SHRIRAMFIN

** Shares of Shriram Finance Ltd SHMF.NS climb 2.1% to 633.05 rupees

** Stock leads weekly gains among Nifty 50 .NSEI constituents with 6.8% jump

** CLSA maintains "outperform" rating, PT of 735 rupees; non-bank lender tells analysts at the brokerage it expects better performance in H2 of FY26

** SHMF says medium and small businesses, gold, and car loan portfolios to drive growth in medium term

** SHMF's low exposure to export-oriented enterprises and stable asset prices provides comfort on asset quality - CLSA

** Analysts tracking SHMF rate it "buy" on avg, median PT of 32 analysts is 730 rupees - data compiled by LSEG

** Stock up 9.5% YTD, tops Nifty 50's 6.3% climb

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Shriram Finance Ltd SHMF.NS climb 2.7% to 632.40 rupees

** Stock top pct gainer on blue-chip Nifty 50 .NSEI index, which is down 0.2%

** Jefferies ("buy", PT: 800 rupees) analysts say they liked non-bank lender's steady loan growth and asset quality in Q1

** SHMF's valuations appear reasonable, they add

** HSBC ("buy". PT: cuts to 730 rupees) says SHMF's large book of fixed rate loans makes it "a significant beneficiary of falling (repo) rate environment"

** ICICI Securities ("hold", PT: 640 rupees) says credit cost moderation in a challenging quarter for SHMF "reflects its business resiliency and risk management"

** Analysts tracking stock rate it "buy" on average; median PT is 734 rupees - data compiled by LSEG

** Stock up 9.5% so far this year, outperforming Nifty 50's 4.9% climb

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

Adds details throughout

July 25 (Reuters) - India's Shriram Finance SHMF.NS posted a rise in first quarter profit on Friday, helped by healthy loan growth.

The non-banking finance company (NBFC) reported an 8.8% year-on-year rise in standalone profit at 21.56 billion rupees ($249.01 million) for the quarter ended June 30.

However, this was slightly below the analysts' average estimate of 21.91 billion rupees, according to data compiled by LSEG.

Analysts said that while the broader non-banking lending sector was hit by high funding costs, Shriram Finance saw loan growth across segments, with relatively stronger traction in small business and two-wheeler loan portfolios.

Commercial vehicle loans increased by 12.3%, while loans to medium and small businesses grew by 35%. Loans from the passenger vehicle and two-wheelers segments rose about 23% each.

These four segments account for nearly 85% of the company's total assets under management (AUM), which rose 16.6% to 2.72 trillion rupees in the quarter.

Shriram Finance's net interest income - the difference between interest earned on loans given out and paid on borrowings - rose 12.6% to 60.26 billion rupees, beating analysts' expectation of 59.41 billion rupees.

Its gross stage 3 assets, or loans which have been overdue for more than 90 days, declined 1.7% year-on-year.

Shriram Finance shares pared some losses to trade down 3% after the results, having fallen 4.4% earlier in the session.

($1 = 86.5830 Indian rupees)

(Reporting by Aleef Jahan and Nishit Navin in Bengaluru; Editing by Eileen Soreng)

(([email protected]))

July 15 (Reuters) - Shriram Finance Ltd SHMF.NS:

• TO CONSIDER PERIODICAL RESOURCE MOBILISATION PLAN FOR ISSUANCE OF DEBT SECURITIES

Source text: ID:nBSE7xd02L

Further company coverage: SHMF.NS

(([email protected];;))

July 11 (Reuters) - Shriram Finance Ltd SHMF.NS:

• TO PURCHASE OUTSTANDING NON-CONVERTIBLE DEBENTURES WITHIN SPECIFIED LIMITS

Source text: ID:nBSE2FJ3tp

Further company coverage: SHMF.NS

(([email protected];))

July 8 (Reuters) - Shriram Finance Ltd SHMF.NS:

• TO CONSIDER PURCHASE/REPURCHASE OF OUTSTANDING NCDS

Source text: ID:nnAZN44KHJF

Further company coverage: SHMF.NS

(([email protected];;))

MUMBAI, June 27 (Reuters) - India's Shriram Finance SHMF.NS has accepted bids worth 4.85 billion rupees ($56.7 million) for the reissue of 9.2330% May 2027 bonds, three merchant bankers said on Friday.

