HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Sundaram Finance Ltd.
NSE: SUNDARMFINFinancial ServicesCredit Services
- Last close
- ₹3,981.20
- Day change
- −₹83.40 (−2.05%)vs
- Market cap
- ₹46,676 crIndian rupees
- Research updated
- 1 report
Follow Sundaram Finance
Create an account, then follow this company for weekday briefs. You will return to Sundaram Finance after signing in.
About Sundaram Finance
Sundaram Finance Ltd. is a prominent player in the financial services sector, primarily focusing on providing a comprehensive range of financial products. Its core function revolves around offering vehicle loans, which includes financing for cars, commercial vehicles, and construction equipment. In addition, the company provides income-generating financial services like fixed deposits and savings schemes, catering to individual and corporate clients. Sundaram Finance has also expanded its footprint into insurance services, making it a well-rounded entity in the non-banking financial companies (NBFC) market. Established in 1954 and headquartered in Chennai, India, the company has built a solid reputation for reliability and customer service. Its extensive distribution network across India ensures a wide reach, enabling it to impact various sectors significantly, including automotive and infrastructure. Sundaram Finance plays a crucial role in facilitating growth and development in these sectors, supporting both consumer and commercial clients with its tailored financial solutions. The company's consistent performance reinforces its standing as a key financial market participant in India.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: SUNDARMFIN
- Employees
- 5,344
- Headquarters
- Chennai, India
- ISIN
- INE660A01013
- Website
- sundaramfinance.in
Public research · Report of
Business model & financial foundation
Sundaram Finance (NSE: SUNDARMFIN), Deposit-taking NBFC; vehicle and commercial finance: revenue of ₹9,809 crore in FY26 (+15.6% on FY25) and net profit of ₹2,059 crore.
- Revenue, FY26 (₹ crore)
- 9,809
- consolidated
- Revenue growth, FY26
- +15.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,059
- to owners
- Return on equity, FY26
- 14.7%
- on average equity
- Market capitalisation (₹ crore)
- 51,305
- at the close of 14 Oct 2026
Company profile
Sundaram Finance Limited is a deposit-taking vehicle-finance lender financing commercial vehicles, cars, construction equipment, tractors and used assets, alongside leasing, SME, supply-chain and working-capital products. Its consolidated group includes wholly-owned housing finance and fee-based asset management, plus an equity-accounted stake in the Royal Sundaram general-insurance JV. It belongs to the TSF promoter group; vehicle-finance product categories are operating KPIs, not separate statutory reporting segments.
| Item | Value |
|---|---|
| Legal name | Sundaram Finance Limited |
| Exchange and ticker | NSE: SUNDARMFIN; BSE: 590071 |
| ISIN | INE660A01013 |
| CIN | L65191TN1954PLC002429 |
| Sector | Financial Services |
| Industry | Deposit-taking NBFC; vehicle and commercial finance |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Brahmayya & Co. and R.G.N. Price & Co. (joint statutory auditors) (since 2024-08-14) |
| Market capitalisation | ₹51,305 crore (14 Oct 2026) |
| Shares outstanding | 11.02 crore shares (FY26) |
| Price | ₹4,235 (close, 14 Oct 2026) |
| 52-week range | ₹4,000 - ₹5,642 (to 14 Oct 2026) |
| Website | https://www.sundaramfinance.in/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Sundaram Home Finance Limited | 100% | Direct wholly-owned housing/non-housing lender; full consolidation. |
