WEBSITE BSE:511754 NSE: SHALIB.FINAN Inc. Year: 1992 Industry: Finance - NBFC My Bucket: Add Stock
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1. Business Overview
Shalibhadra Finance Ltd. is a Non-Banking Financial Company (NBFC) registered in India. As an NBFC, its primary business involves providing various financial services, predominantly lending, without holding a banking license. The company's core business model is to borrow funds (from banks, financial institutions, or through market instruments) and lend them to individuals, small and medium enterprises (SMEs), or other entities at a higher interest rate, thereby earning interest income. NBFCs typically cater to segments that may be underserved by traditional banks or offer more flexible lending solutions. Without specific details, it's generally involved in asset-backed financing, personal loans, or business loans.
2. Key Segments / Revenue Mix
Specific details regarding Shalibhadra Finance Ltd.'s exact revenue mix and detailed segment breakdown are not readily available in public data without accessing their financial reports. However, typical NBFC segments could include:
Secured Lending: Loans backed by collateral such as property, vehicles, or gold.
Unsecured Lending: Personal loans, small business loans without specific collateral.
Corporate Lending: Loans to businesses for working capital or expansion.
For a company of its likely size, the revenue would primarily be driven by interest income from its loan portfolio, with other income streams like processing fees or recovery charges forming a smaller component.
3. Industry & Positioning
The Indian NBFC sector is diverse, highly competitive, and plays a crucial role in the country's financial system, often complementing traditional banks by reaching unbanked or underserved segments. Shalibhadra Finance Ltd. operates within this competitive landscape, which includes large, well-established NBFCs, specialized NBFCs (e.g., housing finance, vehicle finance), and smaller regional players. Given its ticker and likely profile, Shalibhadra Finance Ltd. probably positions itself either regionally, within a specific asset class, or by catering to a niche customer segment (e.g., small businesses, rural customers) where larger players might find it less viable or flexible to operate. Competition also comes from public and private sector banks.
4. Competitive Advantage (Moat)
For a smaller NBFC like Shalibhadra Finance Ltd., establishing a strong, durable competitive advantage (moat) can be challenging. Potential advantages, though often less pronounced than for larger players, could include:
Relationship-based lending: Strong local relationships and understanding of regional customer needs.
Niche focus: Expertise in a specific asset class or customer segment that larger players overlook.
Agility & Flexibility: Ability to make quicker lending decisions or tailor products more specifically than larger, more bureaucratic banks.
Operational efficiency: If it has a lean operational structure that allows for competitive pricing while maintaining profitability.
However, factors like brand recognition, scale, funding costs, and extensive network effects are typically stronger for larger, more established financial institutions.
5. Growth Drivers
Rising Credit Demand: India's growing economy, increasing financial literacy, and entrepreneurial activity continue to fuel demand for credit from individuals and SMEs.
Financial Inclusion: NBFCs play a vital role in extending credit to segments that are often excluded by traditional banks.
Digitalization: Adoption of digital lending and operational processes can improve efficiency, reach, and customer experience.
Specific Sector Growth: Growth in specific sectors or regions where the company has a strong presence or specialization (e.g., growth in SME segment, specific rural areas).
Ability to Raise Capital: The capacity to raise funds at competitive rates is crucial for expanding the loan book.
6. Risks
Credit Risk: The primary risk for any lending institution is the potential for borrowers to default on their loans, leading to Non-Performing Assets (NPAs) and erosion of asset quality.
Funding Risk: Reliance on market borrowings makes the company vulnerable to interest rate fluctuations and availability of funds, impacting its cost of capital and ability to grow.
Interest Rate Risk: Mismatches in the interest rate sensitivity of assets (loans) and liabilities (borrowings) can impact net interest margins.
Regulatory & Compliance Risk: Changes in RBI regulations for NBFCs (e.g., capital adequacy, NPA recognition norms, lending limits) can significantly impact operations and profitability.
Competition: Intense competition from banks and other NBFCs can put pressure on lending rates and margins.
Economic Downturns: A slowdown in the economy can increase loan defaults and reduce demand for credit.
7. Management & Ownership
Typically, smaller NBFCs in India are promoter-driven, meaning a founding family or individual holds a significant stake and plays a key role in management and strategic direction. Without specific details on Shalibhadra Finance Ltd.'s current board, key management personnel, and ownership structure, it's difficult to assess management quality or promoter background. Often, the long-term vision and ethical standards of the promoters significantly influence the company's trajectory and risk appetite. Ownership structure would include promoters, public shareholders, and potentially institutional investors.
