Shriram Finance Limited

Key Highlights

Financial Snapshot

Asset Quality and Credit Cost

Management addressed concerns regarding an increase in Stage 2 and Stage 3 loans in the MSME and gold loan segments. The company attributed this primarily to seasonal impact and erratic rainfall in certain geographies, which has temporarily affected rural cash flows.

• Gross Stage 3: Stood at 4.65% in Q2 FY27 compared to 4.57% in Q2 FY26.
• Net Stage 3: Stood at 2.31% in Q2 FY27 compared to 2.49% in Q2 FY26.
• Credit Cost: 2.03% for Q2 FY27, up from 1.68% in Q2 FY26. Management reiterated a long-term credit cost guidance of 2% but noted a temporary, seasonal elevation of 30-40 basis points for the short term.

Management Commentary

Management noted that despite headwinds from the West Asia crisis and weak monsoons, the company maintained performance. The growth strategy remains cautious.

• Guidance: FY27 growth expectations were adjusted from 18% to 15-17% due to uncertainty regarding rural income in the second half.
• Margins: NIM for Q2 FY27 was 9.52% (vs 8.19% in Q2 FY26). Management expects NIM to hover around 9% in the medium term, eventually settling at 8.5% in the long term as excess liquidity is absorbed.
• Insurance Business: Regarding the IRDAI draft circular, management noted that while fee income could be impacted, the business segment is a small portion of total income and the potential financial impact (estimated at ~Rs 100 crore) is not material to the balance sheet.

Concerns and Watch Points

• Seasonal Stress: Increased slippages in rural segments due to drought conditions remain a watch point, though management considers it temporary.
• Growth Moderation: The revision in FY27 growth guidance indicates management's anticipation of continued macro pressure in rural markets.
• Insurance Regulation: Future developments regarding IRDAI draft guidelines on commission structures should be monitored, despite the company's assessment of low materiality.

What This Means for Investors

The company has delivered strong profit and disbursement growth despite visible rural stress. Investors should focus on whether the temporary rise in credit costs normalizes as expected in subsequent quarters. The moderated growth guidance signals a conservative approach, prioritizing asset quality and risk management over aggressive expansion in the current uncertain macro environment.

Key Highlights

• Monitoring Agency: CRISIL Ratings Limited.
• Issue Type: Preferential Issue (Equity Shares).
• Reporting Period: Quarter ended September 30, 2026.
• Status: Full utilization of proceeds; account balance is nil.
• Deviation: None reported.

Details of Utilization

The total issue size of Rs 39,617.98 crore has been fully utilized as of the quarter ended September 30, 2026. The funds were allocated and utilized across the following objects:

Conclusion and Status

According to the Monitoring Agency, the unutilized proceeds of Rs 2,166.76 crore as of June 30, 2026, were fully utilized for the onward lending purpose during the quarter ended September 30, 2026. As the designated bank account balance is now nil, CRISIL Ratings Limited has designated this as the final Monitoring Agency report for the proceeds raised through the company's 2026 preferential issue.

Earnings Call Audio Disclosure

Shriram Finance Ltd has released the audio recording link for its earnings conference call pertaining to the second quarter of the fiscal year 2026-2027. The conference call was conducted on Friday, October 23, 2026.

Filing Summary

Next Steps

The company has indicated that the transcript of the aforementioned earnings conference call will be uploaded to its website in due course.

Investor Relevance

This disclosure serves as a procedural compliance under SEBI LODR regulations. The recording provides investors with direct access to management's discussion regarding the company's financial and operational performance for the quarter, as well as their outlook and responses to analyst questions.

Corporate Action Details

Shriram Finance Limited has informed the exchanges that it has set the record date for the payment of the interim dividend for the financial year 2026-27.

Shareholders whose names appear in the company's register of members as of the close of business on October 29, 2026, will be eligible for the interim dividend payout.

What This Means for Investors

This filing provides the essential timeline for the interim dividend for the current financial year. Investors should note the record date to ensure their shareholdings are updated appropriately to receive the dividend payment. No book closure period has been specified for this event.

Key Highlights

Corporate Action Details

Shriram Finance has notified the stock exchanges that, pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, it will hold meetings of its relevant committees to consider and approve the issuance of debt securities.

The committees involved are the 'Banking and Finance Committee' and the 'Allotment Committee - NCDs'. This is a standing authorization that allows the company to execute debt issuances—including redeemable NCDs and subordinated debentures—on a private placement basis (in both onshore and offshore markets) at any time within the designated window from November 01, 2026, to January 31, 2027.

What This Means for Investors

This filing does not announce a specific, immediate fundraising event or a fixed amount of capital to be raised. Instead, it provides the company with the necessary regulatory flexibility to tap the debt markets when it deems market conditions favorable. For shareholders, this highlights the company's active approach to liability management and liquidity planning, which is typical for a large-scale non-banking financial company (NBFC). No action is required by shareholders, as this is a procedural and recurring part of the company's financing operations.

Key Highlights

Financial Snapshot (Consolidated)

The company announced its financial results for the quarter and half-year ended September 30, 2026. Key figures below compare Q2 FY27 against Q2 FY26 (all figures in Rs crore unless stated):

Governance Update

The Board has appointed Mr. Panakala Raju M as the Chief Software Officer (Senior Management Person) of the company, effective October 23, 2026. Mr. Panakala brings approximately three decades of experience in the IT industry, including roles at Novac Technology Solutions (P) Ltd.

Fundraising and Debt Management

• Resource Mobilization: The board approved a resource mobilization plan for the issuance of debt securities, including non-convertible debentures (NCDs), bonds, or notes on a private placement or public issue basis for the period from November 1, 2026, to January 31, 2027.
• Debenture Issuance Limit: Approval was granted for the renewal of the limit to issue debentures on a private placement basis up to Rs 35,000 crore. A postal ballot notice will be filed shortly for shareholder approval.

What This Means for Investors

Investors should note the strong profitability growth in Q2 FY27. The declaration of an interim dividend provides immediate returns to shareholders. The company's active approach to resource mobilization and its ongoing debt issuance strategy indicate continued efforts to manage liquidity and support business growth. The appointment of a Chief Software Officer highlights a strategic focus on technology and architectural capabilities.

Key Highlights

Financial Snapshot (Consolidated)

Note: All figures are consolidated and unaudited.

Financial Performance

Shriram Finance showed strong year-on-year growth, with consolidated net profit for Q2 FY27 rising to Rs 3,683.81 crore, up 59.2% from Rs 2,314.16 crore in the same quarter last year. For the half-year ended September 30, 2026, the net profit stood at Rs 7,136.58 crore compared to Rs 4,473.55 crore in the prior-year period.

Total assets under management (AUM) grew by 16.96% YoY, standing at Rs 3,29,021.72 crore as of September 30, 2026, compared to Rs 2,81,309.46 crore in the corresponding period of the previous year.

Corporate Action Details

The Board of Directors has declared an interim dividend of 325%, amounting to Rs 6.50 per equity share of face value Rs 2 each. The record date for determining eligible shareholders for this dividend is October 29, 2026. The payment is scheduled to be made before November 20, 2026.

Additionally, the board approved a periodical resource mobilization plan for the issuance of debt securities, including non-convertible debentures and bonds, on a private placement or public basis between November 1, 2026, and January 31, 2027. The board also approved a renewal of the limit to issue debentures on a private placement basis up to Rs 35,000 crore, subject to shareholder approval via postal ballot.

Governance Update

The company appointed Mr. Panakala Raju M as the Chief Software Officer (Senior Management Person), effective October 23, 2026, following the recommendation of the Nomination & Remuneration Committee. Mr. Raju is a seasoned technology leader with approximately 30 years of experience in the IT industry.

What Looks Positive

The company reported strong profit growth across both the quarter and half-year periods. Dividend declaration is a positive signal for shareholders, and the expansion of the resource mobilization limit suggests ongoing business growth and liquidity requirements.

What This Means for Investors

Existing shareholders should monitor the company's ability to maintain these profit margins amidst the announced resource mobilization efforts. The appointment of a Chief Software Officer underscores the company's focus on technology-oriented programs and operational scaling, which remains a key area for long-term growth.

Key Highlights

Important Figures (Standalone)

Financial Performance Summary

Shriram Finance recorded strong growth for the quarter ended September 30, 2026 (Q2 FY27). Standalone revenue from operations grew to Rs. 13,789.42 crore compared to Rs. 11,907.79 crore in Q2 FY26. Profit after tax saw a substantial increase to Rs. 3,677.03 crore from Rs. 2,307.18 crore. For the half-year ended September 30, 2026, the company reported revenue of Rs. 27,183.10 crore and a PAT of Rs. 7,121.59 crore, demonstrating strong momentum over the previous year's corresponding half-year.

Corporate Actions and Governance

• Dividend: The Board declared an interim dividend of Rs. 6.50 per equity share of Rs. 2 face value. The record date is October 29, 2026, with payment to be made before November 20, 2026.
• Borrowing Plans: The Board approved a resource mobilization plan for issuing debt securities (NCDs, subordinated debentures, bonds/notes) from November 1, 2026, to January 31, 2027. This includes a specific limit of Rs. 35,000 crore for NCDs on a private placement basis, which remains subject to shareholder approval via postal ballot.
• Management Change: Mr. Panakala Raju M has been appointed as the Chief Software Officer (Senior Management Person) of the company, effective October 23, 2026.

Preferential Issue Update

The company confirmed that the proceeds from the preferential issue to MUFG Bank Ltd (approved in December 2025 and allotted in April 2026) stand fully utilized. During the quarter ended September 30, 2026, the company utilized the remaining Rs. 2,166.76 crore of the issue proceeds.

Investor Takeaway

The Q2 FY27 results show significant year-on-year growth in both top-line revenue and net profit. The declaration of a high-yield interim dividend and the authorization of a large-scale debt mobilization program suggest strong cash flow management and future business capital requirements. The addition of a Chief Software Officer highlights a focus on technology integration, which investors should monitor as the company continues its digital initiatives.

Key Highlights

• Interim Dividend: Declared an interim dividend of 325% or Rs. 6.50 per equity share (face value Rs. 2). The record date is October 29, 2026, with payment by November 20, 2026.
• Resource Mobilization: Approved a plan for debt securities issuance (NCDs, bonds, etc.) up to Rs. 35,000 crore on a private placement or public issue basis between November 1, 2026, and January 31, 2027.
• Leadership Update: Appointed Mr. Panakala Raju M as Chief Software Officer (Senior Management Person).
• Fund Utilization: Confirmed that proceeds from the previous Preferential Issue were fully utilized as of the quarter ended September 30, 2026, with no deviation.

Financial Snapshot (Standalone)

Financial Performance

Shriram Finance showed strong year-over-year growth in the second quarter. Standalone PAT rose to Rs. 3,677.03 crore for Q2 FY27 compared to Rs. 2,307.18 crore in Q2 FY26. Total income also increased to Rs. 13,798.91 crore from Rs. 11,916.73 crore in the corresponding period of the previous year.

Governance and Operations

• The Board approved the issuance of redeemable non-convertible debentures and subordinated debentures on a private placement basis.
• A Postal Ballot Notice will be issued to seek shareholder approval for the renewal of the limit to issue debentures up to Rs. 35,000 crore.
• Mr. Panakala Raju M was appointed as Chief Software Officer, bringing nearly three decades of IT industry experience.

Auditor Observations

The joint statutory auditors issued an unmodified report on the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026.

What This Means for Investors

Shareholders should note the record date of October 29, 2026, for the interim dividend. The company continues to demonstrate robust profitability, and the resource mobilization approval signals continued active management of its debt profile and capital requirements. The full utilization of the preferential issue proceeds resolves a key monitoring point.

Investor Takeaway

The announcement is characterized by strong quarterly growth and clear capital allocation updates. Existing shareholders should monitor the execution of the newly approved resource mobilization plan.

Financial Performance

Standalone Results (Q2 FY27 vs Q2 FY26)

Consolidated Results (H1 FY27 vs H1 FY26)

Dividend Announcement

The board declared an interim dividend of 325% (Rs. 6.50 per equity share of face value Rs. 2 each) for the financial year 2026-27.

• Record Date: October 29, 2026.
• Payment Date: On or before November 20, 2026.

Corporate Developments

Resource Mobilization and Debentures

• The board approved a periodical resource mobilization plan for the issuance of debt securities (NCDs, subordinated debentures, bonds/notes) via private placement or public issue between November 1, 2026, and January 31, 2027.
• Approval was granted for the issuance of debentures on a private placement basis up to Rs. 35,000 crore, subject to shareholder approval via a Postal Ballot.

Leadership Change

• Mr. Panakala Raju M has been appointed as the Chief Software Officer (Senior Management Person) effective October 23, 2026.

Business and Operational Highlights

• AUM: Total Assets Under Management reached Rs. 3,29,021.72 crore as of September 30, 2026, marking a 16.96% increase over the same period last year.
• Preferential Issue Utilization: The remaining proceeds (Rs. 2,166.76 crore) from the preferential issue to MUFG were fully utilized during the quarter ended September 30, 2026.
• Name Change: Shriram Overseas Investments Limited was renamed Shriram Gilts Limited effective October 15, 2026.

Investor Takeaway

The company demonstrated solid growth in both standalone and consolidated profitability for the quarter and half-year ended September 30, 2026. The declaration of an interim dividend and the approval for significant future resource mobilization plans reflect management's positive outlook on liquidity and business expansion. Shareholders should track the progress of the upcoming debt issuance and monitor the impact of the new leadership appointment on technology-oriented initiatives.

Key Highlights

Important Figures (Standalone)

Financial Snapshot

Shriram Finance showed substantial growth in the second quarter of FY27. Total standalone income reached Rs. 13,798.91 crore compared to Rs. 11,916.73 crore in Q2 FY26. Net profit after tax surged to Rs. 3,677.03 crore, reflecting improved operational profitability compared to the same period last year.

Corporate Action Details

The board has declared an interim dividend of Rs. 6.50 per equity share of Rs. 2 face value. Shareholders whose names appear in the Register of Members as of the record date, October 29, 2026, will be eligible for the payment, which is scheduled to be made on or before November 20, 2026.

Board and Governance Update

The Board of Directors approved a periodical resource mobilization plan for the issuance of debt securities, including non-convertible debentures and bonds, in both onshore and offshore markets, effective November 1, 2026, to January 31, 2027. Additionally, the board approved an issuance of debentures on a private placement basis, limited to Rs. 35,000 crore, subject to postal ballot approval. Mr. Panakala Raju M has been appointed as the Chief Software Officer of the company, effective October 23, 2026.

What Looks Positive

The company demonstrated strong financial growth with a 59.37% YoY increase in standalone net profit. The full utilization of proceeds from the Preferential Issue to MUFG Bank Ltd. by the end of Q2 FY27 indicates efficient capital deployment.

Concerns and Watch Points

• Execution Dependency: The resource mobilization plans are subject to market conditions in the onshore and offshore markets.
• Regulatory Monitoring: The company is monitoring the impact of new labour codes (effective since November 21, 2025) on its employee benefit expenses, which may require ongoing assessment.

