# Finance & Investments - CV Finance — company-by-company sector analysis

> Finance & Investments - CV Finance: Shriram Finance Ltd owns the largest revenue base; Tsf Investments Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 4 of 5 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Shriram Finance Ltd leads with income of ₹49,996 crore, based on 5 of 5 comparable companies through Jun 2026. Tsf Investments Ltd has the fastest current income growth at 100%, across 5 of 5 comparable companies.

### Is the Finance & Investments - CV Finance sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 4 of 5 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Finance & Investments - CV Finance company is largest by income?

Shriram Finance Ltd leads with income of ₹49,996 crore, based on 5 of 5 comparable companies through Jun 2026.

### Which Finance & Investments - CV Finance company is growing fastest?

Tsf Investments Ltd has the fastest current income growth at 100%, across 5 of 5 comparable companies.

### Which Finance & Investments - CV Finance company has the strongest 4-Factor Sector Score?

Mahindra & Mahindra Financial Services Ltd ranks first at 67.3/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance & Investments - CV Finance company has the largest deposit base?

Shriram Finance Ltd has the largest reported deposit base at ₹69,480 crore. Bank borrowings are operating funding, not industrial leverage.

### Which Finance & Investments - CV Finance company has the lowest comparable P/BV-to-ROE?

Mahindra & Mahindra Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.15, among 4 of 5 companies that pass the metric’s comparability rules.

### How much history does this Finance & Investments - CV Finance comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Finance & Investments - CV Finance against NIFTY 500 is not available from the current market series. 4 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Shriram Finance Ltd is the strongest against the sector itself at +8.7%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 4/5
Stocks leading sector: 3/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 5
Combined market value: ₹3.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 67/100 — Favorable setup; evidence 87%
   - Growth & earnings 26.5/35 | Capital efficiency 13.2/25 | Valuation 14.4/20 | Relative strength 13.2/20
   - Exact sum: 26.5 + 13.2 + 14.4 + 13.2 = 67.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Shriram Finance Ltd (SHRIRAMFIN): 58/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 17.0/35 | Capital efficiency 18.9/25 | Valuation 8.1/20 | Relative strength 14.0/20
   - Exact sum: 17 + 18.9 + 8.1 + 14 = 58
   - Decision use: Price leads the evidence: RS versus the benchmark is 17.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Tsf Investments Ltd (TSFINV): 55/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 26.6/35 | Capital efficiency 15.4/25 | Valuation 7.0/20 | Relative strength 6.2/20
   - Exact sum: 26.6 + 15.4 + 7 + 6.2 = 55.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.6% and the one-year return is -6.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Sundaram Finance Ltd (SUNDARMFIN): 48/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 16.6/35 | Capital efficiency 16.1/25 | Valuation 7.8/20 | Relative strength 7.8/20
   - Exact sum: 16.6 + 16.1 + 7.8 + 7.8 = 48.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Indostar Capital Finance Ltd (INDOSTAR): 34/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 11.4/35 | Capital efficiency 6.0/25 | Valuation 9.2/20 | Relative strength 7.2/20
   - Exact sum: 11.4 + 6 + 9.2 + 7.2 = 33.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Shriram Finance Ltd is the scale leader at ₹49,996 crore, 130% ahead of Mahindra & Mahindra Financial Services Ltd. Tsf Investments Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 535.5% from a ₹985 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Shriram Finance Ltd is the scale benchmark; Tsf Investments Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Shriram Finance Ltd's growth falls below Tsf Investments Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Shriram Finance Ltd · ₹49,996 crore | 130% versus #2 · Mahindra & Mahindra Financial Services Ltd | 8/8 recent comparable periods | 5/5 companies · 92 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Shriram Finance Ltd (SHRIRAMFIN): ₹50.0K Cr
2. Mahindra & Mahindra Financial Services Ltd (M&MFIN): ₹21.7K Cr
3. Sundaram Finance Ltd (SUNDARMFIN): ₹9.8K Cr
4. Indostar Capital Finance Ltd (INDOSTAR): ₹1.4K Cr
5. Tsf Investments Ltd (TSFINV): ₹985 Cr

### Income growth — fastest growers
1. Tsf Investments Ltd (TSFINV): 100%
2. Sundaram Finance Ltd (SUNDARMFIN): 16%
3. Shriram Finance Ltd (SHRIRAMFIN): 14%
4. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 14%
5. Indostar Capital Finance Ltd (INDOSTAR): -0.8%

