NSE: INDOSTAR · BSE: 541336
INDOSTAR CAPITAL FIN LTD
Lends primarily against commercial vehicles through 468 branches spread across 24 states, with smaller books in SME loans, Micro LAP and large corporate financing. Vehicle finance was 69.1% of segment revenue in the year ended March 2025, while discontinued operations (the divested housing finance business) made up 22.5%, and SME and large corporate lending together accounted for about 4%. The loan book (AUM) stood at Rs 8,244 crore in Q1 FY27, up 6% YoY, supported by Q1 FY27 disbursements of Rs 1,235 crore (up 44% YoY) and 1.72 lakh+ live accounts. Net Interest Margin widened to 8.8% as cost of borrowings fell to 9.9%, and Capital Adequacy sits at 34.8%. Asset quality remains pressured, with Gross Stage 3 at 4.84% of loan assets; collection efficiency was 97.3% in Q4 FY26. Employee cost is the largest operating expense at 24% of revenue, with no material input costs typical of a lending business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commercial vehicles (69%), Discontinued operations (23%), SME (3%), Large corporate (1%), Unallocated (4%). Vehicle-finance focused NBFC with scaling Micro LAP and recently divested housing finance business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,163 | 1,174 | 1,393 | 1,404 | 1,393 |
| EBITDA (ex other income) | (333) | 853 | 846 | 819 | 949 |
| margin % | (28.6) | 72.6 | 60.7 | 58.3 | 68.1 |
| Owners' profit | (737) | 225 | 116 | 121 | 140 |
| EPS, as reported (₹) | (59.51) | 16.55 | 8.51 | 8.86 | 9.73 |
| ROE % · ROCE % | (25.1) · — | 7.2 · — | 3.6 · — | 3.3 · — | 3.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (1,564) | 899 | (2,208) | (1,061) | (989) |
| Capex | (23) | (7) | (13) | (22) | (9) |
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 | 345 | 373 | 373 | 344 | 357 | 346 | 347 | 364 |
| Profit before tax | 18 | 11 | 13 | 705 | 11 | 8 | (424) | 11 |
| Net profit | 32 | 28 | 36 | 546 | 10 | 8 | (424) | 11 |
| EPS (₹) | 2.33 | 2.03 | 2.66 | 40.02 | 0.77 | 0.58 | (26.24) | 0.71 |
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 | 0.8 | 1.1 | 105 of 253 | 59% |
| ROE | 3.7 | 3.1 | 118 of 257 | 54% |
| EBITDA margin | 44.6 | 48.6 | 130 of 249 | 48% |
| Revenue growth | 5.9 | 12.6 | 126 of 231 | 46% |
| Profit growth | (97.9) | 7.8 | 190 of 251 | 24% |
| Market cap | 3148 | 34 | 26 of 268 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Analyst and investor call scheduled for Q2 FY27 results | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 6 Oct 2026 · Routine filing: RTA certificate for Q2 FY27 share dematerialisation | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 for H2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · IndoStar Capital Finance 17th AGM: All 5 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · S.R. Batliboi appointed auditor as M S K A completes 3-year term | management changes | medium | — | — |
| 25 Sept 2026 · IndoStar Capital 17th AGM Proceedings; NCD Private Placement Resolution Tabled | board shareholder meetings | low | — | — |
| 15 Sept 2026 · IndoStar allots 14,703 shares under ESOP Plan 2018 | capital market events | low | — | — |
| 2 Sept 2026 · Newspaper publication of 17th AGM notice | compliance | minimal | — | — |
| 2 Sept 2026 · IndoStar Capital sends AGM notice and FY26 annual report to shareholders | board shareholder meetings | medium | — | — |
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.