Shriram Finance, one of India's largest retail asset-financing NBFCs with AUM above Rs 3.0 trillion, reports its Q2 FY 2026-2027 numbers with the balance sheet freshly transformed by the Rs 39,600 crore MUFG capital infusion. The print will speak to whether the 18% FY27 AUM-growth guidance survives its stated post-Q2 review, and how much of the ~Rs 500 crore past-funds NII benefit washes out of the 9.04% reported NIM.
| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 13,393.68 Cr (+16.11% YoY) |
| Previous quarter PAT | Rs. 3,444.56 Cr (+59.79% YoY) |
| Previous quarter NII | Rs. 8,055.70 Cr (+33.67% YoY) |
| Market cap | Rs. 221,178.39 Cr |
| CMP | Rs. 939.95 |
The Board of Shriram Finance meets on October 23, 2026 to approve (i) unaudited standalone and consolidated Q2/H1 FY27 results; (ii) an interim dividend for FY 2026-27, if any; (iii) a periodical resource mobilisation plan for NCDs/subordinated debentures/bonds via private placement or public issue, onshore/offshore; and (iv) a postal ballot notice for raising funds via NCD private placement.
The October 23, 2026 board meeting will consider an interim dividend for FY 2026-27, if any. This follows the final FY26 dividend of 300% (Rs. 6/share), aggregating Rs. 1,411.75 Cr, paid on July 21, 2026, taking the FY26 total dividend to Rs. 10.80/share.
The central question for this quarter is the verdict on the 18% FY27 AUM-growth guidance, which management committed twice to reassess — after Q1 and then after Q2 — with the Q2 FY27 call the stated decision point. The demand backdrop was strong through the quarter: vehicle retails posted three consecutive record months, with CV — about 46.9% of AUM — up 24.04% YoY in July and 14.45% in August, supporting the guided Q2 AUM-growth marker of over 15% / ~15-16% YoY against the Rs 49,974 Cr Q1 disbursement base. On margins, the 9.04% Q1 NIM carried about Rs 500 Cr of past-funds income from the Rs 39,600 crore MUFG capital that management guided would gradually subside, with operational NIM expected to hold around 8.5% near term. Asset quality is the watch side: gross Stage 3 entered the quarter at 4.64% with Stage 3 assets up 18% YoY and gold-loan forward flows noted, while credit cost was tracking below the ~2% guidance in Q1. The deficit monsoon — June-September 2026 rainfall at 87% of LPA, reported as the worst since 2015 — is the swing factor management itself named when tying the 18% guide to rainfall, with stress indicated as likely manifesting "post November, December". The call is also expected to cover securitization/direct-assignment resumption "towards the end of the quarter", the MSME disbursement run-rate building toward Rs 7,000 crores plus from Q3 FY27, and the interim dividend and NCD resource-mobilisation plan from the October 23 board meeting.
Guidance scorecard: AUM growth, NIM and credit cost: Management committed twice to reassess the FY27 AUM guide, with the Q2 FY27 call the stated decision point.
Funding execution and corporate actions
Asset quality and risk follow-ups
Metric focus: MSME inflection and construction equipment recovery
Yes — management said the ~2% credit-cost guidance "will remain around that in the near term or even in the medium term", with Q1 FY27 tracking below that level and no stress identified in any segment. The deficit monsoon and gold-loan forward flows are the stated risks to watch.
The 9.04% NIM included about Rs 500 crores of NII earned on the Rs 39,600 crores of fresh MUFG capital held as past funds, up from 8.61% in Q4 FY26. Management expects this benefit to gradually subside as surplus liquidity is deployed, with operational NIMs expected to hold around 8.5%.
Management said "The earlier guidance of 18% for the full year will hold unless revised after Q2", with the Q2 FY27 call the stated decision point for reassessment. The deficit monsoon — 87% of LPA, worst since 2015 — was the swing factor management itself named.
AUM stood at Rs 3,13,798.39 Cr in Q1 FY27, up 15.26% YoY and 3.81% QoQ, with gold the fastest-growing segment at +45.78% YoY. Disbursements were Rs 49,974 crores in Q1 FY27, led by CV at Rs 19,556 Cr.