# India Shelter Finance Corporation share price today (India Shelter Finance Corporation Ltd, NSE: INDIASHLTR)

> India Shelter Finance Corporation share price today: ₹643.45 at the NSE close on 3 November 2026, down 27.2% in a year. India Shelter Finance Corporation (NSE: INDIASHLTR) is worth ₹7,026 crore, trades at a P/BV of 2.2 and has closed between ₹613.35 and ₹880.65 over the past 52 weeks. > India Shelter Finance Corporation Ltd's earnings have grown faster than its share price. Earnings per share grew +32.9% in a year while the price moved −27.2%. INDIASHLTR · Finance - Housing · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/india-shelter-finance-corporation-ltd

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹643.45 (−27.2% in a year)
- P/BV: 2.2× (lower than 98% of the last 2.7 years)
- Revenue (Jun 2026): ₹432 Cr (+19.7% on a year ago)
- Profit (Jun 2026): ₹143 Cr (+20.2% on a year ago)
- Net margin: 33.1% (+0.1 points on a year ago)
- ROE: 17%, FY26
- Gross NPA (bad loans): 1.55% (+0.31 points on a year ago)

The main question: yearly earnings per share moved +32.9% while the share price moved −27.2%. ## What is the India Shelter Finance Corporation share price today? India Shelter Finance Corporation Ltd's share price was ₹643.45 at the close on 3 November 2026. It has been falling for 15 weeks. That is 11.4% below its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. In the last 52 weeks it traded between ₹613 and ₹881, and at that close it sat 11% of the way up from that low. Over the last 2.9 years the share price moved +17% while the NIFTY 500 moved +13%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at India Shelter Finance Corporation this quarter? Three changes stood out: promoters cut their stake for 10 quarters in a row, revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) and profit up on a year earlier for 11 quarters in a row (every quarter we can compare). 1. Promoters cut their stake for 10 quarters in a row From 48.3% to 45.9% of the company by the September 2026 quarter. 2. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹432 crore, +19.7% on a year earlier. Why: Revenue rose because the company lent more and the gap between what it earns on loans and what it pays to borrow widened. Next results: check whether July's higher loan payouts continue. From the earnings call on 7 Aug 2026. 3. Profit up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter profit was ₹143 crore, +20.2% on a year earlier. Why: Profit rose because the company lent more and the gap between what it earns on loans and what it pays to borrow widened. Next results: check whether bad loans stop rising and start falling later in the year as management expects. From the earnings call on 7 Aug 2026. ## What are India Shelter Finance Corporation's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), India Shelter Finance Corporation reported total income of ₹432 crore, up 19.7% from ₹361 crore a year earlier, and a profit of ₹143 crore, up 20.2% from ₹119 crore. ### India Shelter Finance Corporation results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Total income | ₹432 crore | ₹361 crore | +19.7% |
| Profit | ₹143 crore | ₹119 crore | +20.2% |
| Earnings per share | ₹13.14 | ₹11.05 | +18.9% |
| Net margin | 33.1% | 33.0% | +0.1 points |
| Gross bad loans (gross NPA) | 1.55% | 1.24% | +0.31 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). India Shelter Finance Corporation's management discussed these results on a call held on 7 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Income and profit in ₹ crore.)

## What is the India Shelter Finance Corporation share price history? India Shelter Finance Corporation closed at ₹643.45 on 3 November 2026, down 27.2% from ₹883.85 a year earlier (31 October 2025) and up 17.0% over three years. Its highest weekly close since December 2023 was ₹973.65 on 18 July 2025. ### India Shelter Finance Corporation share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹613.35 | +4.9% |
| 1 month ago · 1 Oct 2026 | ₹645.60 | −0.3% |
| 6 months ago · 30 Apr 2026 | ₹809.60 | −20.5% |
| 1 year ago · 31 Oct 2025 | ₹883.85 | −27.2% |
| 3 years ago · 22 Dec 2023 | ₹550.15 | +17.0% |
| Earliest weekly close in our records · 22 Dec 2023 | ₹550.15 | +17.0% |
| Highest weekly close since December 2023 · 18 Jul 2025 | ₹973.65 | −33.9% |
| Lowest weekly close since December 2023 · 5 Jan 2024 | ₹543.70 | +18.3% |
| 52-week high (weekly close) · 28 Nov 2025 | ₹880.65 | −26.9% |
| 52-week low (weekly close) · 23 Oct 2026 | ₹613.35 | +4.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (157 weekly closes from 22 December 2023 to 3 November 2026.)

