20-quarter listed-company comparison

Finance & Investments - CV Finance Stocks in India

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

01 · the index people search for

Nifty Finance & Investments - CV Finance Index — Constituents & Performance

The Finance & Investments - CV Finance companies below are the listed Indian Finance & Investments - CV Finance universe this page tracks — the same constituent set people search for as the Nifty Finance & Investments - CV Finance index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading.

02 · the sector itself · before any single company

How has Finance & Investments - CV Finance moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 40% ahead of NIFTY 500. Earnings across its companies grew 14% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 6 weeks running.

BREAKING OUT · ahead 6w✓Price and the fundamentals both up4 of 5 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑6w · 4/5 >200d (+0) · 4/5 lead (+0) · EPS 4/5↑

Finance & Investments - CV Finance, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 5 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Finance & Investments - CV Finance outperforming NIFTY 500?

Finance & Investments - CV Finance has outperformed NIFTY 500 by 21% over the last 52 weeks. Over 13 weeks the gap is a lead of 14%. 3 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Readings are as of 2026-07-19.

+14.0%Sector vs NIFTY 500 · 13 weeks

+21.0%Sector vs NIFTY 500 · 52 weeks

3/5Stocks leading NIFTY 500

3/5Stocks leading sector

Sector metric: 20.3 as of 2026-07-19 · NARROWING · rising.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Finance & Investments - CV Finance has outperformed NIFTY 500 by 21% over 52 weeks and 14% over 13 weeks. 3 of 5 covered companies beat NIFTY on Mansfield relative strength, while 3 of 5 beat the sector itself. Shriram Finance Ltd leads with income of ₹49,996 crore, based on 5 of 5 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹3.7 L Cr

Shriram Finance Ltd

Revenue growing

4/5

positive TTM year-on-year growth

Beating NIFTY 500

3/5

positive Mansfield relative strength

Comparing 5 of 5

04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Mahindra & Mahindra Financial Services Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 87% evidence confidence.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Mahindra & Mahindra Financial Services LtdM&MFIN	74.6/100Favorable setup87% evidence	TURNING	26.5/35 Income 13.6% · PAT 42.1% 100% evidence	17.6/25 ROA 1.8% · ROE 12.3% · GNPA — 72% evidence	13.5/20 P/BV 2.01× · P/BV÷ROE 0.16 100% evidence	17.0/20 RS sector 8.7% · RS bench 17.9% · 1Y 52.2%3 of 10 weeks ahead 70% evidence
Exact sum: 26.5 + 17.6 + 13.5 + 17 = 74.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Shriram Finance LtdSHRIRAMFIN	59.2/100Mixed-positive evidence90% evidence	TURNING	19.5/35 Income 14.2% · PAT 16.6% 95% evidence	20.3/25 ROA 3.1% · ROE 16.4% · GNPA — 68% evidence	7.7/20 P/BV 2.99× · P/BV÷ROE 0.18 100% evidence	11.7/20 RS sector 5.7% · RS bench 16.1% · 1Y 70.1%2 of 12 weeks ahead 100% evidence
Exact sum: 19.5 + 20.3 + 7.7 + 11.7 = 59.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Tsf Investments LtdTSFINV	53.5/100Mixed-positive evidence78% evidence	TURNING	26.6/35 Income 100% · PAT 28.6% 75% evidence	15.6/25 ROA 7.9% · ROE 8.2% · GNPA — 72% evidence	6.6/20 P/BV 1.66× · P/BV÷ROE 0.2 100% evidence	4.7/20 RS sector -17.6% · RS bench -3.9% · 1Y -6.7%3 of 10 weeks ahead 70% evidence
Exact sum: 26.6 + 15.6 + 6.6 + 4.7 = 53.5 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.6% and the one-year return is -6.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4Sundaram Finance LtdSUNDARMFIN	53.0/100Mixed-positive evidence83% evidence	TURNING	17.5/35 Income 15.6% · PAT 9.5% 88% evidence	19.3/25 ROA 2.4% · ROE 15% · GNPA — 72% evidence	7.3/20 P/BV 3.48× · P/BV÷ROE 0.23 100% evidence	8.9/20 RS sector 1% · RS bench -3.3% · 1Y -6.9%0 of 10 weeks ahead 70% evidence
Exact sum: 17.5 + 19.3 + 7.3 + 8.9 = 53 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Indostar Capital Finance LtdINDOSTAR	30.8/100Thin evidence · provisional52% evidence	TURNING	6.6/35 Income -1.9% · PAT -80% 62% evidence	8.8/25 ROA — · ROE -23.6% · GNPA — 34% evidence	9.2/20 P/BV 1.07× · P/BV÷ROE — 40% evidence	6.2/20 RS sector -25.8% · RS bench 4.2% · 1Y -14.6%7 of 10 weeks ahead 70% evidence
Exact sum: 6.6 + 8.8 + 9.2 + 6.2 = 30.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

