Shalibhadra Finance Ltd(SAHLIBHFI)

NSE: SAHLIBHFIBSE: 511754

₹ 74.9+2.60%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 231 crWebsite: www.shalibhadrafinance.com/Updated: 24 Oct 2026

About

Shalibhadra Finance is a non-banking finance company that mainly lends for two-wheelers. It also finances used three- and four-wheelers, and it has recently added personal loans, Micro LAP and home loans. Its AUM was ₹220 Cr at the end of FY26, up from ₹176 Cr in FY25, and it had 61 branches. Revenue for FY26 was 41.05 Cr and PAT was 19.48 Cr.^[1][2]

Business and products

The company treats its financing business as a single segment, so segment reporting under IND-AS 108 does not apply (FY25 annual report).^[3]
Portfolio in Q3 FY26: new and used two-wheelers, used four-wheelers, personal loans and used three-wheelers. New and used two-wheeler loans make up the largest part.^[4]
Home loans, Micro LAP (loans against property) and salaried personal loans were launched in FY26.^[1]
The company said in FY25 that it would not grow its consumer durables lending because of heavy competition from large NBFCs.^[3]
Credit controls stated in FY25: small average loan size, financing capped at 75% of vehicle cost, a hypothecation policy, and work with local business partners.^[3]

Branch network and reach

Branch count was 61 at FY26 end, up from 58 in Q3 FY26 and 53 in FY25. The company had 190 employees in Q3 FY26.^[1][4]
In Q1 FY26 the company had 53 branches across 40 districts in 4 states. It operates within a 50 km radius of each branch and does not use a franchise or DSA model.^[5][3]
The company is present in Maharashtra, Gujarat, Madhya Pradesh and Rajasthan. It entered Rajasthan in FY25.^[1][3]

Loan book and growth

AUM was ₹220 Cr in FY26, up 25% from ₹176 Cr in FY25. It was ₹212.49 Cr in Q3 FY26, up 37.1% YoY.^[1][4]
Disbursements were ₹105.81 Cr in Q3 FY26. In H1 FY26 they were ₹55.2 Cr, compared with ₹43.2 Cr in H1 FY25.^[4][6]
In FY26, 40% of new loans went to existing customers. The company says it has built a base of about 5 lakh creditworthy customers.^[1]

Margins and funding

Yield on advances was 20.8% in FY26, compared with 25.4% in FY24.^[1]
In Q3 FY26: NIM was 17.9%, spread 10.24% and cost of funds 13.13%. In Q2 FY26 NIM was 17.8%.^[4][6]
In FY26, borrowing cost from nationalised banks was about 10-10.5% and the first NCD issue cost 12%. Nationalised banks made up 40% of borrowings.^[1]
Opex-to-AUM was 1.28% in Q3 FY26, compared with 1.91% in Q3 FY25.^[4]

Asset quality and capital

GNPA was 2.94% and NNPA about 1% in FY26. In Q3 FY26, GNPA was 3.01% and NNPA 1.13%.^[1][4]
GNPA rose to 3.07% in Q2 FY26 from 2.87% after the RBI tightened NPA recognition from 150 to 120 days past due.^[6]
Credit cost on two-wheeler loans was about 2% in FY26. Credit cost was 1.0% in Q1 FY26, compared with 3.5% in Q1 FY25.^[1][5]
CRAR was 78.28% and net worth ₹172 Cr in FY26. Provision coverage was 62.34% in Q3 FY26.^[1][4]

Plans and targets

AUM target of ₹500 Cr by FY29, with a mix of 60% vehicle loans and 40% new products at that size.^[1]
Branch targets: 70 branches by the end of 2026, about 75 by FY27 end and 100 by FY29. Selective entry into Karnataka and Goa is planned.^[1]
Plans to raise the nationalised banks' share of borrowings to 50-60% by FY29. Management says no fresh equity is needed until AUM reaches ₹1,000 Cr.^[1]
Management expects ROA to fall from 8.65% to about 7% over 2-3 years, and expects credit cost of about 1% on Micro LAP and home loans.^[1]

Recent developments

Company Secretary and Compliance Officer Megha Singh resigned, effective October 1, 2026.^[7]
The company listed on the NSE in FY26.^[1]
On June 5, 2025, the company allotted 2,31,66,300 bonus shares in a 3:1 ratio, raising paid-up capital from INR 77.2 Mn to INR 308.8 Mn.^[5]
ICRA renewed its BBB- (Stable) rating in the FY25 annual report period.^[3]
The company's own LOS/LMS loan platforms automate almost 100% of the process from onboarding to collections (FY26).^[1]

Market Cap

₹231 Cr

High / Low

₹120 / 66

Book Value

₹56

EPS

₹6.3

No. of Shares

3.09 Cr

ROE

11.9%

Debt / Equity

0.33

Sales

₹41 Cr

Net Profit

₹19 Cr

Promoter holding

58.1%

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