## What is the latest news on India Shelter Finance Corporation? 3 Nov 2026: India Shelter Finance Corporation closed at ₹643.45, up 4.9% on the week and down 0.3% on the month. 7 Aug 2026: India Shelter Finance Corporation held its results call for April to June 2026. Management guided: FY27 gross AUM growth of 25-30%. ### Earlier

- Results for April to June 2026: Total income up 19.7% and profit up 20.2% on a year earlier. - 19 Jun 2026: ex-date for a dividend of ₹10 a share. ## What dividend does India Shelter Finance Corporation pay? India Shelter Finance Corporation paid ₹10 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 1.55% at the ₹643.45 close on 3 November 2026. The last was a dividend of ₹10 a share, ex-date 19 June 2026. ### India Shelter Finance Corporation dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 19 Jun 2026 | ₹10 | Dividend |
| 4 Jul 2025 | ₹5 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. India Shelter Finance Corporation Ltd paid out 22% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 8 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did India Shelter Finance Corporation management say on the latest results call? On the call for April to June 2026, held on 7 August 2026, India Shelter Finance Corporation's management guided: FY27 gross AUM growth of 25-30%. > “For the year it is to be 40-50 bips. For this quarter we are trying for 50 bips only and should be 50 bips. That is the thought.”
> Rupinder Singh, MD & CEO, on the call for April to June 2026

### What management guided

- FY27 disbursement growth above 20%; July clearance disbursement around ₹400 crore and normalization across two-three quarters. - FY27 branch additions of 40-45, beginning in Q2 and extending through later quarters. - Medium-term spread maintained above 6%. - Q1 credit cost was 0.5%; FY27 credit cost of 40-50 basis points. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/56868/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 7 August 2026.)

## What to watch in India Shelter Finance Corporation's next results? When India Shelter Finance Corporation reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Next-quarter Stage 3 and GNPA should stay around current levels - check whether early delinquencies stop flowing forward. - What to check (from the call)
- Next-quarter Stage 3 and GNPA should stay around current levels - check whether early delinquencies stop flowing forward. - Next-quarter collection efficiency and 30+ DPD should improve - test whether field interventions reverse seasonal stress. - Clearance-based disbursement growth should remain above the annual threshold - verify July momentum persists beyond the recognition transition. - Branch rollout should begin after the first quarter - assess opening pace and collection capacity. ## Which stock lists is India Shelter Finance Corporation on? India Shelter Finance Corporation is on 2 of our India lists: 52 week high & low and Dividend stocks. - [52 week high & low 52-week position: Near 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Dividend stocks Regular dividend yield (%): 1.58](https://www.sectoralpha.in/dividend-stocks-india)

