Shriram Finance logo

Shriram Finance

SHRIRAMFIN NSE

Key Fundamentals

LargecapNBFCFinancial Services
Market Cap
2.4L Cr
Volatility
Moderate
P/E Ratio
18.21
EBITDA
₹35,520 Cr
Return on Equity
15.18%
Debt to Equity
3.96
Book Value
₹448.52
EPS
₹201.17
52W High
₹1,153.7
52W Low
₹596.7

Tapetide Score

Data-driven rating, 0–100. How it works →

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 2.94 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -5.08%

Growth Rate

Revenue Growth
15.13% lower than 3Y
Net Income Growth
6.16% lower than 3Y
Cash Flow Change
69.57% higher than 3Y
ROE
-9.05% lower than 3Y
ROCE
3.29% lower than 3Y
EBITDA Margin (Avg.)
2.66% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Shriram Finance Ltd commands a market cap of ₹2,39,448 Cr with a PE of 21.6x and PB of 2.31x. The company has delivered strong 32% CAGR profit growth over 5 years alongside consistent 16% ROE across 3, 5, and 10-year periods, though concerns exist around declining promoter holding (-5.08% last quarter) and a low interest coverage ratio.

Bull Case 7
  • Strong 5-year compounded profit growth of 32% CAGR, significantly outpacing the 23% sales CAGR over the same period, indicating improving profitability and operating leverage
  • Consistent ROE of 16% maintained across 3-year, 5-year, and 10-year horizons, reflecting disciplined capital allocation and steady return generation
  • TTM profit growth of 33% demonstrates continued earnings momentum in the most recent period
  • 10-year compounded profit CAGR of 24% shows a long track record of sustained earnings compounding, not just a cyclical spike
  • Stock price CAGR of 67% over 1 year and 40% over 3 years reflects strong market re-rating, driven by the underlying earnings trajectory
  • Healthy dividend payout ratio of 20.9% with a current yield of 1.04%, indicating shareholder-friendly capital return policy while retaining capital for growth
  • Compounded sales growth of 16% over 3 years and 17% over 10 years shows consistent top-line expansion across economic cycles
Bear Case 8
  • Stock trades at 2.96x book value, which is elevated for an NBFC and leaves limited margin of safety if earnings growth slows
  • Low interest coverage ratio raises concerns about the company's ability to comfortably service debt obligations, a critical risk for a lending institution
  • Promoter holding decreased by 5.08% in the last quarter, a significant reduction that may signal reduced insider confidence or pledge-related activity
  • TTM sales growth of 14% has decelerated from the 5-year CAGR of 23%, suggesting the top-line growth engine may be slowing
  • ROE has remained flat at 16% across all time frames despite rising profitability, indicating that returns on incremental equity have not expanded
  • PE of 21.6x is not inexpensive for a financial services company, and any earnings miss could trigger a de-rating given the sharp 67% 1-year stock price run-up
  • Debt-to-equity ratio is unavailable in reported metrics, limiting visibility into the company's current leverage position — a key variable for an NBFC
  • 52-week high and low data are unavailable (reported as 0), making it difficult to assess where the stock trades relative to its recent price range

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 2
  • RBI revolving credit draft risk Sep 1

    RBI's draft guidelines propose restricting NBFCs from offering revolving credit products. While Shriram Finance says impact is limited given its low exposure, the proposal remains a regulatory overhang for the NBFC sector.

  • NIM compression ahead Aug 16

    Current NIM of 9.04% is expected to settle at a steady-state target of 8.5%, implying margin compression over the medium term even as cost of funds declines.

Positives 8
  • 18% growth target with MUFG Sep 1

    Shriram Finance targets 18% AUM growth this fiscal year, backed by MUFG partnership providing access to 1,490 Japanese manufacturers and lower borrowing costs. Total AUM grew 15% YoY to ₹3.14 lakh crore in Q1.

  • No fresh capital needed 5 years Aug 16

    CEO Parag Sharma expects 18-20% annual credit growth with 8.5% margins without fresh capital for five years, following MUFG's ₹40,000 crore investment that eliminated the need for frequent capital raises.

