 65.5 | 48.6 | 99 of 249 | 61% |
| Revenue growth | 5.4 | 12.6 | 127 of 231 | 45% |
| Profit growth | 1.9 | 7.8 | 131 of 251 | 48% |
| Market cap | 12342 | 33 | 16 of 268 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Unaudited Sep 2026 results: profit after tax up 4.6%, income up 7.4% | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 and half-year FY27 earnings call recording posted | investor communications | low | — | — |
| 26 Oct 2026 · Q2 FY27 and first-half FY27 earnings call recording now available | investor communications | low | — | — |
| 26 Oct 2026 · Shankar Subramanian appointed Chief Risk Officer for three years | management changes | medium | — | — |
| 26 Oct 2026 · September 2026 half-year profit rises 3.3%, but operations consumed INR 771 crore | results | high | — | — |
| 26 Oct 2026 · September quarter profit rises 10% as cash outflow widens | results | high | — | — |
| 26 Oct 2026 · Q2 FY27 profit rises 5% as management flags margin pressure | investor communications | medium | — | — |
| 26 Oct 2026 · Five-Star posts record Q2 disbursements; rate rises may pressure margins | investor communications | medium | — | — |
| 14 Oct 2026 · Five-Star Business Finance to hold Q2 FY27 earnings call on Oct 26 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · ESOP allotment of 2920 shares under Five-Star Associate Stock Option Scheme 2018 | capital market events | low | — | — |
How to read this document
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|---|---|---|
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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.