India Shelter Finance Corporation Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

India Shelter Finance Corporation Ltd trades at ₹652, in a downtrend and 8 weeks into that stage. That is −14.2% against its own 200-day average. It sits at 1% of a 52-week range of ₹650 to ₹884. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a downtrend — week 8 of stage 4, confirmed. At ₹652 it trades −14.2% versus its 200-day average and sits at 1% of its 52-week range (₹650–₹884).

Against the market, two honest reads. Cumulative: over the last 2.7 years the stock moved +19% while the NIFTY 500 moved +18% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-07-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

India Shelter Finance Corporation Ltd's story is not scored yet against the markers our research file set on 17 August 2026. Where it sits in its own cycle: Post-IPO affordable-housing expansion with soft growth reset and oscillating Stage-3 prints. Marker count: 20 not due yet.

From the numbers. FY27-Q1 PAT 143 crore rupees, ROE 17.5 percent, Stage 3 back at 1.5 percent with write-off rupees still a GAP.

From the price. Dual price-to-book 2.28 and 2.55 versus own median about 3.1 — compressed setup flags only.

From the research. WestBridge control near 46 percent and AA- stack intact; AUM guide cut and results-day minus 7 percent keep credibility capped.

🚨 Where they disagree. Book multiple looks compressed versus own history, but Black Box disclosure gaps and Stage-3 oscillation block an earned depressed-breakout read.

What is proven. AUM at 11,284 crore rupees, mid-teen ROE near 17 to 17.5 percent, credit cost inside 40 to 50 basis points, BT-out near 4 percent, AA- Stable funding, and promoter encumbrance cleared to 0 percent by June 2026

What is not proven yet. Whether Stage 3 can stay down without write-off rupee disclosure, whether assignment day-1 gains are small or material to profit, and whether the AUM guide cut to 25 to 30 percent is prudence or weaker demand

🚨 What would change our mind. FY26 and quarterly write-off rupees beside Stage 3, assignment day-1 rupees as a share of profit, and Stage 3 at or below 1.2 percent for two quarters without disclosure fog

The test written in advance. Stage-3 recovery with disclosure — Gross Stage 3 and same-period write-off rupees Stage 3 at or below 1.2 percent AND write-off rupees disclosed for the quarter by FY27-Q3 results around November 2026.

The test written in advance. Write-off ledger catch-up — FY26 full-year write-off rupees and Q1 FY27 write-off rupees Both printed beside Stage 3 in IR notes or annual report by Next annual report notes or FY27-Q2 deck.

The test written in advance. Assignment day-1 bridge — Day-1 assignment gain rupees as percent of PAT or PPoP Quarterly split of day-1 gain versus servicing fee published by FY27-Q2 results around November 2026.

What the company does. India Shelter lends secured home loans and loans against property in smaller cities, funds them with banks NHB and bonds, and sells some LAP pools to banks while keeping most housing loans on its own books.

How the money is made. Net profit equals AUM times lending spread plus fees and assignment accounting minus operating expenses minus credit cost minus tax.

🚨 Did the business cover its own costs? Operating profit covered Credit-cost charge and write-offs against pre-provision operating profit in 2 of 6 periods; cumulatively . Two annual periods clear the provision-coverage test; the write-off leg and the quarterly series do not.

The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading.

🚨 Compressed book multiple versus unfinished asset-quality disclosure. Price-to-book sits below own median on both 2.28 and 2.55 prints, yet FY26 and Q1 write-off rupees beside Stage 3 are still missing. The market can look early while the research still lacks the loss-flow ledger.

🚨 Reported disbursements versus bank clearance. Management changed recognition from cheque handover to bank clearance. Reported 641 crore rupees versus clearance about 1,040 crore rupees. The tape sold the headline; the call sold the optics story. Proof arrives only when remaining FY27 quarters show clearance and AUM inside the new guide.

