Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 14 Oct - India Ratings affirmed SBFC-originated Prime Trust LAP Aug 22 notes at IND AA(SO)/Stable and IND BBB-(SO)/Stable.
Source: Bse
SBFC Finance Limited (SBFC)
Large CapFinancial Services stocks · Large cap · NSE
SBFC Finance is an NBFC focused on secured MSME loans (₹5-30 lakh ticket size) and loans against gold (LAG). It operates with a pan-India footprint of 251 branches across 18 states and 2 UTs, targeting underserved, underbanked informal customers with a tech-driven lending lifecycle.
Data qualityFresh enough for analysisQuote updated 21 Oct, 10:30 am ISTDetails
Quote21 Oct, 10:30 am IST
Base fundamentals14 Oct 2026 · screener
Latest result25 Jul, 09:07 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -11.1% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 47
Sector 3M: -4.8% vs Nifty 500 -5.0%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SBFCD candles · FIT view-13.4%TODAY · PROVISIONALLatest price ₹81.86 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.9%
RSI
35
MACD hist
0.11
52W pos
5%
2026-10-21O ₹83.44H ₹83.95L ₹81.58C ₹81.86Vol 3.7L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SBFCNifty Financial ServicesNifty 500
- SBFC
- -10.8%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -5.3 pp
Chart stats
19 Oct 2026- From 52W high
- -32.2%
- 52W range position
- 9%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.49x
- Avg traded value
- ₹13.1 Cr
- 20D price channel
- ₹79.8 - ₹92.6
₹123
₹79.6 - ₹123
₹2.9
Latest completed session
20-session average
31.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED19
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +26.6% · PAT +28.7% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-0.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +27% YoY · PAT +29% YoY · +8% QoQ
Filed 25 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹491 Cr | +26.6% | +8.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹130 Cr | +28.7% | +5.7% |
| PAT margin | 26.5% | +45 bps | -61 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.80
- P/B
- 3.05
- EV/EBITDA
- 895.76
- Market Cap
- 9964.00Cr
Profitability
- ROE
- 11.60%
- ROCE
- 11.60%
- ROA
- 4.01%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 0.92%
- EPS 5Y
- 74.44%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 75.00%
Balance Sheet
- Debt/Equity
- 1.65
- Interest Coverage
- —
- Altman Z
- 1.58
- Book Value
- 29.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -1415.00 Cr
- EPS TTM
- 3.18
Shareholding
- Promoter Hold
- 52.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5.0-50.0% vs prev
Net Profit
₹ CrLatest: 451+30.7% vs prev
Return on Equity
%Latest: 12.1+11.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.9% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
22
RS percentile
Stage 1 Base / Transition
1M return
-9.7%
3M return
-10.8%
6M return
-14.1%
1Y return
-27.5%
RS 1D
+2
RS 20D
-15
Sector rank
#9
Industry rank
#16
Stage evidence
- Price is 9.1% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 80.06-1.14%
RS vs Nifty 50080
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth15/25
Quality3/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
19
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
19/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 15/25 to the score.
- Quality contributes 3/20 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Fair-value margin of safety is negative at -0.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
28.8
PB
3.0
EV/EBITDA
895.8
ROE
11.6%
ROCE
11.6%
FCF Yield
—
Debt/Equity
1.6
MoS
-0.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
19
Previous: 19
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-0.9%
Previous: -2.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
20
20
20
20
19
19
19
19
19
19
19
19
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹45.86
-78.5% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹81.09
-0.9% MoS
PEG
0.39
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MASFIN
Small
MAS Financial Services Limited
NBFC / Capital Markets / Insurance
match 147
41
12.2
13.4%
+52%
WATCHLIST
UGROCAP
Small
Ugro Capital Limited
NBFC / Capital Markets / Insurance
match 145
24
7.3
6.0%
-74%
OVERVALUED
UTIAMC
Large
UTI Asset Management Company Limited
NBFC / Capital Markets / Insurance
match 130
33
21.0
10.3%
-254%
WATCHLIST
SAMMAANCAP
Large
Sammaan Capital Limited
NBFC / Capital Markets / Insurance
match 126
8
—
-3.2%
—
OVERVALUED
TFCILTD
Small
Tourism Finance Corporation of India Limited
NBFC / Capital Markets / Insurance
match 122
27
75.6
9.9%
-222%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-13T08:12:26.918Z
Management commentary snapshot
SBFC reported strong FY26 performance with AUM up 29% YoY to ₹11,270 Cr and PAT up 31% YoY to ₹451 Cr. Q4 FY26 saw AUM grow 8% QoQ, but Net NPA increased to 1.54% and PCR declined to 41.64%.
While SBFC delivered robust AUM and PAT growth for FY26, the sequential increase in Net NPA and credit costs, coupled with a declining Provision Coverage Ratio in Q4, suggests potential asset quality pressures. The strong growth in branches and tech adoption are positives, but credit underwriting effectiveness needs close monitoring.