8. Outlook
Shalibhadra Finance Ltd. operates in a structurally growing financial services market in India, driven by consistent credit demand and increasing financial inclusion. This presents a tailwind for NBFCs able to manage their operations efficiently and prudently. The potential for growth lies in its ability to effectively identify and serve niche customer segments, maintain strong asset quality, and secure diversified and cost-effective funding. However, the outlook is balanced by significant risks, including intense competition, potential for asset quality deterioration, interest rate volatility, and strict regulatory oversight. Sustained profitability and growth will largely depend on its risk management framework, operational agility, and the ability to adapt to a dynamic economic and regulatory environment while maintaining disciplined lending practices.
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Market Cap ₹226 Cr.
Stock P/E 14.1
P/B 1.3
Current Price ₹73
Book Value ₹ 54.4
Face Value 10
52W High ₹148.5
Dividend Yield 0.14%
52W Low ₹ 70
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 8 | 8 | 10 | 9 | 8 | 10 | 9 | 9 | 9 | 11 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 8 | 8 | 10 | 9 | 8 | 10 | 9 | 9 | 9 | 11 |
| Total Expenditure | 2 | 2 | 3 | 3 | 2 | 3 | 3 | 3 | 2 | 3 |
| Operating Profit | 5 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 8 |
| Interest Expense | 1 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 4 | 4 | 5 | 5 | 6 | 6 | 6 | 6 | 7 |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit After Tax | 3 | 3 | 3 | 3 | 3 | 5 | 4 | 5 | 5 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 3 | 3 | 3 | 3 | 5 | 4 | 5 | 5 | 5 |
| Adjusted Earnings Per Share | 1.1 | 1.1 | 1.2 | 1.2 | 1.2 | 1.5 | 1.4 | 1.5 | 1.5 | 1.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 12 | 13 | 16 | 19 | 22 | 24 | 21 | 22 | 27 | 32 | 35 | 38 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 0 |
| Total Income | 13 | 13 | 16 | 19 | 22 | 24 | 21 | 22 | 28 | 33 | 36 | 38 |
| Total Expenditure | 3 | 4 | 5 | 5 | 5 | 7 | 8 | 7 | 9 | 10 | 10 | 11 |
| Operating Profit | 9 | 9 | 11 | 15 | 17 | 17 | 14 | 15 | 19 | 23 | 26 | 29 |
| Interest Expense | 3 | 4 | 5 | 7 | 8 | 9 | 9 | 7 | 7 | 7 | 5 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 5 | 6 | 8 | 9 | 8 | 5 | 8 | 11 | 16 | 21 | 25 |
| Provision for Tax | 2 | 2 | 2 | 2 | 3 | 2 | 1 | 2 | 3 | 4 | 5 | 5 |
| Profit After Tax | 4 | 3 | 4 | 6 | 6 | 6 | 4 | 6 | 8 | 12 | 16 | 19 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 3 | 4 | 6 | 6 | 6 | 4 | 6 | 8 | 12 | 16 | 19 |
| Adjusted Earnings Per Share | 1.9 | 1.7 | 2.1 | 2.8 | 3.2 | 2.9 | 1.8 | 3 | 3.3 | 4.3 | 5.2 | 6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 17% | 8% | 11% |
| Operating Profit CAGR | 13% | 20% | 9% | 11% |
| PAT CAGR | 33% | 39% | 22% | 15% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -46% | 28% | 41% | 21% |
| ROE Average | 13% | 13% | 12% | 16% |
| ROCE Average | 15% | 15% | 14% | 17% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 19 | 21 | 25 | 31 | 37 | 42 | 45 | 58 | 78 | 97 | 154 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 25 | 29 | 43 | 59 | 71 | 55 | 58 | 42 | 45 | 37 | 20 |
| Current Liability | 5 | 4 | 5 | 4 | 5 | 26 | 9 | 17 | 13 | 24 | 22 |
| Other Liabilities & Provisions | 1 | 1 | 2 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 51 | 56 | 75 | 96 | 115 | 123 | 112 | 117 | 136 | 158 | 195 |
| Loans | 0 | 0 | 0 | 0 | 108 | 111 | 106 | 111 | 124 | 134 | 176 |
| Investments | 0 | 0 | 1 | 1 | 1 | 2 | 0 | 0 | 0 | 0 | 9 |