### 20-quarter Income history
- SHRIRAMFIN: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹8.0K Cr | Sep 2023 ₹8.6K Cr | Dec 2023 ₹8.9K Cr | Mar 2024 ₹9.5K Cr | Jun 2024 ₹9.6K Cr | Sep 2024 ₹10.1K Cr | Dec 2024 ₹10.7K Cr | Mar 2025 ₹11.5K Cr | Jun 2025 ₹11.5K Cr | Sep 2025 ₹11.9K Cr | Dec 2025 ₹12.2K Cr | Mar 2026 ₹12.5K Cr | Jun 2026 ₹13.4K Cr
- M&MFIN: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 ₹5.7K Cr
- SUNDARMFIN: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- TSFINV: Sep 2021 ₹14 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹218 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹258 Cr | Mar 2026 ₹298 Cr | Jun 2026 —
- INDOSTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹281 Cr | Mar 2023 ₹285 Cr | Jun 2023 ₹299 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹238 Cr | Mar 2024 ₹391 Cr | Jun 2024 ₹307 Cr | Sep 2024 ₹352 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹373 Cr | Jun 2025 ₹344 Cr | Sep 2025 ₹357 Cr | Dec 2025 ₹346 Cr | Mar 2026 ₹347 Cr | Jun 2026 —

### 20-quarter Income growth history
- SHRIRAMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 14% | Dec 2022 61% | Mar 2023 57% | Jun 2023 55% | Sep 2023 60% | Dec 2023 14% | Mar 2024 19% | Jun 2024 20% | Sep 2024 18% | Dec 2024 20% | Mar 2025 21% | Jun 2025 20% | Sep 2025 18% | Dec 2025 14% | Mar 2026 9.3% | Jun 2026 16%
- M&MFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.6% | Dec 2022 11% | Mar 2023 20% | Jun 2023 23% | Sep 2023 27% | Dec 2023 23% | Mar 2024 24% | Jun 2024 20% | Sep 2024 16% | Dec 2024 17% | Mar 2025 14% | Jun 2025 16% | Sep 2025 13% | Dec 2025 14% | Mar 2026 13% | Jun 2026 15%
- SUNDARMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.7% | Sep 2022 3.2% | Dec 2022 9.3% | Mar 2023 15% | Jun 2023 26% | Sep 2023 27% | Dec 2023 29% | Mar 2024 45% | Jun 2024 23% | Sep 2024 22% | Dec 2024 20% | Mar 2025 4.8% | Jun 2025 20% | Sep 2025 14% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- TSFINV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.6% | Sep 2022 21% | Dec 2022 33% | Mar 2023 -5.4% | Jun 2023 26% | Sep 2023 41% | Dec 2023 25% | Mar 2024 523% | Jun 2024 79% | Sep 2024 25% | Dec 2024 32% | Mar 2025 -78% | Jun 2025 316% | Sep 2025 733% | Dec 2025 682% | Mar 2026 508% | Jun 2026 —
- INDOSTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -15% | Mar 2024 37% | Jun 2024 2.7% | Sep 2024 50% | Dec 2024 57% | Mar 2025 -4.6% | Jun 2025 12% | Sep 2025 1.4% | Dec 2025 -7.2% | Mar 2026 -7.0% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Shriram Finance Ltd leads with ₹11,318 crore of TTM profit, 247.3% above Mahindra & Mahindra Financial Services Ltd. Mahindra & Mahindra Financial Services Ltd shows 42.1% growth from a ₹3,259 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Shriram Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Shriram Finance Ltd · ₹11,318 crore | 247.3% versus #2 · Mahindra & Mahindra Financial Services Ltd | 7/8 recent comparable periods | 5/5 companies · 92 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Shriram Finance Ltd (SHRIRAMFIN): ₹11.3K Cr
2. Mahindra & Mahindra Financial Services Ltd (M&MFIN): ₹3.3K Cr
3. Sundaram Finance Ltd (SUNDARMFIN): ₹2.1K Cr
4. Tsf Investments Ltd (TSFINV): ₹530 Cr
5. Indostar Capital Finance Ltd (INDOSTAR): ₹140 Cr

### Profit growth — fastest growers
1. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 42%
2. Tsf Investments Ltd (TSFINV): 29%
3. Shriram Finance Ltd (SHRIRAMFIN): 17%
4. Indostar Capital Finance Ltd (INDOSTAR): 16%
5. Sundaram Finance Ltd (SUNDARMFIN): 9.5%

