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India Shelter Finance Gets 'IND AA-/Stable' Rating for Rs 20,000 Million Bank Facilities
India Ratings and Research (Ind-Ra) has affirmed and assigned credit ratings for India Shelter Finance Corporation's bank loan facilities. The agency affirmed the 'IND AA-/Stable' rating for existing facilities worth Rs 10,000 million. Additionally, a new rating of 'IND AA-/Stable' was assigned to an additional Rs 10,000 million in bank loan facilities. This brings the total rated bank facilities in this announcement to Rs 20,000 million, reflecting a strong and stable credit profile for the NBFC.
Key Highlights
Ind-Ra assigned a new 'IND AA-/Stable' rating for bank loan facilities worth Rs 10,000 million.
Ind-Ra affirmed the 'IND AA-/Stable' rating for existing bank loan facilities of Rs 10,000 million.
Total bank loan facilities covered in this rating action aggregate to Rs 20,000 million.
The 'Stable' outlook indicates the rating agency's confidence in the company's consistent financial health.
💼 Action for Investors
The affirmation of a high credit rating is a positive signal regarding the company's solvency and ability to access capital at competitive rates. Investors should monitor if this leads to a reduction in the company's overall cost of funds in upcoming quarterly results.
India Shelter Finance Receives Credit Rating Upgrades for Multiple PTC Series
ICRA Limited has upgraded and re-affirmed credit ratings for Pass Through Certificates (PTCs) issued under two of India Shelter Finance's mortgage loan securitization transactions. Notable upgrades include Series A1 of GHAR 09 2022 moving to [ICRA]AA+(SO) and Series A2 of both RAFAEL and GHAR transactions moving to [ICRA]AA-(SO). The Series A1 of RAFAEL 08 2021 maintained its highest rating of [ICRA]AAA(SO). These upgrades indicate improved credit enhancement levels and stable performance of the underlying mortgage pools.
Key Highlights
Series A1- GHAR 09 2022 upgraded to [ICRA]AA+(SO) from [ICRA]AA(SO) on a current amount of Rs 36.65 crore
Series A2- RAFAEL 08 2021 upgraded to [ICRA]AA-(SO) from [ICRA]A+(SO)
Series A2- GHAR 09 2022 upgraded to [ICRA]AA-(SO) from [ICRA]A+(SO)
Series A1- RAFAEL 08 2021 re-affirmed at the highest [ICRA]AAA(SO) rating on Rs 8.26 crore
Upgrades reflect the robust performance of underlying mortgage loan securitization transactions
💼 Action for Investors
Investors should take confidence from these upgrades as they reflect strong asset quality and effective risk management in the company's securitized loan portfolios. This reinforces the company's ability to manage credit risk and potentially lower its future cost of borrowing.
India Shelter Q3FY26: PAT Grows 33% YoY to ₹128 Cr; AUM Crosses ₹10,000 Cr Milestone
India Shelter Finance reported a robust 31% YoY growth in Assets Under Management (AUM), reaching ₹10,365 crores in Q3FY26. Profit After Tax (PAT) increased by 33% YoY to ₹128 crores, driven by stable yields of 14.9% and a 50 bps reduction in the cost of funds. While Gross Stage-3 assets rose to 1.5% due to strategic legal enforcement (SARFAESI), management expects this to normalize to 1.2%-1.3% by Q4. The company maintains a strong Return on Equity (ROE) of 17.1% and continues its expansion with 35 new branches opened year-to-date.
Key Highlights
Gross Managed Assets grew 31% YoY to ₹10,365 crores, crossing the ₹10,000 crore mark.
Profit After Tax (PAT) rose 33% YoY to ₹128 crores with a healthy Return on Assets (ROA) of 5.8%.
Average cost of funds declined by 50 bps YoY to 8.3%, maintaining lending spreads above 6%.
Gross Stage-3 assets stood at 1.5%, with credit costs for the nine-month period at 0.5%.
