Shriram Finance's Q2 FY26 performance was a mixed bag compared to consensus estimates with net interest income/pre-provision operating profit/PAT coming in at a variation of – 5.7%/-0.3%/3.2% due to lower operating costs, and share of higher other income.
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Nirmal Bang Report
We remain cautiously optimistic about the business, as industry headwinds persist, while the growth displayed by Shriram Finance Ltd. is a positive and monitorable.
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We introduce FY28 estimates and roll forward our valuation to Sept-27E adjusted book value with a multiple of 2x, thereby arriving at a target price of Rs 812.
We maintain our Hold rating. The stock currently trades at 1.8x of its Sept-27E P/ABV.
Shriram Finance's Q2 FY26 performance was a mixed bag compared to consensus estimates with net interest income/pre-provision operating profit/PAT coming in at a variation of – 5.7%/-0.3%/3.2% due to lower operating costs, and share of higher other income.
Assets under management grew ~16% YoY to Rs 2.8 trillion led by robust growth in the commercial vehicles, PVs and the MSME segment.
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