WatchTalking point
Profit lagging revenue
Revenue grew 15.1% but profit grew 4.7%, so the company kept less of each rupee of revenue as profit.
Importance 64 / 95 · growth
Shriram Finance Limited · Research view
Shriram Finance Limited
NSE: SHRIRAMFINBSE: 511218ISIN INE721A01047Face value ₹2consolidated
₹943
−3.10% · 2026-10-01 · 52-wk ₹646–₹1,141
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Book value compounding
Net worth compounded at 26.1% a year over 4 years (₹26,094 → ₹65,919) — though FY2023 saw a one-off step-change of 68% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · financial health
StrengthTalking point
Profit compounding faster than revenue
Over 4 years profit compounded at 38.5% a year while revenue compounded at 25.7% a year — though FY2023 saw a one-off step-change of 121% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Finance › Non Banking Financial Company (NBFC).
- Market cap
- ₹1.77 L cr
- FY2026 revenue
- ₹48,133 cr
- FY2026 net profit
- ₹10,024 cr
- Net worth
- ₹65,919 cr
- Total debt
- —net cash
- EPS (basic)
- ₹53.29
- Listed
- NSE · BSE
- Reporting
- Ind-AS (NBFC)Apr–Mar
Peer set used on this page: 5 non banking financial company (nbfc).
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 15.1% but profit grew 4.7%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +25.7%over 4 years
- Revenue growth
- +15.1%vs last year
- Net profit growth
- +4.7%vs last year
- Change in net profit since FY22
- +268%
Over 4 years profit compounded at 38.5% a year while revenue compounded at 25.7% a year — though FY2023 saw a one-off step-change of 121% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue compounded at 25.7% a year over 4 years (₹19,255 → ₹48,133) — though FY2023 saw a one-off step-change of 58% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue grew 15.1% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹3,453 cr, up 59.9% from ₹2,159 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 59.9% while revenue grew 16.2% vs the same quarter last year — a gap of 43.7 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 revenue was ₹13,400 cr, up 16.2% from ₹11,536 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 10,090 | — | 2,153 | — | 21.3% |
| Q3 FY25 | 10,698 | +15.0% | 3,249 | +73.4% | 30.4% |
| Q4 FY25 | 11,454 | +15.6% | 2,144 | +6.1% | 18.7% |
| Q1 FY26 | 11,536 | +20.1% | 2,159 | +6.3% | 18.7% |
| Q2 FY26 | 11,912 | +18.1% | 2,314 | +7.5% | 19.4% |
| Q3 FY26 | 12,171 | +13.8% | 2,530 | −22.1% | 20.8% |
| Q4 FY26 | 12,513 | +9.2% | 3,021 | +40.9% | 24.1% |
| Q1 FY27 | 13,400 | +16.2% | 3,453 | +59.9% | 25.8% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹49,997 crTTM
