Rane Holdings Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Company has delivered good profit growth of 128.4% CAGR over last 5 years
- Solid return on assets for a lender - ROA of 12.1%
- Latest quarter profit grew 39.9% YoY, showing strong momentum
- Company has delivered good sales growth of 20.6% CAGR over last 5 years
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Effective tax rate is unusually low at 5.9% - earnings may be flattered
- Operating margins have contracted to 56.7% from 61.1%
- Growth is decelerating - 3Y profit CAGR (20.5%) trails the 5Y trend (128.4%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1958.00 | 30.92 | 313683.61 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 519.30 | 21.02 | 44100.28 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 30.27 | 88.91 |
| CHOLAHLDNG | 1503.20 | 10.58 | 28226.71 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13145.00 | 13.50 | 26595.10 | 0.65 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 271.75 | 23.19 | 26146.53 | 0.07 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13642.20 | 55.98 | 15591.08 | 1.61 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JMFINANCIL | 134.50 | 12.38 | 12871.11 | 2.42 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| JSWHL | 11523.05 | 93.10 | 12790.15 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| TSFINV | 406.05 | 18.52 | 9018.53 | 2.75 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 251.85 | 158.05 | 8682.12 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2344.15 | 8.08 | 7522.51 | 1.77 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| RANEHOLDIN | 1631.35 | 27.58 | 2329.21 | 2.88 | 48.27 | -16.04 | 1586.88 | 18.35 | 12.19 | 7.73 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | 69 | 26 | 26 | 57 | 36 | 23 | 25 | 26 | 76 | 28 | 36 | 28 | |
| 13 | 14 | 13 | 12 | 13 | 16 | 14 | 14 | 17 | 20 | 18 | 17 | 18 | |
| Operating Profit | 13 | 55 | 13 | 14 | 44 | 20 | 9 | 11 | 8 | 55 | 11 | 20 | 10 |
| OPM % | 50.08% | 80.07% | 49.98% | 53.86% | 77.40% | 55.34% | 38.59% | 44.31% | 32.88% | 73.14% | 37.54% | 54.32% | 34.77% |
| -3 | 0 | 2 | 1 | 1 | 1 | 0 | 1 | 2 | 1 | 1 | 2 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 8 | 53 | 12 | 13 | 43 | 19 | 7 | 9 | 8 | 54 | 9 | 19 | 11 |
| Tax % | 20.37% | 14.57% | 14.93% | 14.56% | 14.40% | 16.52% | 14.54% | 7.61% | 11.67% | 11.82% | 6.96% | -13.29% | 12.41% |
| Net Profit | 6 | 45 | 11 | 11 | 37 | 16 | 6 | 9 | 7 | 47 | 8 | 22 | 10 |
| 4.19 | 31.79 | 7.37 | 7.82 | 26.05 | 11.09 | 4.45 | 6.12 | 4.77 | 33.19 | 5.90 | 15.40 | 6.67 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 71 | 96 | 116 | 97 | 65 | 89 | 118 | 147 | 141 | 166 | 168 | |
| 32 | 35 | 38 | 35 | 29 | 35 | 46 | 52 | 57 | 72 | 73 | |
| Operating Profit | 39 | 61 | 78 | 62 | 36 | 54 | 71 | 95 | 84 | 94 | 95 |
| OPM % | 55.04% | 63.71% | 67.64% | 63.66% | 54.99% | 60.83% | 60.68% | 64.81% | 59.61% | 56.71% | 56.74% |
| 28 | 2 | 13 | 0 | -15 | 3 | -2 | 1 | 3 | 6 | 5 | |
| Interest | 3 | 2 | 2 | 2 | 3 | 6 | 6 | 5 | 2 | 5 | 4 |
| Depreciation | 1 | 1 | 1 | 3 | 3 | 3 | 4 | 5 | 6 | 5 | 5 |
| Profit before Tax | 63 | 59 | 87 | 57 | 15 | 48 | 59 | 86 | 79 | 90 | 93 |
| Tax % | 20.64% | 17.01% | 12.72% | 10.90% | 90.92% | 28.91% | 18.18% | 15.13% | 14.11% | 5.89% | 6.18% |
| Net Profit | 50 | 49 | 76 | 51 | 1 | 34 | 48 | 73 | 68 | 85 | 87 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.95 | 23.73 | 33.82 | 51.16 | 47.70 | 59.25 | — |
| Dividend Payout % | 24.37% | 42.44% | 35.53% | 22.48% | 0.00% | 50.58% | 50.26% | 48.86% | 79.67% | 79.32% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 21%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 128%
- 3 Years:
- 21%
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- 20%
- 3 Years:
- 18%
- 1 Year:
- 10%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 11%
- 3 Years:
- 13%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| 335 | 367 | 417 | 445 | 454 | 491 | 522 | 564 | 601 | 637 | |
| 15 | 28 | 19 | 22 | 67 | 69 | 57 | 1 | 51 | 22 | |
| Trade Payables | 3 | 1 | 2 | 1 | 2 | 2 | 3 | 2 | 3 | 3 |
| 4 | 6 | 9 | 20 | 24 | 14 | 15 | 15 | 25 | 24 | |
| Total Liabilities | 372 | 417 | 461 | 502 | 562 | 591 | 612 | 596 | 694 | 700 |
| 89 | 88 | 88 | 105 | 103 | 102 | 106 | 67 | 65 | 62 | |
| Capital Work in Progress | 2 | 4 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 252 | 302 | 337 | 373 | 434 | 475 | 479 | 495 | 548 | 577 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 11 | 17 | |
