Shalibhadra Finance Ltd (SAHLIBHFI)
🎯 Key Takeaways
- Shalibhadra Finance Ltd is in a strategic growth and operational consolidation phase, transitioning from early-stage expansion to scalable profitability with improving asset quality and margin discipline. Management is actively executing the Shalibhadra 2.
- Revenue declined 0.1% QoQ to ₹11 in Q1FY27.
- ⚠️ Concentration in two-wheeler and mortgage lending segments exposes the company to sector-specific slowdowns, particularly in rural and semi-urban mark
📖 The Story
Shalibhadra Finance Ltd is in a strategic growth and operational consolidation phase, transitioning from early-stage expansion to scalable profitability with improving asset quality and margin discipline. Management is actively executing the Shalibhadra 2.0 strategy, focusing on automation, branch network expansion, and diversified lending with favorable credit cost differentials. The company demonstrates strong operational efficiency and capital efficiency, supported by a conservative balance sheet and improving profitability trends.
📰 What's Happening
Recent board approvals of unaudited Q1 FY26 results (₹1,109 crores revenue, ₹491 crores net profit) and full FY26 results (₹220 crores AUM, ₹19.48 crores PAT) highlight accelerating growth. Management emphasized progress on Shalibhadra 2.0, including 100% automated underwriting, expansion to 100 branches by FY27, and improved asset quality with CRAR at 78.28% and GNPA at 2.94%. ICRA reaffirmed BBB- stable ratings for ₹80 crores of NCDs and bank facilities, underscoring creditworthiness. A dividend recommendation of 5% (Rs. 0.50 per share) was approved for FY26, subject to shareholder approval at the upcoming AGM.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 9 | 9 | 11 | 11 | 11 |
| Operating Profit | 6 | 6 | 6 | 7 | 6 |
| OPM % | 62.5% | 64.3% | 58.4% | 64.1% | 57.3% |
| Net Profit | 5 | 5 | 5 | 5 | 5 |
| EPS | ₹1.48 | ₹1.54 | ₹1.63 | ₹1.66 | ₹1.59 |
Quarterly financials show stable revenue around ₹11 crores sequentially, but net profit and EPS have declined slightly in recent quarters (₹5 crores NP in Jun 2026 vs ₹5.13 crores in Mar 2026), though full FY26 PAT grew 21.67% YoY to ₹19.48 crores. Operating margins remain strong and consistent (~60%), reflecting efficient operations. The rise in debt-equity ratio to 0.34 in Q1 FY26 from 0.33 previously signals modest leverage increase, but remains within conservative limits. Despite quarterly fluctuations, full-year profitability and ROE (11.33% in FY26) indicate sustained earnings momentum.
🔮 Management Outlook & What's Next
Management expressed confidence in the Shalibhadra 2.0 strategy, targeting 100% automated underwriting, expansion to 100 branches by FY27, and continued improvement in asset quality. They highlighted favorable credit cost differentials, with mortgage loans at 1% versus 2% for two-wheelers, and noted that repeat borrowers contribute 40% of AUM. No formal forward guidance on revenue or margins was provided, but operational expansion plans suggest expectations of sustained growth in AUM and profitability.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 7 | 8 | 31 | 31 |
| Reserves | 115 | 147 | 132 | 141 |
| Borrowings | 46 | 37 | 40 | 56 |
| Total Liabilities | 173 | 195 | 207 | 232 |
| Fixed Assets | 3 | 3 | 4 | 4 |
| Investments | 2 | 9 | 9 | 3 |
| Total Assets | 173 | 195 | 207 | 232 |
The balance sheet shows steady growth in equity and reserves, rising from ₹139 crores (Mar 2025) to ₹172 crores (Mar 2026), while borrowings increased moderately from ₹37 crores to ₹56 crores over the same period. Total assets grew from ₹195 crores to ₹232 crores, indicating healthy asset expansion funded largely by internal accruals and controlled debt. The debt-equity ratio of 0.24 (as of latest metric) remains low, reflecting a conservative capital structure. Capital allocation appears focused on organic growth and regulatory compliance rather than aggressive leverage or large-scale acquisitions.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -27 |
| Investing | -10 |
| Financing | +24 |
| Net Cash Flow | -13 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 57.0% | 57.8% | 58.1% |
| FII | 2.4% | 2.2% | 0.0% |
| DII | 0.0% | 0.0% | 1.3% |
| Public | 20.6% | 20.4% | 21.1% |
| # Shareholders | 4,365 | 4,212 | 4,329 |
Promoter holding has gradually declined from 58.1% (Q1FY27) to 57.78% (Q4FY26), indicating minor dilution or public share issuance. FII holdings remain very low at 0% to 2.24%, while DII holdings are negligible (0% to 1.26%). The number of public shareholders has increased slightly, from 4,212 to 4,329, suggesting retail investor engagement. There are no signs of significant institutional accumulation, but the stable and slightly growing shareholder base supports liquidity. No pledging or sale signals are evident in the data.
