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Latest filing: 2026-10-13 19:07
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Shalibhadra Finance Approves ₹24 Cr NCD Issuance via Private Placement
Shalibhadra Finance's Board of Directors has approved the issuance of senior, secured, rated, listed, redeemable, transferable Non-Convertible Debentures (NCDs) aggregating up to ₹24 crore on a private placement basis. The ₹24 crore debt fundraise is sizable, representing approximately 56% of its TTM revenue (₹43 crore) and nearly 10% of its market capitalization (₹244 crore). The debentures are proposed to be listed on BSE Limited. Key commercial terms including coupon rate, tenure, and allotment dates will be decided in subsequent transaction documents.
Confidence: HIGH
What changedBoard approved raising up to ₹24 crore through secured, listed NCDs via private placement.
Why it mattersProvides fresh leverage to expand the NBFC's loan book, representing a significant liquidity injection relative to its ₹43 crore TTM revenue.
Issue Size: Up to INR 24,00,00,000/-Issue vs TTM Revenue: ~55.8%Issue vs Net Worth: ~14.0%Listing Exchange: BSE LimitedCoupon / Interest Rate: not disclosed
📅 Short termBorrowing terms (coupon, tenure, and security creation) will determine whether financing costs remain favorable relative to lending margins.
📈 Long termEnables asset-side growth for the NBFC by augmenting debt capital, though increased debt service obligations will require sustained credit quality.
⚠ Risk flags
- Coupon rate and repayment tenure not yet disclosed
- Potential rise in leverage and interest expenses if loan book yields do not outpace borrowing cost
Key Highlights
Approved issuance of NCDs of aggregate nominal value up to ₹24,00,00,000 (₹24 crore)
Proposed issuance will be on a private placement basis and listed on BSE Limited
NCDs will be senior, secured, rated, redeemable, and transferable
Issue represents ~56% of TTM revenue (₹43 crore) and ~14% of net worth (₹172 crore)
👀 What to Watch
Track disclosures regarding the finalized coupon rate, tenure, and credit rating of the NCDs to assess borrowing costs and balance-sheet leverage impact.
ICRA Assigns & Reaffirms [ICRA]BBB- (Stable) For Rs 80 Cr Debt Instruments
ICRA Limited has assigned and reaffirmed its credit rating of [ICRA]BBB- with a Stable outlook for Shalibhadra Finance's debt facilities totaling Rs 80.00 crore. The rating covers Rs 40.00 crore of Non-Convertible Debentures (Rs 20.00 crore newly assigned and Rs 20.00 crore reaffirmed) and Rs 40.00 crore of long-term bank facilities (reaffirmed). The rated debt profile includes Rs 14.50 crore tied to specific banks (SBI, BoB, Bank of Maharashtra, ICICI Bank) alongside Rs 25.50 crore of unallocated bank limits.
Confidence: HIGH
What changedICRA assigned a [ICRA]BBB- (Stable) rating to an incremental Rs 20.00 crore NCD program and reaffirmed existing ratings across Rs 60.00 crore of NCDs and bank lines.
Why it mattersMaintains credit standing and provides the regulatory headroom required to tap debt markets for asset financing, essential for an NBFC's loan book expansion.
Total rated debt: Rs 80.00 crTotal rated debt vs TTM revenue: ~186%Total rated debt vs Net worth: ~46.5%NCDs rated (Total): Rs 40.00 crBank lines rated: Rs 40.00 cr
📅 Short termNeutral impact on stock price as ratings remain at BBB- Stable without any upgrade or downgrade.
📈 Long termLimited structural change; reaffirms baseline creditworthiness to support ongoing lending operations and borrowing from institutional lenders.
⚠ Risk flags
- Investment grade is at the lower tier ([ICRA]BBB-), which could limit access to lower-cost wholesale debt markets if operating metrics weaken.
Key Highlights
Total debt rated by ICRA stands at Rs 80.00 crore with a [ICRA]BBB- (Stable) rating
Assigned fresh rating on Rs 20.00 crore NCDs and reaffirmed rating on existing Rs 20.00 crore NCDs
Reaffirmed rating on Rs 40.00 crore long-term fund-based bank lines across 4 lenders and unallocated limits
Total rated borrowing facilities of Rs 80.00 crore represent ~186% of TTM revenue (Rs 43 crore) and ~46.5% of net worth (Rs 172 crore)
👀 What to Watch
Track the placement and borrowing costs of the unplaced Rs 20.50 crore NCDs, alongside upcoming quarterly disbursement trends and asset quality metrics.