Investor Takeaway

Shriram Finance’s Q2 FY27 results indicate strong performance momentum, characterized by significant profit growth and a consistent dividend policy. The management's focus remains on expanding resources through new debt instruments and strengthening its technological leadership with a new C-suite appointment. Investors should monitor the progress of upcoming debt issuances and the impact of evolving labour regulations on operational costs.

Investor Meeting Schedule

Shriram Finance Limited has informed the exchanges about a group meeting with select investors scheduled to take place on October 23, 2026, in Mumbai. The company noted that the interaction will be attended by senior management personnel. The discussions will be restricted to the investor presentation and other disclosures already available in the public domain.

Compliance and Disclosure Note

In its filing, the company addressed a delay in submitting the intimation. It stated that the meeting schedule was confirmed at short notice, which resulted in the delayed filing. The management has expressed regret for this delay and has committed to ensuring timely intimation for all future meetings in accordance with Listing Regulations.

Compliance Update

Shriram Finance Ltd has filed its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period covering October 1, 2026, to October 15, 2026. The certificate, provided by the company's Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited, confirms the successful processing of dematerialization requests.

Dematerialization Activity Summary

During the specified period, the RTA processed the dematerialization of securities, ensuring that:

• Share certificates received for dematerialization were verified, mutilated, and cancelled.
• The register of members was updated to reflect the respective depository as the registered owner.
• Confirmations were sent to the relevant depositories and stock exchanges as required.

What This Means for Investors

This is a standard, periodic compliance filing mandated by SEBI regulations for listed companies. It provides assurance that share transfer processes and dematerialization requests are being handled correctly by the RTA within the statutory timelines. The filing does not indicate any change in the company's financial position, management, or business strategy.

Conference Call Schedule

Shriram Finance Ltd has scheduled a conference call to discuss its unaudited standalone and consolidated financial results for the second quarter and half-year ended September 30, 2026. The call is set for:

• Date: Friday, October 23, 2026
• Time: 19:00 hrs (IST)

The company will host a transcript of this call on its official website, www.shriramfinance.in, following the event.

Management Participants

The following members of the senior management team are scheduled to participate:

• Mr. Umesh G Revankar, Executive Vice Chairman
• Mr. Parag Sharma, Managing Director & CEO
• Mr. S. Sunder, Joint Managing Director & CFO
• Mr. Sanjay K. Mundra, Executive Director

Event Context

This announcement serves as a follow-up to the company's earlier notice dated October 16, 2026, which informed the exchanges of the board meeting date to approve the financial results for the second quarter and half-year ended September 30, 2026.

Board Meeting Overview

Shriram Finance Ltd has announced that its Board of Directors will meet on October 23, 2026, to discuss several critical financial and strategic matters. The meeting will address periodic financial performance and potential capital-raising initiatives.

Key Agenda Items

What This Means for Investors

The upcoming meeting is a routine quarterly event where the company will disclose its financial health for the period ending September 30, 2026. Investors should monitor the results to assess profitability and asset quality. The board will also consider an interim dividend, providing potential income visibility. Additionally, the proposed resource mobilization and postal ballot notice indicate the company's proactive approach to securing capital for its ongoing business operations.

Investor Takeaway

The outcomes of the meeting on October 23, 2026, will be key. Shareholders should look for updates on the financial performance, potential dividend announcements, and further details on the proposed debt issuance strategies, which are essential for the company's liquidity and growth.

Subsidiary Name Change

Shriram Finance Ltd has formally renamed its wholly-owned subsidiary from "Shriram Overseas Investments Limited" to "Shriram Gilts Limited."

The change became effective on October 15, 2026, following approval from the Ministry of Corporate Affairs (MCA).

Strategic Context

This development is in furtherance of the company's intimation dated April 15, 2026, regarding the receipt of in-principle approval from the Reserve Bank of India (RBI) to commence Primary Dealer (PD) business. The new name, "Shriram Gilts Limited," is consistent with the scope of operations for a Primary Dealer.

What This Means for Investors

The name change is a procedural step aligning the subsidiary's identity with the company's previously stated strategic plan to enter the Primary Dealer segment. While routine in nature, shareholders should continue to monitor future company updates regarding the operational status and regulatory milestones of the Primary Dealer business.

Key Highlights

Clarification Details

Shriram Finance has issued a formal denial in response to a news report published on October 14, 2026. The article suggested that Mitsubishi UFJ Financial Group (MUFG) was interested in acquiring majority control of the company. Management explicitly stated that the report, along with similar coverage in other online media outlets, is based on speculation.

Market Price Movement

Regarding the volatility in the company’s share price observed on October 13 and October 14, 2026, the company clarified that these movements are entirely market-driven. Management emphasized that it has no control over, nor knowledge of, the factors influencing the recent increase or decrease in its equity share price.

Investor Takeaway

For existing shareholders, the primary takeaway is the company's direct rebuttal of the takeover rumor. While such news can create short-term volatility, the official denial serves to clear up speculative uncertainty. Shareholders are advised to rely on official company disclosures for material updates rather than media speculation.

Key Highlights

Capital Impact

Following the allotment, the paid-up share capital of Shriram Finance Ltd has increased as follows:

• Pre-allotment capital: Rs 470,60,90,068
• Post-allotment capital: Rs 470,61,73,584
• Total issued shares after issue: 2,35,30,86,792

The newly allotted shares rank pari-passu with the existing equity shares of the company in all respects.

Governance Update

The ESOP Allotment Committee of the board approved the allotment on October 8, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 10(c) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Compliance Disclosure

Shriram Finance Limited has submitted its confirmation certificate for the period from September 01, 2026, to September 30, 2026, in compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.

Process Details

The filing confirms that the company's Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited, has completed the necessary verification and processing of share certificates submitted by investors for dematerialization.

Key actions confirmed by the RTA include:

• Verification and Cancellation: The RTA has, after due verification, mutilated and cancelled the physical share certificates received for dematerialization.
• Registry Update: The RTA has substituted the name of the relevant depository as the registered owner in the register of members.
• Regulatory Reporting: Confirmation has been provided to the depositories regarding the listed status of the securities on the stock exchanges where the company's shares are listed.

This filing serves as a standard administrative confirmation of the share transfer and dematerialization process.

Transaction Overview

Shriram Finance Limited has announced the completion of the settlement for its tender offers concerning two series of Senior Secured Notes issued under its USD 3,500,000,000 Global Medium Term Note (GMTN) Programme. The settlement was finalized on September 30, 2026, following the results previously disclosed to the exchanges.

Note Purchase Details

The company accepted and purchased the following principal amounts of Senior Secured Notes:

All notes accepted for purchase by the company have been cancelled.

Consideration Terms

The aggregate cash consideration paid for the purchased notes included three components for each series:

1. Purchase Price: U.S.$1,000 per U.S.$1,000 principal amount.
2. Additional Interest Payment: U.S.$11.50 per U.S.$1,000 principal for the 2027 Notes, and U.S.$13.00 per U.S.$1,000 principal for the 2028 Notes.
3. Accrued Interest: Applicable accrued interest payment for the respective series.

The aggregate consideration paid totaled U.S.$312,151,064.87 for the 2027 Notes and U.S.$166,918,000.27 for the 2028 Notes.

Management and Advisors

The tender offers were facilitated by The Hongkong and Shanghai Banking Corporation Limited (HSBC) and MUFG Securities Asia Limited Singapore Branch, who served as Dealer Managers. Sodali & Co Ltd. acted as the Information and Tender Agent for the process.

Investor Takeaway

This transaction reflects Shriram Finance's active management of its international debt obligations under the GMTN Programme. For shareholders, this represents a reduction in outstanding foreign currency liabilities. The event is now concluded, with the purchased notes cancelled and the remaining balances of both series updated to U.S.$450.02 million and U.S.$340 million, respectively.

Legal, Penalty, Tax, or Regulatory Update

Shriram Finance Limited has informed the exchanges that it received an order dated September 29, 2026, from the Assessment Unit of the Income Tax Department. The order levies a penalty of Rs 67.90 crore (Rs 6790.07 lakh) for the Assessment Year 2009-10.

The penalty was imposed under Section 271(1)(c) of the Income Tax Act, 1961, following allegations that the company made an incorrect claim of deduction amounting to Rs 199.77 crore (Rs 19976.68 lakh), which resulted in a reduction of its taxable income for that specific assessment year.

The company has formally stated that it believes it has strong merits in its case and a fair chance of succeeding in having the demand quashed during appellate proceedings. Shriram Finance plans to file an appeal before the first Appellate Authority within the legally prescribed time limit.

Concerns and Watch Points

• Impact Assessment: While the company has stated that the penalty has no material impact on its financial or operational activities, the absolute amount of Rs 67.90 crore is a significant figure that requires monitoring.
• Appellate Outcome: The primary watch point for shareholders is the progress and eventual outcome of the appeal before the first Appellate Authority. Any unfavorable development in this legal proceeding could necessitate a re-evaluation of the financial impact.

Investor Takeaway

This development involves a legacy tax assessment issue from 2009-10. Given the company's clear stance that it intends to appeal and sees strong merits in its position, the immediate financial risk appears mitigated in management's view. However, investors should monitor future regulatory filings for updates on the appellate proceedings and any potential change in the company's assessment of this legal risk.

Publication Overview

Shriram Finance Limited has informed the stock exchanges regarding the opening of a 'Special Window' for the transfer and dematerialization of physical securities. This notice is issued in compliance with SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026.

Special Window Details

The special window is open for a period of one year, starting from February 05, 2026, and ending on February 04, 2027.

Eligibility and Exclusions

This facility is intended to facilitate the transfer and dematerialization of physical share certificates purchased prior to April 01, 2019, which were pending registration due to:

• Technical defects or deficiencies in transfer documents.
• Documentation or process-related issues.

Shares already transferred to the Investor Education and Protection Fund (IEPF) or cases involving pending disputes between the transferor and transferee do not qualify for lodgement under this window.

Shareholder Instructions

Eligible persons holding physical certificates are requested to lodge or re-lodge proper transfer documents, along with original share certificates and proof of purchase, with the company's Registrar and Transfer Agent (RTA).

Processed shares will be credited to the transferee's demat account and will be subject to a lock-in period of one year from the date of registration. During this period, shares cannot be transferred, lien-marked, or pledged.

RTA Contact Information

Lodgements and inquiries should be directed to the company's RTA:

• Entity: Integrated Registry Management Services Private Limited
• Address: 2nd Floor, Kences Towers, No.1, Ramakrishna Street, North Usman Road, T Nagar, Chennai, Tamil Nadu - 600 017
• Phone: 044-28140801-03
• Email: einward@integratedindia.in

Key Highlights

Tender Offer Results

The company received valid tenders for its USD-denominated notes as follows:

Because the aggregate principal amount of tendered notes exceeded the previously established maximum acceptance amounts (USD 300 million for 2027 Notes and USD 160 million for 2028 Notes), the company applied the proration factors listed above.

Consideration and Settlement

• Consideration: Holders of the accepted 2027 Notes will receive a purchase price of USD 1,000 per USD 1,000 principal amount, plus USD 11.50 as additional interest, and applicable accrued interest. Holders of the accepted 2028 Notes will receive USD 1,000 per USD 1,000 principal amount, plus USD 13.00 as additional interest, and applicable accrued interest.
• Aggregate Payout: The total consideration expected to be paid on the payment date is USD 479,069,065.14.
• Settlement: The payment date for the accepted notes is expected to be September 30, 2026. Accrued interest on these notes will cease to accrue from this date.

Notes Remaining Outstanding

Following the settlement, the company expects the following amounts of the respective series to remain outstanding:

• 2027 Notes: USD 450,021,000
• 2028 Notes: USD 340,000,000

Investor Takeaway

The tender offer represents a planned reduction of the company's USD-denominated senior secured debt. The exercise involves a substantial cash outlay of approximately USD 479 million to retire a portion of these liabilities. Investors should note that following this settlement, a significant portion of both note series will remain outstanding, and the company has successfully completed this phase of its liability management program. There are no indications of liquidity stress; this was a voluntary tender offer process.

Share Transfer Disclosure

Shriram Finance Limited has submitted an intimation to the stock exchanges regarding the transfer of equity shares held in physical mode, pursuant to SEBI circulars concerning the re-lodgement of transfer and dematerialization of shares.

Transaction Details

The company reported the following transfer:

Terms and Conditions

The transferred securities are subject to a lock-in period of one year from the date of transfer.

Trading Window Closure

Shriram Finance Ltd has announced the closure of its trading window for designated persons, effective October 1, 2026. The closure is in compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, and the company's own Code of Conduct.

The trading window will remain closed until 48 hours after the dissemination of the company's unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2026.

Next Steps

The company has indicated that the date of the meeting of the Board of Directors to consider and approve these financial results will be intimated in due course.

What This Means for Investors

This is a routine regulatory compliance filing. The trading window closure applies specifically to designated persons, such as employees, directors, and other insiders, to prevent insider trading prior to the release of financial information. It does not restrict or affect trading by the general investing public.

Key Highlights

Penalty Breakdown

The penalties arise from two distinct categories: non-payment of tax under the Reverse Charge Mechanism (RCM) and ineligible Input Tax Credit (ITC) on invoices from automobile/motor vehicle dealers. The totals per financial year are as follows:

(Note: Values are stated as per the filing. Total reflects combined tax demand and penalty levied as listed in the source table.)

Regulatory Context

The penalties were imposed under Section 74 of the CGST Act, 2017, read with the Maharashtra Goods and Service Tax Act, 2017 (MGST Act, 2017) and the Integrated Goods and Services Tax Act, 2017 (IGST Act, 2017). The demands relate to the operations of the erstwhile Shriram City Union Finance Limited, which merged with the Company effective April 1, 2022.

Management Commentary

Management has explicitly stated that there is no material impact on the financial, operational, or other activities of the Company. However, given the nature of the amount involved and out of commercial prudence, the Company is currently awaiting professional opinions from its tax consultants regarding these specific demand orders.

Investor Takeaway

While the company has downplayed the materiality of these penalties, the receipt of significant tax demand orders is a watch point. Shareholders should monitor any subsequent disclosures regarding the company's decision to contest or pay these demands, as this could lead to future legal or financial adjustments.

Tender Offer Overview

Shriram Finance Limited has officially commenced cash tender offers for two series of its outstanding Senior Secured Notes issued under its USD 3,500,000,000 Global Medium Term Note Programme. The company intends to retire and cancel the notes accepted for purchase to optimize its balance sheet.

Terms of the Tender Offers

In addition to the purchase price and the specified additional interest amount, the company will pay accrued and unpaid interest in cash from the immediately preceding interest payment date to the payment date.

Key Dates and Procedures

• Expiration Time: 5:00 p.m. New York City time on September 28, 2026.
• Expected Payment Date: On or around September 30, 2026 (no later than three business days following the expiration).
• Minimum Denomination: Tenders may be made only in a minimum principal amount of U.S.$200,000, and integral multiples of U.S.$1,000 thereafter.

Strategic Rationale

The company is executing these tender offers as part of its ongoing liability management activities. Any notes validly tendered and accepted will be retired and cancelled. The offers are not conditional upon any minimum principal amount being tendered. Shriram Finance reserves the right to increase or decrease the maximum acceptance amounts, or not to purchase any notes, in its sole discretion.

