Usha Financial Services Ltd.

•

₹ 452.27%

2026-08-21

ushafinancial.comBSE: -NSE: USHAFIN

Market Cap₹ 191 Cr.

Current Price₹ 44

High / Low₹ 53 / 27

Stock P/E0.0

Book Value₹ 55

Price to Book0.58

Dividend Yield0.00 %

ROCE13.5 %

ROE10.3 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

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 0.2

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

EDIT COLUMNS

Financial ServicesFinanceFinance - NBFC

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BAJFINANCE	1078.60	33.07	671531.43	0.56	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1104.90	22.97	259981.15	0.98	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	JIOFIN	242.70	77.55	160258.25	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
4.	CHOLAFIN	1866.25	27.72	159390.07	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
5.	TATACAP	365.15	28.68	155001.39	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
6.	BAJAJHLDNG	11322.85	14.23	126015.97	1.72	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2859.20	10.09	114787.87	1.05	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	396.75	26.46	108592.29	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	315.00	24.80	78940.44	0.87	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	626.30	0.00	59601.37	0.40	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	681.15	26.00	56579.31	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	USHAFIN	44.00	0.00	191.29	0.00	80.34	1403.09	202.62	1065.89	13.54	82.18

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	—	—	—	—	—	—
OPM %	—	—	—	—	—	—
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
Equity Capital	22	22	43	43	43	43
Reserves	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	22	22	43	43	43	43
Reserves	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Dec 2024

: 16
: 4
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 7
Depreciation: 0
: 6
Tax %: 24.29%
Net Profit: 5
: 1
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 17
: 10
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 6
Depreciation: 0
: 7
Tax %: 25.13%
Net Profit: 5
: 0
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 17
: 5
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 6
Depreciation: 0
: 5
Tax %: 25.38%
Net Profit: 4
: 1
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 19
: 4
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 6
Depreciation: 0
: 9
Tax %: 28.76%
Net Profit: 7
: 2
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 17
: 3
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 5
Depreciation: 0
: 9
Tax %: 25.82%
Net Profit: 7
: 2
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 20
: 10
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 5
Depreciation: 0
: 11
Tax %: 25.47%
Net Profit: 8
: 0
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 43
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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	36	47	43	56	—
OPM %	65	78	75	70	78	—
Other Income	0	1	1	0	0	0
Interest	10	22	30	24	23	23
Depreciation	0	0	0	1	2	2
	5	14	17	18	31	34
Tax %	24	26	25	24	26	26
Net Profit	4	10	13	13	22	25
EPS	4	7	12	6	5	—
Dividend Payout %	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	2	4	4	3	5	—
Minority Interest	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	2	4	4	3	5	—

Mar 2022

: 25
: 9
Operating Profit: 16
OPM %: 65
Other Income: 0
Interest: 10
Depreciation: 0
: 5
Tax %: 24
Net Profit: 4
EPS: 4
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2023

: 46
: 11
Operating Profit: 36
OPM %: 78
Other Income: 1
Interest: 22
Depreciation: 0
: 14
Tax %: 26
Net Profit: 10
EPS: 7
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2024

: 63
: 17
Operating Profit: 47
OPM %: 75
Other Income: 1
Interest: 30
Depreciation: 0
: 17
Tax %: 25
Net Profit: 13
EPS: 12
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2025

: 61
: 18
Operating Profit: 43
OPM %: 70
Other Income: 0
Interest: 24
Depreciation: 1
: 18
Tax %: 24
Net Profit: 13
EPS: 6
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2026

: 71
: 16
Operating Profit: 56
OPM %: 78
Other Income: 0
Interest: 23
Depreciation: 2
: 31
Tax %: 26
Net Profit: 22
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

TTM

: 74
: 22
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 23
Depreciation: 2
: 34
Tax %: 26
Net Profit: 25
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: -6%

RETURN ON EQUITY

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-
Equity Capital	7	9	11	22	43
	41	73	95	187	186
	48	102	0	4	8
Trade Payables	0	1	0	1	1
	68	187	228	212	189
Total Liabilities	164	371	335	425	428
ASSETS	-	-	-	-	-
	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
Total Debt	97	248	181	184	175
Net Working Capital	58	98	121	-31	-25
Contingent Liabilities	1	1	5	5	5
Book Value per Share	72.44	87.14	100.17	95.92	52.83
Face Value	10.00	10.00	10.00	10.00	10.00
Total Debt	97	248	181	184	175
Net Working Capital	58	98	121	-31	-25
Contingent Liabilities	1	1	5	5	5
Book Value per Share	72.44	87.14	100.17	95.92	52.83
Face Value	10.00	10.00	10.00	10.00	10.00

