🔍

Usha Financial Services Limited (USHAFIN)

📊 NSE: USHAFIN 🏢 Finance & Investments 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Usha Financial's net interest income was ₹14.8 Cr (+30.7% year on year, +20.2% on the previous quarter), and net profit ₹8.0 Cr (+50.2% year on year).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹14.8	+30.7%	+20.2%
Operating profit	₹10.8	—	—
Net profit	₹8.0	+50.2%	+22.7%
EPS (₹)	1.85	+50.4%	+22.5%

Full quarterly financials → Results calendar →

USHAFIN delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 100.0% of the USHAFIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 92.27%. That is close to its usual level. Turnover was only ₹22 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 6 sessions in about the last 20.

100.0%Delivery, 16 Oct

92.27%Own 20-session average

1.7×Volume vs its average

₹57.00NSE close · +4.59%

Delivery in the last 5 sessions: 85.2% · 88.9% · 100.0% · 100.0% · 100.0%

Delivery across the market →Circuit stocks →

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

Usha Financial Allots Rs 2.79 Cr NCDs at 12% in Second Tranche

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 16 Oct 2026, 04:25 PM

Usha Financial Services Limited has approved the allotment of the second tranche of 279 unlisted, secured, redeemable Non-Convertible Debentures (NCDs) aggregating to Rs 2.79 crore on a private placement basis. This forms part of a total Rs 10 crore issue approved by the board on September 24, 2026. The NCDs carry a coupon rate of 12.0% p.a. payable monthly, with a 4-year tenure maturing on September 29, 2030. The fundraise equals roughly 3.8% of the company's TTM revenue of Rs 74 crore and will support ongoing lending operations.

Allotted 279 NCDs of face value Rs 1,00,000 each, raising Rs 2.79 crore in second tranche
Part of an overall board-approved NCD issue size of Rs 10 crore
Carries a fixed coupon rate of 12% per annum, payable monthly
Tenure of 4 years, maturing on September 29, 2030
Secured by a first and exclusive charge on identified receivables via hypothecation

💡 Track the deployment of funds into loan assets and monitor overall borrowing costs, given the relatively high 12% coupon rate.

Usha Financial Allots 279 Unlisted 12% Secured NCDs (Series R) via Private Placement

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 16 Oct 2026, 04:14 PM

Usha Financial Services Limited announced that its Board of Directors approved the allotment of the second tranche of 279 unlisted 12% Secured, Redeemable, Non-Convertible Debentures (Series 'R') on a private placement basis. The total face value and total issue size were not disclosed in the filing. The company previously reported TTM revenue of Rs 74 Cr and a net worth of Rs 229 Cr as of FY26. The funds support its ongoing debt operations, bearing a coupon rate of 12%.

Approved allotment of 279 unlisted Non-Convertible Debentures (NCDs) under Series 'R'
Debentures carry an annual coupon of 12% and are secured and redeemable
Issued via private placement as the second tranche
Total issue value and face value were not disclosed in the announcement

💡 Track subsequent quarterly filings to identify the total borrowing amount raised and monitor the impact of a 12% coupon rate on company borrowing costs.

Usha Financial Services Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 06:04 PM

Usha Financial Services Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter and half-year ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Skyline Financial Services confirms that zero physical share certificates were received for dematerialisation during the period. This is a recurring statutory submission with zero financial or operational bearing.

Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Applies to the quarter and half-year ended September 30, 2026.
Registrar Skyline Financial Services confirmed zero physical share certificates were received for dematerialisation.
Certificate issued by RTA on October 03, 2026, and submitted to NSE on October 12, 2026.

💡 No investor action required; track upcoming board meetings for Q2 FY27 financial results.

Usha Financial Allots Rs 3.7 Cr of 12% Secured NCDs on Private Placement

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 30 Sep 2026, 05:08 PM

Usha Financial Services Limited has approved the allotment of the first tranche of 370 unlisted 12% secured redeemable Non-Convertible Debentures (Series 'R') with a face value of Rs 1,00,000 each, raising Rs 3.70 crore. This is part of a total board-approved issue of Rs 10 crore dated September 24, 2026. The NCDs carry a fixed monthly coupon of 12% p.a. and feature a 4-year tenure maturing on September 29, 2030. The instruments will be secured by a first and exclusive charge over identified receivables.