🚨 Ex-DA profit strength versus headline PAT. Ex-assignment accounting PAT growth about 30 percent versus reported 20 percent. That can mean either cleaner underlying earnings or a larger hidden DA swing. Without day-1 rupees, both readings stay open.

🚨 FII selling tag versus Jun shareholding flatline. Cycle snapshot tagged FII selling after the Sep 2025 to Mar 2026 cut from 8.02 to 6.87 percent. Jun holding was flat and DII rose. The historical tag is real; an active dump into the dive date is not.

🚨 Guide delivery then guide cut. FY26 AUM grew about 29 percent — near the old 30 to 35 percent band — then management cut the medium-term guide to 25 to 30 percent. That is either prudence after a soft industry tape or an admission that the old ambition is faded.

Lever 1 · Operating leverage — ACTIVE. Opex growing slower than AUM; cost-to-income near 36 percent; ROE climbed from about 14 percent post-IPO toward 17.5 percent while gearing stays near 2 times. What proves it keeps working: Opex to AUM still falling through FY27 while ROE holds mid-teens. It stops working if Opex growth outrunning AUM for two quarters while ROE falls below 15 percent.

Lever 11 · Selling more to existing customers — ACTIVE. Retention work cut BT-out from about 6.5 percent toward about 4 percent even in an easing-rate tape. What proves it keeps working: BT-out holds near 4 percent or better each quarter of FY27. It stops working if BT-out back above 6 percent for two quarters.

Lever 2 · Value-added mix — BUILDING. LAP share near low-forties of gross AUM and LAP-only DA create yield and funding flexibility — and earnings-quality fog until day-1 gains are sized. What proves it keeps working: Quarterly day-1 DA gain rupees disclosed and not rising as the main PAT engine. It stops working if Day-1 gains shown as the majority of PAT growth.

Lever 10 · New geographies — BUILDING. Branch count past 300 across 15 states; CARE flags top-3 states near 56 percent and a young book — seasoning risk travels with expansion. What proves it keeps working: Early-bucket and Stage 3 by state show new geographies not worse than mature book. It stops working if New-state Stage 3 structurally above the book average with rising write-offs.

What this research does not know. FY26 full-year write-off rupees; Q1 FY27 write-off rupees; Assignment day-1 gain rupees by quarter and year; Clean on-book versus assigned AUM stock at Jun 2026; Quarterly credit-cost rupees for most spine quarters; Official Q1 FY27 investor-presentation PDF tables not downloaded this pass.

Sources: BSE Reg-30 Q1 FY27 earnings call transcript (quarter ended 30 Jun 2026) (14 August 2026); BSE Q4 FY26 earnings call transcript PDF (4 May 2026); BSE Q3 FY26 earnings call transcript PDF (9 February 2026); BSE Q2 FY26 earnings call transcript PDF (4 November 2025); BSE Q1 FY26 earnings call transcript PDF (8 August 2025); BSE Q4 FY25 earnings call transcript PDF (12 May 2025); India Shelter FY26 Directors Report extract (AUM PPoP credit cost CRAR DA consideration) (31 March 2026); Q1 FY27 exchange results paraphrase and IR number pack (6 August 2026); +9 more. The story check is re-scored every results season; the record below never changes.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

India Shelter Finance Corporation Ltd reported ₹408 Cr of income in the Mar 26 quarter, +24.8% year on year. That is the 10th straight quarter of year-on-year growth. Over 5 years it has compounded at 37.0% a year. The last full year, FY26, came in at ₹1,529 Cr. The last four reported quarters add to ₹1,528 Cr.

FY26 revenue came in at ₹1,529 Cr (+31.1% on the year), capping 5 years at 37.0% compound. The latest quarter (Mar 26) printed ₹408 Cr, +24.8% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +31.7% growth against the decade's 37.0% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +31.0% over the last 4 quarters against +35.7%/yr over the last 8 — rolling over; TTM profit +33.1% vs +42.7%/yr — rolling over.

