Shalibhadra Finance Limited · BSE:SAHLIBHFI
Shalibhadra Finance — Q3 FY26 Earnings Presentation
31 slides from Shalibhadra Finance's earnings presentation, Feb 26, 2026
Slide 1: BSE cover letter for investor presentation
CIN: L65923MH1992PLC064886 Corporate Office: 3, Kamat Industrial Estate, 396, Veer Savarkar Marg, Opp. Siddhi Vinayak Temple, Prabhadevi, Mumbai – 400 025 Phone: 022-2432 2993 / 022-2432 2994 022-2422 4575 / 022-2432 3005 E-mail: [email protected] Date: 26th February 2026 To, The Manager B
Slide 2: Investor Presentation Q3 FY26
Investor Presentation SHALIBHADRA FINANCE LIMITED Financing the Wheels of Rural Aspiration Q3 FY26
Slide 3: About Us
About Us A Trusted, High-Growth NBFC With a Strong Rural Lending Model Shalibhadra Finance Limited (SFL) is a RBI-registered NBFC specializing small-ticket vehicle financing products with high yields across rural, semi-urban, and under-banked markets. With a strong branch network and decades of on-
Slide 4: Quarterly Highlights - Q3FY26
Quarterly Highlights - Q3FY26 ₹11.02 Crores ₹5.03 Crores ₹212.49 Crores reflecting consistent +12.89% YoY +6.79% YoY portfolio strength Total Income Profit After Tax Asset Under Management ₹9.54 Crores 79.00% highlighting a fortified +31.4% YoY capital position Net Interest Capital Income Adequacy R
Slide 5: Shalibhadra: At Glance
Shalibhadra: At Glance Scaling Responsibly With Strong Returns and Healthy Metrics Scale Of Operation Liability Profile Asset Quality Profitablity ₹212.49 Cr 15+ 3.01% / 1.13% 17.9% AUM Lender Relationships GNPA/NNPA NIMs ₹105.81 Cr ₹55.27Cr ₹167.87 Cr 1.23% Disbursement Borrowings Net Worth Non int
Slide 6: Management Commentary
Management Commentary Q3FY26 marks a significant milestone for us as we crossed the ₹200 Crore AUM threshold, closing the quarter at ₹212.49 Crores. This achievement reflects the strength of our expanding distribution network, disciplined underwriting framework, and sustained demand across our core
Slide 7: Growing Scale with Smart Diversification
Growing Scale with Smart Diversification Steadily expanding our AUM while strengthening the mix across segments Asset Under Management AUM Mix ( in ₹ Crores) ( in ₹ Crores) 37.1% growth New 2W 59.08 212.5 191 Used 2W 180 183 2.05 155 Used 4W 0.86 0.53 Personal Loan Used 3W 149.97 Dec-24 Mar-25 Jun-2
Slide 8: Net Interest Income and Operating Expense
Net Interest Income and Operating Expense Driving Consistent Growth with Strengthening Operating Efficiency ( In Crores) Net Interest Income Opex to Average AUM Ratio 9.54 8.43 8.42 8.33 7.26 1.91% 1.71% 1.56% 1.41% 1.28% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Cost To
Slide 9: Asset Quality Trends
Asset Quality Trends Asset performance remains healthy, with NNPAs well under control ➤ GNPA stood at 3.01% in Q3FY26, marginally lower than 3.07% in Q2FY26, though higher compared to 2.86% in FY24, indicating a stable asset quality trend with controlled slippages. ➤ NNPA increased to 1.13% in Q3FY2
Slide 10: Diversified Product Offerings
Diversified Product Offerings Simple, Speedy, Small Ticket Asset Financing Products with High Yields New Two-Wheeler Used Two-Wheeler Used Three-Wheeler Used Four-Wheeler Personal Property Loans Loans Loans Loans Loans Loans Empowering Making used two- Flexible financing for Affordable loans for Tar
Slide 11: Our Pan-India Distribution Network
Our Pan-India Distribution Network Presence That Grows With Every Year Rajasthan Dungarpur 4 58 40+ 190 107,875+ Madhya Pradesh States Branches Districts Employees Customers Barharpur Dewas Harda Number of Branches Khandva Khargune Ratlam 100 Ujjain Sanawad Narmadapuram 75 Maharashtra Ahmednagar Ali
Slide 12: The Shalibhadra Engine
The Shalibhadra Engine Strengths that consistently set us apart in rural and semi-urban lending Ultra-Strong Capital Adequacy Flexible Repayment Options with 100% A strong CAR positions us as “ready for Cashless Disbursements Loyalty Enriched 1000Cr AUM growth without equity dilution” A testament to