Important Notes for Investors

• Independent Offers: Each tender offer for the two series of notes is being conducted independently of the other.
• Proration: If the aggregate principal amount of notes validly tendered exceeds the respective maximum acceptance amount, the company will accept tenders on a pro rata basis.
• Broker Deadlines: Noteholders are advised that their own brokers, banks, or nominees may establish earlier deadlines for participation. Investors are encouraged to contact their intermediaries to determine the exact time by which they must take action.
• Governance: The company has retained HSBC and MUFG Securities Asia Limited as dealer managers, and Sodali & Co Ltd as the information and tender agent.

Key Highlights

Transaction Overview

The Banking & Finance Committee of Shriram Finance Ltd approved a tender offer to purchase for cash outstanding Senior Secured Notes issued under its USD 3.5 billion Global Medium Term Note (GMTN) Programme.

The offer covers two tranches of debt:

1. Up to USD 300 million of the USD 750 million 6.625% Senior Secured Notes maturing in 2027.
2. Up to USD 160 million of the USD 500 million 6.15% Senior Secured Notes maturing in 2028.

This represents a total potential debt repurchase of up to USD 460 million. The company stated that further intimations regarding the process will be provided in accordance with applicable laws.

What This Means for Investors

This is a liability management exercise. By repurchasing existing high-coupon or shorter-maturity debt, companies often seek to optimize their balance sheet, reduce future interest outflows, or manage their maturity profile. Investors should monitor subsequent disclosures regarding the specific terms, pricing, and completion status of the tender offer, as these will clarify the financial impact on the company's liquidity and debt service obligations.

Banking & Finance Committee Meeting

Shriram Finance Limited has formally intimated that a meeting of its Banking & Finance Committee is scheduled to take place on or after Monday, September 21, 2026.

Proposal Overview

The agenda for the scheduled meeting includes the consideration and, if deemed fit, the approval of a proposal to initiate a buyback of the company's debt securities.

Key conditions surrounding the potential buyback include:

• Regulatory Compliance: The proposal is subject to all applicable laws and regulations.
• Market Conditions: Execution of any approved buyback is contingent upon prevailing market conditions.
• Terms: Any action will be subject to the terms and conditions outlined in the respective issue documents of the debt securities.

Investor Takeaway

For existing shareholders and debenture holders, this notice serves as an early-stage intimation of the company's potential intent to manage its debt obligations through a buyback mechanism. As the event is currently in the proposal stage subject to committee approval and market conditions, investors should monitor future exchange filings for the final outcome of the meeting and any specific details regarding the size, pricing, or tenure of the debt securities involved in the proposed buyback.

Investor Meeting Schedule

Shriram Finance Ltd has informed the exchanges of an upcoming engagement with institutional investors and analysts. The company's senior management team is scheduled to attend the following event:

Discussion Scope

The company has clarified that all discussions during this event will be based on existing investor presentations and information already available in the public domain. No new material or price-sensitive information is expected to be disclosed during these sessions.

Regulatory Context

This intimation is provided in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which requires listed companies to disclose details of meetings with analysts or institutional investors to ensure transparency and equitable access to information for all stakeholders.

Investor Meeting Details

Shriram Finance Limited has informed the exchanges of an upcoming investor engagement activity. Senior management from the company is scheduled to attend the BoFA 2026 Asia Pacific Conference to participate in a group meeting with select institutional investors.

Key Event Information

The company has clarified that the discussions at this conference will be strictly limited to information already available in the public domain, including the company's existing investor presentations.

Meeting Details

Shriram Finance Limited has formally announced its participation in the CLSA 33rd Investors' Forum 2026, scheduled for September 21, 2026, in Hong Kong. The company confirmed that its senior management personnel will be in attendance for a group meeting with select investors. The discussions will be limited to information already available in the public domain, including the company's existing investor presentations.

Investor Relevance

This filing is a routine compliance notification pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Such disclosures ensure that investors are aware of scheduled interactions between management and institutional stakeholders. The company has explicitly stated that discussions will rely on previously disclosed material, indicating that no new price-sensitive information or financial guidance is expected to be released during this event.

Key Highlights

Corporate Action Details

Shriram Finance Limited has formally approved the allotment of 61,491 equity shares to 65 of its employees. These shares were issued following the exercise of fresh stock options under the Shriram Finance Limited Employee Stock Option Scheme 2023 (No.1).

Key terms of the issue include:

• Exercise Price: Rs. 38.71 per share.
• Premium: Rs. 36.71 per share.
• Status: The new shares rank pari-passu with the existing shares of the company.

Financial Impact

Following this allotment, the company's paid-up share capital has increased from Rs. 470,59,67,086/- to Rs. 470,60,90,068/-. The total number of issued shares after this issue stands at 2,35,30,45,034 shares.

Investor Takeaway

This is a routine administrative filing regarding the exercise of employee stock options. The issuance of 61,491 shares represents a very small fraction of the company's total share base of over 2.35 billion shares and does not indicate a material change in the company's operations, financial health, or capital structure.

Investor Meeting Notification

Shriram Finance Ltd has formally notified the stock exchanges regarding its participation in a scheduled group meeting with investors at the 2026 Jefferies India Forum. The engagement is intended to facilitate dialogue between the company's senior management and the investment community.

Meeting Details

The company stated that discussions during this forum will be strictly based on information available in the public domain and the company’s previously shared investor presentations. No new material non-public information is expected to be disclosed.

Key Highlights

Transaction Details

The Allotment Committee of Shriram Finance Ltd, in its meeting held on September 09, 2026, approved and allotted the NCDs on a private placement basis. The issuance is a further issue under the series SFL PPD 2026-27 SEP 2029, following a past issuance of Rs 1,000 crore on July 09, 2026, within the same ISIN (INE721A07SS4).

The debentures were issued at a discount, with a clean price of Rs 99,850.23 per debenture plus accrued interest of Rs 42.74, resulting in a dirty price of Rs 99,892.97 per NCD.

Utilization of Proceeds

The company has stated that 100% of the proceeds from this issue will be utilized for refinancing existing rated and listed non-convertible debentures. These existing debentures were originally utilized towards the creation of the loan portfolio and onward lending, which includes financing and refinancing of electric vehicles, in accordance with agreements with the Debenture Trustee.

Investor Takeaway

This development represents a standard refinancing exercise for Shriram Finance Ltd. The company is using this issuance to manage its long-term resource profile by refinancing earlier debt. Investors should note the fixed coupon rate of 7.80% and the maturity date in September 2029, which align with the company's ongoing liquidity and lending requirements. No material concerns or defaults regarding interest or principal payments were reported.

Regulatory Compliance Update

Shriram Finance Ltd has filed a confirmation certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.

Filing Details

• Reporting Period: August 16, 2026, to August 31, 2026
• Registrar and Transfer Agent (RTA): Integrated Registry Management Services Private Limited
• Filing Date: September 04, 2026

Confirmation of Procedure

The company's RTA confirmed that it has fulfilled the following regulatory requirements within 15 days of receiving certificates from Depository Participants:

• Verified and confirmed that the securities comprised in the dematerialized certificates are listed on the relevant stock exchanges.
• Mutilated and cancelled the physical share certificates received for dematerialization.
• Updated the register of members to reflect the depository as the registered owner of the securities.

This filing ensures that the company remains in compliance with its obligations regarding the dematerialization of securities for the specified period.

Key Highlights

Credit Rating Rationale

ICRA has reaffirmed the [ICRA]AAA; Stable rating for Shriram Finance Limited, signaling the highest level of credit safety. This validation is driven by several factors:

• Leadership and Franchise: The company maintains a dominant position in the preowned commercial vehicle (CV) financing segment, supported by an extensive network of 3,755 branches and rural centres as of June 30, 2026.
• Capitalization: The company's capitalization profile has been significantly bolstered by a Rs. 39,618 crore capital infusion from MUFG Bank Ltd in April 2026, which has improved the Capital-to-Risk Weighted Assets Ratio (CRAR) to 34.2% as of June 30, 2026, compared to 20.4% as of March 31, 2026.
• Profitability: Performance metrics have shown improvement, with NIMs rising to 8.6% of average managed assets (AMA) in Q1 FY2027 (7.5% in FY2026). Consequently, the Return on Average Managed Assets (RoMA) improved to 3.9% in Q1 FY2027 from 3.1% in FY2026.
• Asset Quality: Asset quality remains stable, with gross and net stage 3 assets at 4.6% and 2.3%, respectively, as of June 30, 2026.

Liquidity Position

The company maintains a strong liquidity profile. As of June 30, 2026, it held lien-free on-balance sheet liquidity of Rs. 22,192 crore, supplemented by Rs. 8,200 crore in unutilised funding lines. The liquidity coverage ratio remained well above regulatory requirements.

Key Financial Indicators (Consolidated)

Concerns and Watch Points

• Asset Quality Monitoring: While the company has a track record of managing credit costs through business cycles, its moderate asset quality—linked to a borrower profile with limited credit history and restricted income buffers—remains a monitorable factor.
• Regulatory and Macro Sensitivity: The rating rationale notes that potential policy changes, such as rulings on the operating life of commercial vehicles, could impact the residual value of security and, consequently, profitability.

Investor Takeaway

The reaffirmation of the 'AAA' rating is a significant positive indicator of financial health. For existing shareholders, the key takeaways are the strengthened capital buffer following the recent large-scale equity infusion and the demonstrated ability to maintain profitability and asset quality amid operational scaling. Monitoring future trends in credit costs and the company's ability to maintain its NIM and RoMA will be essential for assessing continued performance.

Investor Meeting Disclosure

Shriram Finance Ltd has formally notified the BSE and NSE regarding a scheduled group meeting with select investors, analysts, and brokers. The meeting is set to take place on September 10, 2026, as part of the UBS India Summit 2026 in Mumbai.

Meeting Details

Management Participation

Senior management and relevant personnel of the company will attend the summit to interact with the investment community. The company has clarified that all discussions during the event will be restricted to information already available in the public domain and the company's existing investor presentation. This disclosure serves as a routine compliance measure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Publication Details

Shriram Finance Ltd has published a notice in the Financial Express (English) and Makkal Kural (Tamil) editions on August 29, 2026. This publication is in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Background

The advertisement relates to the mandatory transfer of equity shares to the Investor Education and Protection Fund (IEPF) Authority. This process is governed by Section 124(5) and (6) of the Companies Act, 2013, read with the IEPF Rules, 2016. The company is required to transfer shares to the IEPF account where the dividend has not been claimed for seven consecutive years.

Shareholder Action

Shareholders who have unclaimed dividends or shares are encouraged to review the details uploaded on the company website (www.shriramfinance.in). The company has provided contact details for its Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, for shareholders who wish to initiate claims or stop the transfer of their shares to the IEPF account. Affected investors are advised to take necessary action as per the timelines provided in the notice.

Publication Details

Shriram Finance Ltd has issued a statutory notice in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The advertisement was published on August 29, 2026, in the following newspapers:

• Financial Express (English)
• Makkal Kural (Tamil)

Important Dates

• Deadline for Shareholder Action: November 13, 2026

Shareholder Instructions

The company has identified equity shares where the corresponding dividends have remained unclaimed for seven consecutive years. Under the IEPF Rules, 2016, these shares are subject to transfer to the Investor Education and Protection Fund Authority.

Shareholders who have not claimed their dividends are advised to:

1. Review the list of unclaimed shares available on the company website (www.shriramfinance.in).
2. Submit the necessary claims or required documentation to the company or its Registrar and Share Transfer Agent before the November 13, 2026 deadline.

Regulatory Context

This notice is issued in accordance with the Companies Act, 2013 (Sections 124(5) and 124(6)) and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

Compliance Overview

Shriram Finance Ltd has filed its compliance certificate as required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing, dated August 21, 2026, includes a confirmation letter from the company's Registrar and Transfer Agent (RTA), Integrated Registry Management Services Private Limited, dated August 20, 2026.

RTA Confirmation

The RTA has confirmed that it has fulfilled its regulatory obligations regarding the dematerialization of share certificates during the period from August 1, 2026, to August 15, 2026. The confirmation includes the following procedures:

• Verification: All received share certificates were verified against records.
• Cancellation: The certificates were immediately mutilated and cancelled.
• Record Update: The RTA substituted the name of the respective depository as the registered owner in the company's register of members.
• Notification: Confirmation was provided to the relevant depositories as required.

Dematerialization Details

The filing discloses that during the period from August 1, 2026, to August 15, 2026, several share certificates were dematerialized. This is a routine operational activity involving the conversion of physical share certificates into electronic format.

Investor Takeaway

This filing is a procedural compliance requirement and does not signify any material change in the company's financial position, operations, or governance structure. Existing shareholders should view this as a routine update regarding the company's interaction with its RTA and depositories.

Key Highlights

Shriram Finance Limited has been assigned an ESG rating of 74 for FY2026 by NSE Sustainability Ratings & Analytics Limited. The rating falls under the "Leader" category. The company clarified that this assessment was performed independently by the agency using public disclosures and was not a commissioned engagement.

Assessment Context

The company noted that it did not engage NSE Sustainability for these ratings. The agency derived its assessment based on public disclosures related to FY2026. The company reached out to the agency on August 12, 2026, seeking clarifications on the report, and received a response on August 14, 2026, before filing this intimation with the stock exchanges.

Pillar Performance Analysis

NSE Sustainability evaluated the company across three pillars:

• Environment (Score 65): The report highlights that greenhouse gas emissions and energy intensity are below industry averages, though reliance on renewable energy was noted as minimal. Waste intensity is considered low compared to peers.
• Social (Score 77): Key drivers include a reported Lost Time Injury Rate (LTIR) near zero, 100% health insurance coverage for permanent employees, and CSR spending that exceeds regulatory obligations.
• Governance (Score 77): The assessment recognizes the separation of Chairman and CEO roles, the presence of independent directors on the board beyond regulatory requirements, and the existence of anti-corruption and sustainability policies.

Methodology and Definition

The "Leader" category corresponds to the top 10% of companies assessed in the framework, indicating exceptional ESG maturity. The methodology incorporates quantitative and qualitative data, materiality assessments, and benchmarking against sector-specific standards.

Investor Takeaway

While this ESG rating provides an external benchmark of the company's sustainability practices and governance maturity, it remains a qualitative measure. For existing shareholders, this update confirms that the company maintains a "Leader" category ranking according to the NSE Sustainability framework, with a marginal improvement over its FY2025 score of 73.

Event Overview

Shriram Finance Limited has disclosed that its senior management team will participate in the 'Motilal Oswal 22nd Annual Global Investor Conference' on Wednesday, August 19, 2026. The engagement involves multiple group meetings with various institutional investors, analysts, and brokerage firms.

Scope of Discussion

The company has explicitly stated that the discussions held during these meetings will be based solely on its existing investor presentation and disclosures currently available in the public domain. No new material information is expected to be shared in these forums.

