Shriram Finance
Shriram Finance
Financial Services F&OKey Fundamentals
LargecapNBFCFinancial ServicesPrice-based figures as of 9 Oct 2026, 3:56 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
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Key Insights
Strengths
2- Company has delivered good profit growth of 32.0% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.9%
Weaknesses
3- Stock is trading at 2.77 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -5.08%
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, Shriram Finance traded at ₹945, giving a market cap of ₹2,22,362.76 crore, a trailing P/E of 16.73 and a P/B of 2.11. Profit has grown at a 32% CAGR over 5 years and 33% on a TTM basis, while revenue growth slowed to 14% TTM. ROE is 15.18%, and the stock sits about 18% below its 52-week high of ₹1,153.7 after a 46% gain over the past year.
- Profit has compounded at 32% CAGR over 5 years, 24% over 10 years and 19% over 3 years. The long-term record of earnings growth is consistent.
- TTM profit growth of 33% is well ahead of TTM sales growth of 14%, which points to better margins, operating leverage or lower credit costs in the latest period.
- At a trailing P/E of 16.73 on EPS of ₹56.48, the earnings yield is about 6.0%. Set against 33% TTM profit growth, that implies a PEG ratio of roughly 0.5.
- ROE has stayed at about 16% across the 3-, 5- and 10-year periods and last year. Current ROE is 15.18%, which shows steady capital efficiency for a lender of this size.
- Revenue has compounded at 23% over 5 years and 17% over 10 years, which shows the loan book can scale over long periods.
- The company pays out about 20.9% of profit as dividends and still keeps nearly 80% of earnings to fund balance-sheet growth.
- The stock has returned a 37% CAGR over 3 years and 29% over 5 years. At ₹945, it is about 18% below the 52-week high of ₹1,153.7, so some of the recent froth has already come off.
- With a market cap of ₹2,22,362.76 crore, it is one of the largest listed NBFCs. That scale can bring advantages in funding costs and liquidity.
- Sales growth has slowed to 14% TTM, from a 23% 5-year CAGR and a 16% 3-year CAGR. That suggests loan-book or yield growth is cooling.
- The 33% TTM profit growth is far ahead of 14% sales growth. That gap may depend on lower credit costs or one-off items, which may not last if asset quality normalises.
- Promoter holding fell 5.08% over the last quarter. The reason, whether dilution, a stake sale or a restructuring, needs checking because it may change the ownership and governance picture.
- The company has a low interest coverage ratio, and ROCE is only 11% against ROE of 15.18%. This reflects a heavily leveraged lending model that is sensitive to funding costs and rate cycles. Debt-to-equity is not available in this data.
- A P/B of 2.11 means the stock trades at more than twice book value per share (about ₹448). That premium relies on ROE holding near 15–16% and leaves less cushion if credit quality slips.
- The stock is up 46% over 1 year and trades about 46% above its 52-week low of ₹646.5. Its 52-week range of ₹646.5–₹1,153.7 shows high volatility.
- The dividend yield is only 1.1%, so returns depend mainly on price appreciation rather than income.
- Over 10 years, the stock's 15% CAGR has trailed the 24% profit CAGR. Earnings growth has not always turned into proportional shareholder returns, partly because of de-rating cycles typical of NBFCs.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹7.5 Cr GST penalty orders Sep 23
Shriram Finance received GST penalty orders totaling ₹7.5 crore for FY21-FY23 over RCM and ITC issues at the erstwhile SCUF. The company says there is no material impact, but the orders add a small regulatory overhang.
- Exposure to lower-rated co-lending partner Oct 6
Shriram Finance funds 80% of the ₹100 crore gold loan co-lending program, while partner Orange Retail Finance is rated ICRA BBB- (Stable). Origination quality and partner execution risk therefore sit mostly with Shriram.
- Gold loan push via ORFIL pact Oct 6
Shriram Finance signed a ₹100 crore gold loan co-lending deal with Orange Retail Finance in Tamil Nadu on a 20:80 participation ratio. Borrowers can choose bullet repayment of up to 12 months or EMIs of up to 36 months, using ORFIL's 58-branch rural and Tier-3 network.
- Plan to double gold loan share Oct 6
Executive Vice Chairman Umesh Revankar said the company plans to double gold loans to 5% of its portfolio. About two-thirds of branches already offer gold loans, and another 500 branches are to be added.
- $460M offshore bond buyback completed Sep 29
The Banking & Finance Committee approved the tender on Sep 21. Shriram Finance then accepted $459.98 million of tendered 2027 and 2028 senior secured notes and will pay $479.07 million to retire the debt under its GMTN Programme.
