INDIASHLTR
Micro CapIndia Shelter Finance Corporation Limited
Financial Services
India Shelter Finance Corporation Limited is an affordable housing finance company focused on self-employed individuals in tier 3 and tier 4 cities across 15 states. It provides home loans and loans against property (LAP), emphasizing prudent underwriting, strong collections, and granular market expansion.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 60/100Rev +25% YoY · PAT +28% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹408 Cr | +24.8% | +4.6% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹138 Cr | +27.8% | +11.3% |
| PAT margin | 33.8% | +79 bps | +203 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
India Shelter reported strong Q4FY26 and FY26 results, with AUM crossing Rs. 11,000 crores (up 29% YoY) and annual PAT exceeding Rs. 500 crores. Q4 disbursements surpassed Rs. 1,000 crores for the first time. Asset quality improved QoQ, with Net Stage-3 at 0.9%.
The company delivered on its AUM growth and profitability guidance, with improving asset quality metrics. Management's cautious stance on disbursement growth for FY27, while maintaining long-term AUM targets, suggests a prudent approach in a volatile macro environment. Focus on digital and productivity should support future growth.
Disbursement by Product
Latest issuer-disclosed distribution across 2 reported categories.
Branch Expansion
Branch expansion strategy of adding 40 to 45 branches each year continues.
Productivity Drive
Focus on improving productivity per case, per employee.
Digital Journey
Digital journey, started a year back, is showing positive returns, disbursing Rs. 20-30 crores digitally in Q4.
Geographic Distribution
Distribution spread across 15 states provides support and diversification, with maturity coming in underwriting in new states.
Branch Additions
Added 6 new branches in Q4 and 41 branches for the year, in line with strategy.
Robust GST Collections
GST collections remained robust, consistently averaging around Rs. 1.7 lakh crores to Rs. 1.8 lakh crores per month.
Digital Payments Scale
UPI transactions now exceed Rs. 18-20 lakh crore monthly, reflecting deepening financial inclusion.
Healthy System Credit Growth
System credit growth remains healthy, supported by demand across retail segments, including housing finance.
Long-term Housing Demand
India remains one of the fastest-growing major economies, supported by long-term structural demand for housing.
Geopolitical Tensions
Global markets impacted by geopolitical tensions due to ongoing wars and supply chain disruptions.
Household Spending Pressure
Volatility in commodity markets and global uncertainty created pressure on household spending patterns and consumer sentiments.
Rural/Semi-urban Stress
Uneven and abnormal monsoon patterns across certain regions impacted agricultural cash flows and informal income segments.
LPG Supply Disruptions
Recent LPG supply disruptions and related availability issues in some markets created short-term operating challenges for households and small businesses.
Macroeconomic Caution
Management views the environment as 'little cautionary' and 'watchful situation' due to global and domestic uncertainties.
Credit Behavior Impact
Monitoring potential impact of LPG shortages and global news on customer credit behavior, though no immediate impact seen till March.
Competition
Every market is 'plundered by all kinds of competition', but management believes serious players know how to operate.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison highlights strong annual growth in AUM and PAT, while QoQ comparison is crucial for assessing sequential momentum in disbursements, asset quality improvements, and profitability metrics like ROE.
AUM Growth
AUM grew 29% year-on-year to Rs. 11,044 crores. Quarter-on-quarter growth was 7%.
Disbursements
In Q4FY26, disbursements crossed Rs. 1,000 crores for the first time.
Portfolio Yield
Portfolio yield is 14.8%, down by 10 basis points year-on-year. Disbursement yield in Q4 was 14.6%.
Cost of Funds
Bucket cost of fund is 8.2%, while marginal cost of fund in Q4 was 7.9%.
AUM Target
Clear goal of reaching Rs. 30,000 crores AUM by 2030.
Loan Growth Guidance
Loan growth of 25% to 30% for the next 3 years.
Spreads Guidance
Maintaining the spreads of more than 6% in the medium term.
Credit Cost Guidance
Credit cost to remain between 40 to 50 bps.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | 29% YoY | Consistency within 25%-30% guidance. |
| Disbursement Growth | Q4 >Rs. 1,000 crores | Disbursement growth to cross 20% for FY27 and pick up further as environment improves. |
| Net Stage-3 | 0.9% | Stability or further improvement in asset quality metrics. |
| OPEX to AUM | 3.94% | Annual reduction of 15-20 bps. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52Neutrallabel neutral
Technical chart
INDIASHLTRdaily · 1Y-12.3%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 33.
- SMA20 falling (~4.8% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 20% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 51.3%.
- Growth contributes 22/25 to the score.
- Valuation contributes 15/30 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 15th percentile of the scored universe and 29th percentile within Financial Services. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-1185 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 29th pctile, median 62 · Micro: 10th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸8/8 recent quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1185 Cr.
- ▸Altman Z is 1.38.
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.95.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 2.52
- EV/EBITDA
- 1191.17
- Market Cap
- 8048.00Cr
Profitability
- ROE
- 17.00%
- ROCE
- 12.80%
- ROA
- 5.23%
- Dividend Y
- 0.68%
Growth (CAGR)
- Revenue 5Y
- 37.00%
- EPS 5Y
- 42.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 1.95
- Interest Coverage
- —
- Altman Z
- 1.33
- Book Value
- 294.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -1185.00 Cr
- EPS TTM
- 46.26
Shareholding
- Promoter Hold
- 47.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.