Mar 2022

Equity Capital: 7
: 41
: 48
Trade Payables: 0
: 68
Total Liabilities: 164
: 1
Capital Work in Progress: 0
: 2
Cash & Bank: 1
: 160
Total Assets: 164
Total Debt: 97
Net Working Capital: 58
Contingent Liabilities: 1
Book Value per Share: 72.44
Face Value: 10.00
Total Debt: 97
Net Working Capital: 58
Contingent Liabilities: 1
Book Value per Share: 72.44
Face Value: 10.00

Mar 2023

Equity Capital: 9
: 73
: 102
Trade Payables: 1
: 187
Total Liabilities: 371
: 0
Capital Work in Progress: 0
: 0
Cash & Bank: 0
: 371
Total Assets: 371
Total Debt: 248
Net Working Capital: 98
Contingent Liabilities: 1
Book Value per Share: 87.14
Face Value: 10.00
Total Debt: 248
Net Working Capital: 98
Contingent Liabilities: 1
Book Value per Share: 87.14
Face Value: 10.00

Mar 2024

Equity Capital: 11
: 95
: 0
Trade Payables: 0
: 228
Total Liabilities: 335
: 7
Capital Work in Progress: 1
: 0
Cash & Bank: 8
: 319
Total Assets: 335
Total Debt: 181
Net Working Capital: 121
Contingent Liabilities: 5
Book Value per Share: 100.17
Face Value: 10.00
Total Debt: 181
Net Working Capital: 121
Contingent Liabilities: 5
Book Value per Share: 100.17
Face Value: 10.00

Mar 2025

Equity Capital: 22
: 187
: 4
Trade Payables: 1
: 212
Total Liabilities: 425
: 23
Capital Work in Progress: 0
: 0
Cash & Bank: 10
: 392
Total Assets: 425
Total Debt: 184
Net Working Capital: -31
Contingent Liabilities: 5
Book Value per Share: 95.92
Face Value: 10.00
Total Debt: 184
Net Working Capital: -31
Contingent Liabilities: 5
Book Value per Share: 95.92
Face Value: 10.00

Mar 2026

Equity Capital: 43
: 186
: 8
Trade Payables: 1
: 189
Total Liabilities: 428
: 23
Capital Work in Progress: 0
: 7
Cash & Bank: 6
: 392
Total Assets: 428
Total Debt: 175
Net Working Capital: -25
Contingent Liabilities: 5
Book Value per Share: 52.83
Face Value: 10.00
Total Debt: 175
Net Working Capital: -25
Contingent Liabilities: 5
Book Value per Share: 52.83
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-35	-177	71	-95	15
Cash from Investing	0	2	-8	-2	-8
Cash from Financing	35	175	-56	95	-11
	0	-1	8	-2	-3
Free Cash Flow	-35	-177	63	-108	14
OCF / Net Profit	-8.49	-17.43	5.59	-7.11	0.68
Cumulative 5-Year FCF	0	0	0	0	0
OCF / Net Profit	-8.49	-17.43	5.59	-7.11	0.68
Cumulative 5-Year FCF	0	0	0	0	0

Mar 2022

: -35
Cash from Investing: 0
Cash from Financing: 35
: 0
Free Cash Flow: -35
OCF / Net Profit: -8.49
Cumulative 5-Year FCF: 0
OCF / Net Profit: -8.49
Cumulative 5-Year FCF: 0

Mar 2023

: -177
Cash from Investing: 2
Cash from Financing: 175
: -1
Free Cash Flow: -177
OCF / Net Profit: -17.43
Cumulative 5-Year FCF: 0
OCF / Net Profit: -17.43
Cumulative 5-Year FCF: 0

Mar 2024

: 71
Cash from Investing: -8
Cash from Financing: -56
: 8
Free Cash Flow: 63
OCF / Net Profit: 5.59
Cumulative 5-Year FCF: 0
OCF / Net Profit: 5.59
Cumulative 5-Year FCF: 0