### 20-quarter Net profit history
- SHRIRAMFIN: Sep 2021 ₹774 Cr | Dec 2021 ₹686 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹967 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 ₹3.5K Cr
- M&MFIN: Sep 2021 ₹1.1K Cr | Dec 2021 ₹987 Cr | Mar 2022 ₹624 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹490 Cr | Dec 2022 ₹664 Cr | Mar 2023 ₹675 Cr | Jun 2023 ₹362 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹623 Cr | Mar 2024 ₹671 Cr | Jun 2024 ₹497 Cr | Sep 2024 ₹390 Cr | Dec 2024 ₹918 Cr | Mar 2025 ₹456 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹566 Cr | Dec 2025 ₹826 Cr | Mar 2026 ₹940 Cr | Jun 2026 ₹927 Cr
- SUNDARMFIN: Sep 2021 ₹274 Cr | Dec 2021 ₹315 Cr | Mar 2022 ₹398 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹332 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹509 Cr | Jun 2023 ₹429 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹506 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹435 Cr | Sep 2024 ₹436 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹553 Cr | Jun 2025 ₹475 Cr | Sep 2025 ₹488 Cr | Dec 2025 ₹541 Cr | Mar 2026 ₹554 Cr | Jun 2026 —
- TSFINV: Sep 2021 ₹19 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹158 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹164 Cr | Jun 2026 —
- INDOSTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹546 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹-424 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SHRIRAMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 469% | Sep 2022 38% | Dec 2022 163% | Mar 2023 18% | Jun 2023 77% | Sep 2023 67% | Dec 2023 4.0% | Mar 2024 57% | Jun 2024 19% | Sep 2024 20% | Dec 2024 73% | Mar 2025 6.1% | Jun 2025 6.3% | Sep 2025 7.5% | Dec 2025 -22% | Mar 2026 41% | Jun 2026 60%
- M&MFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -55% | Dec 2022 -33% | Mar 2023 8.2% | Jun 2023 51% | Sep 2023 -41% | Dec 2023 -6.2% | Mar 2024 -0.6% | Jun 2024 37% | Sep 2024 36% | Dec 2024 47% | Mar 2025 -32% | Jun 2025 6.4% | Sep 2025 45% | Dec 2025 -10% | Mar 2026 106% | Jun 2026 75%
- SUNDARMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 21% | Dec 2022 21% | Mar 2023 28% | Jun 2023 55% | Sep 2023 31% | Dec 2023 32% | Mar 2024 -7.3% | Jun 2024 1.4% | Sep 2024 0.2% | Dec 2024 -10% | Mar 2025 17% | Jun 2025 9.2% | Sep 2025 12% | Dec 2025 19% | Mar 2026 0.2% | Jun 2026 —
- TSFINV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 74% | Dec 2022 91% | Mar 2023 27% | Jun 2023 73% | Sep 2023 176% | Dec 2023 57% | Mar 2024 172% | Jun 2024 55% | Sep 2024 -2.2% | Dec 2024 3.9% | Mar 2025 -60% | Jun 2025 44% | Sep 2025 16% | Dec 2025 -0.9% | Mar 2026 53% | Jun 2026 —
- INDOSTAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -54% | Mar 2024 -54% | Jun 2024 -36% | Sep 2024 28% | Dec 2024 65% | Mar 2025 2.9% | Jun 2025 2,084% | Sep 2025 -69% | Dec 2025 -71% | Mar 2026 -1,278% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: Shriram Finance Ltd leads both deposits at ₹69,480 crore and borrowings at ₹2,50,692 crore.

Investor read: Shriram Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: Shriram Finance Ltd · ₹69,480 crore | 391.7% versus #2 · Mahindra & Mahindra Financial Services Ltd | 8/8 recent comparable periods | 3/5 companies · 30 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases
1. Shriram Finance Ltd (SHRIRAMFIN): ₹69.5K Cr
2. Mahindra & Mahindra Financial Services Ltd (M&MFIN): ₹14.1K Cr
3. Sundaram Finance Ltd (SUNDARMFIN): ₹9.0K Cr

### Borrowings — largest borrowings
1. Shriram Finance Ltd (SHRIRAMFIN): ₹2.5 L Cr
2. Mahindra & Mahindra Financial Services Ltd (M&MFIN): ₹1.1 L Cr
3. Sundaram Finance Ltd (SUNDARMFIN): ₹69.6K Cr
4. Indostar Capital Finance Ltd (INDOSTAR): ₹5.5K Cr
5. Tsf Investments Ltd (TSFINV): ₹235 Cr

