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Shriram Finance Limited (SHRIRAMFIN)

₹865.00 -3.98% last close, 23 Oct

📊 NSE: SHRIRAMFIN 🏢 Finance & Investments 📢 Latest filing: 23 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

Shriram Finance Limited reported Q2 FY27 results on 23 Oct 2026: net interest income ₹8,828 Cr (+46.5% year on year, +7.7% on the previous quarter), and net profit ₹3,684 Cr (+59.2% year on year).

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Net interest income	₹8,828	+46.5%	+7.7%
Operating profit	₹4,932	+10.9%	+6.6%
Net profit	₹3,684	+59.2%	+6.7%
EPS (₹)	15.66	+27.3%	+5.4%

Profit +28% above its own trend

Against its own trend: net profit of ₹3,684 Cr was +28.2% against the ₹2,874 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.

Share price since the results: -4.0% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

SHRIRAMFIN delivery percentage and open interest

NSE end-of-day data for Fri, 23 Oct 2026

On Fri, 23 Oct 2026, 45.32% of the SHRIRAMFIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.82%. The price fell 3.98% on unusually low delivery. In SHRIRAMFIN futures, open interest fell 42.13% while the futures price fell 4.29%: long unwinding (longs closing out).

45.32%Delivery, 23 Oct

61.82%Own 20-session average

1.5×Volume vs its average

-42.13%Futures open interest

₹865.00NSE close · -3.98%

Delivery in the last 5 sessions: 57.8% · 54.9% · 61.6% · 57.5% · 45.3%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Shriram Finance Sets Record Date of October 29, 2026 for FY27 Interim Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 23 Oct 2026, 05:30 PM

Shriram Finance Limited has announced October 29, 2026, as the Record Date for determining shareholder eligibility for an Interim Dividend for FY 2026-27. The company stated that the payout will be completed to eligible members before November 20, 2026. While the specific per-share dividend amount was not detailed in this intimation, the company continues its periodic capital returns on a TTM net profit base of ₹11,318 Cr.

Record Date fixed as Thursday, October 29, 2026
Dividend payout scheduled to be completed before Friday, November 20, 2026
Applies to equity shares under BSE Scrip 511218 and NSE Symbol SHRIRAMFIN
Interim dividend pertains to Financial Year 2026-27

💡 Investors should note October 29, 2026, to determine eligibility and check the board meeting outcomes for the specific per-share dividend quantum.

Shriram Finance Committee to Consider Debt Fundraise via NCDs During Nov 2026 - Jan 2027

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 23 Oct 2026, 05:10 PM

Shriram Finance has intimated that meetings of its Banking and Finance Committee and Allotment Committee-NCDs will be held between November 01, 2026 and January 31, 2027 to consider fundraising through debt securities. The proposed instruments include redeemable Non-Convertible Debentures (NCDs), subordinated debentures, and bonds in onshore/offshore markets via private placement. The quantum and pricing of the debt issuances were not disclosed in the filing as they depend on market conditions.

Committees to consider debt fundraise window from November 01, 2026 to January 31, 2027
Debt securities include redeemable NCDs, subordinated debentures, and onshore/offshore bonds
Issuances will be on a private placement basis subject to market conditions
Issue price and quantum not disclosed; to be decided by respective committees

💡 Track subsequent allotment intimations to assess the total debt raised, coupon rates, and tenure to gauge borrowing cost trends for the NBFC.

Shriram Finance Declares ₹6.50 Interim Dividend, Approves Up to ₹35,000 Cr NCD Borrowing Limit

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 23 Oct 2026, 04:17 PM

Shriram Finance approved unaudited Q2/H1 FY27 results and declared an interim dividend of 325% (₹6.50 per share of FV ₹2), with the record date set for October 29, 2026. The Board approved seeking shareholder approval via postal ballot to renew its private placement NCD issuance limit up to ₹35,000 crore, which represents ~19.8% of its current market cap of ₹1,76,414 crore. Total AUM has surpassed ₹3.29 trillion across a network of 3,225 branches and 10.57 million customers. Additionally, Panakala Raju M was appointed as Chief Software Officer.

Declared 325% interim dividend of ₹6.50 per equity share (face value ₹2), payable before November 20, 2026
Record date for interim dividend entitlement fixed as October 29, 2026
Approved renewal of private placement NCD limit up to ₹35,000 crore via postal ballot
Reported total Assets under Management (AUM) exceeding ₹3.29 trillion across 3,225 branches
Appointed Panakala Raju M as Chief Software Officer (Senior Management Person)

💡 Track the ex-dividend date around October 29, 2026, and monitor voting outcomes on the ₹35,000 crore debt-raising limit postal ballot.