Digital sourcing now contributes 4-5% of total disbursements, with a target to reach 10%.
💼 Action for Investors
Investors should focus on the management's ability to bring Gross Stage-3 assets back down to the 1.2-1.3% range in Q4 as guided. The company's strong profitability metrics and declining cost of funds make it a compelling growth story in the affordable housing finance space.
India Shelter Q3 PAT Jumps 29% YoY to ₹124 Cr; Board Approves ₹1,000 Cr NCD Fundraise
India Shelter Finance reported a strong performance for Q3 FY26, with net profit rising 29% YoY to ₹123.9 crore. Total revenue from operations grew 28% YoY to ₹389.5 crore, driven by robust interest income and assignment gains. The company's asset quality remains stable with a Gross NPA of 1.54% and a healthy Liquidity Coverage Ratio of 133.08%. Furthermore, the board has approved a significant capital raise of up to ₹1,000 crore through NCDs to fuel future lending growth.
Key Highlights
Net Profit for Q3 FY26 increased by 29.2% YoY to ₹123.94 crore compared to ₹95.93 crore in Q3 FY25.
Total Revenue from operations rose 28% YoY to ₹389.50 crore, supported by a 29% growth in interest income.
Board approved a fresh fundraise of up to ₹1,000 crore through the issuance of Non-Convertible Debentures (NCDs).
Asset quality remains stable with Gross NPA at 1.54% and Net NPA at 1.16% as of December 31, 2025.
9-month FY26 PAT stands at ₹365 crore, representing a 35.6% increase over the same period last year.
💼 Action for Investors
The company continues to demonstrate strong growth and stable asset quality in the affordable housing segment. Investors should maintain a positive outlook as the ₹1,000 crore fundraise provides significant headroom for AUM expansion.
India Shelter Q3FY26: GMA Crosses ₹10,000 Cr Mark; PAT Grows 33% YoY to ₹128 Cr
India Shelter Finance reported a strong Q3FY26 with Gross Managed Assets (GMA) growing 31% YoY to ₹10,365 Cr. Adjusted Profit After Tax (PAT) rose 33% YoY to ₹128 Cr, driven by a 50bps YoY reduction in the cost of funds to 8.3%. While Gross Stage 3 assets saw a slight uptick to 1.5% from 1.2% YoY, the company maintained healthy return ratios with an adjusted RoA of 5.8% and RoE of 17.1%. The company continues its strategic expansion, reaching 301 branches across 15 states with a focus on the self-employed segment.
Key Highlights
Gross Managed Assets (GMA) grew 31% YoY to ₹10,365 Cr with Q3 disbursements at ₹977 Cr.
Adjusted PAT increased 33% YoY to ₹128 Cr; annualized RoA and RoE stood at 5.8% and 17.1% respectively.
Spreads expanded to 6.6% as Cost of Funds improved by 50bps YoY to 8.3%.
Asset quality showed Gross Stage 3 at 1.5% and Net Stage 3 at 1.2%, with 30+ DPD at 5.0%.
Network expanded to 301 branches; 76% of the portfolio consists of self-employed borrowers with an average ticket size of ₹10 Lakhs.
💼 Action for Investors
Investors should view the strong AUM growth and expanding spreads as positive indicators of market leadership in affordable housing. While asset quality requires monitoring due to the slight rise in GNPA, the high return ratios and robust liquidity buffer of ₹1,818 Cr support a positive long-term outlook.
India Shelter Q3FY26 PAT Rises 33% YoY to Rs 128 Cr; Assets Cross Rs 10,000 Cr Mark
India Shelter Finance reported a strong Q3FY26 with Gross Managed Assets (GMA) growing 31% YoY to reach Rs 10,365 crore. Adjusted Profit After Tax (PAT) increased by 33% YoY to Rs 128 crore, supported by a 20bps improvement in spreads to 6.6%. While profitability metrics like RoE (17.1%) and RoA (5.8%) showed improvement, asset quality witnessed a slight deterioration with Gross Stage 3 assets rising to 1.5% from 1.2% in the previous quarter. The company continues its expansion strategy, reaching 301 branches across 15 states.