Allotted Rs 3.70 crore out of a total planned NCD issue of Rs 10 crore
Carries a fixed coupon rate of 12% p.a. payable monthly
4-year tenure with maturity set for September 29, 2030
Secured via first and exclusive hypothecation charge over identified receivables

💡 Track the deployment of funds into loan book growth and monitor UFSL's net interest margins given the relatively high 12% borrowing cost.

Usha Financial Services Approves Allotment of 12% Secured NCDs (Series R)

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 30 Sep 2026, 04:59 PM

Usha Financial Services Limited announced that its Board of Directors approved the allotment of the First Tranche of Unlisted 12% Secured, Redeemable, Non-Convertible Debentures (Series 'R') via private placement on September 30, 2026. The filing did not disclose the total issue size or amount raised in this tranche. The coupon rate stands at 12%, reflecting relatively high borrowing costs for the NBFC. The funds will support ongoing lending operations as the company manages its ₹394.58 Cr loan book.

Approved allotment of First Tranche of Series 'R' Non-Convertible Debentures
Coupon rate on the debentures is fixed at 12%
Debentures are unlisted, secured, and redeemable, issued on a private placement basis
Board meeting commenced at 04:00 PM and concluded at 04:30 PM on September 30, 2026
Total quantum/issue size was not disclosed in the disclosure

💡 Track subsequent filings or quarterly updates for the exact quantum raised and its impact on the company's borrowing mix and overall cost of funds.

Usha Financial Shareholders Approve Material Related Party Transactions with Uninav Entities

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 01:06 PM

Usha Financial Services Limited announced the results of its Extraordinary General Meeting (EGM) held on September 26, 2026. Shareholders approved two ordinary resolutions regarding material related party transactions for FY 2026-27 with Uninav Developers Private Limited and Uninav Buildcon Private Limited. Both resolutions passed with 100% approval from voting public non-institutional shareholders (221,822 votes cast in favor). Promoter and promoter group members, holding 21,092,912 shares that participated, were deemed ineligible and excluded under SEBI LODR Regulation 23(4).

Shareholders approved material related party transactions with Uninav Developers and Uninav Buildcon for FY 2026-27
Both resolutions secured 100% assent with 221,822 public non-institutional votes in favor and 0 votes against
8 promoter/promoter group members holding 21,092,912 votes were ineligible to vote pursuant to SEBI LODR Regulation 23(4)
Total shareholder turnout represented 0.5102% of outstanding shares among eligible voters

💡 Track subsequent quarterly financial statements for the transaction values and disclosures regarding Uninav Developers and Uninav Buildcon to assess any credit exposure or margin impact.

Usha Financial Concludes EGM for Material Related Party Transactions Approval

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Sep 2026, 06:17 PM

Usha Financial Services Limited conducted its 2nd Extraordinary General Meeting on September 26, 2026, through video conferencing. The meeting had 32 members present, including 12 promoter and 20 public shareholders. Shareholders considered two ordinary resolutions seeking approval and ratification for material related party transactions with Uninav Developers Private Limited and Uninav Buildcon Private Limited for FY26-27. Voting results from the scrutinizer will be declared within two working days.

Conducted 2nd Extraordinary General Meeting on September 26, 2026, with 32 members attending via VC/OAVM
Sought approval for material related party transactions with Uninav Developers Private Limited for FY 2026-27
Sought ratification and approval for material related party transactions with Uninav Buildcon Private Limited for FY 2026-27
Remote e-voting was conducted from September 23 to September 25, 2026, based on a cut-off date of September 19, 2026
Scrutinizer report and final voting results to be announced within 2 working days

💡 Track the upcoming disclosure of voting results and scrutinizer report within 2 working days to verify shareholder approval of the related party transactions.

Usha Financial Services to Issue Rs 10 Cr 12% Secured NCDs on Private Placement

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 24 Sep 2026, 04:58 PM

Usha Financial Services Limited has approved the issuance of up to 1,000 Secured, Redeemable, Non-Convertible Debentures (Series 'R') with a face value of Rs 1,00,000 each, raising up to Rs 10 Crore via private placement. The NCDs carry a fixed coupon of 12.00% per annum payable monthly and have a tenure of 4 years. The issue is unlisted and secured by a first exclusive charge on identified receivables via hypothecation. The Rs 10 Crore fundraise represents ~13.5% of the company's TTM revenue of Rs 74 Crore and ~4.4% of its Net Worth of Rs 229 Crore.