Slide 13: Customer Base & Disciplined Onboarding
Customer Base & Disciplined Onboarding Serving the right income segment through a disciplined application flow. 1 Focused Customer Segment SFL operates its own branches for direct service within a 70 km radius and works with 500+ dealer partners in remote Served by Banks/ High areas. Local teams wit
Slide 14: Credit Assessment Framework
Credit Assessment Framework Focused assessment ensuring quality sourcing and prudent lending Portfolio is sourced largely through sub-dealers operating in deep- rural pockets, not from high-competition city centres. Sub-dealers have direct visibility on borrowers’ behaviour, reputation 01 and financ
Slide 15: Collections Efficiency Ahead of Industry Curve
Collections Efficiency Ahead of Industry Curve Robust recovery architecture driving lower delinquencies and faster resolution cycles Industry Practice Shalibhadra Practice Reliance on ECS/NACH with high bank Direct EMI deposits into district banks; EMI Collection charges and elevated cheque-bounce l
Slide 16: Strong Ecosystem of Preferred Brands & Lending Partners
Strong Ecosystem of Preferred Brands & Lending Partners Driving customer value through preferred OEMs and a diversified, high-quality lender base Customer Demand Anchored in Category-Leading Vehicle Brands 2 Wheelers 3 Wheelers 4 Wheelers Backed by Leading Banks & NBFCs Ensuring Reliable Capital Flo
Slide 17: Customer-Centric Growth Model
Customer-Centric Growth Model Built for Bharat: A Model Designed Around the Rural Customer Flexible Customer Repayment Last Mile Accessibility in Framework Extreme Rural Areas 01 Tailored EMI schedules based on Strategic focus on reaching the remotest customer income stability and lifestyle corners
Slide 18: Tech-Led Operating Engine
Tech-Led Operating Engine Fully in-house tech enabling sharper monitoring and execution Implementing LOS & LMS Digital Onboarding API Integrations Collections Introduction of LMS and LOS Streamlined end-to-end digital Integrating multiple APIs such as Partnering with several payment marks a signific
Slide 19: Risk Framework & Mitigation Playbook
Risk Framework & Mitigation Playbook Structured controls to safeguard asset quality and growth Mitigation Tatics Diversified funding sources from various Banks and NBFCs. Optimal Liquidity Risk combination of CC limits & Term loans. gement Arc na hit a ec M Evolved a strategic fund mix to reduce dep
Slide 20: Way Forward: 2027 Vision
Way Forward: 2027 Vision Building Scale, Strength and Strategic Depth Geographic Expansion Optimizing Cost of Borrowings 300 Cr. Investing in Technology & Increasing the share of borrowings from nationalized banks to AUM Underwriting Intelligence structurally bring down the blended cost of funds. En
Slide 21: Financial Performance on an Upward Trajectory
Financial Performance on an Upward Trajectory Steady growth across NII, profitability and earnings momentum Net Interest Income (NII) Pre-Provision Operating Profit (PPOP) (in Crs) (in Crs) 29.3 23.2 25.8 18.9 20.2 14.0 15.2 10.1 9.54 7.26 6.5 5.56 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 FY22 FY23 FY24 FY
Slide 22: Healthy Margins
Healthy Margins Balanced yield strategy with disciplined cost of funds management Yield on Advances (%) Cost of Funds (%) 13.13% 10.56% 24.2% 21.6% 12.8% 22.4% 22.0% 20.8% 11.6% 19.6% 11.5% 11.1% FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 Spread (%) NIM (%) 12.7% 19.7% 18.9%
Slide 23: Robust Performance on Operational Front
Robust Performance on Operational Front Capital headroom and diversified liabilities powering growth Networth Borrowings (in Crs) (in Crs) 167.87 154.3 153.4 56.7 57.9 55.27 55.1 37.5 96.8 32.08 78.2 57.6 FY22 FY23 FY24 FY25 9MFY25 9MFY26 FY22 FY23 FY24 FY25 9MFY25 9MFY26 Disbursements (in Crs) 107.
