Indostar Capital Finance Ltd.

•

indostarcapital.comBSE: 541336NSE: INDOSTAR

Market Cap₹ 4,226 Cr.

Current Price

High / Low₹ 292 / 179

Stock P/E0.0

Book Value₹ 234

Price to Book1.33

Dividend Yield0.00 %

ROCE8.1 %

ROE1.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Commercial vehicles: 69.1% • Discountinued operations-Housing Finance: 22.5% • Unallocated: 4.1%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 28.5%
Asset quality is healthy - gross NPA of just 0.0%
Operating margins have improved to 53.0% from -37.7%

CONS

Net NPA is elevated at 2.5% - provisioning cushion is thin
A large part of profit comes from other income (151.2% of PBT)
Recent results are weak - TTM profit is down 135.2% versus prior year
Company has a low return on equity of 3.5% over last 3 years
Company has a low return on capital employed of 8.2%
Promoter holding has decreased over last 2 years: -3.2pp

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1057.00	32.41	658083.37	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1046.85	21.76	246322.08	1.03	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	JIOFIN	237.00	75.73	156494.46	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
4.	CHOLAFIN	1820.00	27.03	155440.01	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
5.	TATACAP	364.85	28.66	154874.05	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
6.	BAJAJHLDNG	11090.30	13.94	123427.84	1.76	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2935.45	10.36	117849.06	1.02	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	396.90	26.47	108651.86	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	312.10	24.58	78223.26	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	633.05	26.48	60243.77	0.39	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	674.80	25.76	56060.02	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	INDOSTAR	261.45	0.00	4226.48	0.00	11.47	-97.90	363.87	5.93	7.43	43.82

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	241	234	238	391	306	352	373	372	343	356	346	347	364
	72	87	79	207	125	140	162	161	622	172	193	633	355
Operating Profit	169	147	159	184	181	212	211	211	2,073	185	153	-286	159
OPM %	70.04%	62.96%	66.93%	47.00%	59.12%	60.19%	56.61%	56.75%	603.59%	51.76%	44.13%	-82.48%	43.82%
Other Income	2	10	4	5	4	2	0	2	0	0	0	0	3
Interest	133	141	145	162	167	188	193	193	185	167	137	132	144
Depreciation	7	6	7	7	8	8	7	8	7	8	8	6	6
	31	11	11	20	11	18	11	12	704	10	8	-424	11
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.99%	0.00%	0.00%	-0.00%	0.00%
Net Profit	31	11	11	20	11	18	11	12	535	10	8	-424	11
	2	1	1	1	1	1	1	1	39	1	1	-26	0
Equity Capital	136	136	136	136	136	136	136	136	137	137	162	162	162
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	641	715	787	1,177	1,540	1,188	1,042	969	1,104	1,404	1,413
	59	81	143	212	1,105	737	1,455	772	566	659	1,353
Operating Profit	582	634	654	971	438	467	-393	742	680	824	—
OPM %	91	89	83	82	28	39	-38	77	62	59	—
Other Income	0	1	10	6	3	16	20	545	143	80	3
Interest	289	312	326	561	857	692	514	518	581	741	580
Depreciation	1	2	4	17	28	31	34	36	28	31	28
	292	320	324	393	-448	-257	-941	187	72	53	-394
Tax %	35	35	35	35	24	6	18	0	0	0	0
Net Profit	191	209	212	255	-340	-241	-769	187	72	53	-394
EPS	0	0	0	0	0	-23	-62	14	5	4	—
Dividend Payout %	0	0	0	7	-3	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	26	27	27	28	-37	-20	-61	14	5	4	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: -2%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: -10%
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: -2%
3 Years:: 12%
1 Year:: -2%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: -4%
3 Years:: 3%
Last Year:: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	73	78	79	92	92	124	136	136	136	136
	1,468	1,822	1,949	2,871	2,511	3,489	2,671	2,866	2,945	2,995
	1,242	1,463	1,863	2,603	1,787	1,276	1,671	1,374	2,686	3,734
Trade Payables	3	4	9	15	10	4	3	7	1	0
	1,896	2,102	3,230	6,679	5,538	4,749	4,027	3,440	3,306	3,580
Total Liabilities	4,682	5,469	7,131	12,260	9,938	9,642	8,508	7,823	9,074	10,445
ASSETS	-	-	-	-	-	-	-	-	-	-
	3	9	53	367	407	379	394	381	380	378
Capital Work in Progress	0	0	8	0	0	0	0	0	0	0
	10	197	1,067	502	432	1,788	977	1,457	1,571	1,818
Cash & Bank	350	54	122	1,084	524	507	460	368	404	102
	4,319	5,209	5,879	10,307	8,576	6,968	6,676	5,616	6,719	8,147
Total Assets	4,682	5,469	7,131	12,260	9,938	9,642	8,508	7,823	9,074	10,445
Total Debt	3,001	3,373	4,823	9,031	7,087	5,761	5,483	4,813	6,049	6,916
Net Working Capital	203	-185	-993	-968	-291	943	-1,238	-336	-2,083	-3,172
Contingent Liabilities	0	63	77	60	46	57	41	29	24	0
Book Value per Share	210.11	242.52	257.77	321.16	281.66	292.02	206.29	220.59	226.40	230.09
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-543	-691	-494	-1,951	1,752	1,264	-1,100	962	-1,719	-1,061
Cash from Investing	307	-194	-889	122	-2,272	-985	1,197	-233	674	-304
Cash from Financing	365	589	1,459	2,756	-382	-157	-293	-636	1,267	1,070
	129	-295	76	926	-902	122	-197	93	223	-296
Free Cash Flow	-546	-698	-546	-2,273	1,682	1,264	-1,143	962	-1,739	-1,085
OCF / Net Profit	-2.84	-3.30	-2.33	-7.65	-5.15	-5.23	1.43	5.14	-24.00	-20.18
Cumulative 5-Year FCF	0	0	0	0	-2,382	-572	-1,017	491	1,025	-1,741