Shriram Finance Declares ₹6.50 Interim Dividend, Approves Up to ₹35,000 Cr NCD Borrowing Limit

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 23 Oct 2026, 04:17 PM

Declared 325% interim dividend of ₹6.50 per equity share (face value ₹2), payable before November 20, 2026
Record date for interim dividend entitlement fixed as October 29, 2026
Approved renewal of private placement NCD limit up to ₹35,000 crore via postal ballot
Reported total Assets under Management (AUM) exceeding ₹3.29 trillion across 3,225 branches
Appointed Panakala Raju M as Chief Software Officer (Senior Management Person)

💡 Track the ex-dividend date around October 29, 2026, and monitor voting outcomes on the ₹35,000 crore debt-raising limit postal ballot.

Shriram Finance Declares Rs 6.50 Interim Dividend, Approves Rs 35,000 Cr NCD Borrowing Limit

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 23 Oct 2026, 03:25 PM

Shriram Finance's Board approved Q2 FY27 results and declared an interim dividend of 325% (Rs 6.50 per share of FV Rs 2) with a record date of October 29, 2026. The Board also approved seeking shareholder approval via Postal Ballot to renew its borrowing limit via private placement of NCDs up to Rs 35,000 crore. Additionally, the company appointed Mr. Panakala Raju M as Chief Software Officer and noted total AUM exceeding Rs 3.29 trillion with a network of 3,225 branches.

Declared interim dividend of 325% or Rs 6.50 per share (face value Rs 2) with record date on October 29, 2026
Interim dividend payout to be completed before November 20, 2026
Approved renewal of limit to issue NCDs on private placement basis up to Rs 35,000 crore
Total Assets under Management (AUM) crossed Rs 3.29 trillion, serving over 10.57 million customers across 3,225 branches
Appointed Mr. Panakala Raju M as Chief Software Officer

💡 Track the upcoming postal ballot voting outcome regarding the Rs 35,000 crore NCD limit and monitor the final RBI clearance for subsidiary Shriram Gilts' primary dealer operations.

Shriram Finance Declares ₹6.50/Share Interim Dividend, Approves Q2 FY27 Results and Debt Issuance

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 23 Oct 2026, 03:25 PM

Shriram Finance's Board approved the unaudited standalone and consolidated financial results for Q2 and H1 ended September 30, 2026. The Board declared an interim dividend of 325% amounting to ₹6.50 per equity share of face value ₹2 each for FY 2026-27. The record date for the interim dividend is set for October 29, 2026, with payment to be completed before November 20, 2026. Additionally, the Board cleared a periodic resource mobilisation plan to issue debt securities (NCDs/subordinated debt) from November 1, 2026 to January 31, 2027.

Declared an interim dividend of 325% or ₹6.50 per equity share (face value ₹2).
Record date fixed as October 29, 2026, with payment to be completed before November 20, 2026.
Approved unaudited standalone and consolidated financial results for Q2 and H1 ended September 30, 2026.
Approved resource mobilisation plan for NCDs, subordinated debentures, and notes from November 1, 2026 to January 31, 2027.

💡 Investors should track the ex-dividend date around October 29, 2026, and examine the detailed Q2 FY27 earnings release for asset quality, NIMs, and AUM growth trends.

Shriram Finance Declares ₹6.50/Share Interim Dividend, Approves Q2 FY27 Results and Debt Issuance

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 23 Oct 2026, 03:25 PM

Declared an interim dividend of 325% or ₹6.50 per equity share (face value ₹2).
Record date fixed as October 29, 2026, with payment to be completed before November 20, 2026.
Approved unaudited standalone and consolidated financial results for Q2 and H1 ended September 30, 2026.
Approved resource mobilisation plan for NCDs, subordinated debentures, and notes from November 1, 2026 to January 31, 2027.

💡 Investors should track the ex-dividend date around October 29, 2026, and examine the detailed Q2 FY27 earnings release for asset quality, NIMs, and AUM growth trends.

Shriram Finance Declares Rs 6.50 Interim Dividend, Approves Rs 35,000 Cr NCD Borrowing Limit

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 23 Oct 2026, 03:25 PM

Declared interim dividend of 325% or Rs 6.50 per share (face value Rs 2) with record date on October 29, 2026
Interim dividend payout to be completed before November 20, 2026
Approved renewal of limit to issue NCDs on private placement basis up to Rs 35,000 crore
Total Assets under Management (AUM) crossed Rs 3.29 trillion, serving over 10.57 million customers across 3,225 branches
Appointed Mr. Panakala Raju M as Chief Software Officer

💡 Track the upcoming postal ballot voting outcome regarding the Rs 35,000 crore NCD limit and monitor the final RBI clearance for subsidiary Shriram Gilts' primary dealer operations.