- EBITDA
- ₹37,053 crTTM
- EBIT
- ₹36,344 crTTM
- PBT
- ₹15,020 crTTM
- Net profit
- ₹11,318 crTTM
C. Corporate actions
3 Jul 2026DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
7 Nov 2025DividendInterim Dividend - Rs. - 4.8000 — ₹4.80/share
11 Jul 2025DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
31 Jan 2025DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
10 Jan 2025Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
7 Nov 2024DividendInterim Dividend - Rs. - 22.0000 — ₹22.00/share
23 Jul 2024DividendFinal Dividend - Rs. - 15.0000 — ₹15.00/share
6 Feb 2024DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
6 Nov 2023DividendInterim Dividend - Rs. - 20.0000 — ₹20.00/share
16 Jun 2023DividendFinal Dividend - Rs. - 20.0000 — ₹20.00/share
3 Jan 2023DividendInterim Dividend - Rs. - 15.0000 — ₹15.00/share
11 Mar 2022DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share
9 Nov 2021DividendInterim Dividend - Rs. - 8.0000 — ₹8.00/share
16 Jun 2021DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
5 Apr 2021DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
9 Nov 2020DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
9 Jul 2020Rights issueRight Issue of Equity Shares
7 Nov 2019DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
19 Jun 2019DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share
5 Nov 2018DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
18 Jul 2018DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
10 Nov 2017DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
21 Jun 2017DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
3 Nov 2016DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
18 Jul 2016DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Margin and return trends are shown above.
- EBITDA margin now
- 73.8%
- 5-year range
- 69.7–73.8%
- ROE FY2026
- 16.4%
- ROCE FY2026
- —
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 26.1% a year over 4 years (₹26,094 → ₹65,919) — though FY2023 saw a one-off step-change of 68% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- —
- Operating cash flow ÷ net profit
- -1.32×FY2026
- Free cash flow
- ₹−13,470 cr
- Current ratio
- —
Section 08 · Relative position
How does it compare with peers?
Ranked against 5 non banking financial company (nbfc) (FY2026, consolidated).
Revenue growth
SHRIRAMFIN · 4th of 4 · set median 18.9%
EBITDA margin
SHRIRAMFIN · 2nd of 5 · set median 73.3%
Return on equity
SHRIRAMFIN · 4th of 5 · set median 17.9%
P/E ratio
SHRIRAMFIN · 2nd of 5 · set median 23.5×
Context
Trades at 15.67× earnings — 33% below the non banking financial company nbfc median of 23.46×.
Rule PE_BELOW_PEERS
- P / E
- 15.7×TTM to Jun 26
- P / B
- 2.7×latest book
- P / S
- 3.5×TTM sales
- Earnings yield
- 6.4%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 17.7× · P/S 3.7× · ROE 16.4%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +45.3%
- 3-year return
- +145.6%
- 5-year return
- —
- From 52-wk high
- −17.4%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,062
- vs 200-day avg
- Below₹1,003
- RSI (14)
- 26.3oversold
- MACD histogram
- -6.3
- From 52-wk high
- −17.4%
- From 52-wk low
- +46.0%
- 30-day volatility
- 23.7%ann.
- 6-month return
- +4.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 15.1% but profit grew 4.7%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 64
- The price-adjusted series does not correct for a rights issue (ex-date 2020-07-09) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 19,255 | 30,477 | 36,380 | 41,834 | 48,133 |
| Total income | 19,274 | 30,508 | 36,413 | 41,859 | 48,193 |
| EBITDA | 13,419 | 21,746 | 26,070 | 30,049 | 35,520 |
| Profit before tax | 3,549 | 8,214 | 9,960 | 12,503 | 13,300 |
| Net profit | 2,721 | 6,020 | 7,399 | 9,576 | 10,024 |
| EPS (₹) | 102.2 | 160.5 | 196.3 | 50.8 | 53.3 |
| Net worth | 26,094 | 43,800 | 49,677 | 56,470 | 65,919 |
| Operating cash flow | −8,859 | −17,625 | −31,101 | −43,652 | −13,281 |
| Free cash flow | −8,893 | −17,822 | −31,281 | −43,872 | −13,470 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 58.3 | 19.4 | 15.0 | 15.1 |
| Profit growth YoY | — | 121.2 | 22.9 | 29.4 | 4.7 |
| Profitability | |||||
| EBITDA margin % | 69.7 | 71.4 | 71.7 | 71.8 | 73.8 |
| Net margin % | 14.1 | 19.7 | 20.3 | 22.9 | 20.8 |
| Return on equity % | 10.4 | 17.2 | 15.8 | 18.0 | 16.4 |
| Return on capital % | — | — | — | — | — |
| Leverage & cash | |||||
| Debt to equity | — | — | — | — | — |
| Cash flow ÷ profit | -3.26 | -2.93 | -4.20 | -4.56 | -1.32 |
| Current ratio | — | — | — | — | — |