Usha Financial ServicesShare price, financial results, shareholding and management
- Market cap
- ₹253 cr
- Stock P/E
- 11.3peers 53.8
- Book value
- ₹52.8
- Price to book
- 1.10
- EV / operating profit
- 7.6
- Market cap to sales
- 3.56
- ROCE · FY26
- 13.5%
- ROE · FY26
- 10.2%
- ROE, 3-year average
- 10.9%
- Operating margin · FY26
- 77.8%peers 13.6%
- Sales growth, 3 years
- 15.6%
- Profit growth, 3 years
- 31.0%
- Debt to equity
- 0.77peers 0.02
- Borrowings
- ₹176 cr
- Interest cover
- 2.3×
- Cash from business / op. profit
- 28%
- Debtor days
- 0
- Pledged
- 0.00%
- Promoter holding
- 74.97%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,691
- 52-week high / low
- ₹60 / ₹27
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Usha Financial Services share price chart
Close on 6 Nov 2026 · +4.48% on the day · Vol 9,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +17.6%
- 3 months
- +46.7%
- 6 months
- +85.8%
- 1 year
- +35.5%
- Since IPO
- -30.7%
- Traded a day, 20 days
- ₹0.15 cr
- Taken for delivery
- 95%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +19% | +63% |
| 3 years, a year | +16% | +31% |
About Usha Financial Services: business, products and customers
Usha Financial Services is a finance company that lends money, mostly to other finance companies and businesses that lend it on, and also to small businesses, women entrepreneurs and electric vehicle buyers who find bank loans hard to get. Its shares trade on NSE Emerge.
Usha Financial Services is a non-deposit taking NBFC registered with the Reserve Bank of India, run from Delhi and Ghaziabad. Its biggest line is institutional lending: loans to other NBFCs and corporates, which use the money for their own lending. The rest is retail and MSME lending, including loans against property, electric vehicle loans sourced through dealers, and personal loans through a fintech co-lending partner.
As a lender, its revenue is interest and processing fees on its loan book, and its costs are interest on what it borrows from banks, NBFCs and its own debentures, staff and branches, and provisions for loans that go bad. So profit depends on the gap between what it charges and what it pays, and on how many loans are repaid; a credit rating cut raises what it pays to borrow. Much of its retail lending comes through business correspondents, who source borrowers and collect instalments for a commission.
Read more about the business
The offer document says its main competition comes from banks and other NBFCs, and the 2025-26 annual report adds fintech companies and digital lenders. What is new: fifteen branches opened in Uttar Pradesh in FY26, loans against gold from February 2026, a debt consolidation loan from August 2026, and a fintech co-lending tie-up from late 2025.
From the offer document, the 2025-26 annual report, the Infomerics rating note of December 2025, the Q1 FY27 investor release and the company's product launch announcements of 2026.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 74.97%.
To watch
- Whether gross and net NPA come down from the FY26 levels (Annual Report 2025-26, p.48).
- How the newer unsecured MSME, fintech, gold and debt consolidation loans perform (Infomerics rating note, 5 December 2025, p.3; Exchange announcements, 7 February and 31 August 2026).
- The branch count against the plan of 30 by FY27 reported by Infomerics (Infomerics rating note, 5 December 2025, p.2).
- A permanent Chief Financial Officer after the April 2026 resignation (Annual Report 2025-26, p.9).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Usha Financial Services revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Usha Financial Services half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | |
|---|---|---|
| Sales | 33.12 | 34.31 |
| Expenses | 8.80 | 9.10 |
| Operating profit | 24.32 | 25.22 |
| OPM | 73.4% | 73.5% |
| Interest | 13.10 | 12.04 |
| Depreciation | 0.36 | 0.80 |
| Profit before tax | 11.55 | 12.46 |
| Net profit | 8.76 | 9.32 |
Usha Financial Services profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 52 | 26 | 25 | 46 | 64 | 59.63 | 71.13 |
| Expenses | 16 | 10 | 9 | 11 | 17 | 17.87 | 15.79 |
| Operating profit | 16 | 5 | 6 | 14 | 17 | 41.76 | 55.34 |
| OPM | 31.0% | 21.0% | 23.0% | 30.0% | 27.0% | 70.0% | 77.8% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.99 | 0.17 |
| Interest | 20 | 11 | 10 | 22 | 30 | 24.11 | 23.38 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.47 | 1.59 |
| Exceptional and other items | 19 | 11 | 9 | 22 | 30 | · | · |
| Profit before tax | 15 | 5 | 5 | 14 | 17 | 18.17 | 30.54 |
| Tax rate | 26.7% | 20.0% | 20.0% | 28.6% | 23.5% | 24.1% | 26.5% |
| Net profit | 11 | 4 | 4 | 10 | 13 | 13.80 | 22.46 |
| EPS ₹ | · | · | · | · | 6.03 | 7.52 | 5.17 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Usha Financial Services profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 31.0% | 21.0% | 23.0% | 30.0% | 27.0% | 70.0% | 77.8% |
| Tax rate | 26.7% | 20.0% | 20.0% | 28.6% | 23.5% | 24.1% | 26.5% |
| ROCE | · | 10.9% | 12.0% | 15.2% | 15.2% | 12.4% | 13.5% |
| ROE | · | 9.8% | 8.8% | 15.4% | 13.8% | 8.7% | 10.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Usha Financial Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected.
