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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/NBFC/Shriram Finance
NSE: SHRIRAMFIN· NBFCCore · Aug 26Large cap

Shriram Finance

Used-CV leader with MUFG as partner

Last close
₹971.50
29 Sept 2026 · reference
1D · 1M
−0.5% · −10.6%
price-only
Weight
3.5%
31 Jul 2026 · Aug rank 6
Thesis review
8 Sep 2026
Why We Own, p39
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p39Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Broker research · 2 reports

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedBUYdailymulti-company
Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)
19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗
Target
₹1,220
At report
₹1,110
Vs our close
+25.6%

Shriram Finance (SHFL) posted a strong ~13% PAT beat on NIM expansion; one of Antique's preferred NBFC picks, rated BUY.

Key points
  • Q1FY27: AUM Rs 31,37,984 mn (+15.3% YoY/3.8% QoQ); PAT Rs 34,446 mn (+59.8% YoY/14.3% QoQ)
  • Reported NIM expanded 88bps QoQ to 10.2% on higher investment income from mutual funds; credit costs well within guided <2% range at 2.0%
  • Asset quality broadly stable: GS3/NS3 at ~4.6%/~2.4%
  • Growth driven by CV, PV, farm equipment and gold loans; management guides ~17-18% FY27 growth, to be reassessed post-2QFY27 amid geopolitical/monsoon uncertainty
  • Named alongside Aadhar and IndiaShelter as Antique's preferred NBFC picks

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Centrum BrokingNEUTRALresult update
Growth Holds Firm Despite Monsoon Uncertainty
26 Jul 2026 · Tanay Jain, Anushreay Satish Karipapoil · 10 pp · open PDF ↗
Target
₹1,127
At report
₹1,005+12% printed
Vs our close
+16.0%

Centrum maintains a NEUTRAL rating on Shriram Finance after a robust Q1FY27 with AUM crossing Rs3.14tn (+15.3% YoY) and disbursement growth accelerating to 19.5% YoY, though the sharp NIM expansion to 9.04% was flattered by surplus liquidity from the MUFG capital infusion rather than a sustainable run-rate. With the stock trading above +1SD of its five-year valuation band, the broker rolls forward valuation to 1HFY29E at 2.1x ABV for a revised target price of Rs1,127, up from Rs1,052, implying 12% upside.

Thesis
  • AUM grew 15.3% YoY/3.8% QoQ to Rs3.14tn; disbursements rose 19.5% YoY to Rs499.7bn, aided by strong auto OEM volumes and a structural shift toward new vehicle financing
  • NIM rose sharply to 9.04% in Q1FY27 (vs 8.61% Q4FY26) on the April 2026 MUFG capital infusion that cut leverage to 2.14x (from 3.82x), but management held medium-term NIM guidance at ~8.5%, flagging the current strength as surplus-liquidity carry
  • Credit cost contained at 1.66%, within management's ~2% FY27 guidance; cost-to-income improved sharply to 25.5% from 29.3% YoY
  • Gold loans (branches expanded to ~2,200) and MSME lending (targeted to rise from ~15% to ~20% of portfolio) are key growth focus areas beyond core vehicle finance
  • FY27 AUM growth guidance retained at ~18%, though termed provisional pending post-monsoon clarity and a formal Q2 review
  • Asset quality broadly stable: GS-3 at 4.64% (vs 4.58% QoQ), NS-3 flat at 2.33%, with gold/MSME stage-2/3 upticks attributed to portfolio-mix shifts rather than credit deterioration
Risks
  • Monsoon and rural demand uncertainty could affect near-term growth guidance, with management awaiting post-Q2 clarity
  • Current elevated NIM (9.04%) is expected to normalize toward the medium-term guided ~8.5% as surplus capital gets deployed
  • Stock trades above +1SD of its five-year average valuation band, limiting room for further re-rating
Q1FY27 highlights
  • NII grew 33.5% YoY/14.1% QoQ to Rs77,057mn, beating Centrum estimate of Rs72,070mn by 6.9%
  • PPOP grew 45.2% YoY/14.3% QoQ to Rs60,854mn, beating estimate of Rs55,021mn by 10.6%
  • PAT grew 59.8% YoY/14.3% QoQ to Rs34,446mn, beating estimate of Rs30,340mn by 13.5%
  • AUM grew 15.3% YoY/3.8% QoQ to Rs3,137,984mn; disbursements rose 19.5% YoY to Rs499,740mn
  • Reported NIM (calculated) rose to 10.7% (YoY +146bps, QoQ +97bps) per the quarterly result table
  • Credit cost at 1.66% (vs 1.68% QoQ, 1.64% YoY); GS-3 at 4.64%, NS-3 at 2.27%, PCR at 51.0%
Catalysts
  • Gold loan portfolio targeted to double over the next three years, raising contribution from ~2.5% to 5% of the loan book
  • MSME disbursements expected to accelerate from Q3/Q4, potentially exceeding Rs7,000cr quarterly
  • Construction Equipment financing expected to recover from the next quarter on improving industry demand
  • Formal FY27 growth guidance review expected after Q2 results
Broker estimatesUnitFY27EFY28EFY29E
NIIRs mn3,23,4933,87,2984,53,333
PPoPRs mn2,54,4133,06,1483,59,139
PATRs mn1,39,1371,62,0711,92,356
AUM growth%18.118.317.9
NIM (on AUM)%10.510.610.5
GNPA%4.955.1
RoA%3.93.83.9
RoE%15.313.214.1
ABVPSRs460506.5567.3
P/Ex16.814.412.1
P/ABVx2.221.8