## Is India Shelter Finance Corporation profitable? India Shelter Finance Corporation Ltd earned ₹143 Cr of net profit in the Jun 2026 quarter, +20.2% on the same quarter a year earlier. That is the 11th quarter in a row of profit growth. Full-year FY26 profit was ₹505 Cr. Over 7 years profit has grown 51.2% a year on average. That is 33.1% of the quarter's revenue. 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. The same quarter a year earlier earned ₹119 Cr. For the full year, FY26 profit was ₹505 Cr (+34.0% on the year before). Why profit moved: revenue changed +19.7% on a year earlier and the margin moved +0.1 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +28.7% and revenue +26.2%. Profit and revenue are moving at about the same pace. 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. ## How much revenue does India Shelter Finance Corporation make, and is it growing? India Shelter Finance Corporation Ltd reported ₹432 Cr of income in the Jun 2026 quarter, +19.7% on the same quarter a year earlier. That is the 11th quarter in a row with growth on the year before. Over 7 years it has grown 36.6% a year on average. The last full year, FY26, came in at ₹1,530 Cr. The last four reported quarters add to ₹1,602 Cr. FY26 revenue was ₹1,530 Cr, +31.3% on the year before. Recent pace: the last four quarters grew +26.2% on average, against 36.6% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +25.7%, against +33.6% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +28.1%, against +36.7% a year (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. ## How much does India Shelter Finance Corporation keep from what it earns? India Shelter Finance Corporation Ltd's net margin was 33.1% in the Jun 2026 quarter, 0.1 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 8 years it has been between 16.3% and 33.0%. The latest quarter is above every full year in that period. 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. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. 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. ## How many of India Shelter Finance Corporation's loans have gone bad? India Shelter Finance Corporation Ltd's gross NPA, the share of loans that have stopped being repaid, is 1.55% in Jun 2026, up from 1.24% a year ago. After the money already set aside for bad loans, 1.15% is left (net NPA). Across the 11 quarters on file it has been between 0.97% and 1.55%. 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. Falling bad loans mean the loan book is healing; rising ones mean new damage. In Jun 2026, gross NPA was 1.55% and net NPA 1.15%, against 1.24% and 0.95% a year ago. In short: a lender's profit growth is only as good as its loans, and this loan book is not yet clearly improving. Quarterly detail on money set aside for bad loans is not in our data yet, so this shows the levels and the trend, not the cost of the clean-up. Why bad loans moved: recoveries, write-offs and new bad loans all play a part. That split is not in our data, so the page shows the trend without the breakdown. ## How fast is India Shelter Finance Corporation's loan book growing? India Shelter Finance Corporation Ltd's revenue was ₹1,530 Cr in FY26, +31.3% on the year before, so the loan book is growing. The latest quarter was +19.7% on a year earlier. The net margin on that income is 33.1%, +0.1 percentage points on 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. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses. ## What is India Shelter Finance Corporation's P/BV ratio, and how does it compare with its own history? India Shelter Finance Corporation Ltd's P/BV is 2.2×, about the lowest it has ever been. Its usual P/BV (the middle reading) is 3.2×, over 2.7 years of weekly prices. This compares the share price with the company’s own past. It does not say 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. Keep one thing in mind: the net margin is the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year book value grew while the price moved −27.2%. Price and book value moved together, so the multiple stayed in its range. In short: the multiple is low against its own past, so the book value trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 17% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Is the India Shelter Finance Corporation business getting better or worse? India Shelter Finance Corporation Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: revenue growth has eased from +40.4% at its peak to +25.7%, but the business is still expanding, with ROE rising at 17.0%. This is based on 8 quarters of 4 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the India Shelter Finance Corporation story, and has it been checked? India Shelter Finance Corporation Ltd's story is not scored yet against the checks our research 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. Checks so far: 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. 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. 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. Measured by: 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. Measured by: 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. Measured by: 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 supplies 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. 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. 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 stake-cutting tag versus Jun shareholding flatline. Cycle snapshot tagged FII stake-cutting after the Sep 2025 to Mar 2026 cut from 8.02 to 6.87 percent. Jun stake 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: working now. 