Shriram Finance Ltd has the strongest one-year price move in Finance & Investments - CV Finance at +70.1%. Mahindra & Mahindra Financial Services Ltd leads on Mansfield relative strength against NIFTY at +17.9%. 3 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Income Scale & Growth Durability

Shriram Finance Ltd has the highest Income among the 5 Finance & Investments - CV Finance companies compared here, at ₹49,996 crore. Mahindra & Mahindra Financial Services Ltd is next at ₹21,733 crore. Tsf Investments Ltd has the highest Income growth at the 100% top of the scoring scale, so level and change sit with different companies.

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.

LeaderShriram Finance Ltd · ₹49,996 crore

Gap130% versus #2 · Mahindra & Mahindra Financial Services Ltd

Persistence8/8 recent comparable periods

Coverage5/5 companies · 93 observations

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.

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

Incomelargest

1Shriram Finance Ltd SHRIRAMFIN₹50.0K Cr

2Mahindra & Mahindra Financial Services Ltd M&MFIN₹21.7K Cr

3Sundaram Finance Ltd SUNDARMFIN₹9.8K Cr

4Indostar Capital Finance Ltd INDOSTAR₹1.4K Cr

5Tsf Investments Ltd TSFINV₹985 Cr

Income growthfastest growers

1Tsf Investments Ltd TSFINV100%

2Sundaram Finance Ltd SUNDARMFIN16%

3Shriram Finance Ltd SHRIRAMFIN14%

4Mahindra & Mahindra Financial Services Ltd M&MFIN14%

5Indostar Capital Finance Ltd INDOSTAR-1.9%

Income · company comparison

5/5 level · 5/5 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Income	Income growth	Reported
Shriram Finance Ltd SHRIRAMFIN	₹13.4K Cr	16%	Jun 2026
Mahindra & Mahindra Financial Services Ltd M&MFIN	₹5.7K Cr	15%	Jun 2026
Sundaram Finance Ltd SUNDARMFIN	₹2.6K Cr	13%	Mar 2026
Indostar Capital Finance Ltd INDOSTAR	₹364 Cr	5.8%	Jun 2026
Tsf Investments Ltd TSFINV	₹298 Cr	508%	Mar 2026

Full 20-quarter history · every available company

Income · reported quarter history

Indostar Capital Finance Ltd · 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₹364 Cr

Mahindra & Mahindra Financial Services Ltd · 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

Shriram Finance Ltd · 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

Sundaram Finance Ltd · 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—

Tsf Investments Ltd · 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—

Income growth · reported quarter history

Indostar Capital Finance Ltd · INDOSTAR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-15%

Mar 202437%

Jun 20242.7%

Sep 202450%

Dec 202457%

Mar 2025-4.6%

Jun 202512%

Sep 20251.4%

Dec 2025-7.2%

Mar 2026-7.0%

Jun 20265.8%

Mahindra & Mahindra Financial Services Ltd · M&MFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20222.6%

Dec 202211%

Mar 202320%

Jun 202323%

Sep 202327%

Dec 202323%

Mar 202424%

Jun 202420%

Sep 202416%

Dec 202417%

Mar 202514%

Jun 202516%

Sep 202513%

Dec 202514%

Mar 202613%

Jun 202615%

Shriram Finance Ltd · SHRIRAMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202211%

Sep 202214%

Dec 202261%

Mar 202357%

Jun 202355%

Sep 202360%

Dec 202314%

Mar 202419%

Jun 202420%

Sep 202418%

Dec 202420%

Mar 202521%

Jun 202520%

Sep 202518%

Dec 202514%

Mar 20269.3%

Jun 202616%

Sundaram Finance Ltd · SUNDARMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-0.7%