| Sundaram Asset Management Company Limited | 100% | Direct wholly-owned fee-based asset manager; AMC group includes Singapore and Alternate Assets; full consolidation. |
| Sundaram Asset Management Singapore Pte. Limited | n.d. | Indirect subsidiary within AMC group; international fund management. Exact holding percentage not independently retrieved. |
| Sundaram Alternate Assets Limited | n.d. | Indirect AMC-group alternate investment manager; exact holding percentage not independently retrieved. |
| Sundaram Trustee Company Limited | 100% | Direct subsidiary; mutual-fund trustee services; full consolidation. |
| Sundaram Fund Services Limited | 100% | Direct subsidiary; residual fund-services entity following fund-accounting demerger; full consolidation. |
| LGF Services Limited | 100% | Direct subsidiary; small services entity; full consolidation. |
| Sundaram Finance Employee Welfare Trust | n.d. | Consolidated employee-benefit trust; not an equity-shareholding subsidiary; treasury shares eliminated. |
| Royal Sundaram General Insurance Company Limited | 50% | Joint venture, not subsidiary; general insurance with Ageas; equity-accounted profit share, not full consolidation. |
TSF promoter-group affiliation is not a legal parent designation. JV and consolidated trust appear here because schema has one entity list; relationship is explicit in business. Capital Gate was acquired by Alternate Assets in Q3FY26 and merged effective12Apr2026 (appointed1Jan2026); not a separate current entity. SF Holdings/TSF Investments ceased subsidiary26Mar2024; retained FVOCI investment.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 37.21% | 37.21% | 37.21% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 19.13% | 18.97% | 18.58% | |
| Domestic institutions | 7.43% | 7.69% | 8.00% | |
| of which mutual funds | 4.76% | 5.14% | 5.57% | |
| Retail | 26.55% | 26.38% | 26.42% | |
| Other | 9.68% | 9.75% | 9.79% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Sundaram Finance (NSE: SUNDARMFIN) is a deposit-taking, Middle Layer NBFC. It finances commercial vehicles, cars, construction equipment and tractors, plus commercial lending. At June 2026 its standalone AUM of 62,275 crore was split MHCV 23.7%, retail CV 19.1%, cars 24.4%, CE 10.6%, tractors 6.8%, and commercial lending and others 15.4%. The consolidated group adds three businesses. Sundaram Home Finance is wholly owned, with AUM of 20,326 crore and FY26 PAT of 281.88 crore. The Sundaram Asset Management group is wholly owned, with AUM of 90,089 crore and FY26 PAT of 173.61 crore. Royal Sundaram General Insurance is a 50% JV with Ageas, equity-accounted, and contributed a 53.45 crore share in FY26. The group also holds a 19.90% FVOCI stake in TSF Investments, carried at 1,492.52 crore standalone. Earnings come from the spread on secured asset-backed loans, funded about 36% by NCDs, 27% by banks, 11% by deposits, 14% by securitisation and 13% by CP at June 2026. The group adds AMC fees and lease income. The company controls underwriting and collections. It does not control vehicle demand, rural cash flows or the rate cycle.
| Segment | pat composition, FY26 (₹ crore) | Share | pat annual report, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Sundaram Finance standalone | 1,834 | 89.1% | 1,834 | 78.1% |
| Sundaram Home Finance | 282.0 | 13.7% | 281.9 | 12.0% |
| Sundaram AMC group (consolidated) | 174.0 | 8.5% | 173.6 | 7.4% |
| Royal Sundaram attributable JV share | 54.0 | 2.6% | 53.5 | 2.3% |
| Other subsidiaries and consolidated trust | 5.00 | 0.2% | 4.65 | 0.2% |