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. It stops working if Opex growth outrunning AUM for two quarters while ROE falls below 15 percent. Lever 11 · More business from existing customers: working now. 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 stays 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 shareholder-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. ## Did India Shelter Finance Corporation management deliver what it promised? What India Shelter Finance Corporation Ltd's management promised, against what actually happened: 6 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 9 May 2024, 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 9 May 2024, 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 9 May 2024, due Ongoing: not due yet. Promised: Spreads above 6 percent medium term. What arrived: Portfolio spreads repeatedly 6.4 to 6.6 percent. Said 9 May 2024, 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 9 February 2024, 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 9 February 2026, 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. ## How much does India Shelter Finance Corporation earn on its equity and assets? India Shelter Finance Corporation Ltd earned a return on equity of 17% in FY26. Its lowest yearly reading on file was 4% in FY19. For a lender the balance sheet is the business, so the return on equity and on assets 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. Return on assets is left out here, because its two sources disagree for this quarter. That is above the level a bank needs to grow its net worth steadily. Why ROE moved: profit grew 51.2% a year over 7 years while net worth grew more slowly. When earnings recover faster than net worth builds up, ROE climbs off its low. The quarterly return-on-equity and return-on-assets curves, which only the second data source has, are not shown on this page: its two data sources disagree by up to 17% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does India Shelter Finance Corporation have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. 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. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the India Shelter Finance Corporation shareholding pattern? Promoters cut their stake in India Shelter Finance Corporation Ltd by 2.2 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 45.9% of the company. Foreign institutions moved +1.6 points over the same period, to 7.3%. This uses the four owner groups that companies report every quarter; nothing is guessed 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. Over the last two years: Promoters: −2.2 points over 8 quarters, to 45.9%; Foreign institutions: +1.6 points over 8 quarters, to 7.3%; Domestic institutions: −0.4 points over 8 quarters, to 21.4%. Why the owners changed: promoters drove it (−2.2 points), with the other side taken by foreign institutions (+1.6 points). They reduced their stake. ## How far is India Shelter Finance Corporation from balance-sheet trouble? For India Shelter Finance Corporation Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures 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. ## How does India Shelter Finance Corporation rank in its industry? 61.6 out of 100, rank 3 of 13 in Finance - Housing, with 87% of the evidence available. India Shelter Finance Corporation Ltd scores 61.6 out of 100 against the 13 companies it is compared with in Finance - Housing, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 23.4 + 18.4 + 11.1 + 8.7 = 61.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is India Shelter Finance Corporation compared with? India Shelter Finance Corporation ranks 3 of 13 Finance - Housing companies on the 4-Factor Sector Score, with 61.6 out of 100. 1. [Can Fin Homes Ltd](https://www.sectoralpha.in/stocks/can-fin-homes-ltd) CANFINHOME · basing · Most evidence points up · 93% evidence 65.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Income 7.9% · Profit 25.3% · 100% evidence Capital efficiency 17.2/25 · ROA 2.5% · ROE 19.7% · GNPA n/a · 72% evidence Valuation 15.8/20 · P/BV 1.49× · P/BV÷ROE 0.08 · 100% evidence Relative strength 9.7/20 · Lead over its industry 0% · Lead over NIFTY 500 -10.9% · 1 year -17.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.2 + 17.2 + 15.8 + 9.7 = 65.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Home First Finance Company India Ltd](https://www.sectoralpha.in/stocks/home-first-finance-company-india-ltd) HOMEFIRST · quiet · Evidence leans up · 78% evidence 64.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.5/35 · Income 19.2% · Profit 36.6% · 100% evidence Capital efficiency 17.1/25 · ROA 3.6% · ROE 15.7% · GNPA n/a · 72% evidence Valuation 10.1/20 · P/BV 2.4× · P/BV÷ROE 0.15 · 100% evidence Relative strength 11.4/20 · Lead over its industry n/a · Lead over NIFTY 500 0.1% · 1 year -10.3% · 25% evidence · 6 of 12 weeks ahead Exact sum: 25.5 + 17.1 + 10.1 + 11.4 = 64.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. India Shelter Finance Corporation Ltd this page INDIASHLTR · basing · Evidence leans up · 87% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Income 25.8% · Profit 28.1% · 67% evidence Capital efficiency 18.4/25 · ROA 5.8% · ROE 17.1% · GNPA 1.6% · 95% evidence Valuation 11.1/20 · P/BV 2.1× · P/BV÷ROE 0.12 · 100% evidence Relative strength 8.7/20 · Lead over its industry -3.8% · Lead over NIFTY 500 -14.4% · 1 year -30.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.4 + 18.4 + 11.1 + 8.7 = 61.