Bars below the line are cash going out.
Usha Financial Services balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 7 | 9 | 11 | 21.74 | 43.48 |
| Reserves | 33 | 37 | 41 | 73 | 95 | 189.41 | 186.20 |
| Net worth | 39 | 43 | 48 | 82 | 106 | 211.15 | 229.68 |
| Borrowings | 148 | 63 | 97 | 248 | 181 | 184.66 | 176 |
| Other liabilities | 67 | 11 | 19 | 42 | 49 | 44.35 | 23.96 |
| Total liabilities | 254 | 117 | 164 | 372 | 336 | 440.16 | 429.64 |
| Fixed assets | 1 | 1 | 1 | 0 | 7 | 13.60 | 23.13 |
| Capital work in progress | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Investments | 0 | 2 | 2 | 0 | 0 | 0 | 7 |
| Other assets | 253 | 114 | 161 | 372 | 328 | 426.56 | 399.51 |
| Receivables | · | · | · | · | · | 0 | 0.02 |
| Inventory | · | · | · | · | · | 0 | 0 |
| Cash | · | · | · | · | · | 5.72 | 6.16 |
| Trade payables | · | · | · | · | · | 0.54 | · |
Usha Financial Services cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | -27 | -8 | -35 | -177 | 71 | -92.56 | 15.34 |
| Cash from investing | 0 | -2 | 0 | 2 | -8 | -4.17 | -7.81 |
| Cash from financing | 54 | -17 | 35 | 175 | -56 | 94.70 | -10.61 |
| Net cash flow | 27 | -27 | 0 | 0 | 7 | -2.03 | -3.08 |
| Capital spending | · | · | · | · | · | 5.40 | 2 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | · | · | · | · | · | · | 0 |
Usha Financial Services peers and competitors
Listed SME companies in the same industryBy sales, Usha Financial Services is number 6 of the 19 listed SME companies in finance.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| My Mudra Fincorp | 114 | 9.5 | 117 | 12 | 15.8% | 0.17 |
| Usha Financial Services | 253 | 11.3 | 71.1 | 22.5 | 77.8% | 0.77 |
| Dar Credit & Capital | 57 | 8.1 | 40.3 | 7 | 69.9% | 1.78 |
| Amrapali Fincap | 59 | 76.0 | 19.5 | 0.8 | -4.0% | 0.00 |
| IBL Finance | 149 | 61.0 | 17.1 | 2.4 | 57.1% | 0.95 |
| Ascom Leasing & Investments | 244 | 46.6 | 13.1 | 5.2 | 59.5% | 0.04 |
| Franklin Leasing and Finance | 12 | 69.6 | 9.6 | 0.2 | 2.4% | 0.00 |
| Share Samadhan | 56 | 125.4 | 6.2 | 0.5 | -7.2% | 0.01 |
| Navigant Corporate Advisors | 22 | 24.5 | 4.9 | 0.9 | 28.8% | 0.00 |
| GCM Capital Advisors | 7 | - | 2.3 | -0.4 | -8.7% | 0.03 |
| Stellar Capital Services | 11 | - | 2.3 | -0.2 | 11.4% | 0.01 |
| Median of the 10 others | 57 | 53.8 | 11.3 | 0.8 | 13.6% | 0.02 |
Usha Financial Services shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Usha Financial Services shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 24 | Mar 25 | Aug 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 72.32% | 74.54% | 74.48% | 74.48% | 74.97% | 74.97% | 74.97% |
| Foreign investors (FIIs) | 9.53% | 5.63% | 3.56% | 3.56% | 2.75% | 2.16% | 1.98% |
| Indian institutions (DIIs) | 3.01% | 0.61% | 0.56% | 0.56% | 0.56% | 0.56% | 0.57% |
| HNIs (over ₹2 lakh each) | 0.30% | 2.95% | 4.14% | 4.10% | 5.51% | 6.31% | 6.84% |
| Small holders (up to ₹2 lakh) | 11.69% | 9.24% | 8.03% | 7.92% | 7.74% | 7.94% | 7.65% |
| Companies and others | 3.15% | 7.03% | 9.23% | 9.38% | 8.47% | 8.06% | 7.99% |
| Number of shareholders | 3,190 | 1,987 | 1,862 | 1,837 | 1,764 | 1,739 | 1,691 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Usha Financial Services study: the business from its own documents
Read from 9 of the company's own documentsUsha Financial Services so far
From the company's own record
- May 1995Company formed
- 31 Oct 2024Listed on NSE Emerge at ₹168
- 30 June 2026Promoters at 74.97%
- 31 Oct 2024Highest close since listing, ₹71.65
Usha Financial Services key facts from the filings
Each figure with the document it comes from
- Loan book
- ₹409.1 cr
- Loans at 30 June 2026, up 10.4% on a year earlier, after the book slipped to ₹396.1 cr at March 2026.Investor release, 12 August 2026, p.2; Annual Report 2025-26, p.5