Sep 20223.2%

Dec 20229.3%

Mar 202315%

Jun 202326%

Sep 202327%

Dec 202329%

Mar 202445%

Jun 202423%

Sep 202422%

Dec 202420%

Mar 20254.8%

Jun 202520%

Sep 202514%

Dec 202515%

Mar 202613%

Jun 2026—

Tsf Investments Ltd · TSFINV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20225.6%

Sep 202221%

Dec 202233%

Mar 2023-5.4%

Jun 202326%

Sep 202341%

Dec 202325%

Mar 2024523%

Jun 202479%

Sep 202425%

Dec 202432%

Mar 2025-78%

Jun 2025316%

Sep 2025733%

Dec 2025682%

Mar 2026508%

Jun 2026—

07 · compare level, then change

Profit Scale & Acceleration

Shriram Finance Ltd has the highest Net profit among the 5 Finance & Investments - CV Finance companies compared here, at ₹11,318 crore. Mahindra & Mahindra Financial Services Ltd is next at ₹3,259 crore. Mahindra & Mahindra Financial Services Ltd has the highest Profit growth at 42.1%, so level and change sit with different companies.

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.

LeaderShriram Finance Ltd · ₹11,318 crore

Gap247.3% versus #2 · Mahindra & Mahindra Financial Services Ltd

Persistence7/8 recent comparable periods

Coverage5/5 companies · 93 observations

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.

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 profitlargest

1Shriram Finance Ltd SHRIRAMFIN₹11.3K Cr

2Mahindra & Mahindra Financial Services Ltd M&MFIN₹3.3K Cr

3Sundaram Finance Ltd SUNDARMFIN₹2.1K Cr

4Tsf Investments Ltd TSFINV₹530 Cr

5Indostar Capital Finance Ltd INDOSTAR₹-395 Cr

Profit growthfastest growers

1Mahindra & Mahindra Financial Services Ltd M&MFIN42%

2Tsf Investments Ltd TSFINV29%

3Shriram Finance Ltd SHRIRAMFIN17%

4Sundaram Finance Ltd SUNDARMFIN9.5%

5Indostar Capital Finance Ltd INDOSTAR-80%

Net profit · company comparison

5/5 level · 5/5 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Shriram Finance Ltd SHRIRAMFIN	₹3.5K Cr	60%	Jun 2026
Mahindra & Mahindra Financial Services Ltd M&MFIN	₹927 Cr	75%	Jun 2026
Sundaram Finance Ltd SUNDARMFIN	₹554 Cr	0.2%	Mar 2026
Tsf Investments Ltd TSFINV	₹164 Cr	53%	Mar 2026
Indostar Capital Finance Ltd INDOSTAR	₹11 Cr	-98%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Indostar Capital Finance Ltd · 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₹11 Cr

Mahindra & Mahindra Financial Services Ltd · 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

Shriram Finance Ltd · 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

Sundaram Finance Ltd · 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—

Tsf Investments Ltd · 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—

Profit growth · reported quarter history

Indostar Capital Finance Ltd · 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 202428%

Dec 202465%

Mar 20252.9%

Jun 20252,084%

Sep 2025-69%

Dec 2025-71%

Mar 2026-1,278%

Jun 2026-98%

Mahindra & Mahindra Financial Services Ltd · M&MFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-55%

Dec 2022-33%

Mar 20238.2%

Jun 202351%

Sep 2023-41%

Dec 2023-6.2%

Mar 2024-0.6%

Jun 202437%

Sep 202436%

Dec 202447%

Mar 2025-32%

Jun 20256.4%

Sep 202545%

Dec 2025-10%

Mar 2026106%

Jun 202675%

Shriram Finance Ltd · SHRIRAMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022469%

Sep 202238%

Dec 2022163%

Mar 202318%

Jun 202377%

Sep 202367%

Dec 20234.0%

Mar 202457%

Jun 202419%

Sep 202420%

Dec 202473%

Mar 20256.1%

Jun 20256.3%

Sep 20257.5%

Dec 2025-22%

Mar 202641%

Jun 202660%

Sundaram Finance Ltd · SUNDARMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-11%

Sep 202221%

Dec 202221%

Mar 202328%

Jun 202355%

Sep 202331%

Dec 202332%

Mar 2024-7.3%

Jun 20241.4%

Sep 20240.2%

Dec 2024-10%

Mar 202517%

Jun 20259.2%

Sep 202512%

Dec 202519%

Mar 20260.2%

Jun 2026—

Tsf Investments Ltd · TSFINV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202228%