Scheduled Participants

The following institutional investors and firms are scheduled for group meetings:

Morning Session (10:00 AM – 10:50 AM)

• ASK Hedge Solutions, Bandhan MF, Dymon Asia, Girik Capital, HDFC Life Insurance, HSBC Asset Management India, ITI Asset Management, Julius Baer Wealth Advisors (India) Private Limited, Mahindra Manulife, Millennium Partners, Neuberger Berman, Oxbow Capital Management (HK) Ltd, Param Capital, Svan Investments, Tata AIA Life Insurance, Tata Asset Management, Unique Asset Management.

Mid-Day Session (12:00 PM – 12:50 PM)

• Abakkus Asset Managers, ASK Investments, Carnelian Capital, Edelweiss AMC, Invesco Mutual Fund, Kotak Group, LIC Nomura MF, MetLife India Insurance Company, Nirzar Enterprises, Old Bridge Capital Management, Union KBC Asset Management Company Pvt, UTI MF, UTI Pension Fund.

Afternoon Sessions (01:00 PM – 02:50 PM)

• Abakkus Asset Managers, Aionios Alpha, Blackrock Asset Management, Chrys Capital, Emkay Pms, HDFC Ergo General Insurance, ICICI Securities PMS, Individual Investor Private Wealth Management, Indusind Nippon Life Insurance, JM Mutual Fund, Kotak Group, Kotak NDPMS, New Vernon Capital, Nippon India Asset Management AIF, Purnartha Investment Advisers, Sameeksha Capital Private Limited, Aberdeen Asset Management Asia, Aditya Birla Sunlife Mutual Fund, Axis MF.

Investor Takeaway

This announcement is a procedural regulatory requirement under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It highlights the company's active engagement with institutional investors, which is standard practice for a company of this scale.

Meeting Details

Shriram Finance Limited has informed the exchanges that it will participate in Axis Capital's India Corporate Day 2026, taking place in Singapore on August 18, 2026. Senior management personnel from the company are scheduled to attend.

Participants and Format

The company will engage in a group meeting with the following institutional investors and funds:

• AIA Capital
• Lion Global Investors
• North Rock
• Optimas
• Polymer
• Schonfeld

Investor Engagement

The company has clarified that all discussions during these sessions will be restricted to its existing investor presentation and previously released public domain disclosures. This filing is made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Highlights

Shriram Finance Limited has scheduled group meetings with various institutional investors and funds as part of the Ambit-Daiwa India Access event in Singapore. The meetings are scheduled for August 17, 2026.

Investor Meeting Schedule

The company has organized a series of sessions throughout the day on August 17, 2026, to engage with global investment firms. Participants include:

• Morning Sessions: Algebris Investments, Lion Global Investors, Millennium Capital, Pinpoint Asset Management, Allianz Global Investors, and ManuLife Asset Management.
• Afternoon Sessions: Alliance Bernstein, Balyasny Asset Management (BAM Funds), HSBC Global Asset Management, Jain Global LLC, Schroder Investment Management, Sundaram Mutual Fund, Tokio Marine Asset Management, Capital Research Global Investors, Eastspring Investments, and Schonfeld Strategic Advisors.

What This Means for Investors

These meetings are a standard part of the company's investor relations strategy. Management uses these platforms to discuss public domain disclosures and share insights into the company's operational performance and financial strategy. There is no new financial data or material price-sensitive information revealed in this disclosure. Investors should view this as a routine update regarding the company's ongoing engagement with the institutional investor community.

Investor Takeaway

This disclosure confirms standard investor outreach activities by Shriram Finance. No immediate operational or financial impact is expected from these meetings. Investors can track the company's ongoing engagement efforts as part of its routine transparency and investor relations program.

Key Highlights

Financial Snapshot

The allotment has resulted in a minor increase in the company's paid-up share capital.

Corporate Action Details

Shriram Finance Limited has executed an allotment of 35,104 equity shares to 54 employees under the 'Shriram Finance Limited Employee Stock Option Scheme 2023 (No.1)'. The issuance was made at an exercise price of ₹38.71 per share, which includes a premium of ₹36.71 over the face value of ₹2 per share. The management has confirmed that these newly issued shares will rank pari-passu with the existing equity shares of the company.

Investor Takeaway

This announcement pertains to the routine execution of an employee stock option scheme. The marginal increase in paid-up share capital is a procedural outcome of stock options being exercised by employees. For investors, this represents the standard operation of the company's human capital incentive program and carries no material impact on the company's underlying business fundamentals or financial standing.

Meeting Overview

Shriram Finance Limited has confirmed its participation in the Equirus India Growth Summit, scheduled to be held in Mumbai on August 13, 2026. The meeting will occur between 3:00 PM and 4:00 PM and will be attended by senior management personnel of the company.

According to the disclosure, discussions held during this summit will be based strictly on existing investor presentations and public domain disclosures. No unpublished price-sensitive information will be shared during these sessions.

Participating Institutions

The following institutional investors and brokers are scheduled to attend the group meetings:

Investor Takeaway

This announcement is part of the company's routine investor relations and engagement strategy. Participation in such summits allows senior management to engage with various institutional stakeholders and clarify publicly available information. Investors should view this as a standard corporate compliance event. No new financial results, order wins, or strategic shifts were announced in this filing.

Compliance Overview

Shriram Finance Limited has submitted its confirmation certificate as required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This filing confirms that the securities comprised in the certificates dematerialized during the period from July 16, 2026, to July 31, 2026, have been properly listed on the stock exchanges.

Dematerialization Summary

The company's Registrar and Transfer Agent (RTA), Integrated Registry Management Services Private Limited, has completed the necessary verification, mutilation, and cancellation of the submitted share certificates, updating the register of members accordingly.

RTA and Process Details

Integrated Registry Management Services Private Limited serves as the Registrar and Transfer Agent for Shriram Finance Limited. The RTA has confirmed that all regulatory requirements regarding the dematerialization process—including substituting the name of the respective depository as the registered owner—have been fulfilled within the stipulated timeframes.

What This Means for Investors

This update is a standard regulatory procedure. It provides assurance that the company is maintaining proper oversight of its share capital and depository records in accordance with SEBI guidelines. There is no impact on the company’s financial position or business operations resulting from this filing.

Meeting Details

Shriram Finance Ltd has scheduled a group meeting with various financial institutions as part of the 'Emkay Confluence 2026 India: Full Throttle Ahead' event. The company clarified that discussions during this interaction will be strictly confined to existing investor presentations and information already in the public domain.

Participating Institutional Entities

The management will interact with representatives from the following institutional investors:

• Axis Mutual Fund
• Baroda BNP Mutual Fund
• Canara HSBC OBC Life Insurance
• Pramerica Life Insurance
• HSBC Asset Management
• ICICI Prudential AMC
• Metlife Insurance
• SBI Funds Management
• Tata AIA Life Insurance
• White OAK Capital
• Birla MF PMS
• Tara Funds
• UTI Retirement Benefit Pension Funds
• Motilal Oswal AIF

Investor Takeaway

This filing serves as a routine compliance update pursuant to Regulation 30 of the SEBI Listing Regulations. It confirms the management's continued engagement with the institutional investor community. Investors should note that no new strategic, financial, or operational details are expected to be disclosed during these forums, as the scope is limited to previously disclosed public information.

ESG Rating Revision

ICRA ESG has revised Shriram Finance Limited’s ESG Impact Rating to 83 (Outstanding) from 82. The revision is driven by the company's progress in integrating ESG considerations across its value chain, strengthened governance practices, and increased focus on sustainable financing initiatives.

Key ESG Score Changes

Financial Snapshot (FY2026)

Analysis of ESG Performance

Environment

Environment performance improved, with the score rising to 77. The company has strengthened its environmental management through improved data accuracy and disclosures, including expanded Scope 3 reporting and financed emissions coverage. The firm’s green finance portfolio has exceeded ₹1,400 crore, with a medium-term target of ₹5,000 crore AUM. However, the absence of time-bound environmental targets and negligible renewable energy adoption remain areas of focus.

Governance

The governance score increased to 84, benefiting from strengthened oversight mechanisms and the strategic association with MUFG Bank. The induction of two nominee directors from MUFG has enhanced board expertise. Transparency in disclosures and the separation of Chairperson and Managing Director roles are noted positives. Regulatory compliance remains monitorable, though current observations have not materially impacted operations.

Social

The social score remained stable at 91. The company continues to demonstrate strong social impact through financial inclusion initiatives, serving 9.6 million customers. However, the company faces operational challenges, including elevated employee attrition of 31.1% and limited gender diversity in leadership, with female representation among Key Managerial Personnel remaining absent.

Concerns and Watch Points

What This Means for Investors

The ESG rating upgrade reflects Shriram Finance’s ongoing efforts to align its operations with sustainability best practices and improve its disclosure framework. For investors, the focus remains on the company's ability to balance its rapid growth and extensive rural outreach with the need to address social human capital risks and environmental gaps. The strategic partnership with MUFG is a key governance differentiator to track for future synergies.

Investor Takeaway

Shriram Finance’s ESG rating upgrade is a positive validation of its strengthening sustainability roadmap. The company’s focus on green finance and governance improvements through its MUFG partnership are strategic positives. Investors should continue to monitor social indicators like attrition and leadership diversity, as well as progress toward formal environmental targets, as these factors will influence future ESG assessments and long-term governance quality.

Key Financial Highlights

Financial Snapshot (Consolidated)

Financial and Operational Analysis

Shriram Finance showed robust growth momentum in the first quarter of FY '27. The increase in disbursements to ₹49,974.49 crore and a corresponding rise in Assets Under Management to ₹3,13,798.39 crore highlights healthy demand across its loan segments. Net Interest Margin (NIM) improved to 9.04%, benefiting from effective liquidity utilization and lower cost of funds.

Profitability and Asset Quality

Profit After Tax surged to ₹3,444.56 crore, reflecting strong operational performance. Regarding asset quality, Gross Stage 3 assets stood at 4.64%, with Net Stage 3 assets at 2.33%. Management noted that the slight increase in Gross Stage 3 assets is partly seasonal. The company maintains a strong capital position with a Capital Adequacy Ratio of 34.1%.

Management Commentary and Outlook

Management has retained its 18% growth guidance for FY '27. However, they expressed a cautious stance, preferring to wait for Q2 results to assess the potential impact of monsoon deficits on rural income and agricultural output. The focus remains on steady expansion, with tentative plans to add 150 branches in FY '27. The strategy involves a shift in the portfolio mix, with an increased focus on new vehicle financing, MSME, and gold loans to drive long-term growth.

Management Q&A Highlights

Concerns and Watch Points

• Monsoon Impact: The 24% rainfall deficit (June 4 to July 16) is a key watch point, as it may impact rural spending and asset quality in agricultural-dependent portfolios.
• Asset Quality: While manageable, the slight uptick in Gross Stage 3 assets (4.64%) requires monitoring.

Investor Takeaway

Shriram Finance has delivered a strong quarter with significant profit and AUM growth. The company is actively managing its liquidity and diversifying its portfolio into MSME and gold loans. Investors should monitor the impact of monsoon performance on rural demand, as management has signaled caution regarding the second quarter. The primary takeaway is a robust underlying business performance coupled with a prudent management approach to macroeconomic risks.

Key Highlights

Shriram Finance has reported the status of funds raised through its Preferential Issue. The Monitoring Agency, CRISIL Ratings, confirmed that the company has utilized the majority of the proceeds in line with the objects disclosed in the offer document.

Utilization of Proceeds

The company has deployed funds across three primary objectives. Retirement of borrowings and General Corporate Purpose funds have been fully utilized.

Deployment of Unutilized Proceeds

The remaining unutilized amount of Rs 2,166.76 crore is currently deployed in various liquid funds to maintain liquidity while earning returns.

What This Means for Investors

The Monitoring Agency report provides transparency regarding capital usage. The explicit confirmation of 'No material deviations' indicates that the company is adhering to its governance standards and investment objectives. Investors should note that the utilization pace is steady, with specific objectives like debt retirement and general corporate purposes already fully met. The remaining unutilized funds are parked in conservative, liquid instruments, which is standard treasury practice.

Investor Takeaway

This update is a routine compliance disclosure confirming that Shriram Finance is executing its capital allocation plan as promised. There are no governance concerns, risks, or deviations in the use of funds. Existing shareholders can view this as a stable update on the company’s financial discipline regarding the preferential issue proceeds.

Fundraising Plan Overview

Shriram Finance Limited has informed the stock exchanges of its plan to raise funds via debt securities. The company has authorized its internal committees—the Banking and Finance Committee and the Allotment Committee- NCDs—to consider and approve the issuance of these instruments.

Key Details

Strategic Context

The company is following standard regulatory procedures under Regulation 29 and Regulation 50 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Investors should note that this communication serves as an intimation of the company's intent. The actual execution of these fundraising plans, including specific terms and conditions such as issue price, will be decided by the authorized committees within the specified timeframe.

Watch Points

• Market Conditions: The company has explicitly stated that the decision to raise funds and the specific terms of issuance are subject to prevailing market conditions. This indicates that the execution remains dependent on the external environment.

What This Means for Investors

This announcement is a procedural update confirming that the company is preparing for potential debt market activity. It outlines the governance framework for these actions, confirming that the relevant committees have the authority to manage the issuance of debt instruments. For shareholders, this represents standard capital management and liquidity planning by the company.

Key Highlights

Financial Snapshot

Profitability Analysis

Shriram Finance showed strong profitability improvement for the quarter ended June 30, 2026. The standalone net profit after tax reached ₹3,444.56 crore compared to ₹2,155.73 crore in the same quarter last year. The consolidated net profit after tax also followed a similar trend, coming in at ₹3,452.77 crore against ₹2,159.44 crore in the comparable period.

Revenue and Income Analysis

Standalone revenue from operations was recorded at ₹13,393.68 crore for the first quarter, compared to ₹11,535.63 crore in the year-ago period. Consolidated revenue from operations stood at ₹13,400.43 crore, compared to ₹11,536.32 crore in the corresponding period of the previous year.

Corporate Action Details

• Dividend: The company paid a final equity dividend of 300% (₹6 per share) for the financial year 2025-26, following shareholder approval at the Annual General Meeting held on July 10, 2026.
• Preferential Issue: The company allotted 471,121,055 equity shares to MUFG Bank Ltd at an issue price of ₹840.93 per share, bringing in a minority public shareholder with a 20% equity stake on a fully diluted basis. The company has utilized ₹37,451.22 crore of the proceeds as of June 30, 2026.

Balance Sheet and Debt Position

• AUM: The company's total Assets under Management reached ₹3,13,798.39 crore as of June 30, 2026, a 15.26% increase year-on-year.
• Asset Quality: Gross Stage 3 assets were reported at 4.64% (consolidated), with Net Stage 3 assets at 2.33%. The provisioning coverage ratio for Stage 3 assets stood at 50.99%.
• Capital Adequacy: The company maintained a strong total Capital Adequacy Ratio (CRAR) of 34.17% (standalone).

What Looks Positive

• Significant year-on-year net profit growth indicates a strong underlying business model.
• High capital adequacy ratio (34.17%) provides a robust buffer for future business expansion.
• Strong liquidity position as evidenced by a liquidity coverage ratio of 262.54%.

