Indostar Capital Finance Limited
IndoStar Capital Finance Limited (“ICFL”) is a Non-Banking Finance Company (“NBFC”) registered with Reserve Bank of India categorized as middle layered NBFC. With Brookfield & Everstone as co-promoters, ICFL is professionally managed and institutiona...
Key Metrics
EPS
-35.09
Current ratio
2.06
Debt/Equity
2.78
Debt/EBITDA
-18.32
Interest coverage ratio
-
Operating Cashflow to total debt
0.23
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Support from the majority shareholder, Brookfield
Comfortable capitalisation
Retailisation of the portfolio, though successful scale-up yet to be seen
Liquidity: Strong
Cons
Weak, albeit improving, asset quality metrics
Moderate earnings profile
Cost of borrowing remains elevated, though gradual improvement in funding diversity is seen
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About Indostar Capital Finance Limited bond.
This comprehensive profile covers key factual information about Indostar Capital Finance Limited. IndoStar Capital Finance Limited (“ICFL”) is a Non-Banking Finance Company (“NBFC”) registered with Reserve Bank of India categorized as middle layered NBFC. With Brookfield & Everstone as co-promoters, ICFL is professionally managed and institutionally owned entity dealing in comprehensive range of financial products like Commercial Vehicle, Construction Equipment, Farm Equipment, Car/MUV, Insurance and Micro Lap -(Small ticket business loans) . ICFL offers end-to-end lending, financing, credit solutions and caters to the aspirations of the growing consumer base in India, and deliver greater value to their Stakeholder(s). Their assets under management exceed INR 8000 crores and their extensive network of over 500+ branches nationwide serves their growing base of 1 lakh+ customers. ICFL focuses on Small time retail customers mainly in Tier 2 , Tier 3 and Tier 4 towns, offering them tailor made solutions to earn their livelihood with competitive pricing & transparent terms. ICFL has two wholly owned subsidiary i.e. IndoStar Home Finance Private Limited, dealing in affordable Home Financing solutions and IndoStar Asset Advisory Private Limited. EPS in Mar-2024 was 8.51. Current ratio in Mar-2024 was 1.96. Debt/Equity in Mar-2024 was 2.43. Debt/EBITDA in Mar-2024 was 48.34. Interest coverage ratio in Mar-2024 was . Operating Cashflow to total debt in Mar-2024 was -0.28. Total revenue for Mar-2025 (E) was ₹1547.87. Net income for Mar-2025 (E) stood at ₹-225.86. Total assets as of Mar-2024 were ₹11,107.11. Total liabilities as of Mar-2024 were ₹7,871.89. Operating cash flow for Mar-2024 was ₹-2,207.73. The company’s borrowing relationships include AU Small Finance Bank Limited. (₹16.67 Cr), Bajaj Finance Limited. (₹87.50 Cr), Bank of Maharashtra (₹37.50 Cr), Canara Bank (₹75.00 Cr), Catholic Syrian Bank (₹12.44 Cr), Central Bank of India (₹18.50 Cr), DBS Bank India Limited. (₹110 Cr), DCB Bank Limited. (₹25.00 Cr), Hero FinCorp Limited. (₹50.00 Cr), ICICI Bank Limited. (₹9.38 Cr), IDFC First Bank Limited. (₹241.67 Cr), Indian Bank (₹6.67 Cr), Indian Overseas Bank (₹47.50 Cr), Induslnd Bank Limited. (₹266.25 Cr), Karnataka Bank Limited. (₹6.14 Cr), Karur Vysya Bank Limited. (₹50.00 Cr), National Bank for Agriculture and Rural Development (₹50.00 Cr), Proposed (₹1923.25 Cr), RBL Bank Limited (₹185.00 Cr), State Bank of India (₹484.86 Cr), Suryoday Small Finance Bank Limited. (₹50.00 Cr), Tata Capital Limited. (₹230.00 Cr), Yes Bank Limited. (₹16.67 Cr). Peers and comparison entities consist of IndoStar Capital Finance Limited, Bajaj Finance Limited, Jio Financial Services Limited, Shriram Finance Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Support from the majority shareholder, Brookfield; Comfortable capitalisation; Retailisation of the portfolio, though successful scale-up yet to be seen; Liquidity: Strong. Key risks include: Weak, albeit improving, asset quality metrics; Moderate earnings profile; Cost of borrowing remains elevated, though gradual improvement in funding diversity is seen. Leadership team details include Aditya Joshi (Non Executive Director), Bobby Parikh (Non ExecutiveInd.Chairman), Devdutt Marathe (Non Executive Director), Dhanpal Jhaveri (Non Executive Director), Hemant Kaul (Ind. Non-Executive Director), Karthikeyan Srinivasan (WholeTime Director & CEO), Naina Krishna Murthy (Ind. Non-Executive Director), Randhir Singh (ExecutiveV P & Whotime Director), Shikha Jain (Company Secretary & Compl. Officer), Vibhor Kumar Talreja (Non Executive Director), Vinodkumar Panicker (Chief Financial Officer). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.