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Housing & Urban Development Corporation Ltd](https://www.sectoralpha.in/stocks/housing-urban-development-corporation-ltd) HUDCO · quiet · Evidence leans up · 84% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Income 25.9% · Profit 53% · 75% evidence Capital efficiency 17.1/25 · ROA 2.4% · ROE 20% · GNPA n/a · 72% evidence Valuation 12.8/20 · P/BV 1.3× · P/BV÷ROE 0.07 · 100% evidence Relative strength 0.5/20 · Lead over its industry -14% · Lead over NIFTY 500 -23.5% · 1 year -39.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 29.9 + 17.1 + 12.8 + 0.5 = 60.3 · What this means: Earnings are strong; relative strength in its sector is -14% and the one-year return is -39.6%. 5. [Aadhar Housing Finance Ltd](https://www.sectoralpha.in/stocks/aadhar-housing-finance-ltd) AADHARHFC · basing · Evidence leans up · 90% evidence 60.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.0/35 · Income 17.7% · Profit 20.1% · 88% evidence Capital efficiency 18.7/25 · ROA 4% · ROE 15.9% · GNPA 1.3% · 100% evidence Valuation 8.4/20 · P/BV 2.43× · P/BV÷ROE 0.15 · 70% evidence Relative strength 11.0/20 · Lead over its industry 3.3% · Lead over NIFTY 500 -7.8% · 1 year -17.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22 + 18.7 + 8.4 + 11 = 60.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [AAVAS Financiers Ltd](https://www.sectoralpha.in/stocks/aavas-financiers-ltd) AAVAS · basing · Evidence leans up · 85% evidence 58.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.8/35 · Income 12.1% · Profit 16.9% · 100% evidence Capital efficiency 17.4/25 · ROA 3.2% · ROE 13.9% · GNPA 1.1% · 100% evidence Valuation 13.2/20 · P/BV 1.56× · P/BV÷ROE 0.11 · 100% evidence Relative strength 8.3/20 · Lead over its industry n/a · Lead over NIFTY 500 -18% · 1 year -35.6% · 25% evidence · 0 of 12 weeks ahead Exact sum: 19.8 + 17.4 + 13.2 + 8.3 = 58.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [LIC Housing Finance Ltd](https://www.sectoralpha.in/stocks/lic-housing-finance-ltd) LICHSGFIN · turning · Evidence leans up · 88% evidence 56.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.4/35 · Income -0.6% · Profit 6.8% · 86% evidence Capital efficiency 12.8/25 · ROA 1.7% · ROE 14.4% · GNPA n/a · 72% evidence Valuation 17.3/20 · P/BV 0.62× · P/BV÷ROE 0.04 · 100% evidence Relative strength 16.8/20 · Lead over its industry 8.7% · Lead over NIFTY 500 -3% · 1 year -13.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 9.4 + 12.8 + 17.3 + 16.8 = 56.3 · What this means: Relative strength against the index is -3%, and revenue and profit growth are weak. 8. [PNB Housing Finance Ltd](https://www.sectoralpha.in/stocks/pnb-housing-finance-ltd) PNBHOUSING · leader · Evidence leans up · 93% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.0/35 · Income 10% · Profit 9.3% · 100% evidence Capital efficiency 12.9/25 · ROA 2.3% · ROE 12.7% · GNPA n/a · 72% evidence Valuation 11.1/20 · P/BV 1.37× · P/BV÷ROE 0.11 · 100% evidence Relative strength 19.0/20 · Lead over its industry 25.7% · Lead over NIFTY 500 12.3% · 1 year 14.1% · 100% evidence · 11 of 12 weeks ahead Exact sum: 12 + 12.9 + 11.1 + 19 = 55 · What this means: Relative strength against the index is 12.3%, and revenue and profit growth are weak. 9. [Bajaj Housing Finance Ltd](https://www.sectoralpha.in/stocks/bajaj-housing-finance-ltd) BAJAJHFL · basing · Evidence leans up · 94% evidence 54.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.9/35 · Income 17.3% · Profit 18.9% · 100% evidence Capital efficiency 15.0/25 · ROA 2% · ROE 12.1% · GNPA 0.3% · 100% evidence Valuation 5.3/20 · P/BV 2.69× · P/BV÷ROE 0.22 · 70% evidence Relative strength 15.5/20 · Lead over its industry 3.5% · Lead over NIFTY 500 -7.7% · 1 year -29.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 18.9 + 15 + 5.3 + 15.5 = 54.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Aptus Value Housing Finance India Ltd](https://www.sectoralpha.in/stocks/aptus-value-housing-finance-india-ltd) APTUS · quiet · Evidence leans up · 87% evidence 54.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Income 21.2% · Profit 23.4% · 67% evidence Capital efficiency 19.0/25 · ROA 7.8% · ROE 20.1% · GNPA 1.7% · 95% evidence Valuation 11.5/20 · P/BV 1.89× · P/BV÷ROE 0.09 · 100% evidence Relative strength 2.0/20 · Lead over its industry -11.7% · Lead over NIFTY 500 -21.4% · 1 year -39.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.6 + 19 + 11.5 + 2 = 54.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Repco Home Finance Ltd](https://www.sectoralpha.in/stocks/repco-home-finance-ltd) REPCOHOME · basing · Evidence leans down · 63% evidence 49.3 out of 100 Growth Capital Valuation Relative
12. [GIC Housing Finance Ltd](https://www.sectoralpha.in/stocks/gic-housing-finance-ltd) GICHSGFIN · quiet · Evidence leans down · 69% evidence 41.9 out of 100 Growth Capital Valuation Relative
13. [Sammaan Capital Ltd](https://www.sectoralpha.in/stocks/sammaan-capital-ltd) SAMMAANCAP · quiet · Most evidence points down · 74% evidence 23.4 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Finance - Housing](https://www.sectoralpha.in/sectors/finance-housing), all 13 compared on one page. ## Which companies are close to India Shelter Finance Corporation in size? India Shelter Finance Corporation is the 11th largest of 13 Finance - Housing companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Home First Finance Company India, Can Fin Homes, Aptus Value Housing Finance India and AAVAS Financiers. Just below it: Repco Home Finance and GIC Housing Finance. ### Finance - Housing companies close in size

