Overview

Detailed Summary

India Shelter Finance Corporation Limited is a pan-India affordable housing finance company focused on secured home loans and loans against property for low- and middle-income customers in Tier II and III geographies, operating a technology-enabled, paperless origination platform and a 301-branch distribution network with gross managed assets of Rs. 10,365 crore as of Dec-25.
The company delivered robust growth and profitability in 9MFY26: GMA grew 31% YoY, 9MFY26 PAT was Rs. 369 crore (adj), ROA about 5.9%, and ROE circa 17%; NII and net income expanded strongly while spreads improved to ~6.6% on lower cost of funds, supporting healthy margins despite elevated branch additions and controlled opex.
Asset quality shows early signs of stress but remains manageable: Gross Stage-3 rose to 1.5% and NNPA to 1.2% with PCR at 25% and credit cost ~0.5% for 9MFY26; management has taken proactive collection and legal actions to arrest deterioration and expects improvement in Q4, guided credit cost for the year roughly 40–50 bps.
Growth strategy blends physical expansion and digital scale — management plans 40–45 branch openings annually, a push to raise digital-sourced disbursements from ~4–5% to ~10%, and scale co-lending; these are supported by Salesforce-based systems, BRE, AI-enabled underwriting, high e-sign/e-NACH penetration and a comfortable liquidity buffer of ~Rs. 1,818 crore.
IndiaShelter emphasizes governance and ESG with a disclosed BRSR, maiden Scope 1/2/3 reporting, Green Housing collaboration with IFC, and social programs; strong board credentials and marquee institutional shareholders (WestBridge, Nexus) underpin corporate governance and strategic alignment for long-term growth.

Sector: Finance
Industry: Housing Finance Company
Market Cap: 8,212 Cr
Volatility: Low Risk
P/E Ratio: 16.3
Industry P/E: 17.8
PEG Ratio: 0.7
P/B Ratio: 2.6
52W High: 1,011.45
52W Low: 650.05

Sales CAGR

1Y: 40.49%
3Y: 37.50%
5Y: —
10Y: —

Profit CAGR

1Y: 52.61%
3Y: 43.18%
5Y: —
10Y: —

ROE

TTM: 15.73%
3Y: 12.50%
5Y: 12.06%
10Y: —

ROCE

TTM: 11.59%
3Y: 10.60%
5Y: 10.35%
10Y: —

Technicals

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Peers

Financial Services Financial Services Finance Housing Finance Company

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APTUS		265.75	13,287 Cr	14.09	2.63	1.70	18.64	14.34	7.23
HOMEFIRST		1081.00	11,288 Cr	20.89	2.59	0.48	12.40	10.03	3.56
CANFINHOME		809.85	10,755 Cr	9.91	1.80	1.86	18.16	8.74	2.45
AAVAS		1293.40	10,290 Cr	20.97	2.73	0.00	13.00	8.96	2.97
INDIASHLTR		751.80	8,242 Cr	16.38	2.58	1.32	15.73	11.59	5.23
REPCOHOME		367.55	2,305 Cr	4.85	0.57	0.00	11.77	9.64	2.73
GICHSGFIN		149.40	807 Cr	5.22	0.38	3.00	7.35	7.53	1.37
Median: 7 Co.	—	751.80	10,290 Cr	14.09	2.58	1.32	13.00	9.64	2.97

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	209	235	252	283	304	327	361	369	390	408
Expenses	61	67	73	79	85	83	97	98	113	110
Interest	74	75	77	85	92	102	106	110	114	115
Financing Profit	74	93	102	119	127	142	158	161	163	183
Financing Margin %	35.48	39.67	40.43	42.16	41.81	43.52	43.72	43.67	41.88	44.85
Other Income	9.51	9.66	9.17	0.84	0.15	0.13	0.09	0.03	0.02	0.04
Depreciation	2.45	3.12	2.82	2.81	2.99	2.98	2.78	3.19	3.31	3.10
Profit Before Tax	81	100	108	117	124	140	155	158	160	180
Tax %	23.21	21.81	22.71	23.12	22.70	22.54	23.05	22.79	22.43	23.57
Net Profit	62	78	84	90	96	108	119	122	124	138
EPS in Rs	6.36	6.89	7.39	7.99	8.56	9.59	10.60	10.88	11.01	12.31
Gross NPA %	1.20	0.97	1.14	0.00	1.25	0.00	1.24	0.00	0.00	1.25
Net NPA %	0.90	0.73	0.86	0.00	0.94	0.00	0.95	0.00	0.00	0.93

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	317	448	585	830	1,166	1,275
Expenses	99	138	186	244	320	344
Interest	105	148	210	289	355	385
Financing Profit	112	162	188	297	490	547
Financing Margin %	35.35	36.08	32.24	35.84	42.08	42.87
Other Income	6.09	12	22	32	10	1.21
Depreciation	5.10	6.54	8.20	9.91	12	12
Profit Before Tax	113	167	202	319	489	536
Tax %	22.64	23.04	23.08	22.43	22.76	22.85
Net Profit	87	128	155	248	378	414
EPS in Rs	—	—	29.11	30.77	33.53	44.79
Dividend Payout %	0.00	0.00	0.00	0.00	14.74	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	43	44	44	54	54
Reserves	894	1,032	1,197	2,245	2,655
Borrowings	1,491	2,070	2,989	3,415	4,969
Other Liabilities	34	75	66	80	70
Total Liabilities	2,463	3,221	4,296	5,794	7,748
Fixed Assets	15	17	24	30	29
CWIP	0.00	0.00	0.00	0.00	0.00
Investments	0.00	175	47	158	315
Other Assets	2,448	3,029	4,224	5,607	7,403
Total Assets	2,463	3,221	4,296	5,794	7,748

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-421	-495	-852	-1,232	-1,435
Cash from Investing Activity	77	-186	162	-236	-61
Cash from Financing Activity	560	592	907	1,220	1,566
Net Cash Flow	216	-89	217	-249	70

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Aug 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	56.74%	48.30%	48.30%	48.22%	48.14%	48.00%	47.92%	47.90%	47.71%	47.60%	47.54%
FIIs	0.00%	5.84%	5.28%	5.16%	5.76%	6.24%	6.94%	7.96%	8.01%	7.48%	6.87%
DIIs	43.26%	12.62%	16.09%	17.53%	21.87%	20.67%	18.52%	17.68%	21.00%	20.72%	21.39%
Public	0.00%	33.25%	30.33%	29.09%	24.23%	25.10%	26.63%	26.46%	23.27%	24.20%	24.21%
Total Shareholders	83	1,14,300	64,293	54,929	52,748	53,706	55,264	65,803	65,949	62,619	59,100

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Documents

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Q3 FY26

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Q2 FY26

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