IndoStar Capital Finance
INDOSTAR NSE
IndoStar Capital Finance
Financial ServicesNSE: INDOSTAR BSE: 541336 NBFC
Key Fundamentals
MicrocapNBFCFinancial ServicesMarket Cap
₹3,911 Cr
Volatility
Moderate
P/E Ratio
-10.2
EBITDA
₹-227 Cr
Return on Equity
1.44%
Debt to Equity
2.11
Book Value
₹234
EPS
₹7.48
52W High
₹292
52W Low
₹179.03
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has reduced debt.
- Stock is trading at 1.04 times its book value
Weaknesses
5- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 1.66% over past five years.
- Company has a low return on equity of -8.41% over last 3 years.
- Promoter holding has decreased over last 3 years: -4.64%
Growth Rate
Revenue Growth
-1.18% lower than
3Y
Net Income Growth
168% higher than
3Y
Cash Flow Change
-346% lower than
3Y
ROE
-33.64% lower than
3Y
ROCE
29.67% higher than
3Y
EBITDA Margin (Avg.)
-115% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
Indostar Capital Finance Ltd is a small-cap NBFC with a market cap of Rs 4,133 crore trading at 1.10x book value and a PE of 29.5x. The company has reported negative ROE of -8% over 3 years and -24% last year, with negligible sales growth of ~2% CAGR over 5 years, while promoter holding has declined by 18.8% over three years.
Bull Case 7
- Stock trades at 1.10x price-to-book, below typical NBFC valuations, suggesting limited downside from asset value perspective
- Company has actively reduced debt on its balance sheet, improving its capital structure
- 3-year stock CAGR of 20% indicates market has re-rated the company from its lows despite operational challenges
- 10-year compounded sales growth of 8% shows the company has historically been able to grow its loan book over longer cycles
- PE of 29.5x implies the market is pricing in an earnings recovery from current depressed profit levels
- TTM profit swing of -5530% suggests the company is transitioning from deep losses to profitability, with current PE reflecting early-stage recovery earnings
- 3-year compounded sales growth of 6% shows revenue trajectory improving versus the 5-year CAGR of 2%
Bear Case 8
- Return on equity is deeply negative at -24% last year and -8% over 3 and 5 year periods, indicating persistent capital destruction
- 5-year compounded sales growth of just 1.66% is extremely poor for an NBFC in a growing credit market
- Promoter holding has decreased by 18.8% over last 3 years, signaling potential lack of promoter confidence
- Zero dividend yield despite reporting profits indicates either insufficient free cash flow or need to conserve capital
- Low interest coverage ratio raises concerns about ability to service debt obligations from operating earnings
- Stock has declined 25% over 1 year and has a negative 5-year CAGR of -6%, showing sustained underperformance
- TTM sales growth of -1% indicates the top line is actually contracting in the most recent period
- 10-year ROE of -4% shows the company has failed to generate positive returns on shareholder equity even over a full business cycle
This is AI-generated analysis, not financial advice. Do your own due diligence.