Concerns and Watch Points

What This Means for Investors

The company continues to demonstrate robust financial performance with strong growth in both revenue and profit. The strategic partnership with MUFG Bank provides significant capital backing. Management's approval for further resource mobilization via debt securities indicates plans for continued expansion in the upcoming quarters. Investors should remain focused on credit quality metrics given the current economic environment.

Investor Takeaway

Shriram Finance has delivered a strong start to FY27, marked by significant profitability and portfolio growth. The company’s successful preferential issue has fortified its balance sheet. Going forward, investors should watch the sustainability of loan growth, maintenance of net interest margins, and asset quality indicators across its diverse lending segments including commercial vehicles and MSMEs.

Key Highlights

Financial Snapshot

Profitability Analysis

Shriram Finance demonstrated strong profitability during the quarter. Standalone net profit grew by 59.79% year-on-year, reaching ₹3,444.56 crore. This performance was supported by a robust 33.67% increase in Net Interest Income, which stood at ₹8,055.70 crore compared to ₹6,026.43 crore in the corresponding period of the previous year.

Segment Performance

Consolidated AUM stood at ₹313,798.39 crore, reflecting a 15.26% year-on-year growth. Commercial Vehicles remain the largest segment, with an AUM of ₹147,034.28 crore, growing 19.41% year-on-year.

Corporate Action Details

• Strategic Investment: The company successfully completed the allotment of 471,121,055 equity shares to MUFG Bank Ltd on April 08, 2026, at an issue price of ₹840.93 per share, aggregating to ₹39,617.98 crore. Unutilized proceeds of ₹2,166.76 crore are currently invested in liquid mutual funds.
• Dividend: A final equity dividend of ₹6/- per share for FY 2025-26 was paid.
• Resource Mobilization: The board approved a resource mobilization plan for the issuance of debt securities (NCDs, bonds, notes) between August 1, 2026, and October 31, 2026.

What Looks Positive

• Profitability: Substantial year-on-year growth in net profit and NII indicates efficient margin management and volume growth.
• Capital Strength: The standalone Capital Adequacy Ratio of 34.17% provides a strong buffer for future credit expansion.
• Strategic Backing: The successful completion of the MUFG Bank investment strengthens the company's capital position.

What This Means for Investors

The results reflect a period of strong operational growth for Shriram Finance. The expansion in the AUM across major segments, particularly commercial vehicles, passenger vehicles, and gold loans, highlights the company's continued reach. Investors should continue to monitor the company's credit quality and the impact of the new resource mobilization plan on its finance costs in the coming quarters.

Investor Takeaway

Shriram Finance has delivered a strong quarter with healthy growth in profitability and assets. The successful integration of significant capital from MUFG Bank and robust AUM growth in core segments are positive indicators. Investors should watch for updates on the approved debt issuance plan and ongoing regulatory developments regarding labor codes, which have impacted operational costs. The company's performance remains underpinned by its extensive pan-India network of 3,225 branches.

Key Highlights

Shriram Finance Limited delivered a strong performance for the first quarter of fiscal year 2027, characterized by significant growth in both profit and Assets under Management (AUM).

Financial Snapshot

AUM and Segment Performance

The total Assets under Management (AUM) stood at ₹3,13,798.39 crore as of June 30, 2026, marking a 15.26% year-on-year growth. The growth was primarily driven by the company's core transport segments:

• Commercial Vehicles: AUM of ₹1,47,034.28 crore, up 19.41% YoY.
• Passenger Vehicles: AUM of ₹68,650.23 crore, up 21.22% YoY.

Resource Mobilization

The Board of Directors approved a periodical resource mobilization plan for the period from August 1, 2026, to October 31, 2026. This plan encompasses the issuance of redeemable non-convertible debentures (NCDs), subordinated debentures, bonds, and notes, either on a private placement or public issue basis in onshore or offshore markets. This reflects the company's ongoing appetite for funds to support its business expansion.

What Looks Positive

• Profit Growth: The 59.79% YoY increase in standalone net profit highlights strong operational efficiency.
• Asset Growth: The double-digit growth in key segments like commercial and passenger vehicles confirms robust demand in the company's core financing areas.
• Liquidity Health: The company maintains a healthy Liquidity Coverage Ratio of 262.54% as of June 30, 2026, indicating sound asset-liability management.

Investor Takeaway

Shriram Finance's Q1 FY27 results reflect a period of sustained growth and strong operational performance. The significant jump in net profit, combined with consistent AUM growth in its core transport financing segments, signals business health. Investors should continue to monitor the execution of the newly approved resource mobilization plan and the company's ability to maintain asset quality while growing its loan book. The strategic MUFG partnership continues to be a key element of the company's long-term capital strategy.

Key Highlights

Financial Snapshot

Profitability Analysis

Shriram Finance showed strong standalone profitability with net profit after tax increasing by 59.79% year-on-year for the quarter ended June 30, 2026. Standalone profit reached ₹3,444.56 crore compared to ₹2,155.73 crore in the corresponding period last year. At the consolidated level, net profit after tax for total operations stood at ₹3,452.77 crore.

Corporate Action Details

• Preferential Allotment: The company completed the preferential allotment of 471,121,055 equity shares to MUFG Bank Ltd. for a consideration of ₹39,617.98 crore, establishing a 20% minority stake.
• Dividend: The company paid a final equity dividend of 300% (₹6 per share) for FY 2025-26, bringing the total dividend for the year to ₹10.80 per share.

Board Decision

The Board has approved a periodical resource mobilization plan for the issuance of debt securities, including non-convertible debentures and bonds, via private placement or public issue. This plan is effective from August 1, 2026, to October 31, 2026.

Concerns and Watch Points

Number Relationship Analysis

The company's revenue growth is supported by a robust AUM expansion, which stood at ₹3,13,798.39 crore. The significant jump in net profit outpaced the growth in total income, indicating improved operational efficiencies or reduced finance costs relative to the revenue growth. The capital infusion from the MUFG deal strengthens the balance sheet, as evidenced by the net worth position.

Investor Takeaway

Shriram Finance has demonstrated strong earnings growth for the quarter, bolstered by a diversified asset portfolio and a strategic capital infusion from its new minority shareholder, MUFG Bank. The board's focus on future resource mobilization signals continued emphasis on asset growth. Investors should monitor the impact of evolving labour regulations on operational costs and continue to track AUM growth and asset quality ratios such as Gross and Net NPA.

Key Highlights

Financial Snapshot (Standalone)

Financial Performance

Shriram Finance posted a robust performance for the first quarter of FY27. Standalone net profit for the quarter ended June 30, 2026, surged to ₹3,444.56 crore, compared to ₹2,155.73 crore in the year-ago period. Consolidated net profit for the same period stood at ₹3,452.77 crore. The Net Interest Income (NII) was reported at ₹8,055.70 crore.

AUM and Business Growth

The company’s total Assets under Management (AUM) reached ₹3,13,798.39 crore as of June 30, 2026, marking a 15.26% increase year-on-year. On-book AUM grew by 15.89% year-on-year.

Strategic Developments

• Capital Infusion: The company successfully allotted equity shares to MUFG Bank Ltd, resulting in the bank holding a 20% equity stake in Shriram Finance. The total consideration for this capital infusion was ₹39,617.98 crore.
• Dividend: The company paid a final equity dividend of ₹6 per share for the financial year 2025-26 on July 21, 2026.
• Primary Dealer Business: The company's subsidiary, Shriram Overseas Investments Limited, received in-principle approval from the RBI to commence Primary Dealer business in April 2026.

Concerns and Watch Points

• Regulatory Impact: The company highlighted that employee benefits expenses for the previous financial year included an incremental impact of ₹131.71 crore for gratuity and ₹65.24 crore for long-term compensated absences due to the New Labour Codes. Investors should monitor how these evolving labor regulations affect ongoing operational costs.
• Discontinued Operations: The company previously divested its 81.63% stake in its subsidiary, Bharath Investments Pte. Ltd (BIPL), resulting in a loss of ₹0.51 crore from the discontinued business.

What This Means for Investors

The company has demonstrated strong operational and financial performance with significant year-on-year profit and AUM growth. The completion of the capital infusion from MUFG provides a strong equity base for future operations. Investors should focus on the ongoing management of operating expenses, particularly concerning new labor regulations, and the continued expansion of the loan book across the company's core vehicle and micro-finance segments.

Investor Takeaway

Shriram Finance enters the new fiscal year with strong momentum, evidenced by double-digit AUM growth and significant bottom-line improvement. The strategic partnership with MUFG Bank is a major long-term positive for capital strength. Management remains focused on core segments including commercial vehicles and two-wheelers. Investors should track future credit quality metrics and the impact of the New Labour Codes on cost structures in upcoming quarters.

Key Highlights

Shriram Finance Limited has filed its confirmation certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company's Registrar and Share Transfer Agent (RTA) has completed the dematerialization process for specific share certificates received between July 1, 2026, and July 15, 2026.

The process involved the mutilation and cancellation of physical share certificates and the subsequent substitution of the depository as the registered owner in the company's records.

Dematerialization Details

The following share certificates were processed during the period:

What This Means for Investors

This update is a procedural compliance filing. It confirms that the company is adhering to SEBI guidelines regarding the dematerialization of physical shares. There are no financial implications arising from this update. Investors should view this as a routine aspect of maintaining corporate records and shareholder transparency.

Investor Takeaway

This is a standard regulatory update for Shriram Finance Limited. No action is required by shareholders, and the announcement has no impact on the company's financial performance or business operations.

Meeting Details

Shriram Finance Ltd has scheduled a group meeting with various funds, analysts, and institutional investors. The details of the meeting are as follows:

Management Engagement

The meeting will be attended by senior management personnel. The primary purpose of this session is to facilitate interaction with the financial community, including various brokerage firms and institutional investors.

The company has clarified that the discussions during this meeting will rely on existing investor presentations and information that has already been disclosed in the public domain. No new financial or operational data is expected to be released during this event.

What This Means for Investors

This announcement is a routine compliance filing made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. Investors should view this as a standard part of the company's ongoing investor relations program, aimed at maintaining transparency with institutional stakeholders.

As the discussions are confined to publicly available information, there is no expectation of new market-moving news arising directly from this specific engagement. Investors are encouraged to continue focusing on the company's regular quarterly and annual financial results and material developments disclosed in formal regulatory filings.

Key Highlights

Corporate Action Details

Shriram Finance has formally completed the distribution of the final dividend for the financial year 2025-26. The dividend payment of Rs. 6 per equity share was executed on July 21, 2026.

This payment aligns with the approval received from members during the company’s 47th Annual General Meeting held on July 10, 2026. Eligible shareholders, who held shares as of the record date on July 03, 2026, were the recipients of this payout.

What This Means for Investors

This announcement serves as a compliance update confirming that the dividend payout process, which was previously authorized by shareholders, has been successfully concluded. It is a standard procedural filing and indicates the finalization of the company’s capital allocation decision for the reported financial year.

Investor Takeaway

The company has successfully executed the final dividend payment of Rs. 6 per share for FY 2025-26. As this action was previously approved at the Annual General Meeting, it represents a routine completion of the dividend distribution cycle. No further action is required from shareholders regarding this payment.

Conference Call Details

Shriram Finance Limited has formally scheduled an investor conference call to discuss its financial performance for the first quarter ended June 30, 2026. This interaction follows the Board meeting held on July 14, 2026, where the company's unaudited standalone and consolidated financial results were reviewed.

Management Participation

The earnings call will feature participation from senior management, providing an opportunity for investors to hear directly from the leadership team regarding the quarter's operational and financial updates.

Access and Information

Investors and stakeholders can access the conference call via the following dial-in numbers:

• +91 22 6280 1216
• +91 22 7115 8117

Following the conclusion of the event, the company will host a transcript of the discussion on its official website (www.shriramfinance.in). For additional information or investor-related queries, stakeholders may contact the investor relations office at +91-22-4095 9507 or via email at smundra@shriramfinance.in.

Board Meeting Announcement

Shriram Finance Limited has informed the stock exchanges that a meeting of its Board of Directors is scheduled for Friday, July 24, 2026. The primary purpose of this meeting is to consider and approve the unaudited standalone and consolidated financial results for the first quarter ended June 30, 2026.

Resource Mobilization Plan

In addition to the financial results, the board will deliberate on a periodical resource mobilization plan to support the company's business. This plan includes the potential issuance of debt securities, such as:

• Redeemable Non-Convertible Debentures (NCDs)
• Subordinated Debentures
• Bonds and Notes

The company is evaluating various borrowing methods, including private placement or public issue, and may access onshore and offshore markets to execute this plan.

Regulatory Compliance

The company confirmed that the trading window closure was previously communicated in a letter dated June 29, 2026, in compliance with regulatory requirements. This intimation is filed under Regulations 29 and 50 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

What This Means for Investors

The upcoming board meeting is a key event as it will provide official data on the company's performance for the first quarter of the fiscal year. Furthermore, the discussion regarding resource mobilization signals the company's intent to secure capital for its operations. Investors should await the official post-meeting disclosure, which will detail both the quarterly financial outcome and the scope of the proposed debt issuance.

Investor Takeaway

This announcement is a standard regulatory update regarding the upcoming board meeting to review Q1 results and discuss future debt mobilization plans. Investors should monitor the post-meeting disclosure for the finalized financial results and details on the proposed debt issuance, which will clarify the company's funding strategy for the coming period.

Key Highlights

Shriram Finance Limited held its 47th Annual General Meeting (AGM) on July 10, 2026. Shareholders approved all ten resolutions put forward by the board.

Dividend Update

The AGM finalized the dividend payout for the financial year ended March 31, 2026:

Board and Leadership Updates

Shareholders approved several key appointments and reappointments to the Board of Directors:

• Reappointment of Leadership: Mr. Parag Sharma was reappointed as the Whole Time Director, designated as Managing Director & CEO.
• Director Appointments: Mr. Morihiko Fuji and Mr. Shinichi Fujinami were appointed as Non-Executive, Non-Independent Directors. Both are nominees of MUFG Bank Ltd.
• Director Reappointment: Mr. D. V. Ravi was reappointed as a Director, retiring by rotation.

Related Party Transactions

Shareholders approved the proposal to enter into material related party transactions with MUFG Bank Ltd. This resolution received the necessary majority support.

Investor Takeaway

The successful passage of all resolutions confirms shareholder alignment with the current management and the company's strategic collaboration with MUFG Bank. The confirmation of dividends provides clarity on shareholder returns for the 2025-26 fiscal year. Investors should continue to monitor the strategic integration resulting from the deepening relationship with MUFG Bank, as highlighted by the board appointments and related party transaction approvals.

Key Highlights

The 47th Annual General Meeting (AGM) of Shriram Finance Limited was held on July 10, 2026, via video conferencing. Shareholders approved all 10 proposed resolutions, including the final dividend payout and key leadership appointments.

Important Figures Used

Corporate Action Details

Shareholders approved the declaration of a final dividend of ₹6.00 per equity share (face value ₹2.00) and confirmed the previously declared interim dividend of ₹4.80 per equity share for FY 2025-26. This confirmation provides clarity on the total cash distribution for the financial year.