  • Gold loan portfolio doubling plan Sep 1

    Company plans to double gold loans to 5% of portfolio, targeting ₹20,000 crore from ₹7,513 crore in Q1. Plans to add 500 more branches to gold loan network.

  • New MSME product launches Oct 1 Sep 1

    Launching bill discounting, supply chain financing and dealer financing from October 1 under MSME portfolio (currently ~13% of assets), expanding into dealer, sub-dealer and component supplier ecosystems.

  • Borrowing cost declining 60-70 bps Aug 16

    Incremental cost of funds fell 60-70 bps post MUFG investment and rating upgrade. Liability costs expected to decline ~100 bps over 2-2.5 years as 80% fixed-rate liabilities reprice.

  • CV and PV portfolios growing fast Sep 1

    Commercial vehicle portfolio grew 19% YoY to ₹1.47 lakh crore, passenger vehicles up 21% to ₹68,650 crore in Q1. Strategic shift to 80-20 new-to-used vehicle mix.

  • Workforce and branch expansion Sep 1

    Plans to hire 2,000-3,000 employees (current 80,000) and add 100 new branches to reach 3,325 by fiscal year-end.

  • Overseas borrowing plan $300-500M Aug 16

    Plans to raise $300-500 million in overseas loans between January and March, leveraging rating-linked repricing clauses that saved costs on a $1.3 billion syndicated loan.

Neutral 4
  • Jefferies investor forum Sep 17 Sep 10

    Shriram Finance to hold group meeting with institutional investors at Jefferies India Forum in Gurugram on September 17, 2026.

  • ₹2,220 Cr NCD allotment at 7.80% Sep 9

    Allotted ₹2,220 crore senior secured NCDs via private placement at 7.80% coupon (7.85% yield), maturing September 2029.

  • UBS India Summit investor meet Sep 2

    Held group meeting with investors at UBS India Summit 2026 in Mumbai on September 10, with senior management attending.

  • Morgan Stanley virtual investor call Aug 25

    Held virtual group meeting with select investors on August 26, organized by Morgan Stanley, featuring senior management.

TL;DR: Shriram Finance is executing well on growth with Q1 AUM up 15% to ₹3.14 lakh crore and a clear path to its 18% full-year target, supported by the transformative MUFG partnership that has lowered funding costs and eliminated capital raise needs for five years. The company is diversifying aggressively into gold loans, MSME products and new vehicle segments. Key risks are modest — potential NIM compression from 9.04% to 8.5% and regulatory uncertainty around RBI's revolving credit draft. The trend is firmly positive with multiple growth levers activating in H2 and borrowing costs structurally declining.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
12%
12%
12%
20%
17%
15%
13%
11%
17%
16%
16%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.02%FIIs54.77%Public4.02%DIIs19.90%Promot.20.30%As ofJun 2026

Documents

Frequently Asked Questions about Shriram Finance

What does Shriram Finance Ltd do?
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-takin...
Where is Shriram Finance Ltd (SHRIRAMFIN) listed?
Shriram Finance Ltd trades as SHRIRAMFIN on the NSE and under code 511218 on the BSE.
Which sector does Shriram Finance Ltd belong to?
Shriram Finance Ltd is classified under the Financial Services sector, in the Finance industry.
What is the market capitalisation of Shriram Finance Ltd?
Shriram Finance Ltd has a market capitalisation of ₹2,39,448 Cr, which places it in the Large Cap band.
What is the PE ratio of Shriram Finance Ltd?
Shriram Finance Ltd trades at a PE ratio of 18.21, on earnings per share of ₹201.17, against a book value of ₹448.52 per share.
What is the 52-week high and low of Shriram Finance Ltd?
Over the last 52 weeks Shriram Finance Ltd has traded between ₹596.7 and ₹1,153.7.
Does Shriram Finance Ltd pay dividends?
Shriram Finance Ltd has a dividend yield of 1.04%.
What is the Return on Equity (ROE) of Shriram Finance Ltd?
Shriram Finance Ltd reported a return on equity of 15.18%. Its debt-to-equity ratio is 3.96.

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]

Website shriramfinance.in
CEO Mr. Parag Sharma
Employees 77,724
Listed 1996-12-11
Face Value ₹ 2
Issued Size 1,88,13,62,101

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