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 | 299 | 234 | 238 | 391 | 307 | 352 | 373 | 373 | 344 | 357 | 346 | 347 | 364 |
| Expenses | 95 | 78 | 76 | 205 | 124 | 139 | 162 | 161 | 622 | 172 | 193 | 633 | 204 |
| Financing Profit | 49 | 16 | 17 | 24 | 16 | 26 | 18 | 18 | -464 | 18 | 16 | -418 | 15 |
| Fin. Margin % | 16% | 7% | 7% | 6% | 5% | 7% | 5% | 5% | -135% | 5% | 5% | -120% | 4% |
| Other Income | 0 | 15 | 7 | 19 | 17 | 14 | 17 | 26 | 1,186 | 0 | 0 | 0 | 3 |
| Interest | 154 | 141 | 145 | 162 | 167 | 188 | 193 | 193 | 185 | 167 | 137 | 132 | 144 |
| Depreciation | 8 | 6 | 7 | 7 | 8 | 8 | 7 | 8 | 7 | 8 | 8 | 6 | 6 |
| PBT | 42 | 25 | 17 | 35 | 25 | 32 | 28 | 36 | 715 | 11 | 8 | -424 | 11 |
| Tax % | 7% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 24% | 0% | 0% | 0% | 0% |
| Net Profit | 39 | 25 | 17 | 35 | 25 | 32 | 28 | 36 | 546 | 10 | 8 | -424 | 11 |
| EPS in Rs | 2.86 | 1.82 | 1.24 | 2.59 | 1.83 | 2.33 | 2.04 | 2.66 | 39.92 | 0.77 | 0.51 | -26.24 | 0.71 |
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 | 528 | 644 | 720 | 789 | 1,206 | 1,597 | 1,283 | 1,173 | 1,178 | 1,106 | 1,408 | 1,393 | 1,413 |
| Expenses | 43 | 61 | 83 | 145 | 244 | 1,142 | 758 | 1,495 | 321 | 429 | 586 | 1,620 | 1,202 |
| Financing Profit | 227 | 294 | 325 | 318 | 398 | -408 | -184 | -862 | 277 | 97 | 82 | -848 | -369 |
| Fin. Margin % | 43% | 46% | 45% | 40% | 33% | -26% | -14% | -74% | 24% | 9% | 6% | -61% | -26% |
| Other Income | 0 | 0 | 0 | -1 | 0 | 1 | -2 | 1 | 1 | 47 | 69 | 1,187 | 3 |
| Interest | 258 | 289 | 312 | 326 | 564 | 863 | 709 | 540 | 580 | 580 | 741 | 621 | 580 |
| Depreciation | 1 | 1 | 2 | 5 | 18 | 30 | 34 | 35 | 40 | 28 | 31 | 29 | 28 |
| PBT | 226 | 293 | 323 | 312 | 379 | -437 | -219 | -896 | 239 | 116 | 121 | 310 | -394 |
| Tax % | 34% | 35% | 35% | 36% | 36% | -26% | -2% | -18% | 6% | 0% | 0% | 55% | — |
| Net Profit | 149 | 192 | 211 | 200 | 241 | -325 | -214 | -737 | 225 | 116 | 121 | 140 | -394 |
| EPS in Rs | 29.1 | 37.42 | 26.9 | 25.46 | 26.1 | -35.11 | -17.3 | -54.12 | 16.55 | 8.51 | 8.86 | 8.69 | -24.25 |
| Div. Payout % | 0% | 0% | 0% | 0% | 8% | -3% | 0% | 0% | 0% | 0% | 0% | 0% | — |
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 | 68 | 73 | 78 | 79 | 92 | 92 | 124 | 136 | 136 | 136 | 136 | 162 |
| Reserves | 1,217 | 1,468 | 1,824 | 1,996 | 2,914 | 2,588 | 3,562 | 2,793 | 2,976 | 3,099 | 3,499 | 3,621 |
| Borrowing | 2,574 | 3,001 | 3,373 | 4,823 | 9,062 | 7,142 | 6,020 | 6,223 | 5,648 | 7,572 | 6,916 | 5,477 |
| Other Liabilities | 133 | 151 | 213 | 296 | 232 | 306 | 376 | 508 | 357 | 300 | 2,704 | 257 |
| Total Liabilities | 3,992 | 4,693 | 5,489 | 7,194 | 12,300 | 10,129 | 10,082 | 9,661 | 9,116 | 11,107 | 13,256 | 9,517 |
| Fixed Assets | 1 | 3 | 9 | 56 | 370 | 383 | 366 | 386 | 377 | 381 | 365 | 355 |
| CWIP | 0 | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 55 | 0 | 187 | 1,007 | 301 | 231 | 1,591 | 548 | 1,039 | 1,118 | 1,818 | 982 |
| Other Assets | 3,936 | 4,690 | 5,293 | 6,123 | 11,629 | 9,515 | 8,125 | 8,727 | 7,700 | 9,608 | 11,073 | 8,180 |
| Total Assets | 3,992 | 4,693 | 5,489 | 7,194 | 12,300 | 10,129 | 10,082 | 9,661 | 9,116 | 11,107 | 13,256 | 9,517 |
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 | — | — | -690 | -547 | -2,091 | 1,710 | 1,068 | -1,564 | 899 | -2,208 | -1,061 | -989 |