| Reported consolidation adjustments | -290.0 | -14.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Cholamandalam Investment and Finance Company (CHOLAFIN) | Close asset-backed vehicle-finance comparator; also LAP/SME lending, so diversification differs. |
| Shriram Finance (SHRIRAMFIN) | Commercial/used-vehicle and transport-operator lending comparator; borrower and asset-age mix differ. |
| Mahindra & Mahindra Financial Services (M&MFIN) | Rural vehicle/tractor lender; useful geography, cyclicality and collection-quality comparison. |
| Bajaj Finance (BAJFINANCE) | Diversified retail NBFC scale, funding, distribution and profitability benchmark; not pure vehicle finance. |
| L&T Finance (LTF) | Diversified retail lender with rural/tractor/vehicle exposure; product mix differs materially. |
| Poonawalla Fincorp (POONAWALLA) | Retail/MSME NBFC diversification and execution comparator; less direct vehicle-finance comparability. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations, total | 2,782 | 2,953 | 7,267 | 8,486 | 9,809 |
| Other operating costs (vendor classification) * | 269.2 | 306.4 | 377.1 | 378.9 | 349.0 |
| Profit before tax, as reported (before associates/JV) | 1,417 | 1,711 | 1,961 | 2,447 | 2,681 |
| Total current and deferred tax expense | 350.0 | 429.3 | 538.7 | 634.6 | 675.2 |
| Profit for year after associates and joint venture | 1,296 | 1,510 | 1,842 | 1,879 | 2,059 |
| Diluted earnings per share (₹) | 106.5 | 120.5 | 130.3 | 170.5 | 186.8 |
| Interest income | 5,852 | 7,130 | 8,275 | ||
| Other income | 18.4 | 77.4 | 64.2 | ||
| Finance cost | 3,418 | 4,226 | 4,745 | ||
| Revenue from operations less finance cost | 3,849 | 4,260 | 5,064 | ||
| Employee benefit expenses | 832.1 | 945.7 | 1,059 | ||
| Depreciation and amortisation, reported results | 182.9 | 222.6 | 245.7 | ||
| Administrative, other, fees and commission expenses | 501.4 | 469.4 | 513.5 | ||
| Impairment/provisions on financial instruments | 298.4 | 251.9 | 553.3 | ||
| Exceptional items, gains positive and charges negative | -91.7 | 0.00 | -75.6 | ||
| Profit before tax and before share of associates/JV | 1,961 | 2,447 | 2,681 | ||
| Share of profits/(losses) of associates and joint venture | 419.9 | 66.6 | 53.5 | ||
| Profit attributable to non-controlling interests | 406.3 | 0.00 | 0.00 | ||
| Profit attributable to owners of company | 1,436 | 1,879 | 2,059 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 11,089 | 12,648 | 11,078 | 13,197 | 14,894 |
| Borrowings * | 30,207 | 35,986 | 44,460 | 52,538 | 60,918 |
| Cash, cash equivalents and other bank balances | 724.3 | 437.0 | 1,503 | 2,132 | 1,520 |
| Trade payables * | 128.7 | 125.7 | 173.3 | 222.2 | 191.5 |
| Net property, plant and equipment * | 272.1 | 400.1 | 563.2 | 696.1 | 731.5 |
| Capital work in progress * | 6.26 | 2.87 | 1.91 | 1.52 | 0.80 |
| Total assets | 64,276 | 75,337 | 85,795 | ||
| Net loans | 54,874 | 64,648 | 73,255 | ||
| Debt securities, other borrowings, deposits, subordinated debt | 52,334 | 61,084 | 69,636 | ||
| Non-controlling interests in equity | 0.00 | 0.00 | 0.00 | ||
| Investments | 5,732 | 6,481 | 9,029 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from/(used in) operating activities | 3,389 | 3,586 | -8,486 | -8,985 | -5,892 |
| Free cash flow (vendor definition) * | 1,504 | -6,530 | -8,569 | -9,043 | -5,955 |
| Dividends paid, cash outflow | -201.6 | -297.2 | -319.0 | -330.7 | -407.8 |