The non-banking finance company will offer a yield of 7.75% and had invited bids from bankers and investors earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 27:

*Size includes base plus greenshoe for some issues

($1 = 85.4870 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

(([email protected]; [email protected]))

MUMBAI, June 26 (Reuters) - India's Shriram Finance SHMF.NS plans to raise 5 billion Indian rupees ($58.22 million) for the reissue of 9.2330% May 2027 bonds, three merchant bankers said on Thursday.

The non-banking finance company will offer a yield of 7.75% and has invited bids from bankers and investors on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 26:

*Size includes base plus greenshoe for some issues

($1 = 85.8800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Vijay Kishore)

(([email protected]))

** Motilal Oswal raises PT on Shriram Finance SHMF.NS by 23% to 800 rupees, implying a 24.5% upside to current price

** Brokerage reiterates stock as top pick in the non banking finance segment

** Says, it expects transitory issues such as asset quality issues and net interest margin compression to gradually subside for SHMF

** Adds, SHMF's execution on growing its assets under management and maintaining asset quality has been far ahead of peers

** Says FY26 outlook for co looks better amid expectations of an economic revival supported by high government capex

** Expects diversification from automotive lending into other high growth segments to yield margin improvement

** On the day SHMF down ~1% to 642.5 rupees

** SHMF shares have risen ~42% in the last 12 months

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

MUMBAI, May 22 (Reuters) - India's Shriram Finance SHMF.NS has accepted bids worth 5 billion rupees ($58.2 million) for the reissue of 8.70% April 2028 bonds, three merchant bankers said on Thursday.

The non-banking finance company will offer a yield of 8.1295% and had invited bids from bankers and investors earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on May 22

* Size includes base plus greenshoe for some issues

($1 = 85.9000 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

(([email protected]))

By Dharamraj Dhutia

MUMBAI, April 30 (Reuters) - Indian companies, led by state-run firms, have accelerated their plans to raise debt from the markets as the central bank's fresh bond purchase scheme surprised markets and pushed borrowing costs lower.

Four Indian state-run firms - Power Finance Corp PWFC.NS, NHPC, IREDA and HUDCO - are set to raise an aggregate of 125 billion rupees ($1.5 billion) and have invited bids on Wednesday and Friday.

They did not immediately reply to a Reuters email seeking comment.

State-run firms have already raised around 393 billion rupees via bonds earlier this month.

"The recent rush of issuances by state-run firms looks like a well-timed move to benefit from softening yields after the Reserve Bank of India's bond buying announcement," Suresh Darak, founder of Bondbazaar, an online bond trading platform.

On Monday evening, the RBI announced it plans to buy bonds worth 1.25 trillion rupees through open market purchases, after picking up bonds worth 1.20 trillion rupees in April.

AAA-rated corporate bond yields across the curve have eased by around 5-10 basis points since then, and spreads with government bond yields have shrunk further.

"By front-loading borrowings, these companies are locking in lower funding costs; (it) reflects smart liability management," Darak said.

Including these issuances, state-run firms have raised around 518 billion rupees - more than five times the roughly 100 billion rupees that such companies raised in April 2024.

It also constitutes more than 50% of the total funds raised by companies in the first five weeks of the current fiscal 2026.

"Issuers want to take advantage of the fall in yields, and that is a primary driver that they are rushing to issue debt," said Umesh Khandelwal, chief business officer at Tipsons Group.

For context, all debt fundraises in the first five weeks of fiscal 2025 came up to 450 billion rupees.

Apart from these firms, non-banking finance companies have also been major issuers, including Shriram Finance and Bajaj Finance.

Among the borrowers hitting the market this week, PFC is raising 35 billion rupees through zero-coupon deep-discount bonds with a maturity of 10 years and one month. Traders are anticipating aggressive demand for this issue.

($1 = 85.1140 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected];))

** India's Shriram Finance SHMF.NS drops 8.2% to 601.25 rupees, set for its third straight losing session

** The non-bank lender missed fourth-quarter profit estimates on Friday with asset quality deteriorating

** Jump in credit costs and net interest margin under pressure was "unexpected", say HSBC Global Research analysts

** Asset quality pressures have driven credit costs higher, says Nomura

** However, HSBC analysts add that while SHMF's near-term earnings are in pressure, earnings growth and profitability are "healthy" on a two-year compound annual growth rate basis

** Stock trims YTD gains to 5% vs Nifty 50 .NSEI index's 2% climb

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

April 25 (Reuters) - India's Shriram Finance reported a smaller-than-expected fourth-quarter profit on Friday as high finance costs pressured its bottom line, despite the central bank easing some rules around capital requirements.