| Investing | — | — | -194 | -842 | 260 | -2,272 | -992 | 1,165 | -259 | 683 | -305 | 2,259 |
| Financing | — | — | 589 | 1,459 | 2,787 | -354 | 35 | 200 | -540 | 1,959 | 1,070 | -1,330 |
| Net Cash Flow | — | — | -294 | 71 | 956 | -916 | 111 | -199 | 99 | 434 | -296 | -60 |
| Free Cash Flow | — | — | -697 | -603 | -2,114 | 1,668 | 1,064 | -1,600 | 873 | -2,222 | -1,083 | -997 |
| CFO/OP | — | — | -91 | -65 | -203 | 397 | 203 | 485 | 105 | -321 | -129 | 435 |
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% | 14% | 12% | 10% | 9% | -11% | -7% | -22% | 7% | 1% | 0% | -24% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view IndoStar Capital Finance insights
55 extracted metrics + investor summaries across FY12–FY27.
Documents
1
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
11h - Regarding allotment of ESOP dated May 11, 2026 11h - Regarding allotment of ESOP dated May 11, 2026
2
Announcement under Regulation 30 (LODR)-Allotment
23 Apr - Approved allotment of 60,000 NCDs aggregating to ₹600 crore at 9.25%. 23 Apr - Approved allotment of 60,000 NCDs aggregating to ₹600 crore at 9.25%.
3
Announcement under Regulation 30 (LODR)-Allotment
12h - Approved allotment of 60,000 NCDs aggregating to ₹600 crore at 9.25%. 12h - Approved allotment of 60,000 NCDs aggregating to ₹600 crore at 9.25%.
4
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
10 Apr - Regarding allotment of ESOP dated April 10, 2026 10 Apr - Regarding allotment of ESOP dated April 10, 2026
5
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Apr - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026. 9 Apr - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026.
Frequently Asked Questions about IndoStar Capital Finance
What does Indostar Capital Finance Ltd do?
Incorporated in July 2009, ICFL is registered with the Reserve Bank of India (RBI) as a systemically-important non-deposit taking NBFC.[1]
Where is Indostar Capital Finance Ltd (INDOSTAR) listed?
Indostar Capital Finance Ltd trades as INDOSTAR on the NSE and under code 541336 on the BSE.
Which sector does Indostar Capital Finance Ltd belong to?
Indostar Capital Finance Ltd is classified under the Financial Services sector, in the NBFC industry.
What is the market capitalisation of Indostar Capital Finance Ltd?
Indostar Capital Finance Ltd has a market capitalisation of ₹3,911 Cr, which places it in the Small Cap band.
What is the PE ratio of Indostar Capital Finance Ltd?
Indostar Capital Finance Ltd trades at a PE ratio of -10.20, on earnings per share of ₹7.48, against a book value of ₹234 per share.
What is the 52-week high and low of Indostar Capital Finance Ltd?
Over the last 52 weeks Indostar Capital Finance Ltd has traded between ₹179.03 and ₹292.
What is the Return on Equity (ROE) of Indostar Capital Finance Ltd?
Indostar Capital Finance Ltd reported a return on equity of 1.44%. Its debt-to-equity ratio is 2.11.
Company Information
Incorporated in July 2009, ICFL is registered with the Reserve Bank of India (RBI) as a systemically-important non-deposit taking NBFC.[1]
Website indostarcapital.com
CEO Mr. Randhir Singh
Employees 4,304
Listed 2018-05-21
Face Value ₹ 10
Issued Size 14,76,16,717
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