BSE: 526859
ISF LIMITED
Operates a loan-based non-banking financial company model with loan receivables of Rs 1,271.86 lakhs as of March 2026. Revenue from operations for FY26 was Rs 169.65 lakhs, down from Rs 178.43 lakhs in FY25, while the company reported a net loss of Rs 166.35 lakhs against a Rs 0.65 lakh loss the prior year. Other operating expenses were 198.9% of revenue in FY26, employee costs 18.6%, and depreciation 0.1% of revenue. The new CEO appointed in April 2026 brings prior experience in commercial banking, SME lending, portfolio risk management, supply chain finance and fintech-based B2B lending. The company is small, with equity share capital of Rs 9.50 crore (9.5 crore shares of Re 1 each), net worth of Rs 13.42 crore and total assets of Rs 14.24 crore. Its paid-up capital and net worth fall below SEBI LODR thresholds of Rs 10 crore and Rs 25 crore, making it exempt from certain governance and RPT disclosure requirements. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Loan-based financing. Small, loss-making NBFC operating a loan-based model
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 2 | 2 | 2 |
| EBITDA (ex other income) | 1 | 0 | (1) | 0 | (2) |
| margin % | 56.5 | 4.1 | (31.9) | 18.8 | (117.6) |
| Owners' profit | 1 | 0 | (1) | (0) | (2) |
| EPS, as reported (₹) | 0.06 | 0.00 | (0.08) | 0.00 | (0.18) |
| ROE % · ROCE % | 8.5 · — | 0.1 · — | (5.5) · — | (0.0) · — | (14.1) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | (1) | (2) | 1 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | (0) | 0 | 0 | 0 | 0 | (3) | 0 |
| Net profit | 0 | (0) | 0 | 0 | 0 | 0 | (2) | 0 |
| EPS (₹) | 0.00 | (0.03) | 0.02 | 0.00 | 0.01 | 0.01 | (0.20) | 0.00 |
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/B | 0.6 | 1.1 | 73 of 253 | 71% |
| ROE | (14.2) | 3.1 | 241 of 257 | 6% |
| EBITDA margin | 35.7 | 48.6 | 140 of 249 | 44% |
| Revenue growth | (20.4) | 12.6 | 167 of 231 | 28% |
| Profit growth | 786.8 | 7.8 | 12 of 251 | 96% |
| Market cap | 7 | 33 | 235 of 268 | 12% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Newspaper publication of September 2026 quarter results | compliance | minimal | — | — |
| 23 Oct 2026 · ISF says related-party disclosure rules do not apply | compliance | minimal | — | — |
| 23 Oct 2026 · Regulation 32 declared not applicable for September 2026 quarter | compliance | minimal | — | — |
| 23 Oct 2026 · Board approves borrowing limit of Rs 11 crore | credit debt | medium | — | — |
| 23 Oct 2026 · September quarter revenue and profit fall; cash flow remains positive | results | high | — | — |
| 23 Oct 2026 · Quarterly revenue and profit fall; Board approves Rs 11 crore loan limit | results | high | — | — |
| 15 Oct 2026 · ISF Limited board meeting on 23 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · RTA Compliance Certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Board appointments approved at AGM, pending RBI clearance | management changes | medium | — | — |
| 30 Sept 2026 · ISF Limited: All 4 AGM Resolutions Pass With Thin Margins | compliance | minimal | — | — |
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.