FY26-Q4. AUM 11,044 crore rupees; Stage 3 improved to 1.25 percent with FY26 write-off rupees GAP; AUM guide cut to 25 to 30 percent

FY27-Q1. Stage 3 back to 1.5 percent with write-off rupees GAP; recognition change; reported PAT +20 percent; results-day about minus 7 percent

Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

India Shelter Finance Corporation Ltd's net margin is 33.8% in the Mar 26 quarter, +0.8 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the net margin has ranged 26.5% to 32.9%.

Why this happened. Lending spread about 6.6 percent in FY27-Q1 with yield 14.8 percent and finance cost 8.2 percent; spreads have repeatedly printed above 6 percent.

The latest quarter's net margin is 33.8%, +0.8 pp against the same quarter a year ago. Across 6 fiscal years the net margin has ranged 26.5%–32.9%, and FY26's 32.9% is the top of that band — a record year.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26-Q4. AUM 11,044 crore rupees; Stage 3 improved to 1.25 percent with FY26 write-off rupees GAP; AUM guide cut to 25 to 30 percent

FY27-Q1. Stage 3 back to 1.5 percent with write-off rupees GAP; recognition change; reported PAT +20 percent; results-day about minus 7 percent

Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

India Shelter Finance Corporation Ltd earned ₹138 Cr of net profit in the Mar 26 quarter, +27.8% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹503 Cr. The 5-year compound rate is 42.0%. That is 33.8% of the quarter's revenue. The same quarter a year earlier earned ₹108 Cr.

Why this happened. PAT 143 crore rupees in FY27-Q1 (+20 percent reported; about +30 percent ex-DA); ROE 17.5 percent — mid-teen returns delivered while gearing stays low.

Mar 26 profit was ₹138 Cr, +27.8% year on year — the 10th consecutive quarter of growth. On the full year, FY26 printed ₹503 Cr (+33.1%), and the 5-year compound rate is 42.0%.

Why profit moved: revenue contributed +24.8% and the margin +0.8 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +33.6% vs revenue +31.7%. Profit and revenue are moving roughly in step.

IPO and capital digestion · FY23-Q3 → FY24-Q3. Pre-IPO run-rate; Stage 3 not printed this quarter in extract Year close before listing; gross NPA about 1.13 percent with write-off rupees GAP

Volume compound and ROE climb · FY24-Q4 → FY26-Q2. Branch build; Stage 3 about 0.97 percent with write-off rupees GAP; BT-out starting to ease Front-loaded branches; Stage 3 about 1.14 percent with write-off rupees GAP

🚨 Stage-3 oscillation and growth-guide reset · FY26-Q3 → FY27-Q1. Stage 3 jumped to about 1.54 percent with write-off rupees GAP; growth consciously soft AUM 11,044 crore rupees; Stage 3 improved to 1.25 percent with FY26 write-off rupees GAP; AUM guide cut to 25 to 30 percent

Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

India Shelter Finance Corporation Ltd's gross NPA is 1.25% of the loan book in Mar 26, up from 0.99% a year ago. Net of provisions already set aside, 0.93% remains. Across the 11 quarters held here the book has ranged 0.97% to 1.54%. Falling NPAs are a loan book healing; rising NPAs are damage arriving.

Why this happened. Lender substitute for industrial cash conversion: FY26 PPoP covered credit cost about 17 times, funding access AA-, CRAR about 56 percent; write-off and day-1 rupees still block a full cash-quality pass.

🚨 Why this happened. Stage 3 oscillated 1.5 percent to 1.2 percent to 1.5 percent across Dec 2025 Mar 2026 and Jun 2026 while FY26 and Q1 write-off rupees stay GAP; credit cost held near 50 basis points with a Stage-2 overlay in Q4 FY26.

Mar 26: gross NPA at 1.25% and net NPA at 0.93%, against 0.99% / 0.75% a year ago. Over the 11 quarters we hold, the book's worst reading was 1.54% and its best is 0.97%.