Slide 24: Comfortable Liquidity and ALM Statement
Comfortable Liquidity and ALM Statement Liquidity Statement as on 31st December, 2025 Cumulative Outflows (₹ Cr) 223.45 227.33 Cumulative Inflows (₹ Cr) 202.93 109.58 63.57 59.45 53.59 53.59 45.21 29.25 24.67 10.09 2.69 19.22 4.94 11.47 0-1m 1-2m 2-3m 3-6m 6m-1y 1-3y 3-5y >5y Cumulative Positive Gap
Slide 25: Our Journey
Our Journey Shaping our trajectory with focused expansion and resilience Incorporated the Launched New 2 Customer base crossed Crossed 1,00,000 Branch network Company Wheelers Loan 50,000; Entered Madhya customers expanded beyond Pradesh 50 locations; Launched LAP 1995 2016 2019 2024 2002 2017 2022
Slide 26: Future Driving Forces
Future Driving Forces Growing 2-Wheelers Loan Market in India Value of Two-Wheeler Loan Market in India ( $ Bn) 6.4% CAGR Large Millennial and GenZ Base 14.6 3.5% CAGR 8.3 Increased Ownership of 2W Vehicles 7.2 Significant Shift in Borrowing Trends 2020 2024 2033E Rising Disposable Income In the Ind
Slide 27: Huge Market Opportunity in Near Term
Huge Market Opportunity in Near Term Accelerating 2-Wheeler Demand in India Production-wise Domestic Market Share in FY25 (%) Indian Two-Wheeler Market (mn units) 3.3% 3.4% 86.4 AGR C 16.3% 23% 19.6 77% 18.0 Two Wheelers Three Wheelers Passenger Vehicles Commercial Vehicles 2024 2025 2032E The India
Slide 28: Board of Directors
Board of Directors Mr. Vatsal Doshi Mr. Minesh Doshi Mr. Dhruvil Doshi Managing Director Director Executive Director cum CFO Ms. Ayushi Doshi Mr. Kamalkant Keswani Mr. Govind Keswani Director Independent Director Independent Director 27
Slide 29: Profit and Loss Statement
Profit and Loss Statement (₹ in Crs) Particulars Q3FY26 Q3FY25 FY25 FY24 Interest Earned 11.02 8.36 34.87 32.57 Interest Expensed 1.48 1.10 5.29 6.50 Net Interest income 9.54 7.26 29.58 26.07 Income from Service Charges, FV 0.10 1.49 1.62 0.21 Changes & Capital Gain Employee Cost 1.49 1.22 4.08 3.84
Slide 30: Balance Sheet
Balance Sheet (₹ in Crs) Particulars December 2025 FY25 FY24 A. ASSETS 1. Financial Assets Cash and Cash Equivalents 01 0.27 0.01 Bank Balance other than above 8.57 3.56 16.94 Receivables 0.39 0.31 0.22 Loans 207.98 175.63 133.91 Investment 4.07 8.82 - Other Financial Assets 0.48 0.45 0.46 Other Adv
Slide 31: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Shalibhadra Finance Limited (The “Company”) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shal