Mar 2025

: -95
Cash from Investing: -2
Cash from Financing: 95
: -2
Free Cash Flow: -108
OCF / Net Profit: -7.11
Cumulative 5-Year FCF: 0
OCF / Net Profit: -7.11
Cumulative 5-Year FCF: 0

Mar 2026

: 15
Cash from Investing: -8
Cash from Financing: -11
: -3
Free Cash Flow: 14
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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

Mar 2022

EPS (₹): 6.30
Book Value (₹): 72.44
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.26
Operating Margin %: 64.96%
Net Margin %: 16.56%
ROE %: 8.69%
ROCE %: 11.00%
: 2.53%
Debtor Days: 0
Inventory Days: 0
Payable Days: 0
: 0
Debt to Equity (x): 2.04x
Interest Coverage (x): 1.52x
: 1.91x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 10.79
Book Value (₹): 87.14
Dividend per Share (₹): 0.00
Cash EPS (₹): 3.68
Operating Margin %: 77.86%
Net Margin %: 22.28%
ROE %: 15.67%
ROCE %: 14.88%
: 3.80%
Debtor Days: 0
Inventory Days: 0
Payable Days: 0
: 0
Debt to Equity (x): 3.02x
Interest Coverage (x): 1.64x
: 1.60x
Revenue Growth %: 82.34%
Operating Profit Growth %: 118.52%
Net Profit Growth %: 145.29%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 12.08
Book Value (₹): 100.17
Dividend per Share (₹): 0.00
Cash EPS (₹): 4.11
Operating Margin %: 73.14%
Net Margin %: 20.23%
ROE %: 13.60%
ROCE %: 15.19%
: 3.62%
Debtor Days: 0
Inventory Days: 0
Payable Days: 0
: 0
Debt to Equity (x): 1.71x
Interest Coverage (x): 1.57x
: 1.83x
Revenue Growth %: 38.55%
Operating Profit Growth %: 32.61%
Net Profit Growth %: 25.81%
: 11.94%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 3.91x

Mar 2025

EPS (₹): 6.14
Book Value (₹): 95.92
Dividend per Share (₹): 0.00
Cash EPS (₹): 3.20
Operating Margin %: 69.74%
Net Margin %: 21.90%
ROE %: 8.49%
ROCE %: 12.35%
: 3.51%
Debtor Days: 0
Inventory Days: 0
Payable Days: 0
: 0
Debt to Equity (x): 0.88x
Interest Coverage (x): 1.73x
: 0.26x
Revenue Growth %: -3.58%
Operating Profit Growth %: -9.68%
Net Profit Growth %: 4.37%
: -49.17%
P/E (x): 4.12x
P/B (x): 0.53x
Dividend Yield %: 0.00%
: 6.68x

Mar 2026

EPS (₹): 5.17
Book Value (₹): 52.83
Dividend per Share (₹): 0.00
Cash EPS (₹): 5.53
Operating Margin %: 77.90%
Net Margin %: 31.57%
ROE %: 10.25%
ROCE %: 13.54%
: 5.27%
Debtor Days: 0
Inventory Days: 0
Payable Days: 0
: 0
Debt to Equity (x): 0.76x
Interest Coverage (x): 2.30x
: 0.23x
Revenue Growth %: 16.69%
Operating Profit Growth %: 30.62%
Net Profit Growth %: 68.26%
: -15.87%
P/E (x): 5.90x
P/B (x): 0.58x
Dividend Yield %: 0.00%
: 5.42x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Mar 2025

: 74.54
: 5.63
: 0.61
Government: 0.00
: 19.22

Sep 2025

: 74.48
: 3.56
: 0.56
Government: 0.00
: 21.40

Dec 2025

: 74.97
: 2.75
: 0.56
Government: 0.00
: 21.72

Mar 2026

: 74.97
: 2.16
: 0.56
Government: 0.00
: 22.30

Jun 2026

: 74.97
: 1.98
: 0.56
Government: 0.00
: 22.48

Documents

Announcements

Nothing filed yet.

Annual Reports

Annual Report FY2025
2025

Credit Ratings

Nothing filed yet.

Concalls

Nothing filed yet.