Board Decision and Resolution Outcomes

All 10 resolutions presented to the shareholders were passed with the requisite majority. Key approvals included:

• Financial Statements: Adoption of the standalone and consolidated audited financial statements for the year ended March 31, 2026.
• Leadership Continuity: Re-appointment of Mr. Parag Sharma as Whole Time Director designated as Managing Director & CEO.
• Director Appointments: Appointment of Mr. Morihiko Fuji and Mr. Shinichi Fujinami as Non-Executive, Non-Independent Directors (Nominees of MUFG Bank Ltd.).
• Audit Appointments: Fixing remuneration for the Joint Statutory Auditors, M/s. G. D. Apte & Co. and M/s M M NISSIM & CO LLP.

Strategic Developments

The shareholders ratified material related party transactions with MUFG Bank Ltd. This approval, coupled with the appointment of two nominee directors from the bank, reinforces the strategic alliance between Shriram Finance and MUFG Bank, which is expected to support future capital and operational collaboration.

What Looks Positive

• Shareholder Support: High majority support across all 10 resolutions indicates broad investor backing for management's strategic direction.
• Dividend Clarity: Approval and confirmation of dividends provide certainty to income-focused investors.
• Strategic Stability: The formalization of the MUFG Bank relationship at the board level provides institutional backing and stability.

Concerns and Watch Points

Investor Takeaway

The 47th AGM concluded with clear mandates from shareholders, ensuring continuity in leadership and confirming dividend payouts. For investors, the ratification of the material related party transactions with MUFG Bank and the formal board representation from the partner signifies the company's commitment to deepening this strategic relationship. The high voter participation suggests an active and engaged shareholder base. Investors should continue to monitor how these board-level changes influence operational performance and long-term strategy.

AGM Overview

Shriram Finance Limited held its 47th Annual General Meeting (AGM) on July 10, 2026, via Video Conferencing. The meeting saw the participation of 152 members. Shareholders adopted the standalone and consolidated financial statements for the financial year ended March 31, 2026, and confirmed the dividend payouts.

Important Figures

Corporate Action Details

The company confirmed the declaration of a final dividend of ₹6 per equity share of face value ₹2 each. This follows the interim dividend of ₹4.80 per equity share declared by the Board of Directors on October 31, 2025, for the same financial year.

Leadership and Board Updates

Key management and board resolutions passed during the meeting include:

• Leadership Continuity: Re-appointment of Mr. Parag Sharma as Whole Time Director, designated as Managing Director & CEO, for a five-year term commencing December 13, 2026, and ending December 12, 2031.
• Board Appointments: Appointment of Mr. Morihiko Fuji and Mr. Shinichi Fujinami as Non-Executive and Non-Independent Directors, representing MUFG Bank Ltd.
• Director Re-appointment: Re-appointment of Mr. D. V. Ravi as a Director retiring by rotation.

Strategic Developments

Shareholders approved the proposal for entering into material related party transactions with MUFG Bank Ltd. during the financial year 2026-27. This resolution reinforces the strategic integration between the two entities, which management highlighted as a key area of focus during the meeting.

Corporate Governance

The Company Secretary confirmed that there were no qualifications in the Auditors' Report on the financial statements or the Secretarial Audit Report for the financial year ended March 31, 2026, marking a positive governance signal for investors.

Management Commentary

During the meeting, Mr. Umesh Revankar, Executive Vice-Chairman, addressed queries from shareholders. The Chairman's address provided insights into the company’s financial performance relative to the previous year, the macro-economic environment in India, the current state of the NBFC industry, and the company's commitment to ESG (Environmental, Social, and Governance) matters.

Investor Takeaway

The 47th AGM concluded with standard approvals regarding dividends and board appointments. The re-appointment of the MD & CEO and the induction of new nominee directors from MUFG Bank Ltd. provide clarity on leadership and strategic direction. Investors should note the clean audit status and the continued strengthening of the partnership with MUFG Bank as key areas of stability.

Key Highlights

Shriram Finance Limited has successfully concluded the allotment of Non-Convertible Debentures (NCDs) on July 09, 2026. The issuance was executed through a private placement route, with funds intended to support general corporate purposes, including onward lending and debt refinancing.

Important Figures Used

Financial Snapshot

Use of Proceeds

The company has outlined that the proceeds from these NCDs will be utilized for:

• Augmenting long-term resources of the company.
• Financing of all asset classes and onward lending.
• Refinancing of existing debt.
• Meeting working capital requirements and other general corporate purposes.

Management has confirmed that 100% of the proceeds will be utilized in accordance with statutory and regulatory requirements, including those prescribed by the RBI.

Corporate Action Details

The Allotment Committee successfully executed the allotment as part of the company's fund-raising plan approved for the period from May 01, 2026, to July 31, 2026. The issuance is structured to ensure liquidity and regulatory transparency by proposing the listing of these securities on the WDM segment of the BSE.

What Looks Positive

The company reported 'Nil' instances of delay or default in the payment of interest or principal for a period of more than three months from the due date, highlighting a stable debt servicing track record.

What This Means for Investors

This debt issuance is a routine capital management activity for a non-banking financial company. It demonstrates the company's continued ability to access the debt markets to support its asset financing and lending activities. Investors should note that the proceeds are allocated toward standard corporate operations and refinancing, which is typical for managing the liability side of the balance sheet in a financing business. The proposed listing on the BSE provides secondary market transparency for these instruments.

Key Highlights

Capital Change Snapshot

The company has updated its paid-up share capital following the issuance of new shares to employees.

Corporate Action Details

The ESOP Allotment Committee of Shriram Finance Limited approved the allotment of 33,311 equity shares on July 7, 2026. This issuance was executed under the 'Shriram Finance Limited Employee Stock Option Scheme 2023 (No.1)'. The new shares rank pari-passu with the existing shares of the company.

What This Means for Investors

This update reflects the successful execution of an existing employee compensation scheme. For investors, the key takeaways are:

• Procedural Nature: ESOP allotments are routine activities aimed at incentivizing employees and do not typically alter the company's fundamental outlook.
• Equity Dilution: While there is a minor increase in the total number of issued shares, the dilution impact is negligible given the scale of the company's total share capital.
• Employee Retention: The exercise of options demonstrates participation in the employee incentive scheme, which aligns employee interests with those of the shareholders.

Key Highlights

Compliance Overview

The company has confirmed adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. As part of this compliance, the Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited, has verified, mutilated, and cancelled the physical share certificates that were submitted for dematerialization during the period.

What This Means for Investors

This is a routine administrative filing. It serves to provide transparency and assurance to shareholders that the company's share transfer and dematerialization processes are functioning correctly and in accordance with regulatory requirements set by SEBI and the depositories.

Investor Takeaway

This announcement is a standard regulatory update and holds no material impact on the company's stock or operations. It confirms that the company maintains proper internal controls and regulatory compliance regarding share transfers. No action is required from shareholders.

🧾 Concall Snapshot

• Company/Period/Date: Shriram Finance Limited, Q4 FY 26, April 24, 2026.
• Who spoke: Umesh G. Revankar (Executive Vice Chairman), Parag Sharma (MD & CEO), S. Sunder (Joint MD & CFO).

🗣️ Prepared Remarks Highlights

• Strategic MUFG Investment: The company successfully completed a preferential allotment to MUFG Bank for INR 396.18 billion, giving them a 20% stake and boosting capital adequacy to 34%.
• Financial Performance: Disbursement grew 14.91% YoY to INR 50,952.30 crores. Net Interest Income (NII) reached INR 6,994.08 crores, up 15.58% YoY.
• Asset Quality & Dividends: Gross Stage 3 assets stood at 4.58%. A final dividend of INR 6 per share was recommended, bringing the total for the year to INR 10.8 per share.

🎯 Guidance & Outlook

• AUM Growth: Budgeted at 18% for FY 27, driven by deeper penetration in passenger vehicles (>20% growth expected).
• Margins: Management provided a conservative NIM guidance of 8.5%.
• Operational Efficiency: The long-term cost-to-income ratio target remains between 26% and 27%.

❓ Investor/Analyst Q&A

• Q1 (ICICI): Regarding growth trends; management clarified that while market sales volume might be muted, Shriram Finance expects 18% AUM growth through market share gains.
• Q2 (Equirus): On opex decline; explained as a result of lower headcount and an accounting change deferring DSA costs over the loan tenor.
• Q3 (DAM): On MUFG secondary market purchases; management stated it is too early to discuss futuristic deal terms.
• Q4 (PhillipCapital): Clarification on AUM vs. Disbursement growth; management confirmed the 18% target refers to AUM.
• Q5 (Motilal Oswal): Regarding fuel price impacts; management noted that truck operators typically pass these costs to shippers, protecting loan repayment capacity.
• Q6 (CLSA): On MSME lending risks; management is maintaining a cautious 13-15% growth target for this segment.
• Q7 (Citigroup): On the proportion of new vehicle financing; currently around 15%, expected to scale gradually but likely capped at 30-35% long-term.

⚠️ Risks & Red Flags

• Environmental & Global Risks: Potential monsoon deficits (92% of average rainfall forecast) and West Asia geopolitical tensions are flagged as risks to rural demand and inflation.
• MSME Stress: Growth in the MSME segment has been intentionally slowed to 13-15% to monitor performance and asset quality.
• Uncertainty: Management described Q1 FY27 as "most difficult to predict" due to volatile global variables.

🧠 Retail Investor Takeaway

Shriram Finance has secured a major capital infusion from MUFG, which significantly strengthens its balance sheet. While the company faces external headwinds like potential monsoon issues and geopolitical instability, management remains confident in an 18% growth target. Retail investors should note the company's ability to maintain margins and the strategic shift toward deferring certain costs to improve short-term profitability.

Summary

• Shriram Ownership Trust has filed a revised disclosure concerning Shriram Finance Limited under SEBI regulations.
• The filing clarifies transfer restrictions on the Trust's entire 20.30% promoter shareholding in Shriram Finance.
• These restrictions, established by a shareholders' agreement dated April 8, 2026, will be in effect for three years from that date.
• Further conditions include limitations on transfers to 'Restricted Persons' and a right of first offer to MUFG Bank Ltd. after the initial period.

Key Numbers & Dates

• Total promoter shareholding in Shriram Finance Limited by Shriram Ownership Trust: 47,76,30,880 shares (20.30% of total share capital).
• Encumbrance type: Transfer restrictions as per Shareholders' Agreement.
• Creation date of Shareholders' Agreement: April 08, 2026.
• Transfer restriction period: 3 years commencing from April 08, 2026.
• Specific shares under transfer restriction: 3,10,400 shares (0.01% of total share capital), concerning MUFG Bank Ltd.
• Revised disclosure filing date: April 30, 2026.

What Changes for the Business

• Shriram Ownership Trust faces a three-year lock-in period for its substantial 20.30% stake in Shriram Finance Limited, limiting its ability to transfer shares during this time.
• Post-lock-in, the ability to sell shares is further constrained by restrictions on sales to specific 'Restricted Persons' and a requirement to offer shares first to MUFG Bank Ltd.
• These transfer limitations are governed by a shareholders' agreement involving multiple entities.

⚠️ What Could Go Wrong (source-based)

• [Financial] The promoter, Shriram Ownership Trust, is subject to a three-year restriction on transferring its shares in Shriram Finance Limited, impacting liquidity and divestment flexibility.
• [Financial] Post-lock-in, the sale of shares is subject to conditions including not selling to 'Restricted Persons' and offering them first to MUFG Bank Ltd., creating further hurdles.
• [Financial] The transfer restrictions are tied to the shareholding of MUFG Bank Ltd. and its affiliates; if this falls below 10%, the restrictions may cease, creating uncertainty.

What to Track Next

• Monitor compliance with the SEBI SAST regulations and the terms of the shareholders' agreement.
• Observe any changes in the shareholding of MUFG Bank Ltd. and its affiliates, which could impact the validity of these transfer restrictions.
• Track any future disclosures or events related to the transferability of Shriram Finance Limited shares by its promoter group.

Summary

• Shriram General Insurance Co. Ltd. has re-filed Annexure II concerning transfer restrictions on shares of Shriram Finance Limited.
• This re-filing is in response to regulatory requirements and prior communications with BSE Limited.
• The restrictions are established by a shareholder agreement involving several entities, including MUFG Bank Ltd. and Shriram Capital Private Limited.
• The action is taken to comply with SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011.

Key Numbers & Dates

• Creation of Encumbrance (Transfer Restrictions): 8th April 2026
• Period of Transfer Restrictions: 3 years, commencing from 08 April 2026
• Total Promoter Shareholding in Shriram Finance Limited: 47,76,30,880 shares (20.30% of total share capital)
• Encumbered Shares by Shriram General Insurance: 49,500 shares (0.00% of total share capital)
• Encumbered Shares as a % of Promoter Shareholding: 100%
• Original Disclosure Date: 17th April 2026
• Document Date: 30th April 2026

What Changes for the Business

• The primary change is a regulatory compliance action to ensure updated disclosure of transfer restrictions on Shriram Finance shares.
• This re-filing ensures transparency and adherence to SEBI regulations concerning significant shareholding and potential changes.

⚠️ What Could Go Wrong (source-based)

• [Other] Shriram General Insurance Company Limited faces transfer restrictions on its Shriram Finance shares for a period of 3 years starting April 8, 2026, limiting its ability to transfer them except for permitted transfers.
• [Other] Post this 3-year period, transfers are restricted to entities defined as 'Restricted Person' under the SHA.
• [Other] Any sale of shares after the agreed lock-in period is subject to MUFG Bank Ltd.'s right of first offer, unless MUFG Bank's shareholding in the target company falls below 10% on a fully diluted basis.

Summary

• Shriram Value Services Limited filed a revised Annexure II detailing transfer restrictions on its shares in Shriram Finance Limited.
• The restrictions are effective for three years from April 8, 2026, impacting 13,37,57,305 shares (5.69% of total share capital).
• Post the lock-in, future sales are subject to specific conditions, including a right of first offer to MUFG Bank Ltd.

Key Numbers & Dates

• Encumbrance creation date: April 8, 2026.
• Transfer restriction period: 3 years from April 8, 2026, ending April 7, 2029.
• Shares held by Shriram Value Services Limited: 47,76,30,880 shares (20.30% of promoter shareholding).
• Shares subject to transfer restrictions: 13,37,57,305 shares (5.69% of total share capital).
• Revised Annexure II filing date: April 30, 2026.

What Changes for the Business

• Shriram Value Services Limited cannot freely transfer 13,37,57,305 shares of Shriram Finance Limited for three years from April 8, 2026.
• After the initial period, any sale of these shares will require adherence to terms like offering MUFG Bank Ltd. the first right of refusal.

⚠️ What Could Go Wrong (source-based)

• [Deal] The effectiveness of the transfer restrictions is contingent on the shareholders' agreement (SHA) execution between the involved parties.
• [Deal] Share transfers after the initial 3-year period are subject to conditions involving 'Restricted Persons' and a right of first offer to MUFG Bank Ltd., which could complicate future sales.

