Indostar Capital Finance Limited (INDOSTAR)

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Indostar Capital Finance Limited (INDOSTAR) · mywealthgrid

About

Indostar Capital Finance Limited is a non-banking financial company with ₹3,866 Cr market cap and ₹346–364 Cr quarterly standalone revenue. Promoter-backed at 70.36%, the company faces investor skepticism evident in low institutional ownership and weak recent returns.

Face value: ₹10

Market cap

₹3,335 Cr

P/E

—

P/B

0.9×

Dividend yield

ROE

3.8%

ROCE

—

Debt / equity

1.45

OPM

-16.3%

EPS (TTM)

₹-24.4

Book value

₹234.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Mar 2026 recorded ₹423.96 Cr net loss (OPM -82.48%, EPS -26.25); verify whether this was one-time impairment or signals structural credit quality issues
ROE of 3.79% is critically low for an NBFC; verify whether this reflects weak asset quality, high cost of funds, or temporary earnings erosion
Stock fell 16% over 12 months despite Jun recovery to ₹11.44 Cr profit; investor confidence gap suggests unresolved concerns about business stability
No dividend since 2019 despite recent quarterly profitability; confirm whether regulatory capital requirements or lack of distributable profit constrains returns

Generated analysis · source review pending

Growth drivers

Jun 2026 profit ₹11.44 Cr recovery after Mar ₹423.96 Cr loss; verify credit book stabilising
Operating margins 43–52% in Sep, Dec, Jun quarters vs -82.48% in Mar—verify disruption was one-time
Stable revenue ₹346–364 Cr quarterly; growth requires verification of credit demand acceleration

Generated analysis · source review pending

2,063 historical price candles were omitted because the exchange source has not been verified.

₹206.4-1.3%1Y

Quick read

rule-based

Pros

+High promoter holding of 70.4% with no pledge

Cons

−Low return on equity of 3.6% (3-yr avg)
−Profit declined 14.6% a year over the last 3 years
−Modest revenue growth of 1.7% a year over the last 5 years
−Weak interest coverage of -0.4×
−Promoter holding fell 2.6 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 7
Growth: 15
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	789	1,206	1,528	1,280	1,163	1,174	1,393	1,404	1,393
Interest	326	564	794	709	540	580	687	741	621
Expenses	146	245	1,142	764	1,496	321	547	586	1,620
Financing profit	317	397	-408	-193	-873	273	158	78	-848
Financing margin %	40.2%	33%	-26.7%	-15.1%	-75.1%	23.2%	11.4%	5.5%	-60.9%
Other income	0	1	1	7	12	5	5	5	1
Depreciation	5	18	30	34	35	40	33	31	29
Exceptional items	—	—	0	0	—	0	0	0	1,176
Profit before tax	312	379	-437	-219	-896	239	130	121	310
Tax	112	138	-112	-5	-160	13	14	0	169
Tax %	35.9%	36.5%	-25.7%	-2.2%	-17.8%	5.7%	10.6%	0.1%	54.6%
PAT	200	241	-325	-214	-737	225	116	121	140
EPS (₹)	25.5	26.6	-35.2	-20.8	-59.5	16.6	8.5	8.9	9.7
EPS adjusted (₹)	25.6	26.1	-35.1	-17.3	-54.1	16.6	8.5	8.9	8.7
	0%	7.5%	—	—	—	0%	0%	0%	—
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	78	92	92	124	136	136	136	136	162
Reserves	1,761	2,914	2,588	3,562	2,793	2,976	3,099	3,499	3,621
Minority interest	0	—	—	12	—	—	—	—	—
	3,373	9,062	7,142	6,008	6,223	5,648	—	6,916	5,477
	170	232	306	378	509	363	7,885	2,704	257
Total equity & liabilities	5,383	12,300	10,129	10,084	9,661	9,122	11,121	13,256	9,517
	9	370	383	366	386	390	381	365	355
CWIP	—	—	—	—	—	0	0	0	0
Investments	187	301	231	1,591	548	1,039	0	1,818	982
	5,188	11,629	9,515	8,127	8,728	7,693	10,740	11,073	8,180
Total assets	5,383	12,300	10,129	10,084	9,661	9,122	11,121	13,256	9,517