- Wholesale share
- 86.5%
- Share of the book lent to other NBFCs and corporates in the first half of FY26, against 88.8% in FY25.Infomerics rating note, 5 December 2025, p.3
- Revenue
- ₹71.1 cr
- Revenue from operations in FY26, up from ₹61.0 cr in FY25 on the new accounting basis.Annual Report 2025-26, p.48
- Latest quarter profit
- ₹8.0 cr
- Profit after tax in the June 2026 quarter, up from ₹5.3 cr a year earlier.Investor release, 12 August 2026, p.2
- Bad loans
- 5.3% gross
- Gross NPA for FY26, with net NPA at 4.4% after provisions.Annual Report 2025-26, p.48
Show 5 more facts
- Capital adequacy
- 53.61%
- Capital to risk-weighted assets at March 2026, far above what the regulator asks, so there is room to lend more.Annual Report 2025-26, p.5
- Credit rating
- IVR BBB-
- Cut from IVR BBB by Infomerics in December 2025 on weak asset quality, a concentrated book and the move into unsecured loans.Infomerics rating note, 5 December 2025, p.1
- Disbursed in FY26
- ₹509.3 cr
- Loans paid out during the year, up 7%; ₹171.3 cr of it went to retail and MSME borrowers.Annual Report 2025-26, p.19 and p.46
- Borrowers
- Over 25,956
- Borrowers across 31 states and union territories, 51.46% of them women.Annual Report 2025-26, p.19
- New branches
- 15
- Branches opened in Uttar Pradesh cities in FY26.Annual Report 2025-26, p.5 and p.46
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
For FY27 the Chairman lists the company's priorities as wider reach through branches and digital channels, tighter credit underwriting and monitoring, and a strong capital base. Infomerics reports that management plans to take the branch count to 30 by FY27 and to focus on unsecured MSME loans, and the company launched gold loans in February 2026 and debt consolidation loans in August 2026.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Usha Financial Services earns the gap between what it charges borrowers and what it pays to borrow, and it holds far more capital than it currently lends against.
Its weak spots are bad loans that have stayed high, a book still leaning on loans to other finance companies, and newer unsecured lending that is not yet tested.
AverageCan it set its own prices?It lends to borrowers who find bank credit hard to get, which lets it charge more, but its own borrowing cost depends on a credit rating that was cut.
WatchHow strong is it against rivals?It is a small lender up against banks, large NBFCs and fintechs, and the annual report expects that competition to press on pricing.
WatchWho are its customers?Most of the book sits with other NBFCs and corporates, so a few large borrowers matter a great deal.
AverageDoes it need a lot of money?A lender always needs money to grow, but it raised fresh equity at its listing and now holds much more capital than the rules ask for.
AverageCan it keep finding new work?It is adding branches and new loan types, and the book grew again in the June 2026 quarter, but it shrank across FY26 as wholesale lending slowed.
WatchDo good and bad years swing a lot?Profit rests on how many loans are repaid, and bad loans rose sharply after listing, led by wholesale and electric vehicle loans.
Who runs Usha Financial Services?
Promoters, directors and officers; tap a name for the background
RGRajesh GuptaPromoter, Chairman and Managing Director
Bachelor of Commerce from Delhi University with more than 13 years in financial markets and metal recycling at the time of the offer. Acquired the company with Anoop Garg in FY15 and looks after overall management and business strategy. The offer document states that Rajesh Gupta is the brother of Anoop Garg and the father of Nupur Gupta.