| Purchase of PPE including gross leased-asset purchases | -15.1 | -1.58 | n.r. | n.r. | n.r. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding net of employee trust, rounded capital basis (crore shares) | 11.02 | 11.02 | 11.02 | 11.02 | 11.02 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations, total | 2,085 | 2,190 | 2,259 | 2,349 | 2,386 | 2,514 | 2,560 | 2,644 |
| Other operating costs (vendor classification) * | 91.8 | 92.5 | 113.2 | 91.3 | 98.4 | 104.8 | 99.7 | |
| Profit before tax, as reported (before associates/JV) | 557.3 | 600.8 | 764.8 | 575.3 | 650.1 | 682.2 | 772.9 | 767.2 |
| Total current and deferred tax expense | 151.4 | 149.6 | 211.3 | 163.5 | 159.1 | 160.3 | 192.3 | 198.3 |
| Profit for period after associates and joint venture | 436.2 | 455.5 | 553.0 | 475.2 | 488.1 | 541.4 | 554.2 | 636.2 |
| Diluted EPS; quarters not annualised (₹) | 39.57 | 41.33 | 50.17 | 43.12 | 44.29 | 49.12 | 50.28 | 57.71 |
| Interest income | 1,734 | 1,854 | 1,908 | 1,981 | 2,015 | 2,122 | 2,157 | 2,210 |
| Other income | 11.1 | 17.0 | 41.2 | 4.17 | 15.0 | 16.0 | 29.0 | 9.21 |
| Finance cost | 1,050 | 1,087 | 1,104 | 1,163 | 1,176 | 1,209 | 1,197 | 1,247 |
| Revenue from operations less finance cost | 1,035 | 1,103 | 1,155 | 1,186 | 1,210 | 1,305 | 1,363 | 1,398 |
| Employee benefit expenses | 231.1 | 246.0 | 239.3 | 256.5 | 255.3 | 263.9 | 283.4 | 306.6 |
| Depreciation and amortisation, reported results | 53.1 | 57.9 | 63.3 | 55.9 | 60.0 | 62.8 | 67.0 | 59.5 |
| Administrative, other, fees and commission expenses | 114.4 | 114.1 | 134.5 | 115.7 | 132.6 | 128.4 | 136.8 | 133.7 |
| Impairment/provisions on financial instruments | 90.0 | 101.4 | -5.50 | 186.6 | 126.7 | 116.3 | 123.7 | 139.8 |
| Exceptional items, gains positive and charges negative | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -66.8 | -8.77 | 0.00 |
| Profit before tax and before share of associates/JV | 557.3 | 600.8 | 764.8 | 575.3 | 650.1 | 682.2 | 772.9 | 767.2 |
| Share of profits/(losses) of associates and joint venture | 30.2 | 4.29 | -0.55 | 63.4 | -2.95 | 19.4 | -26.4 | 67.3 |
| Profit attributable to owners of company | 436.2 | 455.5 | 553.0 | 475.2 | 488.1 | 541.4 | 554.2 | 636.2 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | 9.9% | 6.1% | 146.1% | 16.8% | 15.6% |
| Net margin | 19.8% | 22.1% | 21.0% | ||
| Return on equity | 12.1% | 15.5% | 14.7% | ||
| Return on assets | 2.2% | 2.7% | 2.6% | ||
| Dividend payout | 22.2% | 17.6% | 19.8% | ||
| EPS, diluted (₹) | 106.5 | 120.5 | 130.3 | 170.5 | 186.8 |
| Book value per share (₹) | 10,06,34,44,959 | 11,47,80,07,568 | 10,05,28,31,216 | 11,97,42,58,234 | 13,51,38,82,588 |
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 earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 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.
With Individual or above
What the full research on Sundaram 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.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Sundaram Finance
- Research reportLatest
Same sector
More research in Financial Services
ICICI Bank Limited
NSE: ICICIBANK
Financial Services · Banks - Regional
₹1,394.20 last close on 23 Oct 2026 −0.31%Research updated
State Bank of India
NSE: SBIN
Financial Services · Banks - Regional
₹958.60 last close on 23 Oct 2026 −1.18%Research updated
Bajaj Finance Ltd.
NSE: BAJFINANCE
Financial Services · Credit Services
₹928.95 last close on 23 Oct 2026 −1.40%Research updated
Life Insurance Corporation of India
NSE: LICI
Financial Services · Insurance - Life
₹381.50 last close on 23 Oct 2026 −1.55%Research updated
Kotak Mahindra Bank Ltd.
NSE: KOTAKBANK
Financial Services · Banks - Regional
₹430.50 last close on 23 Oct 2026 −1.49%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.