The non-banking finance company (NBFC) reported a near 10% year-on-year rise in standalone profit to 21.39 billion rupees ($250.5 million) for the quarter ended March 31, the slowest since December 2023 quarter.

Analysts, on average, had expected a profit of 22.24 billion rupees, according to data compiled by LSEG data.

The company's financing costs rose 31% in the quarter, the most since the three months ended June 2023.

In February, the Reserve Bank of India partially reversed some rules around risk weights for banks and NBFCs that had slowed credit growth in the second and third quarters of fiscal 2025. Analysts had hoped the relaxation in rules would reverse that trend.

However, the pressure has persisted, with analysts at Elara Capital noting that the NBFC universe was set for a weak fourth-quarter, with earnings growth to remain modest due to measured asset growth expansion, elevated credit cost and operating cost pressures.

Shriram Finance's net interest income, the difference between interest earned on loans given out and paid on funds borrowed, rose 13.4% to 60.51 billion rupees.

Its net interest margin rose to 8.25%, but the key profitability metric has not recovered after it tumbled from the March 2024 quarter's 9.02%.

Its assets under management rose 17% to 2.63 trillion rupees in the fourth quarter, its slowest rise since the March 2023 quarter.

Shriram Finance's shares ended the day 6% lower at 655.2 rupees.

($1 = 85.4010 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Janane Venkatraman )

(([email protected]; +91 7982114624;))

April 10 (Reuters) - Shriram Finance Ltd SHMF.NS:

• EXPLORING POSSIBILITIES FOR RAISING FUNDS

• CONSIDERING RAISING FUNDS VIA ISSUE OF QIP OR ANY OTHER EQUITY LINKED SECURITIES

Source text: ID:nBSE75L26Q

Further company coverage: SHMF.NS

(([email protected];))

MUMBAI, April 8 (Reuters) - India's Shriram Finance SHMF.NS has accepted bids worth 17.15 billion rupees ($199.29 million) for bonds maturing in three years, and five years and three months, three merchant bankers said on Tuesday.

The non-banking finance company will pay an annual coupon of 8.60% for both notes and had invited bids from bankers and investors for the options earlier in the day, they said.

Shriram Finance did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 8:

*Size includes base plus greenshoe for some issues

($1 = 86.0575 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected]))

MUMBAI, April 7 (Reuters) - India's Shriram Finance SHMF.NS plans to raise 37.50 billion rupees ($438.1 million), including a greenshoe option of 30 billion rupees, through a sale of bonds maturing in three years, as well as five years and three months, three merchant bankers said on Monday.

The non-banking financial company has invited bids from bankers and investors for both the options on Tuesday, they said.

Shriram Finance did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 7:

*Size includes base plus greenshoe for some issues

($1 = 85.6050 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra
Editing by Eileen Soreng)

(([email protected]))

April 1 (Reuters) - Shriram Finance Ltd SHMF.NS:

• SHRIRAM FINANCE LTD - RBI APPROVES SHRIRAM FINANCE'S 100% ACQUISITION OF SOIPL

Source text: ID:nNSE3kjG7X

Further company coverage: SHMF.NS

(([email protected];))

March 17 (Reuters) - Shriram Finance Ltd SHMF.NS:

• SHRIRAM FINANCE LTD - RAISES OVER USD 306 MILLION FROM DEVELOPMENT FINANCIAL INSTITUTIONS

Source text: [ID:]

Further company coverage: SHMF.NS

(([email protected];))

Corrects to Thursday from Wednesday in first paragraph

Feb 27 (Reuters) - Shares of most Indian financial companies, especially those of non-bank and microfinance-focussed lenders, jumped on Thursday after the central bank further eased its capital requirements for micro loans and bank credit.

Financial stocks .NIFTYFIN, which include non-bank finance companies (NBFCs), jumped about 1%, outpacing the 0.7% increase in banking stocks .NSEBANK. The benchmark Nifty 50 .NSEI, in comparison, was flat.

The Reserve Bank of India, on Tuesday, trimmed the higher capital requirements introduced in November, the latest in a series of growth-supportive measures since Sanjay Malhotra took over as governor in December.

Under his watch, the RBI has eased liquidity, delayed some regulations and loosened restrictions placed on some lenders.

"We think this bodes well for the financial sector and lays more emphasis on consumption and growth ... and (we) reiterate our bullish view," Macquarie analyst Suresh Ganapathy said in a note.

On the day, Bandhan Bank BANH.NS gained 6%, while Shriram Finance SHMF.NS, AU Small Finance Bank AUFI.NS and Ujjivan Small Finance Bank UJJI.NS rose about 5% each.