Shriram Finance Declares ₹6.50/Share Interim Dividend, Approves ₹35,000 Cr NCD Limit

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 23 Oct 2026, 02:37 PM

Shriram Finance declared an interim dividend of ₹6.50 per equity share (325% of face value ₹2) for FY 2026-27, with the record date set for October 29, 2026. The payout is scheduled to be completed before November 20, 2026. Concurrently, the Board approved a resource mobilization plan and a postal ballot to renew the private placement limit for NCDs up to ₹35,000 crore (around 19.8% of market cap). The company also announced the appointment of Panakala Raju M as Chief Software Officer.

Interim dividend of ₹6.50 per equity share (325% on face value of ₹2)
Record date fixed as October 29, 2026; payout before November 20, 2026
Board approved renewal of private placement limit for debentures up to ₹35,000 crore
Periodical resource mobilisation plan approved for debt securities from November 1, 2026 to January 31, 2027
Panakala Raju M appointed as Chief Software Officer

💡 Investors should note the ex-dividend date around October 29, 2026 for dividend entitlement, and track shareholder voting on the ₹35,000 crore NCD borrowing limit via the upcoming postal ballot.

Shriram Finance Declares ₹6.50/Share Interim Dividend, Approves ₹35,000 Cr NCD Limit

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 23 Oct 2026, 02:37 PM

Interim dividend of ₹6.50 per equity share (325% on face value of ₹2)
Record date fixed as October 29, 2026; payout before November 20, 2026
Board approved renewal of private placement limit for debentures up to ₹35,000 crore
Periodical resource mobilisation plan approved for debt securities from November 1, 2026 to January 31, 2027
Panakala Raju M appointed as Chief Software Officer

Shriram Finance Subsidiary Renamed to Shriram Gilts Ltd Following RBI Primary Dealer Nod

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 16 Oct 2026, 11:22 AM

Shriram Finance Limited announced that its wholly owned subsidiary, Shriram Overseas Investments Limited, has been renamed Shriram Gilts Limited effective October 15, 2026. This follows a No Objection Certificate from the Reserve Bank of India and subsequent approval from the Ministry of Corporate Affairs. The change is part of the subsidiary's planned entry into the Primary Dealer (PD) business following RBI's in-principle approval granted on April 15, 2026.

Wholly owned subsidiary renamed from Shriram Overseas Investments Limited to Shriram Gilts Limited
Name change effective from October 15, 2026, approved by the Ministry of Corporate Affairs
Follows RBI's in-principle approval dated April 15, 2026, for commencing Primary Dealer (PD) business
Parent Shriram Finance has a TTM revenue base of Rs 50,068 Cr and net worth of Rs 65,705 Cr

💡 Track subsequent regulatory milestones, including the formal grant of the final Primary Dealer license from the RBI and operational commencement timelines.

Shriram Finance Denies Media Reports of MUFG Seeking Majority Control

🟡 NEUTRAL ⭐ 4/10

M&A 📅 14 Oct 2026, 04:02 PM

Shriram Finance Limited has officially denied media reports claiming that Japanese financial group MUFG is keen on acquiring majority control of the company. The clarification follows a report published in Mint on October 14, 2026, which the company characterized as pure speculation. Shriram Finance also stated that recent stock price movements on October 13 and October 14, 2026, are entirely market-driven and outside management's control. With a market capitalization of ₹1,90,673 crore, any actual control transaction would be unprecedentedly massive, but management has formally refuted the claims.

Formally denied the October 14, 2026 media report titled 'MUFG keen on majority control of Shriram Finance'
Clarified that news reports from October 13 and October 14, 2026, are purely speculative
Stated that recent equity share price volatility on BSE and NSE is entirely market-driven
Management affirmed compliance under Regulation 30(11) of SEBI Listing Regulations

💡 Monitor upcoming quarterly financial results and formal regulatory disclosures on stock exchanges rather than unverified media speculation.