Current business mix
AUM Mix by Product (Mar-26)
Latest issuer-disclosed distribution across 2 reported categories.
Secured MSME79.0%
LAG (Loans Against Gold)21.0%
Growth engines
Focused MSME Segment
Targeting the ₹5 lakh - ₹30 lakh MSME financing market, a large segment of ₹4 lakh crore growing at 24% CAGR.
Pan-India Footprint Expansion
Diversified pan-India network with 251 branches across 18 states & 2 UTs, adding 46 branches YoY.
Technology-Driven Lending
Engineering the lending lifecycle through paperless, multilingual, and API-led workflows, improving control and customer experience.
Co-origination Model
Co-origination disbursements of ₹122 Cr in Q4 FY26, validating profitable origination and contributing 19% to total Secured MSME loans.
Capacity and execution
Branch Network Expansion
Added 46 branches YoY and 21 branches QoQ, reaching a total of 251 branches by Q4 FY26.
Tailwinds
Growing MSME Market
The market size for ₹5 lakh - ₹30 lakh MSME financing is ₹4 lakh crore, growing at a CAGR of 24% (FY18-FY25).
High Quality Borrowers
Over 89% of AUM is from customers with CIBIL scores above 700, indicating strong credit profiles.
Risk radar
Asset Quality Deterioration
UNDER_STRESSNet NPA increased to 1.54% in Q4 FY26 from 1.48% in Q3 FY26. Credit cost also rose QoQ.
Declining Provision Coverage
UNDER_STRESSProvision Coverage Ratio (PCR) declined to 41.64% in Q4 FY26 from 46.21% in Q3 FY26.
Increasing Credit Cost
UNDER_STRESSCredit Cost / Average AUM increased to 1.38% in Q4 FY26 from 1.29% in Q3 FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth trends and overall financial health, especially for a full fiscal year report. QoQ comparison is vital for understanding recent operational momentum, asset quality shifts, and sequential efficiency improvements.
Sector KPIs management disclosed
AUM Growth
AUM grew 29% YoY to ₹11,270 crore for FY26. Q4 FY26 AUM grew 8% QoQ.
Disbursements (Secured MSME)
Secured MSME disbursement value grew 16% YoY to ₹3,107 crore for FY26. Q4 FY26 disbursement value grew 12% QoQ to ₹785 crore.
Spread
Spread for FY26 was 8.99% (+57 bps YoY). Q4 FY26 spread was 9.09% (+5 bps QoQ).
Borrowing Cost
Cost of Borrowing for FY26 was 8.85% (-48 bps YoY). Q4 FY26 borrowing cost was 8.52% (-22 bps QoQ from Q3 FY26).
Management forward view
Focus on Underserved Segment
Tailored to service underserved, underbanked informal customers, with deep understanding of customer behavior and local markets.
Robust Credit Underwriting
Tested credit underwriting and risk management framework, including evaluation of documented and non-documented income, historical asset creation, and reference checks.
Digital Transformation
Engineering the lending lifecycle through technology, with paperless, multilingual, and API-led workflows to reduce friction and improve control.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net NPA | 1.54% (Q4 FY26) | Stability or reduction in Net NPA to confirm asset quality control. |
| Provision Coverage Ratio (PCR) | 41.64% (Q4 FY26) | Improvement in PCR to strengthen buffer against potential defaults. |
| Credit Cost / Average AUM | 1.38% (Q4 FY26) | Moderation or decline in credit costs, indicating better risk management. |
| AUM Growth & Quality | +29% YoY (FY26) | Sustained AUM growth while maintaining or improving asset quality metrics. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 31st percentile within Financial Services. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
55 docs text-extracted · 24 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Financial Services: 31st pctile, median 62 · Large: 10th pctile, median 73
Evidence depth
Financial-only
55 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1415 Cr.
- ▸Altman Z is 1.58.
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.65.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching SBFC Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Oct - Intimation of allotment of equity shares pursuant to exercise of stock options granted to employees
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 5 Oct - ICRA reaffirmed SBFC’s ratings: bank facilities ₹3,000 crore, CP ₹200 crore, NCD ₹400 crore.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 30 Sep - India Ratings affirmed SBFC’s IND AA- debt ratings and revised outlook to Positive on 30 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment 18 Sep - SBFC Finance allotted 10,000 secured NCDs worth Rs 100 crore on 18 September 2026.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 8 Sep - ICRA revalidated SBFC Finance’s ₹400 crore NCD rating at ICRA AA-; Stable on 7 September 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - India Ratings affirmed Prime Trust SBL Aug 22 Series A1 securitised notes at IND AA(SO)/Stable.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CARE reaffirmed SBFC ratings: bank facilities ₹6,000 crore and NCD ₹400 crore at AA-; outlook positive.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 31 Jul
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.