| Cash & Bank | 4 | 1 | 1 | 2 | 1 | 1 | 3 | 4 | 3 | 5 |
| 25 | 22 | 26 | 23 | 23 | 13 | 24 | 19 | 66 | 38 | |
| Total Assets | 372 | 417 | 461 | 502 | 562 | 591 | 612 | 596 | 694 | 700 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 38 | 55 | 81 | 62 | 34 | 65 | 66 | 83 | 78 | 85 | |
| Cash from Investing | -2 | -42 | -30 | -40 | -62 | -33 | -15 | 4 | -100 | 6 |
| Cash from Financing | -20 | -6 | -40 | -13 | 34 | -14 | -37 | -86 | 21 | -89 |
| 2 | -3 | -0 | 1 | -1 | -0 | 2 | 1 | -1 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 34.87 | 34.17 | 53.47 | 35.59 | 0.95 | 23.73 | 33.82 | 51.16 | 47.70 | 59.25 |
| Book Value (₹) | 244.94 | 267.29 | 301.83 | 321.79 | 328.12 | 353.94 | 375.60 | 404.66 | 430.88 | 456.15 |
| Dividend per Share (₹) | 8.50 | 14.50 | 19.00 | 8.00 | 0.00 | 12.00 | 17.00 | 25.00 | 38.00 | 47.00 |
| Cash EPS (₹) | 35.86 | 35.06 | 54.26 | 37.84 | 3.10 | 25.89 | 36.88 | 54.72 | 51.77 | 62.63 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 94.44% | 65.31% | 78.46% | 64.15% | 56.39% | 83.85% | 61.13% | 64.81% | 59.60% | 56.71% |
| Net Margin % | 70.26% | 51.06% | 65.86% | 52.22% | 2.09% | 38.15% | 41.05% | 49.75% | 48.39% | 51.07% |
| ROE % | 15.26% | 13.34% | 18.79% | 11.41% | 0.29% | 6.96% | 9.27% | 13.11% | 11.42% | 13.36% |
| ROCE % | 18.86% | 15.78% | 20.89% | 12.53% | 3.47% | 9.56% | 11.08% | 15.51% | 12.93% | 13.99% |
| 13.20% | 12.37% | 17.39% | 10.55% | 0.26% | 5.88% | 8.03% | 12.10% | 10.56% | 12.14% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 25 | 34 | 37 | 40 | 59 | 34 | 24 | 26 | 28 | 30 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 25 | 34 | 37 | 40 | 59 | 34 | 24 | 26 | 28 | 30 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.04x | 0.07x | 0.04x | 0.08x | 0.16x | 0.14x | 0.10x | 0.00x | 0.10x | 0.05x |
| Interest Coverage (x) | 23.57x | 26.12x | 38.23x | 27.29x | 5.85x | 9.08x | 11.52x | 19.43x | 48.20x | 19.02x |
| 4.79x | 1.39x | 1.00x | 0.99x | 1.12x | 0.37x | 1.02x | 3.16x | 2.41x | 1.52x | |
| GROWTH | ||||||||||
| Revenue Growth % | -5.44% | 34.82% | 21.34% | -16.08% | -33.12% | 36.45% | 32.50% | 24.82% | -4.15% | 17.71% |
| Operating Profit Growth % | 44.61% | -6.77% | 45.76% | -31.38% | -41.20% | 102.89% | -3.40% | 37.34% | -12.14% | 14.90% |
| Net Profit Growth % | 39.69% | -2.03% | 56.51% | -33.45% | -97.32% | 2391.18% | 42.56% | 51.26% | -6.78% | 24.23% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 51.26% | -6.78% | 24.23% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 21.22x | 26.74x | 16.78x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.68x | 2.96x | 2.18x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.30% | 2.98% | 4.73% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 15.65x | 21.63x | 14.49x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - The transcript of the earnings Conference call is available in the investor information section of the website of the Company at the web-link https://ranegroup.com/investor/rane-holdings-limited/.
2026-08-27 - Rane Holdings Limited has informed the Exchange about ESG Ratings
2026-08-21 - The audio recordings of the earnings Conference call is available in the investor information section of the website of the Company at the web-link https://ranegroup.com/investor/rane-holdings-limited/.
2026-08-20 - Rane Holdings Limited has informed the Exchange about Investor Presentation
2026-08-18 - We hereby inform that an "Earnings Conference Call" is scheduled on, Friday, August 21, 2026 at 15:00 hours (IST).
2026-08-17 - We hereby enclose the copies of extract of Un-audited financial results of the Company for the quarter ended June 30, 2026 published on August 14, 2026 in the newspapers, viz; "Business Standard" (English) and "Hindu Tamizh Thisai" (Tamil)
2026-08-13 - We wish to inform you that the 90th Annual General Meeting (AGM) of the members of the Company was held on Thursday, August 13, 2026 at 15:00 hrs (IST) through VC/OAVM. In this regard, we furnish the following: 1. Summary of Proceedings 2. Voting Results 3. Consolidated scrutinizer report. The AGM concluded at 15:53 hrs (IST).
2026-08-13 - We submit herewith the report of the Audit Committee (Monitoring Agency) dated August 13, 2026
2026-08-13 - Rane Holdings Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
News
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