Shriram Finance buys back $459.98M Senior Notes under GMTN Programme, settles for ~$479M

🟢 POSITIVE ⭐ 6/10

OTHER 📅 01 Oct 2026, 01:19 PM

Shriram Finance Limited announced the successful settlement and cancellation of its tender offers for two series of Senior Secured Notes under its USD 3,500,000,000 GMTN Programme. The company repurchased $299,979,000 principal of its 6.625% 2027 Notes for an aggregate consideration of $312,151,064.87, leaving $450,021,000 outstanding. It also repurchased $160,000,000 principal of its 6.15% 2028 Notes for $166,918,000.27, leaving $340,000,000 outstanding. The total cash deployed across both buybacks equals approximately $479.07 million, reducing foreign currency debt.

Repurchased $299,979,000 principal amount of 6.625% Senior Secured Notes due 2027 for $312,151,064.87 total consideration
Repurchased $160,000,000 principal amount of 6.15% Senior Secured Notes due 2028 for $166,918,000.27 total consideration
Total principal redeemed stands at $459,979,000, with all accepted notes cancelled upon settlement on September 30, 2026
Remaining outstanding balance is $450,021,000 for the 2027 Notes and $340,000,000 for the 2028 Notes
Executed under the company's USD 3,500,000,000 Global Medium Term Note Programme

💡 Monitor upcoming quarterly results for reductions in foreign debt interest costs and any potential impact on borrowing spreads or liquidity.

Shriram Finance Receives Rs 67.90 Cr Income Tax Penalty Order for AY 2009-10

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 30 Sep 2026, 07:31 PM

Shriram Finance received an order dated September 29, 2026, from the Income Tax Department levying a penalty of Rs 67.90 Cr under Section 271(1)(c) for Assessment Year 2009-10. The penalty pertains to an alleged incorrect deduction claim of Rs 199.77 Cr. The company stated it has strong merits to get the demand quashed and will appeal before the first Appellate Authority. The penalty represents ~0.60% of TTM PAT (Rs 11,318 Cr), making the financial impact immaterial.

Penalty of Rs 67,90,07,293 levied under Section 271(1)(c) of the Income Tax Act, 1961
Pertains to Assessment Year 2009-10 regarding an alleged deduction claim of Rs 199,76,67,825
Order received on September 29, 2026
Company plans to file an appeal before the first Appellate Authority within prescribed limits

💡 Track subsequent disclosures on the filing and outcome of the appeal before the first Appellate Authority. No immediate operational impact is expected.

Shriram Finance to Retire $459.98M Senior Notes for $479.07M via Tender Offer

🟢 POSITIVE ⭐ 6/10

OTHER 📅 29 Sep 2026, 05:33 PM

Shriram Finance Limited announced the final results of its cash tender offer for Senior Secured Notes under its USD 3.5 billion GMTN Programme. The company accepted $299.98 million principal of its 2027 Notes (47.8999% proration) and $160.00 million of its 2028 Notes (37.2733% proration) out of total valid tenders received. The total payout expected on the September 30, 2026 payment date is $479.07 million. Following settlement, $450.02 million of 2027 Notes and $340.00 million of 2028 Notes remain outstanding.

Accepted $299,979,000 principal of 6.625% 2027 Notes against $579,421,000 tendered (47.8999% proration)
Accepted $160,000,000 principal of 6.15% 2028 Notes against $352,101,000 tendered (37.2733% proration)
Total consideration to be paid by the company stands at $479,069,065.14
Post-settlement outstanding amounts: $450,021,000 for 2027 Notes and $340,000,000 for 2028 Notes

💡 Track the settlement scheduled for September 30, 2026, and observe the impact on debt servicing and interest expenses in upcoming quarterly financial statements.

View All SHRIRAMFIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment of financing. Interest income on loans for H1 FY26 grew by 15.72% YoY to INR 21,515.53 Cr from INR 18,591.77 Cr. Total Assets under Management (AUM) increased by 15.74% YoY to INR 2,81,309.46 Cr as of September 30, 2025.

Geographic Revenue Split

The company operates in a single geographical segment, which is 100% domestic (India), contributing the entirety of the INR 21,515.53 Cr interest income.

Profitability Margins

Consolidated Profit After Tax (PAT) for Q2 FY26 grew 11.39% YoY to INR 2,307.18 Cr. Net profit margin for the subsidiary Shriram Overseas Investments Limited was reported with a net profit of INR 2.13 Cr on a revenue of INR 5.34 Cr for H1 FY26.

EBITDA Margin

Core profitability is reflected in the cost-to-income ratio, which improved to 27.76% in Q2 FY26 compared to 27.95% in Q2 FY25. Profit before tax from continuing operations for H1 FY26 rose 11.09% to INR 6,019.19 Cr.

