HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
SBFC Finance Ltd.
NSE: SBFCFinancial ServicesCredit Services
- Last close
- ₹79.82
- Day change
- −₹0.40 (−0.50%)vs
- Market cap
- ₹8,870 crIndian rupees
- Research updated
- 3 reports
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About SBFC Finance
SBFC Finance Ltd. is a prominent non-banking financial company (NBFC) in India, focused on delivering credit solutions. Its primary function is to provide loans and financial assistance catering to small and medium-sized enterprises (SMEs) and individual borrowers. The company offers a wide array of financial products, including secured and unsecured business loans, loans against property, and personal loans, making it a pivotal player in the SME financing sector. Operating in the diverse Indian market, SBFC Finance Ltd. leverages its extensive network to address the financing needs across urban and semi-urban areas, supporting economic growth and entrepreneurial ventures. Notable for its customer-centric approach, the company utilizes technology-driven platforms to enhance the loan application process, ensuring efficient and timely delivery of financial services. This technological integration aids in risk management and in tailoring solutions to meet individual client needs. With a commitment to fostering financial inclusion, SBFC Finance Ltd. plays a significant role in the lending ecosystem, helping bridge the credit gap for underserved markets and contributing to the overall development of the Indian economy.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: SBFC
- Chief executive
- Mr. Mahesh Kanyalal Dayani
- Employees
- 5,055
- Headquarters
- Mumbai, India
- ISIN
- INE423Y01016
- Website
- sbfc.com
Public research · Report of
Business model & financial foundation
SBFC Finance (NSE: SBFC), NBFC - secured MSME loans (loan against property) and gold loans: revenue of ₹1,679 crore in FY26 (+28.6% on FY25) and net profit of ₹451.0 crore.
- Revenue, FY26 (₹ crore)
- 1,679
- consolidated
- Revenue growth, FY26
- +28.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 451.0
- to owners
- Return on equity, FY26
- 13.0%
- on average equity
- Market capitalisation (₹ crore)
- 8,870
- at the close of 24 Oct 2026
Company profile
SBFC Finance is an RBI-registered middle-layer, non-deposit-taking NBFC lending secured MSME loans (Rs 5-30 lakh tickets, average about Rs 10 lakh, LTV about 43%, mostly against self-occupied residential property) and loans against gold to small businesses and self-employed customers in tier-2/3 towns. AUM was Rs 11,922 crore at 30 Jun 2026 across 256 branches in 18 states and 2 UTs; secured MSME is about 78% of AUM and gold about 22%. It is promoted by the Clermont Group and listed on NSE and BSE in August 2023.
| Item | Value |
|---|---|
| Legal name | SBFC Finance Limited |
| Exchange and ticker | NSE: SBFC; BSE: 543959 |
| ISIN | INE423Y01016 |
| CIN | L67190MH2008PLC178270 |
| Sector | Financial Services |
| Industry | NBFC - secured MSME loans (loan against property) and gold loans |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | M M Nissim & Co LLP (since FY25) |
| Market capitalisation | ₹8,870 crore (24 Oct 2026) |
| Shares outstanding | 109.28 crore shares (FY26) |
| Price | ₹79.82 (close, 24 Oct 2026) |
| 52-week range | ₹78.34 - ₹123.0 (to 24 Oct 2026) |
| Website | https://www.sbfc.com |
Corporate structure and shareholding
Parent: SBFC Holdings Pte Ltd (Clermont Group), 52.31% at 30 Jun 2026.
No subsidiary is recorded.