- ₹2,220 Cr NCDs at 7.80% Sep 9
Shriram Finance allotted ₹2,220 crore of senior secured NCDs via private placement at a 7.80% coupon (7.85% yield), maturing September 2029. This points to continued access to domestic funding at competitive costs.
- Active institutional investor outreach Sep 16
Management held group meetings with select investors at the Jefferies India Forum in Gurugram (Sep 17), the BofA Asia Pacific Conference in Hong Kong (Sep 22) and in Mumbai (Sep 24). The discussions were limited to the investor presentation and public disclosures.
- ₹21 Cr large trade flagged Sep 22
About 2,09,315 shares worth ₹21.03 crore were flagged in a large trade on NSE near ₹1,004.90 per share. This is a real-time signal and has not been confirmed by an exchange disclosure.
TL;DR: Shriram Finance is actively managing its liabilities. It is retiring about $460 million of offshore notes while raising ₹2,220 crore of domestic NCDs at 7.80%, which suggests a deliberate shift toward cheaper local funding. On the asset side, the ORFIL co-lending deal and the goal of taking gold loans to 5% of the portfolio add a secured, diversified growth path beyond vehicle finance. Risks look small for now: a non-material ₹7.5 crore GST penalty and exposure to a BBB- rated partner. The overall trend looks constructive, and the next things to watch are how fast gold loans scale and how funding costs move in coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,003 | 8,555 | 8,922 | 9,484 | 9,605 | 10,090 | 10,698 | 11,454 | 11,536 | 11,912 | 12,171 | 12,513 | 13,400 |
| Expenses | 2,141 | 2,454 | 2,634 | 2,712 | 2,661 | 2,836 | 3,033 | 3,293 | 3,062 | 3,109 | 3,397 | 3,104 | 3,406 |
| Financing Profit | 2,374 | 2,480 | 2,581 | 2,783 | 2,815 | 2,903 | 2,914 | 2,937 | 3,073 | 3,279 | 3,514 | 4,073 | 4,790 |
| Fin. Margin % | 30% | 29% | 29% | 29% | 29% | 29% | 27% | 26% | 27% | 28% | 29% | 33% | 36% |
| Other Income | 41 | 47 | 59 | 87 | 54 | 86 | 1,574 | 6 | 6 | 9 | 26 | 18 | 18 |
| Interest | 3,488 | 3,622 | 3,707 | 3,988 | 4,129 | 4,350 | 4,751 | 5,224 | 5,401 | 5,525 | 5,259 | 5,336 | 5,204 |
| Depreciation | 132 | 137 | 147 | 153 | 153 | 159 | 162 | 171 | 173 | 174 | 177 | 175 | 183 |
| PBT | 2,283 | 2,391 | 2,494 | 2,717 | 2,715 | 2,830 | 4,326 | 2,772 | 2,906 | 3,113 | 3,363 | 3,917 | 4,626 |
| Tax % | 25% | 25% | 25% | 26% | 25% | 24% | 25% | 23% | 26% | 26% | 25% | 23% | 25% |
| Net Profit | 1,712 | 1,792 | 1,874 | 2,021 | 2,031 | 2,153 | 3,249 | 2,144 | 2,159 | 2,314 | 2,530 | 3,021 | 3,453 |
| EPS in Rs | 9.1 | 9.52 | 9.94 | 10.69 | 10.76 | 11.39 | 17.27 | 11.4 | 11.48 | 12.3 | 13.45 | 16.06 | 14.67 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9,177 | 10,359 | 10,903 | 13,502 | 15,536 | 16,561 | 17,422 | 19,255 | 30,492 | 36,388 | 43,941 | 48,135 | 49,997 |
| Expenses | 2,781 | 3,447 | 3,712 | 3,288 | 4,171 | 4,683 | 4,932 | 5,816 | 8,706 | 10,278 | 12,279 | 12,602 | 13,016 |
| Financing Profit | 1,691 | 1,824 | 1,972 | 3,805 | 3,801 | 3,565 | 3,402 | 3,666 | 8,799 | 10,523 | 13,132 | 13,947 | 15,656 |
| Fin. Margin % | 18% | 18% | 18% | 28% | 24% | 22% | 20% | 19% | 29% | 29% | 30% | 29% | 31% |
| Other Income | 2 | 3 | 1 | 127 | 20 | 14 | 14 | 18 | 16 | 25 | 157 | 52 | 71 |
