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ICICI Securities Report
India Shelter Finance Corporation Ltd. sustained strong growth momentum with 37% YoY/7% QoQ AUM growth alongside home loan portfolio's growth at 9% QoQ while the non-home loan book grew by 4% QoQ during Q1 FY25. Robust technology with one of the lowest TAT and end-to-end digital loan process without any physical movement of loan file is key enabler of industry-leading growth.
We believe higher proportion of LAP portfolio (40% of AUM), resulting in better spreads than peers and ~70% fixed rate loans (dual advantage of low BT out and better yields during downward interest rate cycle) and recent credit rating upgrade by CARE to AA-, would help India Shelter in sustaining better profitability than peers.
We maintain 'Buy' rating with a revised target price of Rs 850 (Rs 800 earlier), valuing it at 3.2 times (three times earlier) on September 2025E book value per share.
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