Former subsidiary SBFC Home Finance Pvt Ltd liquidated (proceeds 27 Mar 2025; tribunal closure pending).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 52.82% | 52.35% | 52.31% | 52.23% |
| Promoter holding pledged | 0.00% | |||
| Foreign institutions | 6.88% | 6.22% | 7.22% | 7.66% |
| Domestic institutions | 19.53% | 21.97% | 20.71% | 22.24% |
| of which mutual funds | 16.78% | |||
| Retail | 4.33% | |||
| Other | 13.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
SBFC is a secured lender to MSMEs, supplemented by loans against gold (LAG). It earns net interest income on a granular secured book; credit cost, funding cost, yield, operating leverage and branch productivity determine returns. The Q2 FY27 statutory statement is standalone; the results filing says SBFC has one financing segment and one domestic geography.
| Peer | Why the dossier compares them |
|---|---|
| Five Star Business Finance (FIVESTAR) | Closest model: small-ticket secured MSME LAP to self-employed borrowers, branch-led, south-focused. |
| Aptus Value Housing Finance (APTUS) | Affordable housing plus small-business LAP to informal borrowers; similar ticket size and ROA profile. |
| Aavas Financiers (AAVAS) | Affordable housing and MSME LAP to self-employed borrowers in tier-2/3 towns. |
| Home First Finance (HOMEFIRST) | |
| Shriram Finance (SHRIRAMFIN) | Large diversified retail NBFC with MSME and gold lending; benchmark for scale and funding. |
| Cholamandalam Investment and Finance (CHOLAFIN) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income | 1,020 | 1,306 | 1,679 | ||
| Cost of revenue (vendor classification) * | 303.7 | 412.5 | 524.3 | 562.2 | 693.9 |
| Other operating costs (vendor classification) * | 49.0 | 51.8 | 67.7 | 75.9 | 97.0 |
| EBITDA (vendor classification) * | 151.0 | 239.4 | 367.0 | 601.6 | 831.3 |
| EBIT * | 103.2 | 206.3 | 323.5 | 528.4 | 698.4 |
| Finance cost | 351.0 | 419.0 | 537.0 | ||
| Profit before tax | 86.7 | 201.4 | 316.0 | 458.0 | 604.0 |
| Tax expense | 22.2 | 51.6 | 79.0 | 113.0 | 153.0 |
| Profit after tax | 64.5 | 149.7 | 237.0 | 345.0 | 451.0 |
| Diluted EPS (INR) | 0.61 | 1.41 | 2.29 | 3.15 | 4.10 |
| Interest income on loans | 866.0 | 1,167 | 1,532 | ||
| Interest income other than on loans | 52.0 | 29.0 | 22.0 | ||
| Fee and other income | 102.0 | 110.0 | 125.0 | ||
| Operating expenses | 306.0 | 355.0 | 413.0 | ||
| Pre-provisioning operating profit | 363.0 | 532.0 | 729.0 | ||
| Credit cost (impairment on financial instruments) | 47.0 | 74.0 | 125.0 | ||
| Net interest income | 567.0 | 777.0 | 1,017 | ||
| PAT to owners | 237.0 | 345.0 | 451.0 | ||
| Interest income | 1,197 | ||||
| Fee and other income (total income less interest income) | 109.4 | ||||
| Employee benefit expense | 253.2 | ||||
| Depreciation and amortisation | 16.8 | ||||
| Impairment on financial instruments | 73.7 | ||||
| Basic EPS (₹) | 3.21 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 1,287 | 1,727 | 2,778 | 3,190 | 3,725 |
| Borrowings (debt securities, other borrowings, subordinated) | 2,940 | 3,739 | 3,996 | 5,264 | 7,162 |
| Cash and cash equivalents | 151.5 | 183.8 | 225.2 | 265.4 | 481.0 |
| Trade receivables * | 8.27 | 8.54 | 3.87 | 5.04 | 0.37 |
