INDIASHLTR
Micro CapIndia Shelter Finance Corporation Limited
Financial Services
India Shelter Finance Corporation Limited is an affordable housing finance company providing home loans and loans against property (LAP) primarily to self-employed individuals in tier 3 and tier 4 cities across 15 states in India. It focuses on prudent underwriting 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 reports strong Q4FY26 with PAT up 27% YoY, 11% QoQ; FY26 AUM crosses Rs. 11,000 cr (29% YoY). Asset quality improved QoQ, with Gross Stage-3 at 1.2%.
The company delivered strong FY26 results, meeting AUM growth and profitability targets. Asset quality improved sequentially. Management's revised growth guidance reflects a cautious stance given macro uncertainties, but the long-term AUM target remains intact, supported by strategic branch expansion and digital initiatives.
Disbursement by Product
Latest issuer-disclosed distribution across 2 reported categories.
Granular Market Expansion
Branch expansion strategy of adding 40 to 45 branches each year, spreading distribution across 15 states.
Productivity Drive
Focus on improving productivity per case, per employee, and number of cases.
Digital Journey
Digital journey started a year back, now disbursing Rs. 20 crores to Rs. 30 crores on the digital side.
Diversified Distribution
Distribution is spread across 15 states, providing support if disruption occurs in specific markets.
Branch Network Expansion
Added 6 new branches in Q4FY26 and 41 branches for the full year, in line with the strategy of adding 40 to 45 branches annually.
Robust Economic Indicators
GST collections remained robust (Rs. 1.7-1.8 lakh crores/month) and UPI transactions exceeded Rs. 18-20 lakh crore monthly.
Healthy System Credit Growth
System credit growth remains healthy, supported by demand across retail segments, including housing finance.
Long-term Housing Demand
India continues to remain one of the fastest-growing major economies, supported by long-term structural demand for housing.
Global Geopolitical Tensions
Global markets impacted by geopolitical tensions due to ongoing wars and supply chain disruptions.
Domestic Rural/Semi-urban Stress
Rural and semi-urban markets faced temporary stress from uneven monsoon patterns, impacting agricultural cash flows and informal income segments.
Commodity Volatility & Supply Disruptions
Volatility in commodity markets and LPG supply disruptions created pressure on household spending and short-term operating challenges.
Macroeconomic Uncertainty
Management views the environment as 'cautious' due to global and domestic uncertainties, requiring prudent underwriting.
Impact on Credit Behavior
Watching for potential impacts on customer credit behavior from geopolitical events and supply disruptions, though no immediate impact was seen till March.
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.
Key financial metrics like AUM, PAT, and asset quality are presented with both year-on-year and quarter-on-quarter comparisons, indicating that both annual performance trends and sequential momentum are relevant for assessing this NBFC's health and growth trajectory.
Assets Under Management (AUM)
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.
Net Interest Income (NII)
Net interest income for the quarter is up by 31% year-on-year.
Portfolio Yield
Our portfolio yield is 14.8%, down by 10 basis points year-on-year.
AUM Growth Target
Clear goal of reaching Rs. 30,000 crores AUM by 2030, implying a 27%-28% CAGR.
Loan Growth Guidance
Loan growth of 25% to 30% for the next 3 years, with disbursement growth expected to cross 20% for the coming year.
Spreads & Credit Cost Guidance
Maintaining spreads of more than 6% in the medium term and credit cost to remain between 40 to 50 bps.
Leverage Strategy
Aim to increase leverage to 4x-4.5x before considering further fund-raising activities like QIP.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | 29% YoY (FY26) | Consistency within the 25-30% guidance range for the next 3 years. |
| Asset Quality (Gross Stage-3) | 1.2% (Q4FY26) | Stability or further improvement, especially given the 'cautious environment'. |
| Spreads | Above 6% | Maintenance of spreads above 6% in the medium term. |
| Disbursement Growth | Crossed Rs. 1,000 cr in Q4FY26 | Acceleration beyond 20% as the operating environment improves. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52Neutrallabel neutral
Technical chart
INDIASHLTRweekly · 5Y+5.5%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 40.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 24% 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.