The synthesis: profit growth at a bank is only as good as the book behind it, and this book is not yet on a clear healing streak. A note on depth: quarterly provisioning detail is not in our numbers yet, so this ladder reads levels and trend, not the cost of the cleanup.

🚨 Why the ladder moved: recoveries, write-offs and slippages each play a part, and that split sits below what we hold — the numbers show the healing; the driver mix does not travel with them.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

India Shelter Finance Corporation Ltd's revenue grew +31.1% in FY26 to ₹1,529 Cr, so the book is growing. The latest quarter ran +24.8% year on year. The net margin on that income is 33.8%, +0.8 percentage points against a year ago.

Why this happened. Gross AUM reached 11,284 crore rupees in Jun 2026 after 11,044 crore rupees at Mar 2026; growth guide reset to 25 to 30 percent and Q1 reported disbursements of 641 crore rupees understate clearance near 1,040 crore rupees.

FY26 revenue was ₹1,529 Cr, +31.1% on the year, and the latest quarter ran +24.8% year on year. The net margin on that revenue is 33.8% this quarter (+0.8 pp YoY) — growth with a widening margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.

India Shelter Finance Corporation Ltd earns a return on equity of 17% in FY26. Its trough over the ladder below was 9% in FY21. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.

Why this happened. ROE climbed from about 14 percent post-IPO to 17 to 17.5 percent while CRAR stayed very high — partly capital digestion unwind, not proof that credit cost can stay permanently thin on a young book.

FY26 ROE came in at 17%, recovered from a FY21 trough of 9%. Return on assets is withheld on this page — its two source series disagree for this quarter. That clears the bar a bank must beat for its book value to compound.

Why ROE moved: profit compounded 42.0% a year over 5 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.

The quarterly return-on-equity and return-on-assets curves, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 17% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

Why this happened. Borrowings about 6,246 crore rupees on the Mar 2026 balance sheet versus 5,681 crore rupees in directors commentary (unreconciled); gearing about 2.0 times; NCD path live.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 4.4 points of India Shelter Finance Corporation Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 21.9% of the company. Promoters moved −2.2 points over the same window, to 46.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. WestBridge cluster about 46 percent; Jun promoter drop mostly Anil Mehta reclassification; NDU optics cleared to 0 percent encumbrance; FII cut 8.02 to 6.87 percent Sep 2025 to Mar 2026 then flat into Jun.

The register over the last two years — Domestic institutions: +4.4 points over 8 quarters to 21.9%; Promoters: −2.2 points over 8 quarters to 46.0%; Foreign institutions: +1.7 points over 8 quarters to 6.9%.

Why the register moved: domestic institutions drove it (+4.4 points), absorbed on the other side by promoters (−2.2 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

India Shelter Finance Corporation Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

Why this happened. CARE ICRA and India Ratings all AA- Stable; no RBI NHB or SEBI monetary hit found in the last 24 months; auditor unqualified with ITGC hygiene notes.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

India Shelter Finance Corporation Ltd trades at 2.2× P/BV, about the cheapest it has ever traded. Its long-run median P/BV is 3.2×, measured across 2.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Why this happened. Print both price-to-book 2.28 and 2.55 versus own median about 3.1 at ROE near 17 percent; compression is a setup flag only — GARP screen supports research, not rubber-stamp deploy.

Today's P/BV of 2.2× is about the cheapest it has ever traded, against a long-run median of 3.2× measured over 2.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: the net margin is the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year book value grew while the price moved −25.5% — price and book moved together, holding the multiple in its range.

Put together: the multiple is low against its own past, so the story rests on the book-value line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 17% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, India Shelter Finance Corporation Ltd was paying for profit growth of about 8.8% a year. Profit itself has compounded 42.0% a year over the past 5 years. Today the market pays 2.2× P/BV, the 1st percentile of its own 3-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

India Shelter Finance Corporation Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +43.3% at its peak to +24.8% (single-quarter readings) but is still expanding, ROE lifting at 17.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

52.1/100 — rank 8 of 13 in Finance - Housing · 79% evidence confidence

India Shelter Finance Corporation Ltd scores 52.1 out of 100 against the 13 companies it is compared with in Finance - Housing, ranking 8. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.3% and the one-year return is -27.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 24 + 15.2 + 11.4 + 1.5 = 52.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Quarterly scorecard

20 markers came out of our India Shelter Finance Corporation Ltd research file of 17 August 2026, and each results season scores every one of them. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed.