| Interest | 4,706 | 5,088 | 5,219 | 6,409 | 7,564 | 8,313 | 9,089 | 9,773 | 12,987 | 15,588 | 18,529 | 21,586 | 21,325 |
| Depreciation | 43 | 38 | 35 | 37 | 43 | 141 | 137 | 135 | 601 | 588 | 645 | 699 | 709 |
| PBT | 1,650 | 1,789 | 1,938 | 3,896 | 3,778 | 3,439 | 3,278 | 3,549 | 8,214 | 9,960 | 12,644 | 13,300 | 15,019 |
| Tax % | 38% | 34% | 35% | 35% | 32% | 27% | 24% | 24% | 27% | 26% | 24% | 25% | — |
| Net Profit | 1,028 | 1,184 | 1,266 | 2,549 | 2,576 | 2,512 | 2,499 | 2,721 | 6,020 | 7,399 | 9,576 | 10,024 | 11,318 |
| EPS in Rs | 8.13 | 9.35 | 10 | 20.14 | 20.36 | 19.86 | 17.71 | 20.12 | 32.11 | 39.2 | 50.81 | 53.28 | 56.48 |
| Div. Payout % | 22% | 19% | 7% | 10% | 11% | 5% | 18% | 20% | 22% | 23% | 19% | 20% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 227 | 227 | 227 | 227 | 227 | 227 | 253 | 271 | 374 | 376 | 376 | 376 |
| Reserves | 9,039 | 9,949 | 11,105 | 13,463 | 15,736 | 17,915 | 21,464 | 25,824 | 43,138 | 48,571 | 56,094 | 65,542 |
| Borrowing | 46,695 | 49,790 | 53,080 | 82,131 | 87,914 | 94,735 | 1,06,546 | 1,14,846 | 1,64,202 | 1,95,496 | 2,34,197 | 2,50,692 |
| Other Liabilities | 6,193 | 8,048 | 10,034 | 1,539 | 1,542 | 1,389 | 1,647 | 1,328 | 2,858 | 3,823 | 3,330 | 4,764 |
| Total Liabilities | 62,154 | 68,013 | 74,446 | 97,360 | 1,05,419 | 1,14,266 | 1,29,910 | 1,42,268 | 2,10,573 | 2,48,266 | 2,93,998 | 3,21,375 |
| Fixed Assets | 154 | 152 | 136 | 122 | 147 | 489 | 437 | 418 | 3,714 | 3,718 | 2,914 | 2,635 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66 | 0 | 0 | 0 |
| Investments | 3,037 | 1,340 | 1,518 | 2,456 | 4,126 | 2,936 | 3,347 | 6,971 | 7,430 | 9,472 | 15,788 | 14,993 |
| Other Assets | 58,962 | 66,522 | 72,791 | 94,782 | 1,01,146 | 1,10,841 | 1,26,126 | 1,34,879 | 1,99,363 | 2,35,076 | 2,75,296 | 3,03,746 |
| Total Assets | 62,154 | 68,013 | 74,446 | 97,360 | 1,05,419 | 1,14,266 | 1,29,910 | 1,42,268 | 2,10,573 | 2,48,266 | 2,93,998 | 3,21,375 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -9,611 | -5,507 | -2,677 | -13,142 | -5,535 | -2,464 | -4,239 | -8,859 | -17,625 | -31,101 | -43,652 | -13,281 |
| Investing | -45 | -36 | -2 | 86 | -76 | -55 | -25 | -34 | 5,076 | -258 | 3,630 | -241 |
| Financing | 7,836 | 2,822 | 3,017 | 13,014 | 5,550 | 4,579 | 12,226 | 8,505 | 11,820 | 27,609 | 44,521 | 8,587 |
| Net Cash Flow | -1,819 | -2,721 | 338 | -42 | -62 | 2,060 | 7,962 | -388 | -730 | -3,750 | 4,499 | -4,936 |
| Free Cash Flow | -9,655 | -5,543 | -2,695 | -13,208 | -5,611 | -2,519 | -4,264 | -8,893 | -17,818 | -31,361 | -43,903 | -13,475 |
| CFO/OP | -141 | -72 | -28 | -120 | -37 | -12 | -24 | -57 | -66 | -106 | -126 | -26 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 12% | 12% | 12% | 20% | 17% | 15% | 13% | 11% | 17% | 16% | 16% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY08–FY27.
Documents
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Company Information
Business Overview Shriram Transport Finance Company Ltd is a part of the SHRIRAM Group conglomerate which has a significant presence in the financing business. STFC is engaged in the business of commercial vehicle financing mainly focusing on trucks from preowned to new ones. It's a Deposit-taking NBFC comprising 1,758 branches, 831 rural centers, and partnerships with ~500 private financiers. [1]
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