BSE: 531841
Indus Finance Limited
Operates as a Non-Banking Financial Company (NBFC) that lends and earns fees on financial products. In FY26, total income of Rs 936.04 lakhs was made up mainly of interest income of Rs 400.02 lakhs and an insurance bonus of Rs 473.92 lakhs. The lending book shows stress — Rs 394.11 lakhs of loans were overdue beyond 90 days and Rs 171.47 lakhs of bad debts were written off in Q4 FY26. Borrowings were nearly halved to Rs 1,107.24 lakhs from Rs 2,027.05 lakhs in the prior year, which cut finance costs. The company also has material related party transactions approved with 9 group entities totalling about Rs 130 crores, including Indus Capital (Rs 40 cr) and Loyal Credit (Rs 20 cr). The biggest cost lines in FY26 were other operating expenses at 25.9% of revenue and employee cost at 12.2% of revenue, with no material spend on materials or depreciation. The small asset base of Rs 34.50 cr and a debt-to-equity of 0.0 point to a balance sheet that is mostly funded by equity, with lending assets as the main productive use of capital. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Interest income from lending, Insurance bonus / commission. Small, equity-funded NBFC with lending and insurance-linked income.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 2 | 3 | 5 | 9 |
| EBITDA (ex other income) | (1) | 0 | 1 | 3 | 5 |
| margin % | (120.9) | 17.4 | 33.5 | 52.5 | 56.7 |
| Owners' profit | (3) | 0 | 1 | 1 | 2 |
| EPS, as reported (₹) | (3.65) | 0.00 | 0.81 | 1.12 | 2.16 |
| ROE % · ROCE % | (15.4) · — | 2.1 · — | 3.1 · — | 4.5 · — | 8.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (1) | 1 | 11 | 10 | (3) |
| 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 | 2 | 2 | 1 | 1 | 1 | 1 | 6 | 2 |
| Profit before tax | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 1 |
| Net profit | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| EPS (₹) | 0.88 | 0.14 | 0.05 | 0.19 | 0.09 | 0.31 | 1.58 | 0.81 |
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) | 124.7 | 18.1 | 174 of 200 | 13% |
| P/B | 14.0 | 1.1 | 250 of 253 | 1% |
| ROE | 8.7 | 3.1 | 67 of 257 | 74% |
| EBITDA margin | 69.7 | 48.6 | 84 of 249 | 67% |
| Revenue growth | 38.3 | 12.6 | 75 of 231 | 68% |
| Profit growth | 332.6 | 7.8 | 28 of 251 | 89% |
| Market cap | 322 | 34 | 55 of 268 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Postal Ballot for Bonus Share Issue at 5:9 Ratio | corporate actions | high | — | — |
| 14 Oct 2026 · Q2 FY27: Net profit jumps 227% in H1 to Rs 84.33 lakh; revenue up 28% | results | high | — | — |
| 14 Oct 2026 · Indus Finance Q2 results; board clears 5:9 bonus issue, internal auditor change | results | high | — | — |
| 9 Oct 2026 · Submission of dematerialization certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Board meeting on Oct 14 to consider Q2 results and bonus shares | results | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 11 Aug 2026 · Indus Finance Q1 FY27 net profit up 15.5% at Rs 75.37 lakh; Board explores fund raise and bonus shares | results | high | — | — |
| 11 Aug 2026 · Indus Finance Q1 FY27 results approved; board considers fund raising and bonus shares | results | high | — | — |
| 6 Aug 2026 · Board to consider bonus shares and fund raising on 11 Aug 2026 | results | low | — | — |
| 5 Aug 2026 · Indus Finance board to consider Q1 FY27 results on Aug 11 | results | 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.