BSE: 531505
INDERGIRI FINANCE LTD.
Earns interest income from lending as a small non-banking financial company (NBFC) based in Andheri East, Mumbai. Revenue from operations stood at ₹2.22 crore in FY26, with quarterly operations revenue falling to ₹28.43 lakhs in Q3 FY26 from ₹68.84 lakhs in Q3 FY25, and nine-month FY26 operations revenue at ₹79.58 lakhs. The largest costs are employee expenses at ₹0.92 crore (41.6% of revenue) and other operating expenses at ₹1.10 crore (49.6% of revenue). The company carries ₹19.72 crore in total assets and has defaulted on ₹425.24 lakhs of loan principal plus ₹51.02 lakhs of interest and ₹25 lakhs of NCD interest, with reserves deeply negative at ₹(385.07) lakhs as of December 2025 and Net Owned Funds at ₹(64.19) lakhs versus the RBI-required ₹500 lakhs minimum. To bolster capital the board approved a rights issue of up to ₹10 crore in February 2026, and separately allotted 30 secured, redeemable, non-convertible debentures of ₹10 lakh each at a 9.5% coupon maturing in February 2029. FY26 reported a net profit largely driven by a ₹126.18 lakh fair-value gain on remeasurement of a promoter loan rather than core lending activity, and the statutory auditor flagged material uncertainty about the company's ability to continue as a going concern. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Lending operations (NBFC). Small, thinly capitalised non-banking financial company with negative reserves, defaulted debt, and Net Owned Funds below the RBI-mandated minimum
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 1 | 1 | 2 | 2 |
| EBITDA (ex other income) | 0 | (0) | (0) | (1) | (2) |
| margin % | 23.9 | (5.9) | (61.8) | (66.1) | (68.2) |
| Owners' profit | (0) | 0 | (1) | (2) | (1) |
| EPS, as reported (₹) | (0.30) | 0.02 | (1.28) | (3.11) | (2.72) |
| ROE % · ROCE % | (3.0) · — | 0.2 · — | (14.9) · — | (57.1) · — | (99.9) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | (0) | (4) | (13) | 1 |
| Capex | 0 | 0 | (0) | (0) | 0 |
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 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 |
| Profit before tax | (0) | 0 | (2) | (0) | (2) | (0) | 0 | (1) |
| Net profit | (0) | 0 | (2) | (0) | (1) | 0 | 0 | (1) |
| EPS (₹) | (0.08) | 0.26 | (3.07) | (0.67) | (2.58) | 0.19 | 0.33 | (1.43) |
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/B | 7.5 | 1.1 | 245 of 253 | 3% |
| ROE | (99.9) | 3.1 | 253 of 257 | 2% |
| EBITDA margin | (148.1) | 48.6 | 225 of 249 | 10% |
| Revenue growth | (14.8) | 12.6 | 161 of 231 | 30% |
| Profit growth | (115.4) | 7.8 | 197 of 251 | 22% |
| Market cap | 10 | 34 | 212 of 268 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Rights Issue Committee meeting scheduled for October 28, 2026 cancelled | corporate actions | low | — | — |
| 15 Oct 2026 · Rights Issue Committee meeting rescheduled to October 28 | fund raising | medium | — | — |
| 12 Oct 2026 · Rights Issue Committee meeting on Oct 15 to finalise terms and pricing | fund raising | medium | — | — |
| 6 Oct 2026 · Compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · AGM results: all 3 resolutions passed, MD remuneration revision approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Indergiri Finance 32nd AGM held on 30 Sep 2026 via video conference | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window closed for Designated Persons from 1 October 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 32nd AGM published in newspapers | compliance | minimal | — | — |
| 2 Sept 2026 · AGM notice and annual report link sent to unregistered email shareholders | compliance | minimal | — | — |
| 2 Sept 2026 · Book Closure for 32nd AGM from Sep 24 to Sep 30, 2026 | board shareholder meetings | low | — | — |
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.