Said versus delivered

What India Shelter Finance Corporation Ltd's management promised, set against what actually arrived — 6 tracked promises on the record. Scored in our research file, promise by promise. A promise that slipped stays on this page after it is met.

Said 2024-05-09, due FY26 close then ongoing — not due yet. Promised: Medium-term AUM growth 30 to 35 percent. What arrived: FY26 AUM +29.4 percent then guide formally cut to 25 to 30 percent.

Said 2024-05-09, due Each year — not due yet. Promised: Credit cost around 40 to 50 basis points. What arrived: FY26 about 50 basis points including overlay; Q1 FY27 about 50 basis points.

Said 2024-05-09, due Ongoing — not due yet. Promised: Spreads above 6 percent medium term. What arrived: Portfolio spreads repeatedly 6.4 to 6.6 percent.

Said 2024-05-09, due Each fiscal year — not due yet. Promised: Add about 40 to 45 branches a year. What arrived: FY26 about +41 branches; guide restated 40 to 45.

Said 2024-02-09, due Multi-year — not due yet. Promised: ROE climb toward mid-teens after IPO capital pin. What arrived: ROE above 16 percent from FY25-Q4 and above 17 percent from FY26-Q1; Q1 FY27 at 17.5 percent.

Said 2026-02-09, due FY26-Q4 then recover from FY27-Q3 — not due yet. Promised: Stage 3 stabilize then improve into year-end. What arrived: Stage 3 1.5 percent to 1.2 percent to 1.5 percent again by Jun 2026 with write-off rupees GAP.

Every quote above is taken word for word from the company’s own earnings calls.

Governance

What we checked on how India Shelter Finance Corporation Ltd is run. 8 items came back clean and 7 are being watched. Read from the company’s own filings and earnings calls; a watch item is a question, not a finding.

Clean (8). Auditor S.R. Batliboi and Associates LLP — FY26 report unqualified; Q1 FY27 limited review unmodified; CARE ICRA and India Ratings all AA- Stable; CARE bank facilities enhanced to 2,500 crore rupees in Jul 2026; CRAR 56.36 percent at Mar 2026 versus 15 percent regulatory floor; gearing about 2.0 times; No RBI NHB or SEBI monetary penalty found in the 24 months to 2026-08-17; Related-party transactions disclosed as arm length with no materially significant conflict RPTs in FY26 directors report; Promoter encumbrance cleared to 0.00 percent by Jun 2026 shareholding pattern after earlier NDU optics near 97 percent; WestBridge cluster about 46 percent stable control (Aravali 26.11 percent + WestBridge Crossover 19.94 percent); Jun promoter drop mostly Mehta reclass about 1.44 percent; Board structure: 7 directors with 4 independents; Chairman Sudhin Choksey.

🚨 On watch (7). MD pay FY25 total about 7.92 crore rupees; from Apr 2025 fixed 4.50 crore rupees plus variable up to 120 percent of fixed — Rule 5 median multiple still GAP; ESOP 2025 pool up to 26.60 lakh options with ongoing allotments including Aug 2026; ITGC hygiene notes in audit report (backup timing and edit-log gaps) — disclosed, not an adverse opinion; FII holding 8.02 percent in Sep 2025 to 6.87 percent in Mar 2026 then flat — historical selling window, not active Jun dump; PE control concentration (WestBridge) is structural; not founder skin-in-the-game; Stage 3 oscillation and missing FY26 Q1 write-off rupees are governance-of-disclosure watches, not proven fraud; Assignment day-1 gain rupees still opaque — earnings-quality watch.

Frequently asked questions