Sep 202274%

Dec 202291%

Mar 202327%

Jun 202373%

Sep 2023176%

Dec 202357%

Mar 2024172%

Jun 202455%

Sep 2024-2.2%

Dec 20243.9%

Mar 2025-60%

Jun 202544%

Sep 202516%

Dec 2025-0.9%

Mar 202653%

Jun 2026—

08 · compare level, then change

Funding Base & Its Composition

Shriram Finance Ltd has the highest Deposits among the 5 Finance & Investments - CV Finance companies compared here, at ₹69,480 crore. Mahindra & Mahindra Financial Services Ltd is next at ₹14,130 crore. The same company also holds the highest Borrowings, at ₹1,82,077 crore. 3 of 5 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Shriram Finance Ltd leads both deposits at ₹69,480 crore and borrowings at ₹1,82,077 crore.

LeaderShriram Finance Ltd · ₹69,480 crore

Gap391.7% versus #2 · Mahindra & Mahindra Financial Services Ltd

Persistence8/8 recent comparable periods

Coverage3/5 companies · 30 observations

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.

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.

Depositslargest deposit bases

1Shriram Finance Ltd SHRIRAMFIN₹69.5K Cr

2Mahindra & Mahindra Financial Services Ltd M&MFIN₹14.1K Cr

3Sundaram Finance Ltd SUNDARMFIN₹9.0K Cr

Borrowingslargest borrowings

1Shriram Finance Ltd SHRIRAMFIN₹1.8 L Cr

2Mahindra & Mahindra Financial Services Ltd M&MFIN₹1.1 L Cr

3Sundaram Finance Ltd SUNDARMFIN₹69.6K Cr

4Indostar Capital Finance Ltd INDOSTAR₹5.5K Cr

5Tsf Investments Ltd TSFINV₹235 Cr

Funding base · company comparison

3/5 level · 5/5 change

All-company data · latest reported quarter

Company	Deposits	Borrowings	Reported
Shriram Finance Ltd SHRIRAMFIN	₹69.5K Cr	₹1.8 L Cr	Jun 2026
Mahindra & Mahindra Financial Services Ltd M&MFIN	₹14.1K Cr	₹1.1 L Cr	Jun 2026
Sundaram Finance Ltd SUNDARMFIN	₹9.0K Cr	₹69.6K Cr	Mar 2026
Tsf Investments Ltd TSFINV	—	₹235 Cr	Mar 2026
Indostar Capital Finance Ltd INDOSTAR	—	₹5.5K Cr	Jun 2026

Full 20-quarter history · every available company

Deposits · reported quarter history

Mahindra & Mahindra Financial Services Ltd · 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—

Shriram Finance Ltd · 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—

Sundaram Finance Ltd · 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—

Borrowings · reported quarter history

Indostar Capital Finance Ltd · 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—

Mahindra & Mahindra Financial Services Ltd · 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

Shriram Finance Ltd · 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₹1.8 L Cr

Sundaram Finance Ltd · 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—

Tsf Investments Ltd · 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—

09 · compare level, then change

Return On Assets

Tsf Investments Ltd has the highest ROA among the 5 Finance & Investments - CV Finance companies compared here, at 7.9%. Shriram Finance Ltd is next at 3.1%. The same company also holds the highest ROA change, at +0.8 percentage points. 4 of 5 companies report a comparable reading, the latest through Mar 2026.

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

LeaderTsf Investments Ltd · 7.9%

Gap154.8% versus #2 · Shriram Finance Ltd

Persistence5/7 recent comparable periods

Coverage4/5 companies · 35 observations

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.

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

ROAhighest

1Tsf Investments Ltd TSFINV7.9%

2Shriram Finance Ltd SHRIRAMFIN3.1%

3Sundaram Finance Ltd SUNDARMFIN2.4%

4Mahindra & Mahindra Financial Services Ltd M&MFIN1.8%

ROA changefastest improvers

1Tsf Investments Ltd TSFINV+0.8 pp

2Mahindra & Mahindra Financial Services Ltd M&MFIN+0.2 pp

3Sundaram Finance Ltd SUNDARMFIN−0.1 pp

4Shriram Finance Ltd SHRIRAMFIN−0.2 pp

Return on assets · company comparison

4/5 level · 4/5 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Company	ROA	ROA change	Reported
Tsf Investments Ltd TSFINV	7.9%	+0.8 pp	Mar 2026
Shriram Finance Ltd SHRIRAMFIN	3.1%	−0.2 pp	Jun 2026
Sundaram Finance Ltd SUNDARMFIN	2.4%	−0.1 pp	Mar 2026
Mahindra & Mahindra Financial Services Ltd M&MFIN	1.8%	+0.2 pp	Jun 2026

