Transwarranty Finance 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
- Comfortable capital adequacy - CAR of 51.3%
- Asset quality is healthy - gross NPA of just 0.0%
- Company has delivered good sales growth of 37.6% CAGR over last 5 years
CONS
- A large part of profit comes from other income (453.8% of PBT)
- Company has a low return on equity of -6.8% over last 3 years
- Company has a low return on capital employed of 4.0%
- Promoter holding has decreased over last 2 years: -7.9pp
- Equity base is being diluted - shares outstanding up 120.7%
- Free cash flow has been persistently negative
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1057.00 | 32.41 | 658083.37 | 0.57 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1046.85 | 21.76 | 246322.08 | 1.03 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| JIOFIN | 237.00 | 75.73 | 156494.46 | 0.25 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| CHOLAFIN | 1820.00 | 27.03 | 155440.01 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 364.85 | 28.66 | 154874.05 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| BAJAJHLDNG | 11090.30 | 13.94 | 123427.84 | 1.76 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2935.45 | 10.36 | 117849.06 | 1.02 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 396.90 | 26.47 | 108651.86 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 312.10 | 24.58 | 78223.26 | 0.88 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 633.05 | 26.48 | 60243.77 | 0.39 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 674.80 | 25.76 | 56060.02 | 0.59 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| TFL | 12.50 | 0.00 | 68.90 | 0.00 | -0.12 | 85.88 | 2.56 | -35.24 | -1.62 | 20.52 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 1 | 2 | 15 | 1 | 2 | 2 | 3 | 2 | 2 | 2 | 3 | |
| 1 | 1 | 1 | 0 | 1 | 4 | 2 | 1 | 2 | 3 | 4 | 2 | 3 | |
| Operating Profit | 0 | 0 | 0 | 2 | 14 | -2 | -1 | -3 | 2 | -2 | -2 | -1 | 1 |
| OPM % | 13.82% | 3.42% | 20.59% | 86.10% | 91.91% | -155.24% | -40.23% | -155.35% | 49.24% | -95.18% | -117.92% | -30.91% | 27.17% |
| Other Income | 0 | 1 | 0 | 5 | 0 | 1 | -1 | -0 | 0 | 0 | 0 | 1 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -1 | -1 | -0 | 6 | 13 | -2 | -3 | -2 | 1 | -3 | -3 | 0 | 0 | |
| Tax % | -0.00% | -0.00% | -0.00% | 0.00% | 0.00% | -0.00% | -0.00% | -32.65% | 0.00% | -0.00% | -0.00% | 41.67% | 0.00% |
| Net Profit | -1 | -1 | -0 | 6 | 13 | -2 | -3 | -3 | 1 | -3 | -3 | 0 | 0 |
| -0 | -0 | -0 | 1 | 3 | -0 | -1 | -0 | 0 | -0 | -1 | 0 | 0 | |
| Equity Capital | 48 | 49 | 49 | 54 | 49 | 54 | 54 | 54 | 54 | 54 | 54 | 55 | 55 |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 12 | 10 | 11 | 1 | 7 | 7 | 4 | 6 | 7 | 8 | |
| 10 | 11 | 8 | 9 | 4 | 8 | 6 | 8 | 5 | 6 | 12 | |
| Operating Profit | 0 | 1 | 1 | 2 | -2 | -1 | 2 | -4 | 8 | 7 | — |
| OPM % | 2 | 9 | 13 | 22 | -134 | -10 | 25 | -101 | 141 | 102 | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 7 | 6 | 1 |
| Interest | 0 | 0 | 0 | 2 | 2 | 3 | 4 | 5 | 4 | 4 | 3 |
| Depreciation | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 1 | 0 | 0 | -4 | -4 | -2 | -9 | 4 | 1 | -5 | |
| Tax % | -2 | 16 | 36 | 21 | 3 | 2 | 0 | 0 | 0 | 49 | -1 |
| Net Profit | 0 | 1 | 0 | 0 | -4 | -3 | -2 | -9 | 4 | 1 | -5 |
| EPS | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -2 | 1 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | -2 | -1 | -1 | -2 | 1 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -1%
- 5 Years:
- 38%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 19%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 5%
- 5 Years:
- 26%
- 3 Years:
- 6%
- 1 Year:
- -19%
RETURN ON EQUITY
- 10 Years:
- -6%
- 5 Years:
- -10%
- 3 Years:
- -7%
- 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 | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 48 | 49 | 54 |
| 33 | 33 | 8 | 3 | -1 | -5 | -7 | -16 | -17 | -16 | |
| 1 | 0 | 0 | 9 | 8 | 8 | 9 | 5 | 7 | 9 | |
| Trade Payables | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 2 |
| 2 | 8 | 15 | 10 | 12 | 33 | 33 | 25 | 29 | 30 | |
| Total Liabilities | 60 | 66 | 49 | 46 | 45 | 61 | 60 | 63 | 68 | 79 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 0 | 0 | 9 | 9 | 9 | 8 | 8 | 8 | 8 | 8 | |