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	26.04	26.68	26.94	27.65	-36.79	-19.52	-60.82	13.76	5.26	3.86
Book Value (₹)	210.11	242.52	257.77	321.16	281.66	292.02	206.29	220.59	226.40	230.09
Dividend per Share (₹)	0.00	0.00	0.00	2.00	1.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	26.11	26.92	27.51	29.47	-33.73	-16.97	-54.04	16.43	7.30	6.11
PROFITABILITY
Operating Margin %	90.76%	88.70%	83.13%	82.46%	28.44%	39.29%	-37.68%	76.55%	48.72%	53.03%
Net Margin %	29.78%	29.24%	26.93%	21.67%	-22.08%	-20.33%	-73.81%	19.33%	6.49%	3.75%
ROE %	13.52%	12.15%	10.79%	10.22%	-12.22%	-7.77%	-23.96%	6.45%	2.35%	1.69%
ROCE %	13.84%	12.88%	10.67%	10.06%	3.75%	4.53%	-4.79%	8.71%	7.69%	8.14%
	4.32%	4.12%	3.36%	2.63%	-3.06%	-2.47%	-8.48%	2.29%	0.85%	0.54%
EFFICIENCY
Debtor Days	0	0	0	0	0	0	0	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	1.95x	1.77x	2.38x	3.05x	2.72x	1.59x	1.95x	1.60x	1.96x	2.21x
Interest Coverage (x)	2.01x	2.03x	2.00x	1.70x	0.48x	0.63x	-0.83x	1.36x	1.12x	1.07x
	1.15x	0.89x	0.54x	0.66x	0.86x	1.58x	0.42x	0.80x	0.28x	0.23x
GROWTH
Revenue Growth %	21.45%	11.48%	10.06%	49.60%	30.82%	-22.87%	-12.26%	-7.03%	13.96%	27.15%
Operating Profit Growth %	20.04%	8.95%	3.15%	48.40%	-54.88%	6.55%	-184.16%	288.84%	-8.25%	21.11%
Net Profit Growth %	28.14%	9.43%	1.39%	20.38%	-233.30%	29.00%	-218.55%	124.35%	-61.76%	-26.56%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-61.76%	-26.57%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	35.39x	79.20x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.82x	1.33x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.02x	13.32x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.60	73.60	73.59	73.29	72.98	72.96	70.39	70.38	70.36
	2.12	2.26	2.43	2.68	3.10	2.89	2.27	2.59	2.56
	1.78	1.82	1.86	2.29	2.39	2.49	2.09	2.17	2.20
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	22.50	22.32	22.12	21.74	21.53	21.65	25.25	24.86	24.87

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Updates

2026-09-02 - IndoStar Capital Finance Limited has informed the Exchange regarding 'Letter to the Shareholders - AGM Notice and Annual Report 2025-26'.

2026-09-02

Copy of Newspaper Publication

2026-09-02 - IndoStar Capital Finance Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01

Updates

2026-09-01 - IndoStar Capital Finance Limited has informed the Exchange regarding Business Responsibility Sustainability Report for the Financial Year ended 2025-26.

2026-09-01

Shareholders meeting

2026-09-01 - IndoStar Capital Finance Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026

2026-08-28

Copy of Newspaper Publication

2026-08-28 - IndoStar Capital Finance Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Newspaper Advertisement - Notice to the Equity shareholders of the Company for transfer of Equity Shares to the Investors Education & Protection Fund (IEPF) Suspense Account of FY 2019-20

2026-08-12

Allotment of Securities

2026-08-12 - IndoStar Capital Finance Limited has informed the Exchange regarding allotment of 63045 securities pursuant to ESOP/ESPS at its meeting held on August 12, 2026

2026-08-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-05 - IndoStar Capital Finance Limited has informed the Exchange about Transcript

2026-07-30

Copy of Newspaper Publication

2026-07-30 - IndoStar Capital Finance Limited has informed the Exchange about Copy of Newspaper Publication

News

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