India Shelter Finance Corporation LimitedFinancial ServicesINDIASHLTR
Q1 FY27 concall · earnings callIndia Shelter Finance Corporation Limited
Reported disbursements were temporarily depressed due to a one-time accounting shift to check realization, while asset quality pressures persisted but are expected to stabilize.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Gross AUM | ₹11,284 Cr | 24% YoY | |
| Stage 3 Assets | 1.5% | up 30 bps | |
| PAT | ₹143 Cr | 23% YoY | |
| Return on Equity | 17.5% | up 30 bps YoY | |
| Portfolio Yield | 14.8% | stable QoQ | |
| Finance Cost | 8.2% | stable QoQ |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹304.25 Cr+45.7% YoY+7.7% QoQ | ₹96.14 Cr+54.3% YoY+6.7% QoQ | ₹8.94+32.4% YoY+6.4% QoQ |
| Q2 FY25 | ₹282.56 Cr— YoY+12.3% QoQ | ₹90.07 Cr— YoY+7.8% QoQ | ₹8.40— YoY+7.7% QoQ |
| Q1 FY25 | ₹251.54 Cr— YoY+7.1% QoQ | ₹83.53 Cr— YoY+7.2% QoQ | ₹7.80— YoY+7.1% QoQ |
| Q4 FY24 | ₹234.76 Cr— YoY+12.4% QoQ | ₹77.93 Cr— YoY+25.1% QoQ | ₹7.28— YoY+7.9% QoQ |
| Q3 FY24 | ₹208.87 Cr— YoY— QoQ | ₹62.31 Cr— YoY— QoQ | ₹6.75— YoY— QoQ |
TL;DR
- Disbursements reported at Rs 641 Cr due to accounting change; funds to customer accounts were Rs 1,046 Cr.
- Gross AUM grew 24% YoY to Rs 11,284 Cr.
- Stage 3 assets rose to 1.5%; GNPA and early delinquency increased.
- PAT grew 23% YoY to Rs 143 Cr; ROE was 17.5%.
- Management reiterated FY27 guidance for 25-30% AUM growth, 40-50 bps credit cost, and over 6% spreads.
Said on the call
“Reported disbursement for the quarter stood at INR 641 crores. Bank clearance was around INR 1,040 crores, which is at par with quarter 4 financial year '26 and almost 37% higher than Q1FY26.”
From the Q&A
| Topic | What management said |
|---|---|
| Asset Quality Deterioration Trend | Analysts pressed on the steady rise in Stage 2 and Stage 3 assets since listing. Management attributed stress primarily to the self-employed, lower-ticket size cohort (up to Rs 7 lakhs), citing seasonal impacts and past resilience, and expressed confidence in maintaining 40-50 bps credit cost. |
| Disbursement Growth & Accounting Impact | Analysts questioned the lower reported disbursement growth (18% YoY) versus peers. Management clarified the one-time impact of shifting to check realization accounting, stated July disbursement was Rs 400 Cr, and reiterated 20%+ disbursement growth and 25-30% AUM growth guidance for FY27. |
| Collection Efficiency & GNPA Outlook | Analysts noted collection efficiency dropped to ~97% and asked for the path forward. Management said April was ~96.2-96.4%, efficiency improved into June, expects Stage 3 to remain around 1.5% in Q2, with resolutions starting from Q3. |
| Branch Additions & Employee Hiring | Asked why 160+ employees were added with no new branches in Q1, management said hires were for collections, existing branch support, and head office initiatives (AI/tech), with 40-45 new branches planned for later in the year. |
| Semi-Variable Loan Reset | Management clarified that the first reset for semi-variable loans will occur in Q4FY27, but the loan rate will remain the same with only the spread being adjusted, so no immediate P&L impact is expected. |
Guidance
- Branch addition of around 40-45 for the year.
- Maintain spreads of more than 6% in the medium term.
- Credit Cost of around 40-50bps.
- Loan growth of around 25-30% for FY27.
Source
Summary written from the transcript filed by India Shelter Finance Corporation Limited for the call held on 7 Aug 2026; published 18 Aug 2026, 20:18 IST.
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