India Shelter Finance Corporation, incorporated in 1998, is a Small Cap company with a market cap of Rs 7868.52 crore, operating in the NBFC sector.
India Shelter Finance’s key products/revenue segments include Interest, Income From Financial Services, Fees & Commission Income and Income From Sale Of Share & Securities for the year ending 31-Mar-2024. Financials
For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 304.39 crore, up 7.41% from last quarter Total Income of Rs 283.40 crore and up 39.39% from last year same quarter Total Income of Rs 218.38 crore. The company has reported net profit after tax of Rs 96.14 crore in the latest quarter.
The company’s top management includes Mr.Sudhin Bhagwandas Choksey, Mr.Rupinder Singh, Mr.Sumir Chadha, Mr.Shailesh J Mehta, Ms.Savita Mahajan, Ms.Rachna Dikshit, Mr.Thomson Kadantot Thomas, Mr.Parveen Kumar Gupta. Company has T R Chadha & Co. LLP as its auditors. As on 31-12-2024, the company has a total of 11 Crore shares outstanding.
Investment Rationale
India Shelter, during its maiden Analyst Day, shared Vision 2030 AUM of Rs 300 billion by FY30, implying a >25% CAGR with RoE of >17%. Superior execution of business strategies (~40% AUM CAGR and >50% PAT CAGR between FY20-24) since IPO, management has been able to deliver as per guidance despite a challenging operating environment in terms of MFI stress, tight liquidity etc. is poised to continue going ahead. End-to-end digital processes (lower TAT, better customer service), 40-45 branch additions each year, ticket size growing 7-8% and penetration in existing geographies (already present in 15 states, accounting for >90% of India’s mortgage market) shall driver AUM growth in coming years. ICICI Securities retains BUY and keeps the target price of Rs 850 unchanged, valuing the company at 3.2x on Sep-25E BVPS.
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