Valuation: 2.1x 1HFY29E ABV. Valuation rolled forward to 1HFY29E ABV/share of Rs537, ascribed P/BV of 2.10x, yielding a target price of Rs1,127 and 12% upside to CMP of Rs1,005. Estimates raised post Q1FY27: NII +3.02%/+0.55% for FY27E/FY28E, PPoP +4.95%/+1.11%, and PAT +9.23%/+0.78%; target price raised to Rs1,127 from Rs1,052, rating maintained unchanged at Neutral.

Extraction note: The report's front-page summary states reported NIM rose to 9.04% in Q1FY27, while the quarterly result and financial-summary tables show NIM (calculated) at 10.0-10.7% for the same period — both figures are printed in the source and are reported here as-is; likely reflects diffe…

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Capital-led re-rating: MUFG's Rs 39,618 cr infusion (20% stake at Rs 840.93) lifted CRAR to 34.17% and cut debt/equity to 2.14x; NIM already expanded 93 bps YoY to 9.04% in Q1FY27 and brokers expect ~100 bps lower funding cost over 2-3 years.
  • Earnings inflection: Q1FY27 PAT +59.8% YoY to Rs 3,453 cr with NII +33.7% and cost-to-income down to 25.5% from 29.3%; MOFSL models 26% PAT CAGR FY26-28 on 17% AUM CAGR.
  • Scale and diversification: Rs 3.14 lakh cr AUM growing 15.3% YoY (management guides 15-18% for FY27) with CV +19.4%, PV +21.2%, gold +45.8%; deposits of Rs 72,070 cr (+14.3%) give a retail liability base most NBFC peers lack.
  • Valuation gap to peers: 2.96x P/B / 21.6x TTM P/E vs Chola at 5.09x / 27.0x and Sundaram at 3.51x / 23.0x, despite comparable 16% ROE and a 32% 5-year profit CAGR.
Weaknesses
  • vs Cholamandalam Investment & Finance: Chola trades at 5.09x P/B and 27.0x P/E (screener.in 8-Sep-2026) for 19.4% ROE and 21% Q1 PAT growth; Shriram offers 60% Q1 PAT growth and 16% ROE at 2.96x P/B / 21.6x P/E, i.e. a much cheaper entry for similar-quality vehicle-finance exposure.
  • vs M&M Financial Services: M&M Fin is cheaper at 1.94x P/B / 15.5x P/E but earns only 12.3% ROE (11.1% 3-yr avg) with a 12% 3-yr profit CAGR and a history of volatile credit costs; Shriram's 16% ROE, 19% 3-yr / 32% 5-yr profit CAGR and 34% CRAR justify its premium.
Opportunities
  • Q2FY27 results (late Oct-2026): first full quarter of MUFG capital plus monsoon-season asset-quality read…
  • Funding-cost pass-through: incremental cost of funds 7.77% vs 8.56% stock cost; each 25 bps of rate cuts / credit-rating benefit from MUFG flows to NIM through FY27.
  • Final RBI revolving-credit rules (post 28-Aug-2026 consultation) could redirect flows toward secured vehicle/gold lenders like Shriram.
Threats
  • ROE dilution: 25% more shares post-MUFG means ROE mechanically falls (brokers model 13-14% by FY28 vs 16.4% in FY26) unless AUM growth accelerates to 18-20%; promoter holding fell to 20.3%.
  • Asset quality is weather/rural-cycle sensitive: management flagged a 'cautious outlook pending Q2 data due to weather impacts'; GS3 ticked up 6 bps QoQ to 4.64% and PCR is only ~50%.
  • NIM at 9.04% is above the 8.5% medium-term level management itself guides to; part of Q1's 60% PAT growth is one-time leverage from undeployed equity.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

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Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank 6, NBFC, Core. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p39, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

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Ownership

Shareholding · Jun'26

Promoter20.30%
Indian Promoters19.97%
SHRIRAM CAPITAL PRIVATE LIMITED14.27%
SHRIRAM VALUE SERVICES LIMITED5.68%
SHRIRAM OWNERSHIP TRUST0.01%
SHRIRAM GENERAL INSURANCE COMPANY LIMITED0.00%
SHRIRAM INSIGHT SHARE BROKERS LIMITED0.00%
Foreign Promoters0.33%
SANLAM LIFE INSURANCE LIMITED0.33%
Public Shareholding79.70%
Institutions74.67%
MUFG BANK LTD20.02%
GOVERNMENT OF SINGAPORE3.04%
NPS TRUST (Under different Sub accounts)1.89%