India Shelter Finance Corporation Ltd(INDIASHLTR)

NSE: INDIASHLTRBSE: 544044

₹ 607.45+0.07%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,633 crWebsite: www.indiashelter.inUpdated: 24 Oct 2026

About

India Shelter Finance Corporation is a housing finance company focused on affordable home loans and loans against property for self-employed, informal-income borrowers in Tier II and Tier III markets across India. As of Q1 FY27, Gross AUM stood at Rs. 11,284 Cr, growing 24% YoY, with a 15-year operating track record and a network of 307 branches across 15 states.^[1]

Business segments

India Shelter operates as a single-segment Housing Finance business, with 100% of revenues from home loans and loans against property as of FY24.^[2]
Home Loans constitute 56% of AUM and Loans Against Property (LAP) constitute 44% of AUM as of FY26.^[3]

Products and borrower profile

Products are Affordable Home Loans and Loans Against Property, both designed for Tier II and Tier III market customers, including self-employed micro-entrepreneurs with informal incomes.^[3]
Average ticket size is Rs. 10 Lacs with a contractual tenure of 12 - 15 years and behavioural tenure of 7 - 8 years for Home Loans (FY26).^[3]
Home Loan LTV is maintained at 52%; LAP is secured against Self-Occupied Residential Property with LTV of 45% (FY26).^[3]
76% of borrowers are self-employed and 72% are first-time mortgage borrowers; 99% of applicants are women, and 70% of the portfolio is LIG and EWS (FY26).^[3]

Branch network and distribution

307 branches across 15 states as of FY26, with 91% of the branch network in Tier II and Tier III markets.^[3]
The company has more than 6 years vintage in all 15 states of operation and plans no new state additions (FY26).^[3]
Branch network target is ~500 branches by FY30, with annual additions of 40 - 45 branches; no branches were added in Q1 FY27.^[4]
Rajasthan concentration is expected to gradually decline to ~25 - 26% of AUM over the next five years.^[4]

Key operating metrics

Gross AUM reached Rs. 11,284 Cr in Q1 FY27, +24% YoY; disbursements on a clearance basis were Rs. 1,046 Cr, ~37% above Q1 FY26.^[1]
Portfolio yield was 14.8% in Q1 FY27; cost of funds was 8.2% (down 40 bps YoY); lending spread was 6.6% (up 20 bps YoY).^[1]
Gross Stage 3 rose to 1.5% in Q1 FY27 from 1.2% at March 2026; Net Stage 3 was 1.2%; 30+ DPD increased to 5.2%.^[1]
Credit cost was 0.5% in Q1 FY27; CRAR stood at 59.1%; ROA was 5.8% and ROE 17.5% (+30 bps YoY).^[1]
Opex to Gross AUM was 4.0% in Q1 FY27 (down 10 bps YoY); cost-to-income ratio was 36%.^[1]
Balance transfer-out rate declined to ~4% in Q1 FY27, down 50 bps YoY.^[1]

Funding and borrowings

Ratings from ICRA, CARE and India Ratings are all AA- (Stable) for long-term borrowings and NCDs as of FY26.^[3]
New funding sources include Rs. 550 Cr from NHB and, for the first time, Rs. 500 Cr from SIDBI, beyond 32 existing lender relationships (Q2 FY26).^[5]
Fixed-rate book funded by variable-rate liabilities fell from ~33% in March 2024 to ~7 - 8% as of March 2026; target ~5% in FY27.^[4]
Marginal cost of funds was 7.9% in Q1 FY27; NHB drawn at 7.3%.^[1]

Credit underwriting and technology

The proprietary Business Rule Engine evaluates over 100 data points for credit assessment of self-employed micro-entrepreneurs.^[3]
92% Account Aggregator penetration, 99% e-signing and 95% digital collections as of FY26.^[3]
AI is being embedded across business, credit, collections, operations, compliance and marketing in Q1 FY27, including AI-assisted collection calls and vernacular chatbots.^[1]
Digital sourcing contributed 4 - 5% of disbursements in Q3 FY26.^[4]

Expansion plans and outlook

AUM growth guidance of 25 - 30% maintained for FY27; long-term target is Rs. 30,000 Cr AUM by FY30.^[1]
Disbursement growth of more than 20% expected for FY27; July run-rate cited at Rs. 400 Cr.^[1]
Average ticket size expected to rise to approximately Rs. 10.5 Lacs over the next 2 - 4 quarters.^[4]
FY26 annual report expects the LAP segment to grow at an 18-20% CAGR, with growth in lower ticket sizes moderated by tighter underwriting.^[3]
FY26 annual report names rising competition, the Middle East conflict, commodity prices and inflation as risks.^[3]

Recent developments

In Q1 FY27, disbursement recognition moved from cheque handover to cheque realisation, a one-time change with no P&L impact.^[1]
PMAY 2.0 subsidy reached 500 - 600 beneficiaries per quarter in Q2 and Q3 FY26.^[6]
ESOP expanded to 750+ employees, 46% of the workforce excluding frontline staff, as of FY26.^[3]
A rating upgrade pitch to agencies was planned after FY26 results; an upgrade could cut cost of funds by a further ~20 bps.^[4]

Market Cap

₹6,633 Cr

High / Low

₹924 / 593

Stock P/E

17.2

Price / Book

2.1

Book Value

₹294

EPS

₹46.4

No. of Shares

10.88 Cr

ROE

17.1%

Debt / Equity

1.95

Sales

₹1,530 Cr

Net Profit

₹505 Cr

Promoter holding

45.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

India Shelter Finance Corporation Ltd(INDIASHLTR)

About

Business segments

Products and borrower profile

Branch network and distribution

Key operating metrics

Funding and borrowings

Credit underwriting and technology

Expansion plans and outlook

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions