India Shelter Q1FY27 PAT ₹143 Cr, up ~20% YoY; margins steady, AUM growth in line
PAT +19.9% YoY · revenue +19.8% · margins flat
₹432.39 Cr
+19.8% YoY
₹143.02 Cr
+19.9% YoY
33.07%
0pp YoY
₹13.15
India Shelter Finance's standalone PAT came in at ₹143.02 Cr for Q1 FY27, up 19.9% YoY from ₹119.23 Cr and up 2.1% QoQ from ₹140.06 Cr (audit committee/board approved 6-Aug-2026, limited-review opinion from S.R. Batliboi & Associates). Revenue from operations rose 19.8% YoY to ₹432.39 Cr (+5.3% QoQ), and profit growth tracked revenue growth almost one-for-one, so this is a steady, unremarkable-in-a-good-way quarter rather than a beat or a miss — there is no quarter-specific street PAT estimate on record to grade against (a web check found only a full-year FY27 consensus profit-growth estimate of ~23%, itself just above this quarter's YoY pace), so vsStreet is marked unknown rather than guessed.
Q1 FY-2027 vs prior quarters
Margins were essentially flat: the company's own disclosed Net Profit Margin was 33.07% versus 33.06% a year ago, though it eased from 33.70% in the March-2026 quarter — a modest sequential moderation rather than a trend. Finance costs rose to ₹121.12 Cr (up from ₹106.46 Cr YoY) as the balance sheet grew, while impairment/credit cost of ₹13.41 Cr for the quarter annualises to roughly 47-48 bps of the ₹11,284 Cr Gross AUM reported by management — inside the 40-50 bps credit-cost band the company guided to on the Q4 FY26 call, and asset quality actually improved sequentially (Gross NPA 1.55%, Net NPA 1.15%, Stage-3 provision coverage 25.72% as of 30-Jun-2026).
The stock went into the print at ₹734.85, down 4.9% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters.
What the summary numbers don't show
EPS (basic, not annualised) ₹13.15 vs ₹12.89 (Q4 FY26) and ₹11.05 (Q1 FY26)
No consolidated results this quarter — sole subsidiary India Shelter Capital Finance completed voluntary liquidation, proceeds distributed March 2026
Management guides for AUM growth of 25-30% over the next three years, with a long-term goal of reaching Rs. 30,000 crores AUM by 2030. This growth will be supported by the annual addition of 40-45 branches. The company expects to maintain spreads above 6% and keep credit costs within a 40-50 basis points range, balanci
— This quarter: met
On guidance, management's May-2026 call had targeted 25-30% AUM growth over three years toward a ₹30,000 Cr AUM goal by 2030, with spreads above 6%. Gross AUM grew 24% YoY to ₹11,284 Cr per the company's own press release — just shy of the low end of the guided band, so this reads as broadly on-track rather than a clean beat. During the quarter the company also allotted ₹75 Cr of NCDs (approved as a ₹100 Cr issuance on 20-Jul-2026) and continues to maintain 110% security cover on its secured listed NCDs, both routine funding-side developments consistent with the growth plan rather than signals in themselves. Management's own framing called FY27 'a steady note' and was explicit that the cheque-realisation accounting change — not demand or credit softness — is what temporarily depressed reported disbursement optics this quarter; the P&L itself shows no exceptional item and both internal arithmetic checks (total income, PBT-minus-tax) tie out exactly, supporting that read.
W1
Whether reported disbursement/AUM growth normalises back toward the guided 25-30% band next quarter once the cheque-realisation recognition-timing effect management flagged washes through
W2
Whether credit cost holds inside the guided 40-50 bps band (currently ~47-48 bps annualised) as AUM scales toward the ₹30,000 Cr FY30 target
W3
Whether NPM/OPM stabilise or continue the modest sequential moderation seen this quarter (33.07% vs 33.70% in Q4 FY26) as finance costs rise with balance-sheet growth
Standalone only — consolidated not prepared this quarter because the sole subsidiary, India Shelter Capital Finance, completed voluntary liquidation with proceeds distributed to the company on 16-Mar-2026 (Note 10). Prior-period comparison context supplied to this task was labelled consolidated, but the subsidiary was a dormant shell, so basis distortion vs this standalone print should be immaterial. Figures converted from ₹ Lakhs (PDF states 'Amount in Lakhs'). Total income and PBT-minus-tax tie out exactly to disclosed totalIncome and PAT. Management flagged a one-time shift to recognising disbursements on cheque-realisation rather than cheque-handover, which it says temporarily affected reported Q1FY27 disbursement/AUM figures — no rupee impact is quantified and no exceptional line sits in the P&L itself.
Informational and educational content only. Not investment advice.