Issue of up to 1,000 Secured, Redeemable Non-Convertible Debentures (Series 'R') aggregating to Rs 10 Crore
Fixed coupon rate of 12.00% per annum with monthly interest payouts
Instrument tenure is 4 years, to be redeemed at par
Securities will be unlisted and secured against identified receivables via hypothecation

💡 Track the deployment of funds into loan book expansion and monitor whether the 12.00% cost of debt impacts overall net interest margins.

Usha Financial Approves Private Placement of NCDs (Series R)

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 24 Sep 2026, 04:55 PM

Usha Financial Services Limited announced that its Board of Directors approved the issuance of Non-Convertible Debentures (NCDs) on a private placement basis under Series R. Additionally, the Board approved the appointment of a Debenture Trustee for the planned issue. However, the exact fundraise amount, coupon rate, and tenure were not disclosed in the filing. The company recorded TTM revenue of Rs 74 Cr and a net worth of Rs 229 Cr as of the latest financials.

Board approved issuance of Non-Convertible Debentures (Series R) on private placement basis
Appointment of a Debenture Trustee approved during the meeting
Board meeting commenced at 04:00 P.M. and concluded at 04:30 P.M. on September 24, 2026
Fundraise quantum and borrowing terms were not disclosed in the announcement

💡 Track subsequent filings for terms of the issuance, including total issue size, coupon rate, and maturity schedule.

Usha Financial Allots Rs 5 Cr Unlisted Secured NCDs at 13.15% Coupon

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 21 Sep 2026, 05:55 PM

Usha Financial Services Limited has approved the allotment of 500 unlisted, rated, senior, secured Non-Convertible Debentures (NCDs) aggregating to Rs 5.00 crore on a private placement basis. The debentures carry a fixed coupon of 13.15% per annum payable quarterly, with a tenure of 18 months and 5 days ending March 26, 2028. The total issuance represents approximately 6.8% of the company's TTM revenue of Rs 74 crore and 2.2% of its net worth of Rs 229 crore. Principal redemption is structured in six equal installments of approximately Rs 83.33 lakh starting December 26, 2026.

Allotment of 500 unlisted, secured NCDs of face value Rs 1,00,000 each aggregating to Rs 5.00 crore
Coupon fixed at 13.15% p.a., payable quarterly
Tenure of 18 months and 05 days maturing on March 26, 2028
Redemption scheduled across 6 equal quarterly tranches of Rs 83,33,333 each beginning December 26, 2026
Secured via first and exclusive charge on identified receivables through hypothecation

💡 Track the deployment of funds into higher-yielding loan assets and monitor net interest margins to assess whether loan spreads comfortably absorb the 13.15% cost of debt.

Usha Financial Services Approves Allotment of 13.15% Senior Secured NCDs Maturing Mar 2028

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 21 Sep 2026, 05:52 PM

Usha Financial Services Limited announced that its Board of Directors approved the allotment of 13.15% unlisted, rated, senior, secured, transferable, redeemable non-convertible debentures (NCDs) via private placement on September 21, 2026. The NCD series is designated as '13.15% USFLMar2028', indicating a maturity in March 2028. The total quantum of funds raised was not disclosed in the filing. This high coupon rate of 13.15% reflects the prevailing borrowing costs for the NBFC's targeted lending expansion.

Approved allotment of senior, secured, rated, unlisted redeemable NCDs on private placement basis on September 21, 2026
Coupon rate fixed at 13.15% per annum under series '13.15% USFLMar2028'
Total issue size and issue proceeds were not disclosed in the announcement
Meeting commenced at 05:00 P.M. and concluded at 05:30 P.M.

💡 Track subsequent quarterly filings to verify the exact fundraise quantum and monitor net interest margins to assess if asset yields sufficiently cover the 13.15% borrowing cost.

Usha Financial to raise ₹5 Cr via 13.15% unlisted secured NCDs on private placement

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 19 Sep 2026, 05:18 PM

Usha Financial Services Limited has disclosed the issuance of up to 500 unlisted, rated, senior, secured, redeemable Non-Convertible Debentures (NCDs) of face value ₹1,00,000 each, raising up to ₹5.00 crore on a private placement basis. The NCDs carry a fixed coupon rate of 13.15% per annum, payable quarterly, with a tenure of 18 months and 5 days. Redemption will occur in six equal quarterly instalments of ₹83,33,333 starting 26 December 2026 until final maturity on 26 March 2028. The borrowing is secured by a first and exclusive charge on identified receivables via hypothecation.