### 20-quarter Deposits history
- SHRIRAMFIN: Sep 2021 ₹20.3K Cr | Dec 2021 — | Mar 2022 ₹21.9K Cr | Jun 2022 — | Sep 2022 ₹24.8K Cr | Dec 2022 — | Mar 2023 ₹36.1K Cr | Jun 2023 — | Sep 2023 ₹40.8K Cr | Dec 2023 — | Mar 2024 ₹44.4K Cr | Jun 2024 — | Sep 2024 ₹50.2K Cr | Dec 2024 — | Mar 2025 ₹56.1K Cr | Jun 2025 — | Sep 2025 ₹65.6K Cr | Dec 2025 — | Mar 2026 ₹69.5K Cr | Jun 2026 —
- M&MFIN: Sep 2021 ₹9.2K Cr | Dec 2021 — | Mar 2022 ₹8.3K Cr | Jun 2022 — | Sep 2022 ₹6.6K Cr | Dec 2022 — | Mar 2023 ₹5.5K Cr | Jun 2023 — | Sep 2023 ₹5.8K Cr | Dec 2023 — | Mar 2024 ₹7.5K Cr | Jun 2024 — | Sep 2024 ₹8.9K Cr | Dec 2024 — | Mar 2025 ₹11.4K Cr | Jun 2025 — | Sep 2025 ₹13.7K Cr | Dec 2025 — | Mar 2026 ₹14.1K Cr | Jun 2026 —
- SUNDARMFIN: Sep 2021 ₹6.2K Cr | Dec 2021 — | Mar 2022 ₹6.3K Cr | Jun 2022 — | Sep 2022 ₹6.3K Cr | Dec 2022 — | Mar 2023 ₹6.9K Cr | Jun 2023 — | Sep 2023 ₹7.4K Cr | Dec 2023 — | Mar 2024 ₹8.1K Cr | Jun 2024 — | Sep 2024 ₹8.4K Cr | Dec 2024 — | Mar 2025 ₹8.7K Cr | Jun 2025 — | Sep 2025 ₹8.8K Cr | Dec 2025 — | Mar 2026 ₹9.0K Cr | Jun 2026 —

### 20-quarter Borrowings history
- SHRIRAMFIN: Sep 2021 ₹88.6K Cr | Dec 2021 ₹88.6K Cr | Mar 2022 ₹1.1 L Cr | Jun 2022 ₹92.9K Cr | Sep 2022 ₹1.0 L Cr | Dec 2022 ₹1.0 L Cr | Mar 2023 ₹1.6 L Cr | Jun 2023 ₹1.3 L Cr | Sep 2023 ₹1.3 L Cr | Dec 2023 ₹1.3 L Cr | Mar 2024 ₹2.0 L Cr | Jun 2024 ₹1.5 L Cr | Sep 2024 ₹1.6 L Cr | Dec 2024 ₹1.6 L Cr | Mar 2025 ₹2.3 L Cr | Jun 2025 ₹1.8 L Cr | Sep 2025 ₹2.3 L Cr | Dec 2025 ₹1.7 L Cr | Mar 2026 ₹2.5 L Cr | Jun 2026 —
- M&MFIN: Sep 2021 ₹53.5K Cr | Dec 2021 ₹53.5K Cr | Mar 2022 ₹62.1K Cr | Jun 2022 ₹54.3K Cr | Sep 2022 ₹66.7K Cr | Dec 2022 ₹66.7K Cr | Mar 2023 ₹81.4K Cr | Jun 2023 ₹76.6K Cr | Sep 2023 ₹84.9K Cr | Dec 2023 ₹84.9K Cr | Mar 2024 ₹98.3K Cr | Jun 2024 ₹92.0K Cr | Sep 2024 ₹1.0 L Cr | Dec 2024 ₹1.0 L Cr | Mar 2025 ₹1.2 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.2 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.3 L Cr | Jun 2026 ₹1.1 L Cr
- SUNDARMFIN: Sep 2021 ₹28.7K Cr | Dec 2021 ₹28.7K Cr | Mar 2022 ₹36.4K Cr | Jun 2022 ₹30.2K Cr | Sep 2022 ₹31.0K Cr | Dec 2022 ₹31.0K Cr | Mar 2023 ₹42.7K Cr | Jun 2023 ₹36.0K Cr | Sep 2023 ₹41.5K Cr | Dec 2023 ₹41.5K Cr | Mar 2024 ₹52.3K Cr | Jun 2024 ₹44.5K Cr | Sep 2024 ₹47.8K Cr | Dec 2024 ₹47.8K Cr | Mar 2025 ₹61.1K Cr | Jun 2025 ₹52.6K Cr | Sep 2025 ₹65.8K Cr | Dec 2025 ₹57.0K Cr | Mar 2026 ₹69.6K Cr | Jun 2026 —
- TSFINV: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹273 Cr | Dec 2025 ₹273 Cr | Mar 2026 ₹235 Cr | Jun 2026 —
- INDOSTAR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6.9K Cr | Jun 2025 — | Sep 2025 ₹5.7K Cr | Dec 2025 — | Mar 2026 ₹5.5K Cr | Jun 2026 —

## Return On Assets

What the numbers say: Tsf Investments Ltd leads both roa at 7.9% and roa change at +0.8 percentage points.