Full 20-quarter history · every available company

ROA · reported quarter history

Mahindra & Mahindra Financial Services Ltd · M&MFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20222.5%

Dec 2022—

Mar 20232.0%

Jun 2023—

Sep 20231.8%

Dec 2023—

Mar 20241.6%

Jun 2024—

Sep 20241.6%

Dec 2024—

Mar 20251.6%

Jun 2025—

Sep 20251.7%

Dec 2025—

Mar 20261.8%

Jun 2026—

Shriram Finance Ltd · SHRIRAMFIN

Sep 2021—

Dec 2021—

Mar 20221.9%

Jun 2022—

Sep 20222.5%

Dec 2022—

Mar 20232.4%

Jun 2023—

Sep 20233.0%

Dec 2023—

Mar 20243.0%

Jun 2024—

Sep 20242.9%

Dec 2024—

Mar 20253.3%

Jun 2025—

Sep 20253.3%

Dec 2025—

Mar 20263.1%

Jun 2026—

Sundaram Finance Ltd · SUNDARMFIN

Sep 2021—

Dec 2021—

Mar 20222.7%

Jun 2022—

Sep 20222.7%

Dec 2022—

Mar 20232.7%

Jun 2023—

Sep 20232.8%

Dec 2023—

Mar 20242.9%

Jun 2024—

Sep 20242.7%

Dec 2024—

Mar 20252.5%

Jun 2025—

Sep 20252.4%

Dec 2025—

Mar 20262.4%

Jun 2026—

Tsf Investments Ltd · TSFINV

Sep 2021—

Dec 2021—

Mar 20225.3%

Jun 2022—

Sep 20225.5%

Dec 2022—

Mar 20236.5%

Jun 2023—

Sep 20237.9%

Dec 2023—

Mar 202411%

Jun 2024—

Sep 20249.7%

Dec 2024—

Mar 20257.1%

Jun 2025—

Sep 20257.2%

Dec 2025—

Mar 20267.9%

Jun 2026—

ROA change · reported quarter history

Mahindra & Mahindra Financial Services Ltd · 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 20250.0 pp

Jun 2025—

Sep 2025+0.1 pp

Dec 2025—

Mar 2026+0.2 pp

Jun 2026—

Shriram Finance Ltd · 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—

Sundaram Finance Ltd · SUNDARMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20230.0 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—

Tsf Investments Ltd · 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—

10 · compare level, then change

ROE — Leaders & Improvers

Shriram Finance Ltd has the highest ROE among the 5 Finance & Investments - CV Finance companies compared here, at 16.4%. Sundaram Finance Ltd is next at 15%. Mahindra & Mahindra Financial Services Ltd has the highest ROE change at +5.8 percentage points, so level and change sit with different companies.

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.

LeaderShriram Finance Ltd · 16.4%

Gap9.3% versus #2 · Sundaram Finance Ltd

Persistence5/8 recent comparable periods

Coverage5/5 companies · 76 observations

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.

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

ROEhighest

1Shriram Finance Ltd SHRIRAMFIN16%

2Sundaram Finance Ltd SUNDARMFIN15%

3Mahindra & Mahindra Financial Services Ltd M&MFIN12%

4Tsf Investments Ltd TSFINV8.2%

5Indostar Capital Finance Ltd INDOSTAR-24%

ROE changefastest improvers

1Mahindra & Mahindra Financial Services Ltd M&MFIN+5.8 pp

2Shriram Finance Ltd SHRIRAMFIN+3.5 pp

3Sundaram Finance Ltd SUNDARMFIN−0.3 pp

4Tsf Investments Ltd TSFINV−0.5 pp

5Indostar Capital Finance Ltd INDOSTAR−24.0 pp

Return on equity · company comparison

5/5 level · 5/5 change

All-company data · latest reported quarter

Company	ROE	ROE change	Reported
Shriram Finance Ltd SHRIRAMFIN	19%	+3.5 pp	Jun 2026
Mahindra & Mahindra Financial Services Ltd M&MFIN	15%	+5.8 pp	Jun 2026
Sundaram Finance Ltd SUNDARMFIN	14%	−0.3 pp	Mar 2026
Tsf Investments Ltd TSFINV	7.0%	−0.5 pp	Mar 2026