₹4.91 Cr Q1 PAT for Shalibhadra Finance; Revenue up 17% YoY but Finance Costs Double
Shalibhadra Finance reported a 17.1% YoY increase in total revenue to ₹11.09 Cr for the quarter ended June 30, 2026. However, net profit growth was restricted to 7.4% YoY, reaching ₹4.91 Cr, primarily due to a sharp 98% surge in finance costs which rose to ₹1.96 Cr. Sequentially, the performance was slightly weaker, with net profit declining 4.3% from ₹5.13 Cr in the March 2026 quarter. The bottom line was supported by a ₹0.56 Cr gain in other comprehensive income from fair value changes of equity instruments.
Confidence: HIGH
What changedThe company has reported its first-quarter results for FY27, showing steady top-line growth but margin pressure from rising interest expenses.
Why it mattersAs a small-cap NBFC, Shalibhadra's ability to pass on rising borrowing costs to its retail finance customers is critical for maintaining its historical profitability levels.
Revenue (Q1 FY27): ₹11.09 CrNet Profit (Q1 FY27): ₹4.91 CrFinance Costs: ₹1.96 CrRevenue vs TTM Revenue: 27.04%EPS (Basic): ₹1.59
📅 Short termThe stock may see neutral to slightly cautious sentiment due to the sequential decline in PAT and the sharp rise in interest expenses.
📈 Long termThe company maintains a consistent track record of profitability, but long-term value will depend on its ability to scale the loan book while managing the cost of funds in a high-interest-rate environment.
⚠ Risk flags
- Sharp 98% YoY increase in finance costs
- Sequential (QoQ) decline in net profit
- Concentration in a single segment (Retail Finance)
Key Highlights
Total Revenue from operations increased 17.1% YoY to ₹11.09 Cr from ₹9.47 Cr.
Net Profit grew 7.4% YoY to ₹4.91 Cr, though it declined 4.3% on a sequential (QoQ) basis.
Finance costs nearly doubled YoY, rising from ₹0.99 Cr to ₹1.96 Cr, indicating higher borrowing costs.
Earnings Per Share (EPS) stood at ₹1.59 for the quarter, up from ₹1.48 in the same period last year.
Total Comprehensive Income reached ₹5.47 Cr, aided by a ₹56 lakh gain on fair value of equity instruments.
👀 What to Watch
Investors should monitor the company's interest rate spreads, as the 98% jump in finance costs is significantly outpacing revenue growth. The next key data point will be the half-yearly balance sheet to assess loan book growth and asset quality (NPAs).
Shalibhadra Finance Q1 FY27 Net Profit up 7.4% YoY to ₹4.91 Cr; Revenue grows 17%
Shalibhadra Finance reported a steady Q1 FY27 with revenue from operations growing 17.1% YoY to ₹11.09 crore. Net profit increased by 7.4% YoY to ₹4.91 crore, while operating margins remained robust at 75.47%. The company successfully deployed ₹19.50 crore raised through NCDs in April 2026 into its retail finance operations. While YoY performance is positive, EPS saw a slight sequential decline to ₹1.59 from ₹1.66 in the preceding quarter.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results and confirmed the full utilization of ₹19.50 crore raised via private placement of Non-Convertible Debentures (NCDs).
Why it mattersThe results demonstrate the company's ability to maintain high profitability margins (~49% PAT margin) while beginning to leverage its balance sheet to drive growth in the retail finance segment.
Revenue (Q1 FY27): ₹11.09 crNet Profit (Q1 FY27): ₹4.91 crOperating Margin: 75.47%NCD Fundraise: ₹19.50 crNCD vs Net Worth: ~11.3%Debt-Equity Ratio: 0.34
📅 Short termThe stock is likely to see neutral to positive sentiment as the company maintains steady growth and high margins, though the sequential dip in EPS may be noted by the market.
📈 Long termThe structural shift towards higher leverage (D/E rising from 0.22 to 0.34) suggests a more aggressive growth phase for this small-cap NBFC, which could lead to higher ROE if asset quality remains stable.
⚠ Risk flags
- Rising finance costs (up 98% YoY)
- Sequential decline in EPS from ₹1.66 to ₹1.59
- Concentration in a single segment (Retail Finance)
Key Highlights
Revenue from operations increased 17.1% YoY to ₹11.09 crore from ₹9.47 crore.
Net profit for the quarter stood at ₹4.91 crore, representing a 7.4% growth over the previous year's ₹4.57 crore.
Operating margin improved to 75.47% compared to 73.07% in the same quarter last year.
Debt-Equity ratio increased to 0.34 from 0.22 YoY, following a ₹19.50 crore NCD issuance.
Finance costs nearly doubled YoY to ₹1.96 crore from ₹0.99 crore due to increased leverage.
👀 What to Watch
Monitor the yield on the retail finance book to ensure it offsets the rising finance costs, and track the asset quality as the company expands its loan book using the newly raised NCD capital.