Investor read: Tsf Investments Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Tsf Investments Ltd · 7.9% | 154.8% versus #2 · Shriram Finance Ltd | 5/7 recent comparable periods | 5/5 companies · 35 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Tsf Investments Ltd (TSFINV): 7.9%
2. Shriram Finance Ltd (SHRIRAMFIN): 3.1%
3. Sundaram Finance Ltd (SUNDARMFIN): 2.4%
4. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 1.8%
5. Indostar Capital Finance Ltd (INDOSTAR): 1.2%

### ROA change — fastest improvers
1. Tsf Investments Ltd (TSFINV): +0.8 pp
2. Mahindra & Mahindra Financial Services Ltd (M&MFIN): +0.2 pp
3. Sundaram Finance Ltd (SUNDARMFIN): −0.1 pp
4. Shriram Finance Ltd (SHRIRAMFIN): −0.2 pp

### 20-quarter ROA history
- SHRIRAMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 1.9% | Jun 2022 — | Sep 2022 2.5% | Dec 2022 — | Mar 2023 2.4% | Jun 2023 — | Sep 2023 3.0% | Dec 2023 — | Mar 2024 3.0% | Jun 2024 — | Sep 2024 2.9% | Dec 2024 — | Mar 2025 3.3% | Jun 2025 — | Sep 2025 3.3% | Dec 2025 — | Mar 2026 3.1% | Jun 2026 —
- M&MFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.5% | Dec 2022 — | Mar 2023 2.0% | Jun 2023 — | Sep 2023 1.8% | Dec 2023 — | Mar 2024 1.6% | Jun 2024 — | Sep 2024 1.6% | Dec 2024 — | Mar 2025 1.6% | Jun 2025 — | Sep 2025 1.7% | Dec 2025 — | Mar 2026 1.8% | Jun 2026 —
- SUNDARMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 2.7% | Jun 2022 — | Sep 2022 2.7% | Dec 2022 — | Mar 2023 2.7% | Jun 2023 — | Sep 2023 2.8% | Dec 2023 — | Mar 2024 2.9% | Jun 2024 — | Sep 2024 2.7% | Dec 2024 — | Mar 2025 2.5% | Jun 2025 — | Sep 2025 2.4% | Dec 2025 — | Mar 2026 2.4% | Jun 2026 —
- TSFINV: Sep 2021 — | Dec 2021 — | Mar 2022 5.3% | Jun 2022 — | Sep 2022 5.5% | Dec 2022 — | Mar 2023 6.5% | Jun 2023 — | Sep 2023 7.9% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 9.7% | Dec 2024 — | Mar 2025 7.1% | Jun 2025 — | Sep 2025 7.2% | Dec 2025 — | Mar 2026 7.9% | Jun 2026 —

### 20-quarter ROA change history
- SHRIRAMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +0.6 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 +0.3 pp | Jun 2025 — | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 —
- M&MFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 +0.1 pp | Dec 2025 — | Mar 2026 +0.2 pp | Jun 2026 —
- SUNDARMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +0.2 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- TSFINV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.2 pp | Jun 2023 — | Sep 2023 +2.4 pp | Dec 2023 — | Mar 2024 +4.3 pp | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 — | Mar 2025 −3.7 pp | Jun 2025 — | Sep 2025 −2.5 pp | Dec 2025 — | Mar 2026 +0.8 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Shriram Finance Ltd leads roe at 16.4%; Mahindra & Mahindra Financial Services Ltd leads roe change at +5.8 percentage points.

Investor read: Shriram Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Shriram Finance Ltd · 16.4% | 9.3% versus #2 · Sundaram Finance Ltd | 5/8 recent comparable periods | 5/5 companies · 76 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Shriram Finance Ltd (SHRIRAMFIN): 16%
2. Sundaram Finance Ltd (SUNDARMFIN): 15%
3. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 12%
4. Tsf Investments Ltd (TSFINV): 8.2%
5. Indostar Capital Finance Ltd (INDOSTAR): -24%

### ROE change — fastest improvers
1. Mahindra & Mahindra Financial Services Ltd (M&MFIN): +5.8 pp
2. Sundaram Finance Ltd (SUNDARMFIN): −0.3 pp
3. Tsf Investments Ltd (TSFINV): −0.5 pp
4. Shriram Finance Ltd (SHRIRAMFIN): −7.7 pp
5. Indostar Capital Finance Ltd (INDOSTAR): −24.0 pp