Capital Expenditure

Not disclosed as a traditional CAPEX figure due to the nature of NBFC operations; however, the company made a fresh investment of INR 300.01 Cr in its subsidiary, Shriram Overseas Investments Limited, on September 26, 2025.

Credit Rating & Borrowing

The company maintains a debt-equity ratio of 3.88 times as of September 30, 2025. Borrowing costs are influenced by a diverse mix, with public deposits accounting for 28% of the total borrowing profile.

⚙️ Operational Drivers

Raw Materials

As an NBFC, the primary 'raw material' is capital. Public deposits represent 28% of the borrowing mix. Other sources include Non-Convertible Debentures (NCDs), such as the INR 60 Cr raised via private placement in July 2025.

Import Sources

Not applicable for financial services; capital is sourced from domestic public deposits, institutional investors, and private placements within India.

Key Suppliers

Not applicable; however, the company relies on a network of 3,225 branches and 78,833 employees to drive loan originations and collections.

Capacity Expansion

Current operational capacity includes 3,225 branches servicing 96.64 lakh customers. The company is expanding into the Primary Dealership business through its subsidiary SOIL, pending RBI approvals.

Raw Material Costs

Cost of funds is the primary operational cost. Interest expense is managed through a mix of public deposits (28%) and debt securities. Credit cost for Q2 FY26 improved to 1.68% compared to 1.84% in Q2 FY25.

Manufacturing Efficiency

Asset quality efficiency is high, with Gross Stage 3 assets improving to 4.57% in Q2 FY26 from 5.32% in Q2 FY25. Net Stage 3 assets improved to 2.49% from 2.64% YoY.

Logistics & Distribution

Distribution is handled through a pan-India network of 3,225 branches, which facilitates the delivery of retail asset financing to small road transport operators.

📈 Strategic Growth

Expected Growth Rate

15.74%

Growth Strategy

Growth is driven by a focus on high-yield segments like pre-owned commercial vehicles and MSME loans. The company is diversifying into primary dealership via its subsidiary SOIL and has optimized its balance sheet by divesting Shriram Housing Finance Limited for INR 3,929.03 Cr to focus on retail financing.

Products & Services

Financing for pre-owned commercial vehicles, passenger commercial vehicles, MSME loans, tractors, farm equipment, gold loans, two-wheeler loans, personal loans, and working capital loans.

Brand Portfolio

Shriram Finance, Shriram Group.

New Products/Services

Entry into the Primary Dealership business through Shriram Overseas Investments Limited is expected to provide new revenue streams once RBI approval is obtained.

Market Expansion

The company maintains a pan-India presence with 3,225 branches, focusing on deep penetration into rural and semi-urban markets to service small business owners.

Market Share & Ranking

One of India's largest retail asset financing NBFCs with AUM exceeding INR 2.81 trillion; a leader in organized financing for pre-owned commercial vehicles.

Strategic Alliances

The company holds an associate interest in Shriram Automall India Limited to facilitate the valuation and sale of pre-owned vehicles.

🌍 External Factors

Industry Trends

The NBFC sector is shifting toward scale-based regulation. Shriram Finance is positioned as a leader in the retail asset space, benefiting from the consolidation of Shriram City Union Finance and Shriram Capital.

Competitive Landscape

Competes with private banks and other large NBFCs in the MSME and two-wheeler segments, but maintains leadership in the niche pre-owned CV market.

Competitive Moat

Durable moat built over 45 years in the valuation of pre-owned commercial vehicles and a deep-rooted collection network that is difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to rural GDP growth and infrastructure spending, which drives demand for commercial vehicles and MSME credit.

Consumer Behavior

Increasing shift toward organized financing in rural areas and rising demand for personal and gold loans among small business owners.

Geopolitical Risks

Minimal direct impact as operations are 100% domestic, though global fuel price volatility can affect the repayment capacity of transport operator clients.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with RBI Master Directions for Scale Based Regulation for NBFCs, including Liquidity Coverage Ratio (LCR) and Capital Adequacy requirements.

Environmental Compliance

Not a primary risk factor for NBFCs; focus is on social governance and financial inclusion.

Taxation Policy Impact

Effective tax rate is reflected in the H1 FY26 tax expense of INR 1,514.80 Cr against a profit before tax of INR 6,016.75 Cr (approx 25.1%).

Legal Contingencies

The company maintains indemnity obligations related to the sale of Shriram Housing Finance Limited; specific court case values are not disclosed in the provided financial summaries.