| Trade payables * | 8.07 | 9.23 | 11.3 | 9.46 | 11.4 |
| Property, plant and equipment | 43.7 | ||||
| Capital work in progress * | 0.37 | 0.13 | 0.52 | 0.60 | |
| Total assets | 4,515 | 5,746 | 7,063 | 8,596 | 11,085 |
| Loans (net of impairment allowance) | 7,504 | ||||
| Deposits | 0.00 | ||||
| Investments | 326.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -1,415 | ||||
| Free cash flow (vendor definition) * | -831.4 | -1,253 | -1,167 | -1,427 | -1,907 |
| Capital expenditure (an outflow is negative) | -11.7 | ||||
| Dividends paid (an outflow is negative) | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 106.42 | 106.42 | 101.07 | 108.52 | 109.28 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 333.0 | 361.0 | 389.0 | 411.0 | 426.0 | 454.0 | 491.2 | 546.4 |
| Cost of revenue (vendor classification) * | 170.4 | 186.3 | 195.4 | 203.7 | 223.6 | 241.4 | ||
| Other operating costs (vendor classification) * | 21.6 | 23.7 | 27.6 | 26.6 | 24.3 | 29.6 | ||
| EBITDA (vendor classification) * | 153.7 | 157.3 | 175.6 | 230.3 | 238.5 | 257.4 | ||
| EBIT * | 133.2 | 139.0 | 153.1 | 191.5 | 198.7 | 213.3 | ||
| Profit before tax | 118.0 | 126.0 | 136.0 | 146.0 | 158.0 | 164.0 | 174.0 | 185.8 |
| Tax expense | 30.0 | 32.0 | 35.0 | 37.0 | 40.0 | 41.0 | 44.0 | 46.9 |
| Profit after tax | 88.0 | 94.0 | 101.0 | 109.0 | 118.0 | 123.0 | 130.0 | 138.9 |
| Diluted EPS (INR, not annualised) | 0.80 | 0.86 | 0.91 | 0.99 | 1.06 | 1.11 | 1.17 | 1.25 |
| Interest income on loans | 301.0 | 322.0 | 350.0 | 375.0 | 393.0 | 414.0 | 454.0 | 513.0 |
| Interest income other than on loans | 6.00 | 7.00 | 5.00 | 4.00 | 4.00 | 9.00 | 6.00 | |
| Fee income | 26.0 | 32.0 | 34.0 | 32.0 | 29.0 | 30.0 | 31.6 | 33.4 |
| Finance cost | 106.0 | 118.0 | 125.0 | 129.0 | 136.0 | 147.0 | 153.0 | 196.0 |
| Operating expenses | 90.0 | 96.0 | 103.0 | 105.0 | 99.0 | 106.0 | 123.0 | 123.5 |
| Pre-provision operating profit | 137.0 | 147.0 | 161.0 | 177.0 | 191.0 | 200.0 | 215.8 | 227.2 |
| Credit cost | 19.0 | 21.0 | 25.0 | 31.0 | 33.0 | 36.0 | 42.0 | 41.0 |
| Net interest income | 201.0 | 211.0 | 230.0 | 250.0 | 261.0 | 276.0 | 307.0 | |
| PAT to owners | 88.0 | 94.0 | 101.0 | 109.0 | 118.0 | 123.0 | 130.0 | 138.9 |
| Interest income | 329.5 | |||||||
| Fee and other income (total income less interest income) | 31.4 | |||||||
| Employee benefit expense | 68.3 | 86.8 | ||||||
| Depreciation and amortisation | 4.56 | 4.57 | 5.13 | |||||
| Impairment on financial instruments | 20.9 | 41.4 | ||||||
| Basic EPS (₹) | 0.87 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.0% | 28.6% | |||
| Net margin | 23.2% | 26.4% | 26.9% | ||
| Return on equity | 10.5% | 11.6% | 13.0% | ||
| Return on assets | 3.7% | 4.4% | 4.6% | ||
| Dividend payout | 0.0% | ||||
| EPS, diluted (₹) | 0.61 | 1.41 | 2.29 | 3.15 | 4.10 |
| Book value per share (₹) | 12.09 | 16.23 | 27.49 | 29.40 | 34.09 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on SBFC Finance includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on SBFC Finance
- Research reportLatest
- Research report
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 25 Oct 2026.
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