BSE: 531212
NALIN LEASE FINANCE LTD.
Operates as a Gujarat-based non-banking finance company running a lease finance and lending book, earning primarily through interest on loans. The loan book grew from ₹2,972.14 lakhs to ₹4,359.38 lakhs in FY26. Total income for FY26 stood at ₹756.53 lakhs (per filings) or ₹668.83 lakhs (per F_SCALE), driven by interest income of ₹648.33 lakhs, up from ₹590.05 lakhs the previous year. Despite the top-line growth, profit after tax fell 9.8% to ₹317.91 lakhs from ₹352.34 lakhs, hit by higher finance costs (₹53.15 lakhs vs ₹40.89 lakhs) and a 73% rise in impairment on financial instruments to ₹50.45 lakhs. The company funded its loan book expansion by sharply increasing borrowings from ₹112.73 lakhs to ₹1,029.27 lakhs, and operating cash flow turned negative at ₹-1,119.82 lakhs as disbursements outpaced collections. Its biggest input cost is finance cost (interest paid on borrowings), while employee costs run at 16.1% of revenue and other operating expenses at 16.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income from lending and lease finance. Small-cap NBFC, asset-light lending model funded by borrowings
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6 | 6 | 7 | 6 | 7 |
| EBITDA (ex other income) | 4 | 4 | 5 | 4 | 4 |
| margin % | 64.7 | 70.1 | 70.5 | 64.4 | 58.0 |
| Owners' profit | 3 | 3 | 4 | 4 | 3 |
| EPS, as reported (₹) | 3.96 | 4.56 | 5.87 | 5.37 | 4.85 |
| ROE % · ROCE % | 10.5 · — | 10.8 · — | 12.2 · — | 10.1 · — | 8.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1 | 4 | 1 | (3) | (11) |
| Capex | (0) | (1) | (0) | (0) | (1) |
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 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Net profit | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| EPS (₹) | 1.06 | 1.52 | 0.88 | 1.41 | 1.16 | 1.14 | 1.13 | 1.70 |
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) | 7.8 | 18.1 | 43 of 200 | 79% |
| P/B | 0.7 | 1.1 | 88 of 253 | 65% |
| ROE | 8.3 | 3.1 | 73 of 257 | 72% |
| EBITDA margin | 85.7 | 48.6 | 47 of 249 | 82% |
| Revenue growth | 4.7 | 12.6 | 131 of 231 | 44% |
| Profit growth | 20.6 | 7.8 | 115 of 251 | 54% |
| Market cap | 26 | 34 | 149 of 268 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Quarter and half-year results published; profit after tax up 51% | compliance | minimal | — | — |
| 23 Oct 2026 · September 2026 results: profit rises, operating cash outflow widens | results | high | — | — |
| 23 Oct 2026 · Half-year revenue and profit rise; operating cash outflow widens | results | high | — | — |
| 14 Oct 2026 · Board meeting on 23 Oct 2026 to approve Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · Quarterly demat confirmation certificate filed with BSE | compliance | minimal | — | — |
| 25 Sept 2026 · 35th AGM voting results: both resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Notice of 35th AGM, e-voting details, record date and book closure | compliance | minimal | — | — |
| 31 Aug 2026 · Notice of 35th AGM published; meeting on 24 Sept 2026 via VC | compliance | minimal | — | — |
| 29 Aug 2026 · 35th AGM notice and FY25-26 Annual Report filed | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Notice of 35th AGM on September 24, 2026 via video conferencing | 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.