Usha Financial Services Ltd.

•

ushafinancial.comBSE: -NSE: USHAFIN

Market Cap₹ 238 Cr.

Current Price

High / Low₹ 55 / 27

Stock P/E9.5

Book Value₹ 55

Price to Book0.58

Dividend Yield0.00 %

ROCE13.5 %

ROE10.3 %

Face Value₹ 10

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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 53.6%
Solid return on assets for a lender - ROA of 5.3%
Latest quarter profit grew 50.3% YoY, showing strong momentum
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.3

CONS

Net NPA is elevated at 4.4% - provisioning cushion is thin
Asset quality is weak - gross NPA at 5.3%
Though reporting repeated profits, the company pays out little dividend (0.0%)

* 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	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	8302.50	2457.29	20044.70	3172.82	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110814.49	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	USHAFIN	54.70	9.46	237.81	0.00	80.34	1403.09	202.62	1065.89	13.54	82.18

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2024	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	16	17	17	19	17	20
	4	10	5	4	3	10
Operating Profit	13	14	12	16	14	17
OPM %	78.53%	77.97%	68.87%	81.60%	84.42%	82.18%
Other Income	0	0	0	0	0	0
Interest	7	6	6	6	5	5
Depreciation	0	0	0	0	0	0
	6	7	5	9	9	11
Tax %	24.29%	25.13%	25.38%	28.76%	25.82%	25.47%
Net Profit	5	5	4	7	7	8
	1	0	1	2	2	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	25	46	63	61	71	74
	9	11	17	18	16	22
Operating Profit	16	35	46	43	55	52
OPM %	63.82%	76.26%	73.14%	69.74%	77.90%	70.75%
	0	1	1	0	0	0
Interest	10	22	30	24	23	23
Depreciation	0	0	0	1	2	2
Profit before Tax	5	14	17	18	31	34
Tax %	24.36%	26.27%	24.96%	24.44%	26.46%	26.44%
Net Profit	4	10	13	13	22	25
EPS	3.51	7.42	12.08	6.14	5.17	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 30%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 28%

RETURN ON EQUITY

10 Years:: —
5 Years:: 11%
3 Years:: 11%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	7	9	11	22	43
	41	73	95	187	186
	101	229	84	184	175
Trade Payables	0	1	0	1	1
	15	60	144	32	22
Total Liabilities	164	371	335	425	428
	1	0	7	23	23
Capital Work in Progress	0	0	1	0	0
	2	0	0	0	7
Cash & Bank	1	0	8	10	6
	160	371	319	392	392
Total Assets	164	371	335	425	428

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-33	-174	71	-95	15
Cash from Investing	0	2	-8	-2	-8
Cash from Financing	35	175	-56	95	-11
	0	-1	8	-2	-3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	6.30	10.79	12.08	6.14	5.17
Book Value (₹)	72.44	87.14	100.17	95.92	52.83
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	2.26	3.68	4.11	3.20	5.53
PROFITABILITY
Operating Margin %	64.96%	77.86%	73.14%	69.74%	77.90%
Net Margin %	16.56%	22.28%	20.23%	21.90%	31.57%
ROE %	8.69%	15.67%	13.60%	8.49%	10.25%
ROCE %	11.00%	14.88%	15.19%	12.35%	13.54%
	2.53%	3.80%	3.62%	3.51%	5.27%
EFFICIENCY
Debtor Days	0	0	0	0	0
Inventory Days	0	0	0	0	0
Payable Days	0	0	0	0	0
	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	2.04x	3.02x	1.71x	0.88x	0.76x
Interest Coverage (x)	1.52x	1.64x	1.57x	1.73x	2.30x
	1.91x	1.60x	1.83x	0.26x	0.23x
GROWTH
Revenue Growth %	0.00%	82.34%	38.55%	-3.58%	16.69%
Operating Profit Growth %	0.00%	118.52%	32.61%	-9.68%	30.62%
Net Profit Growth %	0.00%	145.29%	25.81%	4.37%	68.26%
	0.00%	0.00%	11.94%	-49.17%	-15.87%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	4.12x	5.90x
P/B (x)	0.00x	0.00x	0.00x	0.53x	0.58x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	3.91x	6.68x	5.42x

Shareholding Pattern

Numbers in percentages

	Mar 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.54	74.48	74.97	74.97	74.97
	5.63	3.56	2.75	2.16	1.98
	0.61	0.56	0.56	0.56	0.56
Government	0.00	0.00	0.00	0.00	0.00
	19.22	21.40	21.72	22.30	22.48

Documents

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

No announcements filed.

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