Full 20-quarter history · every available company

ROE · reported quarter history

Mahindra & Mahindra Financial Services Ltd · M&MFIN

Sep 2021—

Dec 202128%

Mar 202226%

Jun 202216%

Sep 20225.6%

Dec 202212%

Mar 202315%

Jun 202315%

Sep 20237.7%

Dec 20236.2%

Mar 202413%

Jun 202414%

Sep 202410%

Dec 20247.8%

Mar 202518%

Jun 20258.8%

Sep 20259.8%

Dec 20259.8%

Mar 202613%

Jun 202615%

Shriram Finance Ltd · SHRIRAMFIN

Sep 2021—

Dec 202113%

Mar 202211%

Jun 202217%

Sep 202215%

Dec 202216%

Mar 202326%

Jun 202314%

Sep 202316%

Dec 202316%

Mar 202416%

Jun 202416%

Sep 202416%

Dec 202416%

Mar 202524%

Jun 202516%

Sep 202515%

Dec 202516%

Mar 202617%

Jun 202619%

Sundaram Finance Ltd · SUNDARMFIN

Sep 202113%

Dec 202111%

Mar 202212%

Jun 202215%

Sep 202210%

Dec 202212%

Mar 202313%

Jun 202317%

Sep 202314%

Dec 202313%

Mar 202415%

Jun 202415%

Sep 202416%

Dec 202415%

Mar 202515%

Jun 202517%

Sep 202514%

Dec 202514%

Mar 202614%

Jun 2026—

Tsf Investments Ltd · TSFINV

Sep 20215.8%

Dec 20213.1%

Mar 20224.8%

Jun 202211%

Sep 20225.5%

Dec 20224.2%

Mar 20237.8%

Jun 202312%

Sep 20237.9%

Dec 20239.6%

Mar 202410%

Jun 202425%

Sep 20249.2%

Dec 20246.8%

Mar 20257.5%

Jun 20257.6%

Sep 20259.3%

Dec 20257.1%

Mar 20267.0%

Jun 2026—

ROE change · reported quarter history

Mahindra & Mahindra Financial Services Ltd · 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

Shriram Finance Ltd · SHRIRAMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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+3.5 pp

Sundaram Finance Ltd · 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—

Tsf Investments Ltd · 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—

11 · compare level, then change

Gross NPA — Leaders & Improvers

No company in this Finance & Investments - CV Finance comparison reports a gross NPA figure this section can compare, so the Gross NPA rank is empty. On GNPA change, Shriram Finance Ltd is lowest at -0.8 percentage points, across 3 of 5 companies with a usable reading.

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

LeaderNo comparable leader

GapNot enough peers

PersistenceNot enough history

Coverage0/5 companies · 39 observations

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.

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

Gross NPAlowest

—Not enough comparable data—

GNPA changefastest improvers

1Shriram Finance Ltd SHRIRAMFIN−0.8 pp

2Sundaram Finance Ltd SUNDARMFIN−0.4 pp

3Mahindra & Mahindra Financial Services Ltd M&MFIN−0.1 pp

Asset quality · company comparison

0/5 level · 3/5 change

All-company data · latest reported quarter

Company	Gross NPA	GNPA change	Reported
Shriram Finance Ltd SHRIRAMFIN	4.5%	−0.8 pp	Jun 2026
Mahindra & Mahindra Financial Services Ltd M&MFIN	3.8%	−0.1 pp	Jun 2026
Sundaram Finance Ltd SUNDARMFIN	2.0%	−0.4 pp	Mar 2026

Full 20-quarter history · every available company

Gross NPA · reported quarter history

Mahindra & Mahindra Financial Services Ltd · M&MFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20225.9%

Mar 20234.5%

Jun 20234.4%

Sep 20234.3%

Dec 20234.0%

Mar 20243.4%

Jun 20243.6%

Sep 20243.8%

Dec 20243.9%

Mar 20253.7%

Jun 20253.8%

Sep 20253.9%

Dec 20253.8%

Mar 2026—

Jun 2026—

Shriram Finance Ltd · SHRIRAMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20226.3%