Issue size of ₹5.00 crore via 500 unlisted, secured NCDs of face value ₹1,00,000 each
High fixed coupon of 13.15% per annum payable quarterly
Tenure of 18 months and 5 days, maturing on 26 March 2028
Repayment in 6 equal quarterly tranches of ₹83,33,333 beginning 26 December 2026
Secured via first and exclusive hypothecation charge on identified receivables

💡 Track the company's net interest margin (NIM) trajectory in upcoming quarterly results given the relatively high 13.15% cost of debt on these NCDs.

Usha Financial Board Approves Issuance of 13.15% Secured NCDs via Private Placement

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 19 Sep 2026, 05:13 PM

The Board of Directors of Usha Financial Services Limited has approved the issuance of 13.15% unlisted, rated, senior, secured, transferable, redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The total issue size and tenure were not disclosed in the filing. Additionally, the appointment of a Debenture Trustee was approved to oversee the debt issuance. The high coupon rate of 13.15% reflects the current cost of borrowing for the NBFC, which carries a net worth of ₹229 Cr and TTM revenue of ₹74 Cr.

Approved issuance of Unlisted, Rated, Senior, Secured, Transferable, Redeemable NCDs
Coupon rate fixed at 13.15%
Total issue amount and tenure not disclosed
Approved the appointment of a Debenture Trustee

💡 Track subsequent regulatory filings to ascertain the total capital raised and the tenure of the NCDs to evaluate the impact on interest expense and margins.

Usha Financial Withdraws 13.15% NCD Issue Due to Non-Receipt of Subscription Monies

🔴 NEGATIVE ⭐ 6/10

FUNDRAISE 📅 16 Sep 2026, 06:24 PM

Usha Financial Services has announced the withdrawal and closure of its planned private placement of 13.15% unlisted, rated, senior, secured, redeemable non-convertible debentures (NCDs). The decision was approved by the Board of Directors on September 16, 2026, due to non-receipt of subscription monies. The total planned issue size was not disclosed in the filing. This withdrawal reflects potential fundraising headwinds or investor hesitation despite an attractive coupon rate of 13.15%.

Board approved the withdrawal and closure of unlisted NCD issuance on September 16, 2026
Proposed instrument carried a coupon rate of 13.15%
Withdrawal was triggered specifically due to non-receipt of subscription monies
Target issue size was not disclosed in the filing

💡 Monitor alternative borrowing channels and quarterly disbursement volumes to assess whether this failed debt raise affects asset growth and liquidity.

Usha Financial Services to Issue Rs 5 Cr Unlisted NCDs at 13.15% Coupon

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 15 Sep 2026, 04:48 PM

Usha Financial Services Limited has approved the private placement of up to 500 unlisted, secured Non-Convertible Debentures (NCDs) aggregating to Rs 5.00 crore. The instruments carry a fixed interest coupon of 13.15% per annum, payable quarterly, with a tenure of 18 months and 10 days. The issuance represents approximately 6.8% of the company's TTM revenue of Rs 74 crore and 2.2% of its Rs 229 crore net worth. Redemption will happen in six equal tranches of Rs 83.33 lakh, culminating on March 26, 2028.

Issue of up to 500 unlisted, rated, senior, secured NCDs of face value Rs 1,00,000 each aggregating to Rs 5.00 crore
Carries a fixed coupon rate of 13.15% per annum payable quarterly
Tenure of 18 months and 10 days, with final redemption on March 26, 2028
Secured by a first and exclusive hypothecation charge on identified receivables
Principal redeemed in 6 installments of Rs 83,33,333 starting December 26, 2026

💡 Monitor UFSL's quarterly borrowing costs and disbursement growth, alongside asset quality trends given the relatively high 13.15% coupon rate.

View All USHAFIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Institutional lending remains the primary driver, contributing INR 40.35 Cr in interest income and INR 3.55 Cr in processing fees from a disbursement of INR 435.90 Cr in FY25. Retail lending contributed to the remaining disbursement of INR 37.62 Cr. Total revenue from operations saw a decline of 5.68% from INR 63.22 Cr in FY24 to INR 59.63 Cr in FY25.