### 20-quarter ROE history
- SHRIRAMFIN: Sep 2021 3.1% | Dec 2021 13% | Mar 2022 11% | Jun 2022 17% | Sep 2022 15% | Dec 2022 16% | Mar 2023 26% | Jun 2023 14% | Sep 2023 16% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 16% | Dec 2024 16% | Mar 2025 24% | Jun 2025 16% | Sep 2025 15% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- M&MFIN: Sep 2021 — | Dec 2021 28% | Mar 2022 26% | Jun 2022 16% | Sep 2022 5.6% | Dec 2022 12% | Mar 2023 15% | Jun 2023 15% | Sep 2023 7.7% | Dec 2023 6.2% | Mar 2024 13% | Jun 2024 14% | Sep 2024 10% | Dec 2024 7.8% | Mar 2025 18% | Jun 2025 8.8% | Sep 2025 9.8% | Dec 2025 9.8% | Mar 2026 13% | Jun 2026 15%
- SUNDARMFIN: Sep 2021 13% | Dec 2021 11% | Mar 2022 12% | Jun 2022 15% | Sep 2022 10% | Dec 2022 12% | Mar 2023 13% | Jun 2023 17% | Sep 2023 14% | Dec 2023 13% | Mar 2024 15% | Jun 2024 15% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 17% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- TSFINV: Sep 2021 5.8% | Dec 2021 3.1% | Mar 2022 4.8% | Jun 2022 11% | Sep 2022 5.5% | Dec 2022 4.2% | Mar 2023 7.8% | Jun 2023 12% | Sep 2023 7.9% | Dec 2023 9.6% | Mar 2024 10% | Jun 2024 25% | Sep 2024 9.2% | Dec 2024 6.8% | Mar 2025 7.5% | Jun 2025 7.6% | Sep 2025 9.3% | Dec 2025 7.1% | Mar 2026 7.0% | Jun 2026 —

### 20-quarter ROE change history
- SHRIRAMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.7 pp | Dec 2022 +2.5 pp | Mar 2023 +14.6 pp | Jun 2023 −2.9 pp | Sep 2023 +0.8 pp | Dec 2023 +0.1 pp | Mar 2024 −9.6 pp | Jun 2024 +1.2 pp | Sep 2024 +0.4 pp | Dec 2024 +0.2 pp | Mar 2025 +8.3 pp | Jun 2025 +0.1 pp | Sep 2025 −0.7 pp | Dec 2025 −0.3 pp | Mar 2026 −7.7 pp | Jun 2026 —
- M&MFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −16.7 pp | Mar 2023 −10.4 pp | Jun 2023 −0.5 pp | Sep 2023 +2.1 pp | Dec 2023 −5.3 pp | Mar 2024 −2.0 pp | Jun 2024 −1.1 pp | Sep 2024 +2.3 pp | Dec 2024 +1.6 pp | Mar 2025 +4.8 pp | Jun 2025 −5.1 pp | Sep 2025 −0.2 pp | Dec 2025 +2.0 pp | Mar 2026 −4.9 pp | Jun 2026 +5.8 pp
- SUNDARMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 +0.6 pp | Mar 2023 +1.0 pp | Jun 2023 +2.2 pp | Sep 2023 +3.6 pp | Dec 2023 +1.7 pp | Mar 2024 +1.9 pp | Jun 2024 −1.7 pp | Sep 2024 +2.1 pp | Dec 2024 +1.5 pp | Mar 2025 −0.3 pp | Jun 2025 +1.9 pp | Sep 2025 −1.3 pp | Dec 2025 −1.0 pp | Mar 2026 −0.3 pp | Jun 2026 —
- TSFINV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +1.1 pp | Mar 2023 +3.0 pp | Jun 2023 +1.0 pp | Sep 2023 +2.4 pp | Dec 2023 +5.4 pp | Mar 2024 +2.5 pp | Jun 2024 +13.1 pp | Sep 2024 +1.3 pp | Dec 2024 −2.8 pp | Mar 2025 −2.8 pp | Jun 2025 −17.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.3 pp | Mar 2026 −0.5 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 39 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers
1. Shriram Finance Ltd (SHRIRAMFIN): −0.8 pp
2. Sundaram Finance Ltd (SUNDARMFIN): −0.4 pp
3. Mahindra & Mahindra Financial Services Ltd (M&MFIN): −0.1 pp