⚖️ Peer Comparison — Finance
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BAJFINANCE | 6.44 L Cr | 31.7 | 10.4% | 18.1% | 3.82 |
| BAJAJFINSV | 3.07 L Cr | 30.1 | 11.4% | 26.5% | 5.50 |
| SHRIRAMFIN | 2.42 L Cr | 18.1 | 11.5% | 17.1% | 3.80 |
| CHOLAFIN | 1.57 L Cr | 27.2 | 9.3% | 18.9% | 6.93 |
| TATACAP | 1.54 L Cr | 28.1 | 8.4% | 12.3% | 5.28 |
| JIOFIN | 1.52 L Cr | 71.4 | 2.3% | 1.6% | 0.17 |
| ICICIAMC | 1.50 L Cr | 30.1 | 111.5% | 83.6% | 0.00 |
| BAJAJHLDNG | 1.24 L Cr | 14.0 | 12.4% | 12.3% | 0.00 |
| PFC | 1.17 L Cr | 4.5 | 9.8% | 25.3% | 7.62 |
| MUTHOOTFIN | 1.12 L Cr | 9.9 | 14.4% | 29.3% | 3.88 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Concentration in two-wheeler and mortgage lending segments exposes the company to sector-specific slowdowns, particularly in rural and semi-urban markets. 2. Despite improving asset quality metrics, GNPA at 2.94% and CRAR at 78.28% require monitoring amid rising competition in consumer finance. 3. Low institutional ownership may limit analyst coverage and liquidity, potentially increasing price volatility. 4. Regulatory scrutiny on dividend policy and compliance with SEBI norms could impact investor sentiment if future capital needs arise.
📋 Recent Filings
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🟡 Board Meeting 11 September 2026The board of Shalibhadra Finance Ltd announced a meeting on 17 September 2026 to consider and approve the issuance of non-convertible debentures on a ...
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Announcement 10 September 2026Shalibhadra Finance Ltd disclosed an inadvertent omission in its Regulation 52(4) filing for Q1 FY2026, adding the missing Bad Debts to Accounts Recei...
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🔴 Announcement 7 September 2026Shalibhadra Finance Limited announced on September 7, 2026 its expansion into used commercial vehicle financing, targeting rural entrepreneurs with pu...
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🔴 annual report 7 September 2026Shalibhadra Finance Limited reported a 12.63% increase in business income to ₹41.10 crores and a 21.75% rise in profit after tax to [amount context mi...
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🔴 annual report 7 September 2026Shalibhadra Finance Limited submitted its Annual Report 2025-26 for the year ended March 31, 2026, highlighting a 21.75% YoY increase in net profit to...
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🟡 Board Meeting 3 September 2026The company announced that shareholders can vote electronically for all resolutions at the 35th Annual General Meeting scheduled for Wednesday, 30 Sep...
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🟡 Board Meeting 3 September 2026Shalibhadra Finance Limited announced its 35th Annual General Meeting will be held on 30 September 2026 at 1 P.M. IST via video conferencing, as per r...
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🟡 Board Meeting 2 September 2026The board approved a final dividend of Rs. 0.50 per share (total Rs. 1.54 crore) for FY2026, scheduled the 35th AGM for September 30, 2026 via VC, app...
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🟡 Board Meeting 2 September 2026The board approved a final dividend of Rs. 0.50 per share for FY2026, declared a record date of September 23, 2026, set the AGM for September 30, 2026...
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🟡 Board Meeting 2 September 2026The board approved a final dividend of Rs. 0.50 per share (total Rs. 1.54 crore) for FY2026, scheduled the 35th AGM for September 30, 2026 via VC, app...
🧠 Analyst's Read
Shalibhadra Finance is executing a disciplined growth strategy with strong operational metrics and improving asset quality, supported by a stable credit rating and consistent profitability. Investors should monitor execution of the 100-branch expansion plan, credit cost trends, and institutional investor interest as key catalysts. The company appears fundamentally sound but remains sensitive to macroeconomic conditions in its core lending segments.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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