What to Track Next

• Monitoring the expiry of the 3-year restriction period on April 7, 2029.
• Observing any future share sales by Shriram Value Services Limited after the restriction period ends, and adherence to the right of first offer clause.

Summary

• Sanlam Life Insurance Limited has filed a corrigendum for a previous disclosure concerning Shriram Finance Limited, made under SEBI regulations.
• The correction rectifies an inadvertent omission of 'Shriram Capital Private Limited' from the list of entities in Annexure II related to existing agreements.
• Sanlam describes the error as minor and hyper-technical, confirming that all other details from the original disclosure remain unchanged.

Key Numbers & Dates

• Original Disclosure Filing: April 17, 2026
• Corrigendum Filing: April 28, 2026

What Changes for the Business

• This is a minor correction to a regulatory filing and does not alter the substance of the original disclosure.

What to Track Next

• No specific next steps or future actions are mentioned in the document.

Summary

• Shriram General Insurance Co. Ltd. has issued a corrigendum to a disclosure made on 17th April 2026.
• The corrigendum pertains to SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 2011, concerning Shriram Finance Limited.
• The company inadvertently missed including "Shriram Capital Private Limited" in one place of Annexure II in the original filing.

Key Numbers & Dates

• Original disclosure date: 17th April 2026.

What Changes for the Business

• This is a correction to a regulatory disclosure to include an omitted entity name.
• The company states the error was "minor and hyper-technical".

⚠️ What Could Go Wrong (source-based)

• [Regulatory] An error in a SEBI disclosure, even if deemed minor, could draw scrutiny. However, the company states it was minor and corrected promptly.

Rana Sugars Limited has officially intimated its shareholders, via advertisements in Business Standard (English) and Business Standard (Hindi), about the schedule for conducting a Postal Ballot and remote e-voting. This is in compliance with Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Shareholders can also find this information on the company's website. The report also includes financial results from various companies and corporate actions.

Summary

• Shriram Finance is conducting the 'Saksham Niveshak' campaign from April 1 to July 9, 2026.
• The campaign encourages shareholders to claim unclaimed dividends and update their KYC details.
• This action is required to prevent these assets from being transferred to the IEPF Authority after a 7-year period.

Key Numbers & Dates

• Second 'Saksham Niveshak' Campaign Period: April 01, 2026 to July 09, 2026
• Unclaimed Dividend/Share Transfer Period to IEPF: 7 years
• Notice Date: April 29, 2026

What Changes for the Business

• The company is proactively facilitating shareholders to reclaim their unclaimed dividends.
• This initiative aims to ensure compliance and reduce the company's liability for assets that will be transferred to the IEPF Authority.

⚠️ What Could Go Wrong

• [Execution] Shareholders who do not act promptly may miss the deadline, leading to their unclaimed dividends and shares being transferred to the IEPF Authority, causing them potential inconvenience.
• [Legal] Post-transfer to the IEPF Authority, Shriram Finance will be absolved of all liability concerning the unclaimed dividends and equity shares.

What to Track Next

• Monitor the number of shareholders who successfully claim their unclaimed dividends and update KYC during the campaign.
• Observe any further communication or reminders from the company regarding the IEPF transfer.

Summary

• Shriram Finance Limited has provided the direct audio recording link for its earnings call concerning Q4 FY 2025-2026.
• The earnings call was held on Friday, April 24, 2026, at 7 pm.
• The audio link is now available on the company's official website.

Key Numbers & Dates

• Earnings Call Date: April 24, 2026 (for Q4 FY 2025-2026)
• Filing Date: April 24, 2026

What to Track Next

• The transcript of the earnings call will be uploaded in due course.

Summary

• Shriram Finance's Board has recommended a final dividend of Rs. 6 per equity share for the Financial Year 2025-26.
• The record date to determine eligible shareholders for this dividend is Friday, July 03, 2026.
• The company will observe book closure from Saturday, July 04, 2026, to Friday, July 10, 2026, inclusive.
• This book closure period is for the 47th Annual General Meeting (AGM) and payment of the final dividend, subject to member approval.

Key Numbers & Dates

• Final Dividend per Share: Rs. 6
• Face Value per Share: Rs. 2
• Dividend Rate: 300% for FY 2025-26
• Record Date: July 03, 2026
• Book Closure: July 04, 2026 to July 10, 2026 (inclusive)

What Changes for the Business

• The company will proceed with the dividend payout process to eligible shareholders after approvals.
• Administrative activities related to the AGM and share transfers will be managed during the book closure period.

⚠️ What Could Go Wrong

• [Other] The payment of the Final Dividend is subject to the approval of the Members at the 47th Annual General Meeting.

What to Track Next

• Monitor the outcome of the 47th AGM for shareholder approval of the proposed final dividend.

Summary

• Shriram Finance's Board recommended a final dividend of Rs. 6 per equity share for FY2025-26.
• The record date for dividend eligibility is July 3, 2026.
• Book closure for the 47th AGM and dividend payment will be from July 4 to July 10, 2026.

Key Numbers & Dates

• Final Dividend per Share: ₹6.00 (face value ₹2, 300%) for FY 2025-26.
• Record Date: Friday, July 03, 2026.
• Book Closure: Saturday, July 04, 2026 to Friday, July 10, 2026 (inclusive).

What Changes for the Business

• Shareholders on record date July 3, 2026, will be eligible for the final dividend payment.
• The company will hold its 47th AGM during the book closure period.

⚠️ What Could Go Wrong (source-based)

• [Financial] The dividend payment is subject to approval by shareholders at the 47th Annual General Meeting.

What to Track Next

• Shareholder approval at the 47th AGM.
• Payment of the final dividend.

Summary

• Shriram Finance Limited has made an initial disclosure confirming its status as a 'Large Corporate' as per SEBI Master Circular.
• The company reported outstanding long-term borrowing of ₹1,61,197.04 crore as of March 31, 2026.
• It also disclosed a highest credit rating of CARE AAA/Stable for the previous financial year 2025-26.

Key Numbers & Dates

• Outstanding Borrowing (as of March 31, 2026): ₹1,61,197.04 crore
• Highest Credit Rating (FY 2025-26): CARE AAA/Stable
• Stock Exchange for fine payment in case of shortfall: BSE Limited
• Disclosure Date: April 24, 2026
• SEBI Master Circular Date: October 15, 2025

Summary

• Shriram Finance Limited announced upcoming committee meetings to consider raising funds.
• The meetings are scheduled between May 1, 2026, and July 31, 2026.
• The company plans to raise funds by issuing redeemable non-convertible debentures (NCDs), subordinated debentures, or bonds.
• Fundraising will occur via private placement in onshore/offshore markets, subject to market conditions.

Key Numbers & Dates

• Committee Meeting Period: May 01, 2026 - July 31, 2026 (for approving NCD/bond issuance)

What Changes for the Business

• The company is planning to augment its capital base through debt instruments like NCDs and bonds.
• This move indicates a strategy to fund operations or growth via borrowing, subject to market conditions.

What to Track Next

• Terms and conditions, including the issue price of the debt securities/bonds, will be determined by the committees.
• The actual issuance and allotment of these instruments during the specified period.

Summary

• Shriram Finance Limited's Board of Directors met on April 24, 2026, to approve the audited financial results for the fiscal year ended March 31, 2026.
• The company recommended a final dividend of Rs. 6/- per equity share, bringing the total dividend for FY 2025-26 to Rs. 10.80 per share.
• The Board also approved the resource mobilisation plan for FY 2026-27 and the re-appointment of Mr. Parag Sharma as Managing Director & CEO.

Key Numbers & Dates

• Standalone Q4 FY26 Performance:
  • Net Interest Income: Rs. 6,994.08 crore (up 15.58% YoY)
  • Profit After Tax: Rs. 3,013.57 crore (up 40.86% YoY)
  • Basic EPS: Rs. 16.02 (up 40.77% YoY)
• Standalone FY26 Performance:
  • Net Interest Income: Rs. 26,051.44 crore (up 14.09% YoY)
  • Profit After Tax: Rs. 9,998.15 crore (up 20.87% YoY, excluding exceptional gain)
  • Basic EPS: Rs. 53.15 (up 2.37% YoY, including exceptional gain)
• Dividend:
  • Interim Dividend declared: Rs. 4.80 per share
  • Final Dividend Recommended: Rs. 6.00 per share
  • Total Dividend for FY 2025-26: Rs. 10.80 per share
• Key Dates:
  • Board Meeting: April 24, 2026
  • Record Date for Final Dividend: July 3, 2026
  • 47th AGM: July 10, 2026
  • Final Dividend Payment: On or before August 09, 2026

What Changes for the Business

• The company's board has recommended a final dividend, subject to shareholder approval.
• Key management personnel have been re-appointed or appointed, including the Managing Director & CEO and Additional Directors.
• The company plans to raise resources in FY 2026-27 through various debt instruments.

Results Snapshot

Standalone Results for the year ended March 31, 2026:

• Net Interest Income: Rs. 26,051.44 crore
• Profit After Tax: Rs. 9,998.15 crore
• Basic EPS: Rs. 53.15

Consolidated Results for the year ended March 31, 2026:

• Profit After Tax (including subsidiary and associate): Rs. 9,435.62 crore
• Total Comprehensive Income: Rs. 9,576.32 crore

What to Track Next

• Shareholder approval for the proposed final dividend at the 47th AGM.
• Implementation of the resource mobilisation plan for FY 2026-27.

Summary

• Shriram Finance Limited has announced its audited financial results for the fourth quarter and the financial year ended March 31, 2026.
• The company reported a significant increase in standalone Profit After Tax (PAT) by 20.87% to Rs. 9,998.15 crore for FY26.
• The Board has recommended a final dividend of Rs. 6 per share, bringing the total dividend for FY26 to Rs. 10.80 per share.
• Key personnel changes include the re-appointment of Mr. Parag Sharma as Managing Director & CEO for five years and the appointment of two new Additional Directors.

Key Numbers & Dates

• Financial Year Ended March 31, 2026 (Standalone):
  • Profit After Tax: Rs. 9,998.15 crore (up 20.87% YoY).
  • Net Interest Income: Rs. 26,051.44 crore (up 14.09% YoY).
  • Basic Earnings Per Share (EPS): Rs. 53.15 (up 20.80% YoY, excluding exceptional items).
• Fourth Quarter Ended March 31, 2026 (Standalone):
  • Profit After Tax: Rs. 3,013.57 crore (up 40.86% YoY).
  • Net Interest Income: Rs. 6,994.08 crore (up 15.58% YoY).
  • Basic Earnings Per Share (EPS): Rs. 16.02 (up 40.77% YoY).
• Dividend: A final dividend of Rs. 6 per share has been recommended, making the total for FY26 Rs. 10.80 per share.
• Assets Under Management (AUM): Crossed Rs. 3.02 trillion, with a YoY growth of 14.85%.
• Key Appointments: Mr. Parag Sharma re-appointed as MD & CEO for 5 years; Mr. Morihiko Fuji and Mr. Shinichi Fujinami appointed as Additional Directors.
• AGM: Scheduled for July 10, 2026.
• Book Closure: July 4, 2026 to July 10, 2026.

What Changes for the Business

• The company has approved its audited financial statements for FY2026.
• A resource mobilisation plan for FY2026-27 has been approved, allowing for issuance of debt securities and external commercial borrowings.
• Mr. Parag Sharma's re-appointment as Managing Director & CEO for a further period of 5 years strengthens leadership continuity.
• The appointment of two new Additional Directors, Mr. Morihiko Fuji and Mr. Shinichi Fujinami, expands the board's expertise.

Results Snapshot

• Standalone Financials for the Year Ended March 31, 2026:
  • Net Interest Income: Rs. 26,051.44 crore (up 14.09% YoY).
  • Profit After Tax: Rs. 9,998.15 crore (up 20.87% YoY, excluding prior year's exceptional gain).
  • Basic EPS: Rs. 53.15 (up 20.80% YoY, excluding exceptional items).
• Standalone Financials for the Quarter Ended March 31, 2026:
  • Net Interest Income: Rs. 6,994.08 crore (up 15.58% YoY).
  • Profit After Tax: Rs. 3,013.57 crore (up 40.86% YoY).
  • Basic EPS: Rs. 16.02 (up 40.77% YoY).
• Consolidated Financials for the Year Ended March 31, 2026:
  • Profit After Tax: Rs. 9,576.32 crore (up 2.43% YoY).
• Consolidated Financials for the Quarter Ended March 31, 2026:
  • Profit After Tax: Rs. 2,529.65 crore (up 40.86% YoY).

Summary

• Shriram Finance Limited's Board of Directors approved the audited annual financial statements (standalone and consolidated) for the financial year ended March 31, 2026.
• A final dividend of ₹6 per share was recommended, bringing the total dividend for FY25-26 to ₹10.80 per share.
• The board approved the company's resource mobilisation plan for FY26-27, which includes issuing debt securities and undertaking borrowings.
• Mr. Parag Sharma was re-appointed as Managing Director & CEO for a further period of 5 years, effective December 13, 2026.

Key Numbers & Dates

• Final Dividend Recommendation: ₹6 per share (face value ₹2).
• Total Dividend for FY25-26: ₹10.80 per share.
• Record Date for Final Dividend: Friday, July 3, 2026.
• 47th Annual General Meeting (AGM): Friday, July 10, 2026.
• Mr. Parag Sharma's Re-appointment: As Managing Director & CEO for 5 years from December 13, 2026, to December 12, 2031.

What Changes for the Business

• The approval of the resource mobilisation plan allows the company to raise funds through debt securities like NCDs, subordinated debentures, and external commercial borrowings for its business operations.
• The re-appointment of Mr. Parag Sharma as MD & CEO, along with the addition of two directors nominated by MUFG Bank Ltd., signals continuity in leadership and potential strategic partnerships or increased financial oversight.
• M/s Pijush Gupta & Co. have been appointed as the Tax Auditor for the Financial Year 2026-27.

Summary

• Shriram Finance Limited's Board of Directors met and approved the audited financial results for the fiscal year ended March 31, 2026.
• The board recommended a final dividend of ₹6 per share, bringing the total dividend for FY 2025-26 to ₹10.80 per share.
• The company approved its resource mobilization plan for FY 2026-27 and re-appointed Mr. Parag Sharma as Managing Director & CEO for another 5 years.
• Standalone PAT for FY26 increased by 20.87% to ₹9,998.15 crore, with Assets Under Management crossing ₹3 lakh crore.

Key Numbers & Dates

• Financial Year Ended March 31, 2026 (Standalone):
  • Profit After Tax (PAT): ₹9,998.15 crore (up 20.87% YoY).
  • Earnings Per Share (EPS) Basic: ₹53.15 (up 2.37% YoY).
  • Net Interest Income (NII): ₹26,051.44 crore (up 14.09% YoY).
  • Assets Under Management (AUM): ₹3,02,273.75 crore (up 14.85% YoY).
• Fourth Quarter Ended March 31, 2026 (Standalone):
  • Profit After Tax (PAT): ₹3,013.57 crore (up 40.86% YoY).
  • Earnings Per Share (EPS) Basic: ₹16.02 (up 40.77% YoY).
• Dividend:
  • Recommended Final Dividend: ₹6 per share.
  • Total Dividend for FY 2025-26: ₹10.80 per share.
• Key Dates:
  • Record Date for Final Dividend: July 3, 2026.
  • 47th Annual General Meeting (AGM): July 10, 2026.
  • Final Dividend Payment: On or before August 09, 2026.

