NSE: INDIASHLTR · BSE: 544044
INDIA SHELTER FIN CORP L
Lends for housing to retail customers, with all revenue from a single Housing Finance segment. Over 70% of the book is directed to Economically Weaker Section (EWS) and Low Income Group (LIG) customers in Tier 2 and Tier 3 cities. The marginal cost of funds is 7.9% and bucket cost of funds is 8.2%, keeping the spread above 6% guidance. Asset quality is reported at Gross Stage-3 of 1.2%, Net Stage-3 at 0.9% and 30+ days past due at 4%, with credit cost guided at 40-50 bps. Funding is drawn from bank facilities carrying an AA- stable rating (limit of Rs 2,500 crore) and from non-convertible debentures, including a recent Rs 75 crore issue at an 8.10% coupon. Employee cost accounts for 19.5% of revenue and other operating expenses 5.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Housing Finance (100%). Asset-light housing finance NBFC focused on affordable housing, funded by bank lines and NCDs
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 830 | 1,166 | 1,528 |
| EBITDA (ex other income) | 586 | 845 | 1,110 |
| margin % | 70.6 | 72.5 | 72.6 |
| Owners' profit | 0 | 0 | 0 |
| EPS, as reported (₹) | 26.32 | 35.18 | 46.46 |
| ROE % · ROCE % | 10.8 · — | 14.0 · — | 15.7 · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | (1,463) | (1,435) | (1,199) |
| Capex | (6) | (9) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 252 | 283 | 304 | 327 | 361 | 369 | 390 | 408 |
| Profit before tax | 108 | 117 | 124 | 140 | 155 | 158 | 160 | 180 |
| Net profit | 84 | 90 | 96 | 108 | 119 | 122 | 124 | 138 |
| EPS (₹) | 7.80 | 8.40 | 8.94 | 10.03 | 11.07 | 11.29 | 11.44 | 12.66 |
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 HOUSING FINANCE LTD | 64,956 | 32.1 | 2.88 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. | 28,144 | 12.2 | 1.46 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,070 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L | 19,096 | 16.6 | 2.53 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED | 13,314 | — | 0.70 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,662 | 18.2 | 2.45 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 10,141 | 10.3 | 2.00 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,701 | 8.6 | 1.62 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 10.3 | 11 of 17 | 38% |
| P/B | 2.3 | 1.0 | 13 of 17 | 25% |
| ROE | 15.7 | 11.8 | 3 of 17 | 88% |
| EBITDA margin | 73.1 | 74.7 | 11 of 19 | 44% |
| Revenue growth | 24.7 | 9.0 | 4 of 19 | 83% |
| Profit growth | 27.2 | 19.3 | 7 of 20 | 68% |
| Market cap | 7366 | 4631 | 10 of 20 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · 39,090 shares allotted on employee stock option exercise | capital market events | low | — | — |
| 6 Oct 2026 · Reg 74(5) Depository Certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closure from October 1 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · India Shelter allots 29,648 shares under ESOP schemes | capital market events | low | — | — |
| 18 Sept 2026 · India Shelter to attend two investor conferences in September 2026 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Clarification on non-submission of Q1 FY27 consolidated results | results | high | — | — |
| 8 Sept 2026 · Allotment of 2,00,604 shares under ESOP 2021 and ESOP 2023 | capital market events | low | — | — |
| 14 Aug 2026 · India Shelter Q1FY27 earnings call transcript filed, PAT up 23 percent YoY | investor communications | medium | — | — |
| 12 Aug 2026 · ESOP allotment: 1,12,158 shares issued under ESOP schemes | capital market events | low | — | — |
| 7 Aug 2026 · Submission of Q1 FY27 Earnings Call Audio Recording | investor communications | 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.