Offer document, p.198, p.199 and p.224; Annual Report 2025-26, p.5GGGeeta GoswamiPromoter, Chief Executive Officer and Director
An associate member of the Institute of Company Secretaries of India with over 13 years in financial markets, earlier with CSL Finance and RG group.
Offer document, p.198AGAnoop GargPromoter
Bachelor of Commerce from IEC University, Himachal Pradesh, with more than 13 years in financial markets; acquired the company with Rajesh Gupta in FY15 and ran day-to-day operations. Resigned as Executive Director with effect from 16 October 2025, citing pre-occupation.
Offer document, p.198; Exchange announcement, 17 December 2025, p.1NGNupur GuptaPromoter and Non-Executive Director
Bachelor's degree in business administration, with six years in finance and internal audit and six years with the company at the time of the offer.
Offer document, p.198 and p.226PJPankaj JainIndependent Director
Master of Commerce from Meerut University, a Company Secretary and Cost and Management Accountant, with over 15 years at companies including Sidhu Leasing and Financing, Super Sales India and ERA Infra Engineering.
Offer document, p.198NJNimisha JainIndependent Director
A Company Secretary and B.Com (Hons) graduate of the University of Delhi, earlier handling compliance at Womancart Limited.
Offer document, p.198GSGopal Singh RawatInterim Chief Financial Officer
MBA in finance and operations management, M.Com and B.Com, with about 20 years in finance and accounts; with the company since April 2018. Took over after Prashant Raghuwanshi resigned as Chief Financial Officer in April 2026.
Annual Report 2025-26, p.9; Exchange announcement, 3 April 2026, p.1Usha Financial Services latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 74.97%.
Usha Financial Services announcements
159 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Confirmation Certificate for compliance with the provisions of Regulation 74(5) of Securities Exchange Board of India (Depositories and Participants) RegulationPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Allotment of SecuritiesAllotment of Non-Convertible Debentures on Private Placement basis pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and PDF ↗
- Outcome of Board MeetingHeld on Wednesday, September 30, 2026 pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) ReguPDF ↗
- Shareholders meetingSrutinizers report of Extraordinary General Meeting held on September 26, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of 02nd Extraordinary General Meeting of M/s Usha Financial Services Limited for the financial year 2025-26 held on Saturday, September 26, 2026, thPDF ↗
- Issue of SecuritiesDisclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 read with Para A of Part A of SchPDF ↗
- Outcome of Board MeetingHeld on Thursday, September 24, 2026, at 04:00 P.M. pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure RequPDF ↗
- Allotment of Securitiesallotment of Non-Convertible Debentures on Private Placement basis pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and PDF ↗
- Outcome of Board MeetingHeld on Monday, September 21, 2026 pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) RegulatPDF ↗
- Issue of SecuritiesDisclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 read with Para A of Part A of SchPDF ↗
- Outcome of Board MeetingHeld on Saturday, September 19, 2026, at 04:00 P.M. pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure RequPDF ↗
Usha Financial Services annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Usha Financial Services share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Bonus issueBONUS 1:1ex-date 19 Aug 2025
Checks we ran on Usha Financial Services' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iBonus issue with ex-date 19 Aug 2025: earlier prices on this page are adjusted to the new share basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (4,34,75,262 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Usha Financial Services
What does Usha Financial Services do?
Usha Financial Services is a finance company that lends money, mostly to other finance companies and businesses that lend it on, and also to small businesses, women entrepreneurs and electric vehicle buyers who find bank loans hard to get. Its shares trade on NSE Emerge.
What is the share price of Usha Financial Services?
₹58.3 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Usha Financial Services?
₹253 cr at the close on 6 Nov 2026, on 4,34,75,262 shares.
What is the P/E of Usha Financial Services?
11.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Usha Financial Services' revenue and profit?
Revenue ₹71 cr and profit after tax ₹22 cr in FY26.
Who are the promoters of Usha Financial Services?
Rajesh Gupta, Geeta Goswami, Anoop Garg, Nupur Gupta; promoters held 74.97% at 30 June 2026.
What was the IPO price of Usha Financial Services?
₹168 a share; it listed on 31 Oct 2024.
What is Usha Financial Services' website?
www.ushafinancial.com
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Other listed SME companies in finance, the closest in size first, each read from its own documents.
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Every listed SME company in Finance → · SME companies listed in 2024 →
Built from 3 press releases, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 159 exchange announcements, 7 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.