1. [Home First Finance Company India Ltd](https://www.sectoralpha.in/stocks/home-first-finance-company-india-ltd) ₹11,210 crore
2. [Can Fin Homes Ltd](https://www.sectoralpha.in/stocks/can-fin-homes-ltd) ₹9,582 crore
3. [Aptus Value Housing Finance India Ltd](https://www.sectoralpha.in/stocks/aptus-value-housing-finance-india-ltd) ₹9,580 crore
4. [AAVAS Financiers Ltd](https://www.sectoralpha.in/stocks/aavas-financiers-ltd) ₹8,428 crore
5. India Shelter Finance Corporation Ltd ₹6,726 crore
6. [Repco Home Finance Ltd](https://www.sectoralpha.in/stocks/repco-home-finance-ltd) ₹1,952 crore
7. [GIC Housing Finance Ltd](https://www.sectoralpha.in/stocks/gic-housing-finance-ltd) ₹650 crore

[All 13 Finance - Housing companies, largest first](https://www.sectoralpha.in/sectors/finance-housing#all-companies)

### Companies close in size in other industries

1. [Spectrum Electrical Industries Ltd](https://www.sectoralpha.in/stocks/spectrum-electrical-industries-ltd) ₹6,757 crore · Capital Goods - Electric General
2. [Transport Corporation of India Ltd](https://www.sectoralpha.in/stocks/transport-corporation-of-india-ltd) ₹6,745 crore · Logistics
3. India Shelter Finance Corporation Ltd ₹6,726 crore
4. [JK Paper Ltd](https://www.sectoralpha.in/stocks/jk-paper-ltd) ₹6,711 crore · Paper
5. [Tata Teleservices (Maharashtra) Ltd](https://www.sectoralpha.in/stocks/tata-teleservices-maharashtraltd) ₹6,709 crore · Telecom Services

## Quarterly scorecard? Our India Shelter Finance Corporation Ltd research of 17 August 2026 set 20 checks, and every results season scores each one. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed. ## Governance? What we checked on how India Shelter Finance Corporation Ltd is run. 8 items came back clean and 6 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 (6). 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; 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. ## What else do people ask about India Shelter Finance Corporation? ### What is India Shelter Finance Corporation's share price today? India Shelter Finance Corporation Ltd's share price is ₹643.45, −27.2% over the past year. The whole company is worth ₹7,026 Cr on the market. In the last 52 weeks it traded between ₹613 to ₹881; today it is 11% of the way up from the low, 11.4% below its 200-day average (as of 3 November 2026). ### What were India Shelter Finance Corporation's latest quarterly results? India Shelter Finance Corporation Ltd reported total income of ₹432 Cr and net profit of ₹143 Cr for the Jun 2026 quarter. Income rose 19.7% and profit rose 20.2% compared with a year earlier. Earnings per share were ₹13.14. Gross NPA stood at 1.55% of the loan book (as of 3 November 2026). ### What is India Shelter Finance Corporation's market cap? India Shelter Finance Corporation Ltd's market capitalisation is ₹7,026 Cr at a share price of ₹643.45. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is India Shelter Finance Corporation performing? India Shelter Finance Corporation Ltd's share price has been falling for 15 weeks. In its latest quarter, income rose 19.7% and profit rose 20.2% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will India Shelter Finance Corporation's share price go up? This page does not forecast India Shelter Finance Corporation Ltd's share price. What it shows instead: the share price is ₹643.45, and it has been falling for 15 weeks. Its P/BV of 2.2× is higher than 2% of its own last 3 years (as of 3 November 2026). ### Where is India Shelter Finance Corporation in its business cycle? India Shelter Finance Corporation Ltd's FY26 net margin was 33.0%, against a 8-year range of 16.3% to 33.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 33.1%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the India Shelter Finance Corporation story? The main question: yearly earnings per share moved +32.9% while the share price moved −27.2%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is India Shelter Finance Corporation a stock worth studying right now? What the numbers show: India Shelter Finance Corporation Ltd's earnings have grown faster than its share price. Earnings per share grew +32.9% in a year while the price moved −27.2%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a India Shelter Finance Corporation share price forecast for 2026? What management itself guided: FY27 gross AUM growth of 25-30%. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Dividend stocks: https://www.sectoralpha.in/dividend-stocks-india

This is research, not advice. We’re not SEBI-registered.