Mar 20236.2%

Jun 20236.0%

Sep 20235.8%

Dec 20235.7%

Mar 20245.5%

Jun 20245.4%

Sep 20245.3%

Dec 20245.4%

Mar 20254.6%

Jun 20254.5%

Sep 20254.6%

Dec 20254.5%

Mar 2026—

Jun 2026—

Sundaram Finance Ltd · SUNDARMFIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20224.0%

Mar 20233.0%

Jun 20233.0%

Sep 20232.9%

Dec 20232.6%

Mar 20242.0%

Jun 20242.2%

Sep 20242.4%

Dec 20242.5%

Mar 20252.2%

Jun 20252.7%

Sep 20252.0%

Dec 20252.0%

Mar 2026—

Jun 2026—

GNPA change · reported quarter history

Mahindra & Mahindra Financial Services Ltd · 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—

Shriram Finance Ltd · 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—

Sundaram Finance Ltd · 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—

12 · compare level, then change

Valuation Against Growth & Quality

Mahindra & Mahindra Financial Services Ltd has the lowest P/BV ÷ ROE among the 5 Finance & Investments - CV Finance companies compared here, at 0.16×. Shriram Finance Ltd is next at 0.18×. Indostar Capital Finance Ltd has the lowest P/BV at 1.07×, so level and change sit with different companies.

What the numbers say: Mahindra & Mahindra Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.16×, 11.1% below Shriram Finance Ltd. Only 4 of 5 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderMahindra & Mahindra Financial Services Ltd · 0.16×

Gap11.1% versus #2 · Shriram Finance Ltd

Persistence0/8 recent comparable periods

Coverage4/5 companies · 76 observations

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.

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 ÷ ROElowest return-adjusted price

1Mahindra & Mahindra Financial Services Ltd M&MFIN0.2

2Shriram Finance Ltd SHRIRAMFIN0.2

3Tsf Investments Ltd TSFINV0.2

4Sundaram Finance Ltd SUNDARMFIN0.2

P/BVlowest P/BV

1Indostar Capital Finance Ltd INDOSTAR1.1

2Tsf Investments Ltd TSFINV1.7

3Mahindra & Mahindra Financial Services Ltd M&MFIN2.0

4Shriram Finance Ltd SHRIRAMFIN3.0

5Sundaram Finance Ltd SUNDARMFIN3.5

Valuation · company comparison

4/5 level · 5/5 change

All-company data · latest reported quarter

Company	P/BV ÷ ROE	P/BV	Reported
Sundaram Finance Ltd SUNDARMFIN	0.2	3.4	Mar 2026
Tsf Investments Ltd TSFINV	0.2	1.3	Mar 2026
Shriram Finance Ltd SHRIRAMFIN	0.2	3.0	Jun 2026
Mahindra & Mahindra Financial Services Ltd M&MFIN	0.1	2.1	Jun 2026
Indostar Capital Finance Ltd INDOSTAR	—	0.9	Jun 2026