Key Highlights
Gross Managed Assets grew 31% YoY to Rs 10,365 crore, crossing the 10k mark
Adjusted PAT increased 33% YoY to Rs 128 crore with a healthy RoE of 17.1%
Spreads improved by 20bps QoQ to 6.6%, driven by a 20bps reduction in cost of funds to 8.3%
Gross Stage 3 assets increased to 1.5% compared to 1.2% in Q2FY26 and Q3FY25
Branch network expanded to 301 locations with 35 new branches added in 9MFY26
💼 Action for Investors
Investors should focus on the robust AUM growth and improving margins, which indicate strong operational efficiency. However, the slight uptick in Gross Stage 3 assets to 1.5% warrants monitoring in subsequent quarters to ensure credit quality remains under control.
India Shelter Q3 PAT Jumps 29% to ₹124 Cr; Board Approves ₹1,000 Cr NCD Fundraise
India Shelter Finance reported a strong performance for Q3 FY26, with Net Profit increasing 29% YoY to ₹123.9 crore. Total revenue from operations grew by 28% YoY to ₹389.5 crore, supported by robust interest income and fee collections. The company maintains healthy asset quality with a Gross NPA of 1.54% and a Net NPA of 1.16%. Furthermore, the board has approved a significant fundraise of up to ₹1,000 crore through Non-Convertible Debentures (NCDs) to fuel future growth.
Key Highlights
Net Profit for Q3 FY26 rose 29% YoY to ₹123.9 crore, while 9M FY26 PAT grew 35.6% to ₹365 crore.
Total Revenue from operations increased 28% YoY to ₹389.5 crore for the quarter ended December 2025.
Asset quality remains stable with Gross NPA at 1.54% and Net NPA at 1.16% as of December 31, 2025.
Board approved raising up to ₹1,000 crore via NCDs through private placement or public issuance in one or more tranches.
Net Profit Margin stood at a healthy 32.60% with a Liquidity Coverage Ratio of 133.08%.
💼 Action for Investors
Investors should view the strong earnings growth and stable asset quality as positive indicators of the company's execution in the affordable housing segment. Monitor the deployment of the newly approved ₹1,000 crore capital for its impact on AUM growth and leverage ratios.
India Shelter Q3 PAT Jumps 29% YoY to ₹124 Cr; Board Approves ₹1,000 Cr NCD Fundraise
India Shelter Finance reported a strong performance for Q3 FY26, with Profit After Tax (PAT) growing 29% YoY to ₹123.9 crore. Total revenue from operations increased by 28% YoY to ₹389.5 crore, supported by healthy interest income and fee growth. Asset quality remains stable with a Gross NPA of 1.54% and a Net NPA of 1.16%. The board has also approved a significant fundraise of up to ₹1,000 crore via Non-Convertible Debentures to fuel future expansion.
Key Highlights
Net Profit for Q3 FY26 rose 29.2% YoY to ₹123.94 crore from ₹95.93 crore in the same quarter last year.
Total Revenue from operations grew 28.1% YoY to ₹389.50 crore, driven by a 28.9% increase in interest income.
Asset quality remains healthy with Gross NPA at 1.54% and Net NPA at 1.16% as of December 31, 2025.
Board approved raising up to ₹1,000 crore through the issuance of Non-Convertible Debentures (NCDs).
Nine-month (9M FY26) PAT reached ₹365 crore, representing a 35.6% growth over the corresponding period in FY25.
💼 Action for Investors
The company's consistent profit growth and stable asset quality metrics make it a strong performer in the affordable housing finance space. Investors should monitor the utilization of the newly approved ₹1,000 crore fundraise for its impact on AUM growth.