| Fixed Assets | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| Other Loans | 1 | 1 | 2 | 1 | 0 | 3 | 2 | 1 | 2 | 5 | 3 |
| Other Non Current Assets | 16 | 17 | 23 | 29 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Assets | 33 | 36 | 47 | 63 | 3 | 5 | 1 | 3 | 7 | 17 | 4 |
| Total Assets | 51 | 56 | 75 | 96 | 115 | 123 | 112 | 117 | 136 | 158 | 195 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 1 | 3 | 3 | 5 | 1 | 3 | 7 | 17 |
| Cash Flow from Operating Activities | -4 | -3 | -12 | -15 | -12 | 0 | 7 | 2 | -5 | 3 | -27 |
| Cash Flow from Investing Activities | -0 | -0 | -2 | -0 | -1 | -2 | 2 | -1 | -2 | -2 | -10 |
| Cash Flow from Financing Activities | 5 | 3 | 14 | 17 | 12 | 4 | -14 | 1 | 11 | 9 | 24 |
| Net Cash Inflow / Outflow | 0 | -0 | 1 | 2 | -1 | 3 | -4 | 2 | 4 | 10 | -13 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 3 | 3 | 5 | 1 | 3 | 7 | 17 | 4 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.9 | 1.73 | 2.15 | 2.83 | 3.2 | 2.9 | 1.76 | 3.01 | 3.34 | 4.28 | 5.18 |
| CEPS(Rs) | 1.92 | 1.75 | 2.17 | 2.86 | 3.23 | 2.93 | 1.78 | 3.04 | 3.36 | 4.3 | 5.21 |
| DPS(Rs) | 0.25 | 0.25 | 0.25 | 0.3 | 0.3 | 0 | 0.13 | 0.2 | 0.25 | 0.3 | 0.1 |
| Book NAV/Share(Rs) | 9.29 | 10.72 | 12.57 | 15.4 | 18.31 | 20.85 | 22.61 | 25.51 | 30.22 | 34.58 | 49.94 |
| Net Profit Margin | 30.64 | 26.79 | 27.58 | 29.35 | 28.85 | 24.54 | 17.05 | 27.3 | 30.59 | 37.04 | 46.26 |
| Operating Margin | 72.83 | 71.36 | 70.82 | 76.24 | 76.76 | 73.42 | 65.54 | 68.71 | 68.42 | 70.43 | 75.31 |
| PBT Margin | 47.37 | 42.33 | 41.61 | 41.07 | 40.29 | 33.98 | 24.21 | 36.96 | 41.25 | 49.82 | 59.59 |
| ROA(%) | 8.22 | 6.49 | 6.58 | 6.62 | 6.05 | 4.88 | 3 | 5.25 | 6.6 | 8.12 | 9.05 |
| ROE(%) | 22.29 | 17.27 | 18.46 | 20.25 | 18.97 | 14.81 | 8.08 | 12.51 | 13.22 | 13.87 | 12.75 |
| ROCE(%) | 22.53 | 19.53 | 18.68 | 18.6 | 17.16 | 15.39 | 11.99 | 13.65 | 15.14 | 15.8 | 15.04 |
| Price/Earnings(x) | 3.76 | 7.02 | 8.61 | 11.39 | 7.12 | 4.36 | 7.83 | 15.37 | 9.73 | 29.67 | 25.79 |
| Price/Book(x) | 0.77 | 1.13 | 1.47 | 2.09 | 1.24 | 0.61 | 0.61 | 1.81 | 1.08 | 3.67 | 2.68 |
| Dividend Yield(%) | 3.51 | 2.06 | 1.35 | 0.93 | 1.32 | 0 | 0.91 | 0.43 | 0.77 | 0.24 | 0.07 |
| EV/Net Sales(x) | 3.14 | 4.07 | 5.04 | 6.26 | 5.15 | 4.05 | 4.3 | 6.62 | 4.72 | 12.26 | 12.9 |
| EV/Core EBITDA(x) | 4.28 | 5.68 | 7.09 | 8.17 | 6.69 | 5.5 | 6.53 | 9.61 | 6.88 | 17.35 | 17.08 |
| Interest Earned Growth(%) | 17.32 | 4.25 | 20.81 | 23.8 | 14.88 | 6.68 | -12.89 | 6.97 | 24.25 | 17.95 | 7.05 |
| Net Profit Growth | 26.19 | -8.82 | 24.38 | 31.75 | 12.9 | -9.26 | -39.46 | 71.28 | 39.22 | 42.82 | 33.69 |
| EPS Growth(%) | 26.19 | -8.82 | 24.38 | 31.75 | 12.9 | -9.26 | -39.46 | 71.38 | 11 | 27.95 | 21.19 |
| Interest Coverage(x) % | 2.86 | 2.46 | 2.42 | 2.17 | 2.1 | 1.86 | 1.59 | 2.16 | 2.52 | 3.42 | 4.79 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60 | 60 | 60 | 60 | 54.83 | 55.36 | 55.55 | 56.24 | 56.99 | 57.78 |
| FII | 0 | 0 | 0 | 1.16 | 1.01 | 0.82 | 2.71 | 2.47 | 2.43 | 2.24 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 40 | 40 | 40 | 38.84 | 44.16 | 43.83 | 41.74 | 41.29 | 40.58 | 39.99 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.43 | 1.72 | 1.74 | 1.76 | 1.78 |
| FII | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.08 | 0.08 | 0.08 | 0.07 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.27 | 0.34 | 0.34 | 1.29 | 1.28 | 1.25 | 1.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.7 | 0.7 | 0.7 | 0.7 | 0.77 | 0.77 | 3.09 | 3.09 | 3.09 | 3.09 |
* The pros and cons are machine generated.
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