### 20-quarter Gross NPA history
- SHRIRAMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.3% | Mar 2023 6.2% | Jun 2023 6.0% | Sep 2023 5.8% | Dec 2023 5.7% | Mar 2024 5.5% | Jun 2024 5.4% | Sep 2024 5.3% | Dec 2024 5.4% | Mar 2025 4.6% | Jun 2025 4.5% | Sep 2025 4.6% | Dec 2025 4.5% | Mar 2026 — | Jun 2026 —
- M&MFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.9% | Mar 2023 4.5% | Jun 2023 4.4% | Sep 2023 4.3% | Dec 2023 4.0% | Mar 2024 3.4% | Jun 2024 3.6% | Sep 2024 3.8% | Dec 2024 3.9% | Mar 2025 3.7% | Jun 2025 3.8% | Sep 2025 3.9% | Dec 2025 3.8% | Mar 2026 — | Jun 2026 —
- SUNDARMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.0% | Mar 2023 3.0% | Jun 2023 3.0% | Sep 2023 2.9% | Dec 2023 2.6% | Mar 2024 2.0% | Jun 2024 2.2% | Sep 2024 2.4% | Dec 2024 2.5% | Mar 2025 2.2% | Jun 2025 2.7% | Sep 2025 2.0% | Dec 2025 2.0% | Mar 2026 — | Jun 2026 —

### 20-quarter GNPA change history
- SHRIRAMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.6 pp | Mar 2024 −0.8 pp | Jun 2024 −0.6 pp | Sep 2024 −0.5 pp | Dec 2024 −0.3 pp | Mar 2025 −0.9 pp | Jun 2025 −0.9 pp | Sep 2025 −0.8 pp | Dec 2025 −0.8 pp | Mar 2026 — | Jun 2026 —
- M&MFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −2.0 pp | Mar 2024 −1.1 pp | Jun 2024 −0.8 pp | Sep 2024 −0.5 pp | Dec 2024 −0.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 — | Jun 2026 —
- SUNDARMFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.4 pp | Mar 2024 −1.0 pp | Jun 2024 −0.8 pp | Sep 2024 −0.5 pp | Dec 2024 −0.2 pp | Mar 2025 +0.2 pp | Jun 2025 +0.5 pp | Sep 2025 −0.4 pp | Dec 2025 −0.4 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Mahindra & Mahindra Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.15×, 11.8% below Shriram Finance Ltd. Only 4 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Mahindra & Mahindra Financial Services Ltd · 0.15× | 11.8% versus #2 · Shriram Finance Ltd | 0/8 recent comparable periods | 4/5 companies · 76 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 0.2
2. Shriram Finance Ltd (SHRIRAMFIN): 0.2
3. Tsf Investments Ltd (TSFINV): 0.2
4. Sundaram Finance Ltd (SUNDARMFIN): 0.2

### P/BV — lowest P/BV
1. Indostar Capital Finance Ltd (INDOSTAR): 1.1
2. Tsf Investments Ltd (TSFINV): 1.6
3. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 1.9
4. Shriram Finance Ltd (SHRIRAMFIN): 2.9
5. Sundaram Finance Ltd (SUNDARMFIN): 3.3

### 20-quarter P/BV ÷ ROE history
- SHRIRAMFIN: Sep 2021 0.6 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.2 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- M&MFIN: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.1 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 0.1
- SUNDARMFIN: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- TSFINV: Sep 2021 0.1 | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —

### 20-quarter P/BV history
- SHRIRAMFIN: Sep 2021 1.8 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 2.5 | Sep 2024 2.8 | Dec 2024 2.1 | Mar 2025 2.4 | Jun 2025 2.3 | Sep 2025 2.0 | Dec 2025 3.0 | Mar 2026 2.8 | Jun 2026 3.0
- M&MFIN: Sep 2021 1.6 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 2.7 | Sep 2023 2.2 | Dec 2023 2.0 | Mar 2024 2.0 | Jun 2024 2.2 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 2.2 | Mar 2026 1.7 | Jun 2026 2.1
- SUNDARMFIN: Sep 2021 3.5 | Dec 2021 3.1 | Mar 2022 2.6 | Jun 2022 2.5 | Sep 2022 2.7 | Dec 2022 2.8 | Mar 2023 2.9 | Jun 2023 2.9 | Sep 2023 3.4 | Dec 2023 3.7 | Mar 2024 4.3 | Jun 2024 5.2 | Sep 2024 5.3 | Dec 2024 3.9 | Mar 2025 4.1 | Jun 2025 5.1 | Sep 2025 3.8 | Dec 2025 3.8 | Mar 2026 3.4 | Jun 2026 —
- TSFINV: Sep 2021 0.8 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.6 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 2.4 | Sep 2025 2.2 | Dec 2025 1.8 | Mar 2026 1.3 | Jun 2026 —
- INDOSTAR: Sep 2021 — | Dec 2021 — | Mar 2022 0.9 | Jun 2022 — | Sep 2022 — | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —

## Market action

Shriram Finance Ltd has the strongest one-year price move in Finance & Investments - CV Finance at +60.6%. It also leads on Mansfield relative strength against NIFTY at +17.6%. 4 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Shriram Finance Ltd (SHRIRAMFIN): 61%
2. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 25%
3. Tsf Investments Ltd (TSFINV): -6.4%
4. Indostar Capital Finance Ltd (INDOSTAR): -14%
5. Sundaram Finance Ltd (SUNDARMFIN): -14%

### Strongest relative strength versus NIFTY 500
1. Shriram Finance Ltd (SHRIRAMFIN): 18%
2. Indostar Capital Finance Ltd (INDOSTAR): 12%
3. Mahindra & Mahindra Financial Services Ltd (M&MFIN): 1.0%
4. Tsf Investments Ltd (TSFINV): 0.1%
5. Sundaram Finance Ltd (SUNDARMFIN): -7.9%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Asset quality have fewer than three usable current readings.

## Every company
- Shriram Finance Ltd (SHRIRAMFIN) — market value ₹2.4 L Cr; latest fundamentals Jun 2026
- Mahindra & Mahindra Financial Services Ltd (M&MFIN) — market value ₹49.6K Cr; latest fundamentals Jun 2026
- Sundaram Finance Ltd (SUNDARMFIN) — market value ₹49.4K Cr; latest fundamentals Mar 2026
- Tsf Investments Ltd (TSFINV) — market value ₹9.6K Cr; latest fundamentals Mar 2026
- Indostar Capital Finance Ltd (INDOSTAR) — market value ₹4.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 1. Graded companies: 5.

1 of 5 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Indostar Capital Finance Ltd (INDOSTAR) — its two data sources disagree by up to 2,691% on reported income across 13 comparable periods, so its derived ratios are withheld.

- WITHHELD | INDOSTAR | Indostar Capital Finance Ltd | diff_gt_2pct | disagreement up to 2691.38% over 13 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance & Investments - CV Finance index?

The Nifty Finance & Investments - CV Finance index tracks India's listed Finance & Investments - CV Finance companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance & Investments - CV Finance sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance & Investments - CV Finance stocks in India?

Ranked by this page's four-factor score, Mahindra & Mahindra Financial Services Ltd places first among 5 listed Finance & Investments - CV Finance companies, followed by Shriram Finance Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance & Investments - CV Finance stocks are listed in India?

This comparison covers 5 listed Finance & Investments - CV Finance companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance & Investments - CV Finance company is the biggest?

Shriram Finance Ltd is the largest, with trailing-twelve-month income of ₹49,996 crore, ahead of Mahindra & Mahindra Financial Services Ltd at ₹21,733 crore. That covers 5 of 5 companies with comparable reporting through Jun 2026.

### Which Finance & Investments - CV Finance company is growing fastest?

Tsf Investments Ltd has the fastest income growth at 100% year on year, across 5 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance & Investments - CV Finance company makes the most profit?

Shriram Finance Ltd earns the most, at ₹11,318 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Mahindra & Mahindra Financial Services Ltd has the fastest profit growth at 42.1%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance & Investments - CV Finance company earns the highest return on capital?

Tsf Investments Ltd leads on return on assets at 7.9%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance & Investments - CV Finance stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Mahindra & Mahindra Financial Services Ltd screens cheapest at 0.15×. Only 4 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Finance & Investments - CV Finance lender has the largest funding base?

Shriram Finance Ltd has the largest reported deposit base at ₹69,480 crore. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt.

### Which Finance & Investments - CV Finance stock has the strongest price momentum?

Shriram Finance Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance & Investments - CV Finance company scores highest for research priority?

Mahindra & Mahindra Financial Services Ltd scores 67.3 out of 100 with 87% evidence confidence, from 26.5 points on growth and earnings, 13.2 on capital efficiency, 14.4 on valuation and 13.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance & Investments - CV Finance companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance & Investments - CV Finance sector?

The 5 Finance & Investments - CV Finance companies on this page carry ₹3,49,286 crore of combined market value. Shriram Finance Ltd is the largest at ₹2,36,495 crore, about 68% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance & Investments - CV Finance sector's P/B ratio?

The median price-to-book ratio across the 5 Finance & Investments - CV Finance companies on this page is 1.9×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Finance & Investments - CV Finance sector performing?

4 of the 5 covered Finance & Investments - CV Finance companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-investments-cv-finance