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-2,091	1,710	1,068	-1,564	899	-2,208	-1,061	-989
	260	-2,272	-992	1,165	-259	683	-305	2,259
	2,787	-354	35	200	-540	1,959	1,070	-1,330
Net cash flow	—	—	111	—	99	434	-296	-60
Free cash flow	-2,112	1,670	1,061	-1,587	891	-2,221	-1,083	-998
CFO / Operating profit %	-217.6%	443.3%	207%	—	105.3%	-261.1%	-129.6%	—

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2025 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Commercial vehicles	1,256.56	167.28	7,417.82	5,194.65	2,223.17	7.52
Discontinued operations	409.08	90.85

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	79.7%	25.3%	40.3%	-28.6%	72.7%	60.7%	58.3%	-16.3%
EBIT margin %	78.2%	23.3%	37.7%	-31.7%	69.3%	58.3%	56.1%	-18.4%
PAT margin %	20%	-21.3%	-16.7%	-63.4%	19.2%	8.3%	8.6%	10.1%
Working capital
Receivable days	0	—	—	—	—	—	—	—
Inventory days	—	—	—	—	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	9.43	18.51	11.65	—	6.62	—	8.45	—
Debt to equity	3.01	2.66	1.63	2.12	1.82	—	1.9	1.45
Interest coverage	1.7	0.4	0.7	-0.7	1.4	1.2	1.1	-0.4
Asset turnover	0.1	0.15	0.13	0.12	0.13	0.13	0.11	0.15
Return ratios
Return on assets %	2%	-3.2%	-2.1%	-7.6%	2.5%	1%	0.9%	1.5%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	8%	-12.1%	-5.8%	-25.1%	7.2%	3.6%	3.3%	3.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75%	75%	75%	73.6%	73.6%	73.59%	73.29%	72.98%	72.96%	70.39%	70.38%	70.36%
	1.38%	1.33%	1.49%	2.12%	2.26%	2.43%	2.68%	3.1%	2.9%	2.27%	2.59%	2.57%
	1.88%	1.84%	1.77%	1.78%	1.82%	1.86%	2.29%	2.39%	2.49%	2.09%	2.17%	2.2%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.74%	21.83%	21.74%	22.5%	22.32%	22.12%	21.74%	21.53%	21.65%	25.25%	24.86%	24.87%
No. of shareholders	—	—	—	—	—	—	—	—	63,197	61,876	60,134	59,070

Promoter holding down 4.64 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
Priya PrasadOther	SellMarket Sale	14,000	₹37.55 L	0.00% → 0.00%	26 Sept 20257(2)
Priya PrasadOther	SellMarket Sale	1,130	₹3.02 L

4 deals · 8 May 2023 – 28 Mar 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Mar 2024	ECP III FVCI PTE LTD	Bulk	BSE	Sell	19,09,919	₹186.11	₹35.55 Cr
28 Mar 2024	COHESION MK BEST IDEAS SUB-TRUST	Bulk	BSE	Buy	7,60,427	₹186.10	₹14.15 Cr
9 May 2023	ROSY BLUE INDIA PVT. LTD.	Bulk	NSE	Buy	6,42,939	₹130.59	₹8.40 Cr
8 May 2023	CARNELIAN ASSET ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	8,20,000	₹124.40	₹10.20 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Ms. Naina Krishna MurthyNon-Executive - Independent Director-Chairperson
Mr. Nitin GyanchandaniChief Risk Officer
Ms. Sujatha MohanNon-Executive - Independent Director
Mr. Hemant KaulNon-Executive - Independent Director
Mr. Randhir SinghExecutive Director-MD
Mr. Devdutt MaratheNon-Executive - Non Independent Director
Mr. Aditya JoshiNon-Executive - Non Independent Director
Mr. Bobby ParikhNon-Executive - Non Independent Director
Mr. Vishal GoenkaNon-Executive - Non Independent Director
Mr. Amit Kumar KhanChief Operating Officer
Mr. Jayesh JainChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	110	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Jul 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

3

Interim dividend19 Nov 2019 · ex-date₹1
Final dividend22 Aug 2019 · ex-date₹1
Interim dividend13 Nov 2018 · ex-date₹1