Full 20-quarter history · every available company

P/BV ÷ ROE · reported quarter history

Mahindra & Mahindra Financial Services Ltd · M&MFIN

Sep 2021—

Dec 20210.1

Mar 20220.1

Jun 20220.1

Sep 20220.3

Dec 20220.2

Mar 20230.1

Jun 20230.2

Sep 20230.3

Dec 20230.3

Mar 20240.2

Jun 20240.2

Sep 20240.2

Dec 20240.2

Mar 20250.1

Jun 20250.2

Sep 20250.2

Dec 20250.2

Mar 20260.1

Jun 20260.1

Shriram Finance Ltd · SHRIRAMFIN

Sep 2021—

Dec 20210.1

Mar 20220.1

Jun 20220.1

Sep 20220.1

Dec 20220.1

Mar 20230.1

Jun 20230.1

Sep 20230.1

Dec 20230.1

Mar 20240.1

Jun 20240.2

Sep 20240.2

Dec 20240.1

Mar 20250.1

Jun 20250.2

Sep 20250.1

Dec 20250.2

Mar 20260.2

Jun 20260.2

Sundaram Finance Ltd · SUNDARMFIN

Sep 20210.3

Dec 20210.3

Mar 20220.2

Jun 20220.2

Sep 20220.3

Dec 20220.2

Mar 20230.2

Jun 20230.2

Sep 20230.3

Dec 20230.3

Mar 20240.3

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Sep 20240.3

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Mar 20250.3

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Sep 20250.3

Dec 20250.3

Mar 20260.2

Jun 2026—

Tsf Investments Ltd · TSFINV

Sep 20210.1

Dec 20210.2

Mar 20220.1

Jun 20220.1

Sep 20220.1

Dec 20220.1

Mar 20230.1

Jun 20230.1

Sep 20230.1

Dec 20230.1

Mar 20240.1

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Mar 20250.2

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Sep 20250.2

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Mar 20260.2

Jun 2026—

P/BV · reported quarter history

Indostar Capital Finance Ltd · INDOSTAR

Sep 2021—

Dec 2021—

Mar 20220.9

Jun 2022—

Sep 2022—

Dec 20220.7

Mar 20230.5

Jun 20230.7

Sep 20230.7

Dec 20230.7

Mar 20240.8

Jun 20241.1

Sep 20241.3

Dec 20241.1

Mar 20251.2

Jun 20251.4

Sep 20250.9

Dec 20250.8

Mar 20260.7

Jun 20260.9

Mahindra & Mahindra Financial Services Ltd · M&MFIN

Sep 20211.6

Dec 20211.3

Mar 20221.4

Jun 20221.5

Sep 20221.5

Dec 20221.9

Mar 20231.9

Jun 20232.7

Sep 20232.2

Dec 20232.0

Mar 20242.0

Jun 20242.2

Sep 20242.3

Dec 20241.8

Mar 20251.9

Jun 20251.8

Sep 20251.8

Dec 20252.2

Mar 20261.7

Jun 20262.1

Shriram Finance Ltd · SHRIRAMFIN

Sep 20211.8

Dec 20211.3

Mar 20221.2

Jun 20221.3

Sep 20221.1

Dec 20221.3

Mar 20231.3

Jun 20231.5

Sep 20231.6

Dec 20231.7

Mar 20241.9

Jun 20242.5

Sep 20242.8

Dec 20242.1

Mar 20252.4

Jun 20252.3

Sep 20252.0

Dec 20253.0

Mar 20262.8

Jun 20263.0

Sundaram Finance Ltd · SUNDARMFIN

Sep 20213.5

Dec 20213.1

Mar 20222.6

Jun 20222.5

Sep 20222.7

Dec 20222.8

Mar 20232.9

Jun 20232.9

Sep 20233.4

Dec 20233.7

Mar 20244.3

Jun 20245.2

Sep 20245.3

Dec 20243.9

Mar 20254.1

Jun 20255.1

Sep 20253.8

Dec 20253.8

Mar 20263.4

Jun 2026—

Tsf Investments Ltd · TSFINV

Sep 20210.8

Dec 20210.6

Mar 20220.6

Jun 20220.7

Sep 20220.7

Dec 20220.6

Mar 20230.6

Jun 20230.6

Sep 20230.7

Dec 20230.8

Mar 20241.1

Jun 20241.2

Sep 20241.6

Dec 20241.1

Mar 20251.2

Jun 20252.4

Sep 20252.2

Dec 20251.8

Mar 20261.3

Jun 2026—

13 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Finance & Investments - CV Finance comparison names 7 specific ways its own evidence can mislead, all listed below. All 5 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-feed figures withheld because the two sources disagree. 1 of the 7 ranked sections has fewer than three usable current readings.

Keep these limits visible

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.

14 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 5 Finance & Investments - CV Finance companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-31.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-31 · weekly price and relative-strength history

Derived metricsGrowth, changes and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing4 cross-checked · 0 unverified · 1 withheld, of 5 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

15 · questions investors ask, short speakable answers

Finance & Investments - CV Finance company comparison FAQs

These 25 answers restate the Finance & Investments - CV Finance comparison above in question form. Every one is computed from the same 5 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Finance & Investments - CV Finance sector outperforming 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 74.6/100 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 0.16, among 4 of 5 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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 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 4 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 0.16×. Only 4 of 5 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Finance & Investments - CV Finance sector beating the market?

Finance & Investments - CV Finance has outperformed NIFTY 500 by 21% over the last 52 weeks and 14% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Mahindra & Mahindra Financial Services 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 74.6 out of 100 with 87% evidence confidence, from 26.5 points on growth and earnings, 17.6 on capital efficiency, 13.5 on valuation and 17 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, 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 ₹3,65,828 crore of combined market value. Shriram Finance Ltd is the largest at ₹2,46,283 crore, about 67% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 2×, 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 2026-08-05.

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

3 of the 5 covered Finance & Investments - CV Finance companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 21% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.