Cholamandalam Investment and Finance CHLA.NS and Aditya Birla Capital ADTB.NS advanced 4.5% each. Bajaj Finance BJFN.NS rose 2.7% and IndusInd Bank INBK.NS gained 2%.

In comparison, top private lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS were up under 1%.

The RBI's move should help most NBFCs' earnings, Morgan Stanley analysts said, picking Aditya Birla Capital, PNB Housing, Shriram Finance and Bajaj Finance as top beneficiaries.

Nomura analysts said banks with higher microfinance loan exposure, such as Bandhan Bank, IndusInd and AU Small Finance Bank, would also get much needed relief.

Since the rules were implemented in November, Aditya Birla Capital's shares had slid 16%, while AU Small Finance Bank and IndusInd Bank sank 28% and 31%, respectively. The worst hit, with a 38% tumble, was Bandhan Bank -- the day's top gainer.

However, Axis Bank Chief Economist Neelkanth Mishra cautioned that a reversal in the broad-based slide in loan growth -- caused by high liquidity costs and the RBI's discomfort with high loan-to-deposit ratios -- could take time.

"While these (RBI) signals should help revive lending, we believe the binding constraint remains durable liquidity."

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Feb 14 (Reuters) - Shriram Finance Ltd SHMF.NS:

• RBI: IMPOSES PENALTY OF 580,000 RUPEES ON SHRIRAM FINANCE

Source text: [ID:]

Further company coverage: SHMF.NS

(([email protected];))

Feb 13 (Reuters) - Shriram Finance Ltd SHMF.NS:

• AVAILS SACE EXTERNAL COMMERCIAL BORROWING LOAN FACILITY

• RAISES OVER USD 500 MILLION EQUIVALENT SACE COVERED LOAN FACILITY

Source text: ID:nNSE8zVpty

Further company coverage: SHMF.NS

(([email protected];;))

By Siddhi Nayak

MUMBAI, Feb 11 (Reuters) - Indian non-bank lender Shriram Finance SHMF.NS aims to boost its green portfolio 20-fold over the next three years as it diversifies its loan book, a top official said on Tuesday.

"We are planning to add solar panels and similar sectors to our portfolio," Executive Vice Chairman Umesh Revankar said in an interview.

Shriram Finance aims for a green financing book of 50 billion rupees (about $576 million) against about 2.5 billion rupees to 3 billion rupees right now, which comprises small-ticket two-wheeler and three-wheeler vehicle loans.

Green finance, which is financing of businesses that support environmentally friendly and sustainable projects, has struggled to pick up in India due to limited awareness, high transaction costs, and limited access to affordable green technologies.

The government provides tax incentives and subsidies for renewable energy projects, which make them more attractive to lenders.

For Shriram Finance, the electric vehicle and battery segments are likely to grow given the new offerings in the market, Shriram Finance's Revankar said.

The non-bank finance company aims to double its overall loan book as well as its assets under management (AUM) by 2030, he said.

Shriram's total loans stood at 2.51 trillion rupees at December-end while the AUM was at 2.54 trillion rupees.

Assets under management should rise 15% in both the current and next financial years, the official said, as the firm focusses on medium and small enterprises while issuing more vehicle and tractor loans, Revankar said.

"We want to understand those (small) businesses, the ability to repay and how to manage collections," he said. "We want to grow this business at a minimum 20% next year onwards."

Small business loans made up nearly 14% of Shriram Finance's AUM in the October-to-December quarter, while commercial and passenger vehicle loans made up about 46% and 20%, respectively.

Shriram Finance may look to tap the dollar bond route for at least $750 million in the next fiscal year depending on market conditions, Revankar said.

($1 = 86.7480 Indian rupees)

(Reporting by Siddhi Nayak; Editing by Mrigank Dhaniwala)

(([email protected]; x.com/siddhiVnayak;))

Jan 24 (Reuters) - India's Shriram Finance SHMF.NS reported a more than 14% increase in adjusted quarterly profit on Friday, boosted by strong demand for business and vehicle loans.

The non-banking finance company (NBFC) reported a standalone adjusted profit of 20.80 billion rupees ($241.3 million) for the third quarter ended Dec. 31, compared to 18.18 billion rupees a year ago.

Adjusted profit does not include the additional 14.9 billion rupees in gains after the company sold its stake in the unit Shriram Housing Finance.

Net profit, including the additional gain, rose 96% to 35.7 billion rupees.