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

28 Sept 2026, 4:06 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	79.7%	25.3%	40.3%	-28.6%	72.7%	60.7%	58.3%	-16.3%
EBIT margin %	78.2%	23.3%	37.7%	-31.7%	69.3%	58.3%	56.1%	-18.4%
PAT margin %	20%	-21.3%	-16.7%	-63.4%	19.2%	8.3%	8.6%	10.1%
Working capital
Receivable days	0	—	—	—	—	—	—	—
Inventory days	—	—	—	—	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	9.43	18.51	11.65	—	6.62	—	8.45	—
Debt to equity	3.01	2.66	1.63	2.12	1.82	—	1.9	1.45
Interest coverage	1.7	0.4	0.7	-0.7	1.4	1.2	1.1	-0.4
Asset turnover	0.1	0.15	0.13	0.12	0.13	0.13	0.11	0.15
Return ratios
Return on assets %	2%	-3.2%	-2.1%	-7.6%	2.5%	1%	0.9%	1.5%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	8%	-12.1%	-5.8%	-25.1%	7.2%	3.6%	3.3%	3.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Shriram Finance LimitedSHRIRAMFINSHRIRAMFIN	₹1,77,811 Cr	₹4,28,503 Cr	₹49,997 Cr	₹36,981 Cr	73.7%	₹11,318 Cr	20.8%	—	16.4%	—
Tata Capital LimitedTATACAPTATACAP	₹1,35,540 Cr	₹3,71,517 Cr	₹32,695 Cr	₹24,219 Cr	73.2%	₹5,404 Cr	15.5%	—	13.3%	—
Cholamandalam Investment And Finance Company LimitedCHOLAFINCHOLAFIN	₹1,33,352 Cr	₹3,45,452 Cr	₹32,663 Cr	₹22,399 Cr	68.2%	₹5,751 Cr	16.8%	—	19.3%	—
Muthoot Finance LimitedMUTHOOTFINMUTHOOTFIN	₹1,08,289 Cr	₹2,60,075 Cr	₹33,431 Cr	₹27,558 Cr	81.4%	₹11,373 Cr	34%	—	30.9%	—
L&T Finance LimitedLTFLTF	₹66,238 Cr	₹1,76,126 Cr	₹18,928 Cr	₹11,603 Cr	61.1%	₹3,226 Cr	16.7%	—	11.2%	—
Sbi Cards And Payment Services LimitedSBICARDSBICARD	₹53,594 Cr	₹97,658 Cr	₹20,063 Cr	₹5,374 Cr	26.7%	₹2,275 Cr	10.9%	—	14.7%	—
Hdb Financial Services LimitedHDBFSHDBFS	₹51,335 Cr	₹1,38,733 Cr	₹16,300 Cr	₹9,318 Cr	57.2%	₹2,176 Cr	13.4%	—	14.7%	—
Sundaram Finance LimitedSUNDARMFINSUNDARMFIN	₹48,838 Cr	₹1,18,475 Cr	₹10,104 Cr	₹7,957 Cr	78.3%	₹2,220 Cr	21%	—	14.7%	—
Piramal Finance LimitedPIRAMALFINPIRAMALFIN	₹45,868 Cr	₹1,25,857 Cr	₹11,852 Cr	₹7,051 Cr	59.5%	₹1,504 Cr	12.7%	—	5.3%	—
Authum Investment & Infrastructure LimitedAIILAIIL	₹45,797 Cr	₹49,133 Cr	₹2,863 Cr	₹2,451 Cr	88.2%	₹3,582 Cr	74%	—	13.1%	—
Mahindra & Mahindra Financial Services LimitedM&MFINM&MFIN	₹44,445 Cr	₹1,72,816 Cr	₹21,733 Cr	₹13,785 Cr	62.5%	₹3,253 Cr	13.6%	—	11.9%	—
Poonawalla Fincorp LimitedPOONAWALLAPOONAWALLA	₹38,161 Cr	₹86,259 Cr	₹7,813 Cr	₹4,291 Cr	52.7%	₹787 Cr	8%	—	5.9%	—

Date	Category	Subject	Filing
28 Sept 2026, 4:06 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
15 Sept 2026, 3:26 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
2 Sept 2026, 2:47 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
2 Sept 2026, 2:40 pm	Company Update General	Intimation Regarding Letters Being Dispatched To The Members Of The Company Pursuant To Regulation 36(1)(B) And 58(1)(B) Of SEBI (LODR) Regulations, 2015	PDF
1 Sept 2026, 5:10 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
1 Sept 2026, 4:48 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
1 Sept 2026, 4:26 pm	AGM/EGM AGM	Indostar Capital Finance Limited Has Informed The Exchange Regarding Notice Of The AGM Along With Annual Report For The Financial Year 2025-26.	PDF
28 Aug 2026, 1:21 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

Indostar Capital Finance Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

3

1

Announcements

3

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Commercial vehicles · revenue

Indostar Capital Finance Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Commercial vehicles · revenue

3

1

3

1