BSE: 511507
USHAKIRAN FINANCE LTD.
Operates as a non-banking financial company (NBFC) listed on BSE and based in Hyderabad, with a lending book that has produced non-performing assets. FY26 total income was Rs 47.23 lakh, down from Rs 55.40 lakh in FY25, against total assets of Rs 13.54 crore. The company is pursuing recovery on its loan book through SARFAESI Act notices, including one to a borrower (Sri Venkateswara Traders) for an outstanding of Rs 4.55 crore classified as NPA, and three smaller notices from Centrum Housing Finance. The company swung to a net loss of Rs 4.36 lakh in FY26 from a profit of Rs 24.38 lakh in FY25, with total expenses nearly doubling to Rs 45.53 lakh. It also booked a large other comprehensive loss of Rs 343.55 lakh from fair-value changes on investments, dragging total comprehensive income to Rs -298.78 lakh. Employee cost is the largest operating expense at 27.2% of revenue, with other opex at 25.9% and depreciation at 4.4%. The company has not issued any non-convertible debt securities, NCRPS, or commercial papers, and is exempt from several SEBI corporate governance rules due to its small size (paid-up equity Rs 2.55 crore, net worth Rs 16.50 crore). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lending / financing income. Small, low-activity NBFC with a stressed loan portfolio and material mark-to-market investment losses.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | 0 | 0 | 0 | 0 | 0 |
| margin % | 33.2 | 30.4 | 49.6 | 46.7 | 7.3 |
| Owners' profit | 0 | 0 | 0 | 0 | (0) |
| EPS, as reported (₹) | 0.79 | 0.53 | 0.32 | 0.96 | (0.17) |
| ROE % · ROCE % | 1.6 · — | 1.2 · — | 0.4 · — | 1.5 · — | (0.3) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | 0 | (0) | 0 | (0) |
| 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 | (0) | 0 |
| Net profit | 0 | (0) | (0) | 0 | (0) | 0 | (0) | 0 |
| EPS (₹) | 1.06 | (0.19) | (0.22) | 0.28 | (0.19) | 0.09 | (0.34) | 0.33 |
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 | 0.5 | 1.1 | 49 of 253 | 81% |
| ROE | (0.3) | 3.1 | 204 of 257 | 21% |
| EBITDA margin | 54.0 | 48.6 | 117 of 249 | 53% |
| Revenue growth | 12.2 | 12.6 | 118 of 231 | 49% |
| Profit growth | 18.1 | 7.8 | 118 of 251 | 53% |
| Market cap | 6 | 34 | 239 of 268 | 11% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 20 Oct 2026 · Website functionality compliance filing for Q2 FY27 | compliance | minimal | — | — |
| 20 Oct 2026 · Ushakiran Finance: SEBI debt disclosure norms not applicable for Q2 FY27 | compliance | minimal | — | — |
| 20 Oct 2026 · Reg 57 non-applicability confirmed for Q2 FY27 | compliance | minimal | — | — |
| 20 Oct 2026 · No Debt Securities or Commercial Papers Issued | compliance | minimal | — | — |
| 20 Oct 2026 · Non-applicability of SEBI LODR Reg 6(1) and 7(1) for Q2 FY27 | compliance | minimal | — | — |
| 14 Oct 2026 · RTA certificate for Q2 FY27 share dematerialisation filed with BSE | compliance | minimal | — | — |
| 29 Sept 2026 · Ushakiran Finance 40th AGM: Both resolutions passed with 99.99% majority | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 40th AGM held via video conferencing on 29 Sep 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Insider trading window closed from 1 Oct 2026 till H2 results | 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.