Although both banks and non-banking finance companies in India are seeing signs of asset quality stress, led by sectors such as microfinance, credit cards and personal loans, Shriram Finance's portfolio has held up better, analysts said.

About 70% of the company's used commercial vehicle loans are made to existing customers or people referred by existing customers, Jefferies said in a note.

Commercial vehicle loans increased by 13% while loans to medium and small businesses grew by 50%. Loans from the passenger vehicle segment rose about 25%.

The three segments account for nearly 80% of the company's total assets under management (AUM), which rose almost 19% to 2.54 trillion rupees in the third quarter.

The company's net interest income, the difference between interest earned on loans given out and paid on funds borrowed, rose 14.31 % to 58.22 billion rupees.

However, its financing costs in the third quarter rose about 28%.

In November 2023, India's central bank asked banks to set aside additional capital against loans to NBFCs, making borrowing more expensive for them.

Ratings agency Moody's said in a report last May that NBFCs could see moderation in profitability in 2025 as a result.

Shriram Finance's shares closed largely flat on Friday.

(Reporting by Nishit Navin and Ananta Agarwal in Bengaluru; Editing by Eileen Soreng)

(([email protected];))

Jan 16 (Reuters) - QATAR INVESTMENT AUTHORITY:

• QIA INVESTS IN ONE OF INDIA’S AFFORDABLE HOUSING FINANCE COMPANIES, ALONGSIDE WARBURG PINCUS AND OTHERS

• SHRIRAM HOUSING FINANCE​ ANNOUNCED LAUNCH OF ITS NEW BRAND IDENTITY - TRUHOME FINANCE

• AS PART OF AGREEMENT, SHRIRAM FINANCE GROUP RECEIVED AN INVESTMENT OF ₹1,225 CRORE

(([email protected];))

MUMBAI, Jan 13 (Reuters) - India's Shriram Finance SHMF.NS has accepted bids worth 7.85 billion rupees ($90.9 million) for the reissue of 9.10% March 2027 and 8.9043% January 2030 bonds, three merchant bankers said on Monday.

The non-banking finance company had invited bids from bankers and investors for the reissues on Friday, they said.

Shriram Finance did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 13:

*Size includes base plus greenshoe for some issues

($1 = 86.3550 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

MUMBAI, Jan 9 (Reuters) - India's Shriram Finance SHMF.NS plans to raise an aggregate of 17 billion rupees ($197.9 million), including a greenshoe option of 12.50 billion rupees, through the reissue of 9.10% March 2027 and 8.9043% January 2030 bonds, three merchant bankers said on Thursday.

The non-banking finance company has invited bids from bankers and investors for the reissues on Friday, they said.

Shriram Finance did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 9

*Size includes base plus greenshoe for some issues

($1 = 85.9180 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

MUMBAI, Jan 3 (Reuters) - India's Shriram Finance SHMF.NS has accepted bids worth 5.10 billion rupees ($59.47 million) for bonds maturing in five years, three merchant bankers said on Friday.

The non-banking finance company will pay an annual coupon of 8.9043% on this issue and had invited bids from bankers and investors earlier in the day, they said.

Shriram Finance did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 3:

*Size includes base plus greenshoe for some issues

($1 = 85.7630 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, Jan 2 (Reuters) - India's Shriram Finance SHMF.NS plans to raise 10 billion rupees ($116.59 million), which includes a greenshoe option of 7.50 billion rupees, through the sale of bonds maturing in five years, three merchant bankers said on Thursday.

The non-banking finance company has invited bids from bankers and investors on Friday, they said.

Shriram Finance did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 2

*Size includes base plus greenshoe for some issues

($1 = 85.7725 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

Dec 20 (Reuters) - India's non-banking finance company Shriram Finance SHMF.NS consolidates its green finance business under Shriram Green Finance, it said on Friday, targeting assets under management (AUM) of 50 billion rupees ($588 million) over the next three to four years.

($1 = 85.0450 Indian rupees)

(Reporting by Dimpal Gulwani; Editing by Sumana Nandy)

(([email protected];))

MUMBAI, Dec 19 (Reuters) - India's Shriram Finance SHMF.NS plans to raise 5 billion rupees ($58.8 million), which includes a greenshoe option of 4 billion rupees, through the sale of bonds maturing in three years and one month, three merchant bankers said on Thursday.

The non-banking finance company will pay an annual coupon of 8.90% on this issue and has invited bids from bankers and investors on Friday, they said.

Shriram Finance did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 19:

*Size includes base plus greenshoe for some issues

($1 = 85.0675 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))