Profitability Margins

Net profit ratio improved by 14.40% YoY, rising from 20.23% in FY24 to 23.14% in FY25, primarily driven by a reduction in total expenses from INR 46.92 Cr to INR 42.45 Cr. Return on Net Worth (RoNW) decreased by 35.78% from 13.55% to 8.70% due to the significant equity infusion from the IPO.

EBITDA Margin

Profit After Tax (PAT) grew by 7.91% from INR 12.79 Cr in FY24 to INR 13.80 Cr in FY25. Net Interest Margin (NIM) compressed from 8.68% in FY24 to 8.28% in FY25, a decrease of 40 basis points.

Credit Rating & Borrowing

The long-term rating was downgraded in December 2025 from IVR BBB/Stable to IVR BBB-/Stable. Finance costs decreased by 19.02% from INR 29.78 Cr in FY24 to INR 24.11 Cr in FY25, while the Interest Coverage Ratio improved from 1.58x to 1.78x.

⚙️ Operational Drivers

Raw Materials

Not applicable as USHAFIN is a financial services company; its primary 'raw material' is capital for lending.

Capacity Expansion

Total Loan Assets (AUM) grew from INR 306.96 Cr in FY24 to INR 410.70 Cr in FY25. However, AUM marginally declined to INR 394.58 Cr by 1HFY26 as the company tightened underwriting policies due to stress in the NBFC segment.

Manufacturing Efficiency

Capacity utilization is reflected in loan disbursements, which totaled INR 473.52 Cr in FY25. Management reports that higher capacity utilization and operational efficiencies are driving improved financial outcomes.

📈 Strategic Growth

Growth Strategy

The company is shifting from a wholesale-heavy model (86.50% of AUM in 1HFY26) toward unsecured MSME and Fintech co-lending segments. It aims to leverage government-backed credit guarantee programs and expand its presence in Green/EV financing through collaborative partnership models.

Products & Services

MSME loans, SME loans, NBFC/Corporate loans, Personal unsecured loans, and Electric Vehicle (EV) financing.

Brand Portfolio

Usha Financial Services Limited (UFSL).

New Products/Services

Expansion into the E-Vehicle segment and Fintech-driven unsecured personal loans via co-lending platforms.

Market Expansion

Targeting underserved niche markets with limited access to traditional banking to ensure attractive yields.

Strategic Alliances

Partnerships with Fintech platforms for co-lending and collaborative models for green financing expansion.

🌍 External Factors

Industry Trends

The industry is moving toward a Scale-Based Regulatory (SBR) framework, increasing compliance and IT investment requirements. There is a rising trend in digital lending and green finance adoption.

Competitive Landscape

Faces intense competition from large NBFCs, Fintechs, and traditional banks in the MSME and retail lending segments, which exerts pressure on Net Interest Margins.

Competitive Moat

Moat is built on niche market focus and experienced promoters (Rajesh Gupta and Anoop Garg). Sustainability depends on the ability to manage asset quality while diversifying away from wholesale concentration.

Macro Economic Sensitivity

Sensitive to inflation and economic slowdowns which impact borrower repayment capacity; sector-wide GNPA for NBFCs averaged 5-6% in FY25.

Consumer Behavior

Shift toward digital credit processes and increasing demand for EV financing and unsecured personal loans.

Geopolitical Risks

Global disruptions and macroeconomic uncertainties are monitored as they can affect credit demand and asset quality.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI Scale-Based Regulatory (SBR) Framework, which mandates enhanced governance, IT investments, and detailed reporting. Compliance with Section 45IC of the RBI Act requires a statutory reserve (INR 2.76 Cr transferred in FY25).

Environmental Compliance

Not disclosed in absolute INR, but the company is increasing focus on ESG and Green Finance as a strategic imperative.

Taxation Policy Impact

Effective tax expense was INR 4.37 Cr in FY25 on a Profit Before Tax of INR 18.17 Cr (approx. 24%).

⚠️ Risk Analysis

Key Uncertainties

Asset quality remains the primary uncertainty; slippages increased to INR 19.19 Cr in 1HFY26 from INR 14.16 Cr in FY25. Unseasoned portfolios in the new Fintech and unsecured MSME segments present monitorable risks.