| 34 | 33 | 15 | 15 | 15 | 15 | 15 | 14 | 14 | 19 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 5 | 0 | 0 |
| 25 | 32 | 24 | 21 | 20 | 37 | 37 | 37 | 47 | 52 | |
| Total Assets | 60 | 66 | 49 | 46 | 45 | 61 | 60 | 63 | 68 | 79 |
| Total Debt | 1 | 6 | 12 | 18 | 19 | 37 | 37 | 31 | 37 | 39 |
| Net Working Capital | 3 | 9 | 3 | -2 | -4 | 12 | 8 | 22 | -5 | -7 |
| Contingent Liabilities | 10 | 13 | 14 | 13 | 12 | 4 | 4 | 7 | 7 | 7 |
| Book Value per Share | 23.34 | 23.65 | 13.44 | 11.33 | 9.56 | 8.12 | 7.17 | 6.78 | 6.47 | 7.09 |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | -0 | -1 | -3 | 0 | -15 | 4 | -10 | -4 | -4 | |
| Cash from Investing | -0 | 0 | -1 | 0 | -0 | 1 | -0 | 0 | -2 | -0 |
| Cash from Financing | -0 | -0 | 1 | 4 | -1 | 14 | -4 | 14 | 2 | 5 |
| -0 | -0 | 0 | 1 | -1 | -0 | -0 | 5 | -4 | -0 | |
| Free Cash Flow | 0 | -0 | -11 | -3 | 0 | -15 | 4 | -10 | -4 | -4 |
| OCF / Net Profit | 0.53 | -0.43 | -6.24 | -23.52 | -0.03 | 4.31 | -1.81 | 1.09 | -1.08 | -6.61 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -15 | -30 | -25 | -23 | -25 | -29 |
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 (₹) | 0.06 | 0.30 | 0.03 | 0.06 | -1.77 | -1.42 | -0.96 | -1.80 | 0.82 | 0.12 |
| Book Value (₹) | 23.34 | 23.65 | 13.44 | 11.33 | 9.56 | 8.12 | 7.17 | 6.78 | 6.47 | 7.09 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.08 | 0.30 | 0.26 | 0.14 | -1.52 | -1.23 | -0.81 | -1.75 | 0.86 | 0.16 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 2.30% | 8.68% | 12.87% | 21.82% | -133.76% | -9.74% | 24.75% | -101.13% | 18.16% | 18.80% |
| Net Margin % | 1.43% | 6.37% | 0.85% | 1.29% | -304.74% | -51.06% | -35.10% | -226.70% | 67.65% | 9.26% |
| ROE % | 0.25% | 1.29% | 0.18% | 0.45% | -16.94% | -16.09% | -12.62% | -34.55% | 12.42% | 1.86% |
| ROCE % | 0.36% | 1.58% | 0.72% | 4.57% | -4.93% | -1.76% | 2.60% | -6.93% | 12.30% | 6.60% |
| 0.24% | 1.19% | 0.14% | 0.29% | -9.53% | -6.62% | -3.92% | -14.13% | 6.07% | 0.88% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 8 | 5 | 6 | 97 | 1406 | 294 | 298 | 365 | 75 | 10 |
| Inventory Days | 0 | 2 | 4 | 4 | 19 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 7 | 0 | 92 | 40 | 0 | 22 | 34 | 0 | 0 | 0 |
| 0 | 7 | -82 | 61 | 1425 | 272 | 263 | 365 | 75 | 10 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.02x | 0.10x | 0.38x | 0.64x | 0.82x | 1.88x | 2.10x | 0.94x | 1.17x | 1.02x |
| Interest Coverage (x) | 2.91x | 12.68x | 1.48x | 1.09x | -0.95x | -0.33x | 0.38x | -0.89x | 1.97x | 1.36x |
| 2.22x | 4.83x | 1.63x | 0.87x | 0.69x | 1.91x | 1.50x | 4.21x | 0.46x | 0.39x | |
| GROWTH | ||||||||||
| Revenue Growth % | 30.90% | 16.79% | -18.48% | 11.52% | -86.62% | 379.93% | -1.38% | -42.89% | 54.11% | 18.62% |
| Operating Profit Growth % | -32.39% | 340.75% | 20.81% | 89.07% | -182.05% | 65.05% | 350.57% | -333.33% | 315.38% | -14.39% |
| Net Profit Growth % | 30.50% | 420.16% | -89.08% | 69.16% | -3249.36% | 19.59% | 32.21% | -268.84% | 145.99% | -83.76% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 145.60% | -85.30% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.96x | 120.43x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.64x | 2.05x |
| 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 | 10.61x | 16.41x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Transwarranty Finance Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-25 - Transwarranty Finance Limited has informed the Exchange regarding Outcome of Board Meeting held on August 25, 2026.
2026-08-20 - Transwarranty Finance Limited has informed the Exchange about General Updates
2026-08-01 - Transwarranty Finance Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-31 - Transwarranty Finance Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-11 - Transwarranty Finance Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-10 - Transwarranty Finance Limited has informed the Exchange regarding Outcome of Board Meeting held on July 10, 2026.
2026-06-25 - Transwarranty Finance Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-17 - Kumar Nair has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
News
Recent coverage and analyst commentary for TFL
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