What Changes for the Business

• Mr. Parag Sharma has been re-appointed as Managing Director & CEO for a further period of 5 years from December 13, 2026.
• Mr. Morihiko Fuji and Mr. Shinichi Fujinami have been appointed as Additional Directors.
• M/s Pijush Gupta & Co. have been appointed as Tax Auditor for FY 2026-27.
• The company approved its resource mobilization plan for FY 2026-27, which includes issuing debt securities and availing external commercial borrowings.

Results Snapshot

• Standalone Financials for FY 2025-26:
  • Net Interest Income: ₹26,051.44 crore (up 14.09% YoY).
  • Profit After Tax: ₹9,998.15 crore (up 20.87% YoY).
  • Basic EPS: ₹53.15 (up 2.37% YoY).
• Standalone Financials for Q4 FY 2025-26:
  • Net Interest Income: ₹6,994.08 crore (up 15.58% YoY).
  • Profit After Tax: ₹3,013.57 crore (up 40.86% YoY).
  • Basic EPS: ₹16.02 (up 40.77% YoY).

What to Track Next

• Shareholder approval for the recommended final dividend at the 47th AGM.
• Execution of the approved resource mobilization plan for FY 2026-27.

📊 Performance Summary

• Reporting Period(s): Fourth Quarter and Full Year Ended March 31, 2026.
• Unit: Rs. in crores

(A) Quarterly Results

• Standalone Performance: Total Income was ₹12,527.91 crores (₹12,527.91 cr) and Net Profit was ₹3,013.57 crores (₹3,013.57 cr).
• YoY Growth: Standalone Quarterly Income grew by 9.32% (₹12,527.91 vs ₹11,460.25). Quarterly Profit jumped significantly by 40.86% YoY from ₹2,139.39 crores to ₹3,013.57 crores.

(B) Annual Results

• Standalone Performance: Annual Total Income stood at ₹48,177.98 crores (₹48,177.98 cr) with a Net Profit of ₹9,998.15 crores (₹9,998.15 cr).
• Consolidated Performance: Consolidated Net Profit for the year reached ₹10,024.15 crores (₹10,024.15 cr).
• YoY Growth: Standalone Annual Income grew by 15.09% (₹48,177.98 vs ₹41,859.47). Standalone Annual Net Profit grew by 2.43% YoY (₹9,998.15 vs ₹9,761.00).

✅ What Looks Positive

• Strong Q4 Momentum: Quarterly profit growth of 40.86% suggests accelerating operational efficiency.
• Capital Strengthening: Strategic allotment of shares to MUFG Bank for ₹39,617.98 crores significantly bolsters the company's capital position.
• Asset Growth: Deposits grew to ₹69,480.34 crores from ₹56,085.99 crores in the previous year.
• Shareholder Rewards: Declared a total dividend of ₹10.80 per share for the fiscal year.
• Credit Upgrades: Ratings upgraded to 'AAA' by ICRA and CRISIL, indicating high safety and creditworthiness.

⚠️ Risk Alerts & Concerns

• One-time Gain Distortion: Annual profit growth appears lower (2.43%) compared to revenue growth due to a high base effect from a ₹1,656.77 crore exceptional gain recorded in the previous year (FY25).
• Legislative Costs: New Labour Codes resulted in an incremental impact on employee benefit expenses of ₹131.71 crores for gratuity and ₹65.24 crores for compensated absences.

🧠 Investor Takeaway

Shriram Finance has delivered solid operational growth, with annual revenues increasing by 15.09%. While the headline annual profit growth of 2.43% seems modest, it is healthy considering the previous year's figures included a massive one-time gain from a subsidiary sale. The massive capital infusion from MUFG and the upgrade to AAA credit ratings provide a robust foundation for future lending activities. The stock remains a steady income generator with a total dividend of ₹10.80 for the year.

Summary

• Shriram Finance Limited has filed a compliance certificate confirming adherence to SEBI (Depositories and Participants) Regulations, 2018.
• The filing confirms the dematerialisation of securities and associated regulatory procedures.
• This confirmation is based on verification by the company's Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited.

Key Numbers & Dates

• Filing Date: April 22, 2026
• Dematerialisation Period: April 1, 2026 to April 15, 2026
• Total Shares Dematerialised during the period: 5410 shares

Muthoot Finance Limited submitted a formal disclosure to the National Stock Exchange of India Ltd. and BSE Limited on April 22, 2026. This announcement serves as a newspaper advertisement detailing the deduction of tax at source (TDS) on dividends, in accordance with SEBI's Listing Regulations. The communication is directed towards shareholders, providing necessary information regarding tax compliance on dividend income under the Income Tax Act, 2025.

Summary

• Shriram Finance will hold a group meeting with funds, analysts, institutional investors, and brokers on April 24, 2026.
• The meeting is scheduled for 4:30 PM in Mumbai and will be attended by senior management.
• Discussions will revolve around the company's investor presentation and public domain disclosures.

Key Numbers & Dates

• Meeting Date: April 24, 2026
• Meeting Time: 4:30 PM
• Disclosure Date: April 21, 2026

Summary

• Shriram Finance Limited will hold a conference call on Friday, April 24, 2026, at 7 PM IST.
• The call aims to discuss the company's audited financial results for the fourth quarter and the full financial year ended March 31, 2026.
• Key management personnel, including the Executive Vice Chairman and MD & CEO, will participate.
• The transcript of the call will be hosted on the company's official website.

Key Numbers & Dates

• Conference Call: Friday, April 24, 2026, at 7:00 PM IST.
• Reference Board Meeting Date: April 15, 2026 (for consideration of results).

What to Track Next

• Monitor the company's website (www.shriramfinance.in) for the transcript of the conference call.

Summary

• Shriram Capital Private Limited, a promoter of Shriram Finance Limited, has filed a disclosure regarding transfer restrictions on shares.
• Approximately 33,57,28,920 shares, constituting 14.27% of Shriram Finance's total share capital, are subject to these restrictions.
• The restrictions are part of a shareholders' agreement and become effective from April 8, 2026, for a duration of three years.

Key Numbers & Dates

• Shares Restricted: 33,57,28,920 (14.27% of total share capital).
• Total Promoter Shareholding: 47,76,30,880 shares (20.30% of total share capital).
• Reporting Date: April 17, 2026.
• Restriction Start Date: April 8, 2026.
• Initial Restriction Period: 3 years.

What Changes for the Business

• The transferability of a significant block of shares (14.27%) held by Shriram Capital Private Limited and other promoter group entities in Shriram Finance Limited will be curtailed.
• These restrictions are governed by a shareholders' agreement involving multiple entities, including MUFG Bank Ltd.

⚠️ What Could Go Wrong

• [Deal] Transfer restrictions are imposed on 33,57,28,920 shares (14.27%) of Shriram Finance Limited, effective from April 8, 2026, for a period of three years.
• [Deal] Post the initial three-year lock-in, further transfer limitations apply, including restrictions against transferring shares to 'Restricted Persons' and a right of first offer to MUFG Bank Ltd. for any sales.

Summary

• Shriram Value Services Limited has filed a disclosure under SEBI regulations concerning Shriram Finance Limited's promoter group.
• The disclosure details contractual transfer restrictions imposed on the promoter's total shareholding of 20.30% in Shriram Finance Limited.
• These restrictions, effective April 8, 2026, have varying durations and conditions for different promoter entities.

Key Numbers & Dates

• Total promoter shareholding in Shriram Finance Limited: 47,76,30,880 shares (20.30% of total share capital).
• Encumbered shares as a percentage of promoter shareholding: 100%.
• Date of encumbrance creation: April 8, 2026.
• Specific encumbered shares (in favour of MUFG Bank Ltd.):
  • Shriram Value Services Limited: 33,57,28,920 shares (14.27%)
  • Shriram Value Services Limited: 13,37,57,305 shares (5.69%)
  • Shriram Ownership Trust: 3,10,400 shares (0.01%)
  • Sanlam Life Insurance Limited: 77,84,755 shares (0.33%)
  • Shriram General Insurance Company Limited: 49,500 shares (0.00%)

What Changes for the Business

• The promoter group's ability to freely transfer its substantial stake in Shriram Finance Limited is now subject to significant contractual restrictions, impacting potential future share disposals and strategic realignments.

⚠️ What Could Go Wrong

• [Deal] Transfer restrictions are in place for up to 3 years from April 08, 2026, for certain promoter entities, limiting immediate disposals.
• [Deal] Post this initial restriction period, transfers are prohibited to 'Restricted Persons' as defined under the shareholders' agreement (SHA).
• [Deal] Any sales after the expiry of the lock-in period will be subject to MUFG Bank Ltd.'s right of first offer.
• [Other] These transfer restrictions will cease to apply if MUFG Bank Ltd. and its affiliates' shareholding in Shriram Finance Limited falls below 10% of the total share capital on a fully diluted basis.

Summary

• Disclosure filed by Shriram Ownership Trust regarding transfer restrictions on shares of Shriram Finance Limited.
• These restrictions stem from a shareholders' agreement involving multiple entities, including MUFG Bank Ltd. and key promoters.
• Certain promoter entities will face lock-in periods for their shares starting April 8, 2026.

Key Numbers & Dates

• Reporting Date: April 17, 2026.
• Encumbrance/Restriction Creation Date: April 8, 2026.
• Total promoter shareholding in Shriram Finance Limited is 47,76,30,880 shares, representing 20.30% of total share capital.
• 100% of the promoter's shareholding is subject to these encumbrances/restrictions.
• Shriram Capital Private Limited holds 33,57,28,920 shares (14.27% of total capital) subject to restriction.
• Shriram Value Services Limited holds 13,37,57,305 shares (5.69% of total capital) subject to restriction.

What Changes for the Business

• Significant portions of Shriram Finance Limited's promoter-held shares will be subject to transfer restrictions for defined periods.
• This impacts the immediate liquidity and saleability of these promoter shares, reinforcing stability for the specified durations.

⚠️ What Could Go Wrong (source-based)

• [Deal] Transfer restrictions on promoter shares of Shriram Finance Limited for 3 years from April 8, 2026, for some entities.
• [Deal] Transfer restrictions on promoter shares of Shriram Finance Limited for 1 year from April 8, 2026, for other entities.
• [Deal] Post the lock-in period, transfers are subject to conditions, including a 'Restricted Person' definition and a right of first offer to MUFG Bank Ltd.
• [Deal] These restrictions may cease if MUFG Bank Ltd. and its affiliates' shareholding in Shriram Finance Limited falls below 10%.

What to Track Next

• Monitor the expiry of the 1-year and 3-year transfer restriction periods.
• Observe any changes in MUFG Bank Ltd.'s shareholding that could impact the validity of these restrictions.
• Note any permitted transfers that occur during the lock-in periods.

Summary

• Shriram Capital Private Limited and other promoters have disclosed encumbrance on their entire shareholding in Shriram Finance Limited (47.76 crore shares, 20.30% of total capital).
• The encumbrance, effective April 8, 2026, is primarily due to contractual transfer restrictions under a shareholders' agreement (SHA).
• These restrictions will be in place for up to three years from April 8, 2026, impacting future share sales and transfers.

Key Numbers & Dates

• Reporting Date: April 17, 2026
• Encumbrance/Restriction Effective Date: April 8, 2026
• Total Promoter Shareholding: 47,76,30,880 shares (20.30% of total capital)
• Shriram Capital Private Limited Encumbered Shares: 33,57,28,920 shares (14.27% of total capital)
• Shriram Value Services Limited Encumbered Shares: 13,37,57,305 shares (5.69% of total capital)
• Total Encumbered Promoter Shares: 47,76,30,880 shares (20.30% of total capital)
• Primary Transfer Restriction Period: 3 years from April 8, 2026

What Changes for the Business

• A significant portion of promoter holding (20.30% of total capital) will be subject to transfer restrictions starting April 2026.
• Future sales of these shares will be subject to specific conditions, including a right of first offer to MUFG Bank Ltd. for sales after the lock-in period.

⚠️ What Could Go Wrong (source-based)

• [Financial] Transfer restrictions imposed for up to three years could limit the promoters' ability to sell shares or raise capital by selling shares during this period, unless permitted transfers occur.
• [Deal] Sales of shares after the lock-in period are subject to a right of first offer to MUFG Bank Ltd., potentially impacting the ease or terms of future divestments.

What to Track Next

• Monitor the status of shareholding and compliance with transfer restrictions post-April 8, 2026.
• Observe any permitted transfers or changes in the SHA that may impact these restrictions.

Summary

• Shriram Value Services Limited has filed a disclosure regarding transfer restrictions on shares held by its promoter group in Shriram Finance Limited.
• These restrictions stem from a shareholders' agreement (SHA) executed on April 8, 2026.
• The total promoter shareholding affected by these restrictions is 47.76 crore shares, representing 20.30% of Shriram Finance's total share capital.
• Notably, 100% of the promoter shareholding is subject to these transfer limitations.

Key Numbers & Dates

• Date of Reporting: April 17, 2026
• Date of Restrictions Creation: April 8, 2026
• Target Company: Shriram Finance Limited
• Total Promoter Holding: 47,76,30,880 shares
• Promoter Holding as % of Total Share Capital: 20.30%
• Encumbered Shares as % of Promoter Shareholding: 100%
• Shriram Value Services Limited Holding: 13,37,57,305 shares (5.69% of total share capital)
• Shriram Capital Private Limited Holding: 33,57,28,920 shares (14.27% of total share capital)

What Changes for the Business

• The disclosure indicates that a substantial portion of promoter shares in Shriram Finance are subject to transfer restrictions.
• This could limit the ability of these promoter entities to sell their shares in the open market for a significant period, potentially affecting market liquidity for the stock.

⚠️ What Could Go Wrong (source-based)

• [Execution] Promoter entities face contractual restrictions preventing them from transferring shares for specific periods (e.g., 3 years from April 8, 2026) except for permitted transfers, potentially delaying or limiting future sales.
• [Execution] Post lock-in, transfers may be subject to a right of first offer to MUFG Bank Ltd., adding an extra step and potential condition for selling shares.

Summary

• Promoter group entities of Shriram Finance Limited have disclosed encumbrance and significant transfer restrictions on their shares.
• These restrictions arise from a shareholders' agreement and are effective from April 8, 2026.
• The disclosures were made by Shriram Ownership Trust as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Numbers & Dates

• Reporting Date: April 17, 2026
• Transfer Restriction Start Date: April 8, 2026
• Total Promoter Shareholding in Shriram Finance: 47,76,30,880 shares (20.30% of total share capital).
• All promoter shareholding (100%) is subject to encumbrance.
• Shares encumbered by Shriram Capital Private Limited: 33,57,28,920 (14.27%).
• Shares encumbered by Shriram Value Services Limited: 13,37,57,305 (5.69%).
• Shares encumbered by Sanlam Life Insurance Limited: 77,84,755 (0.33%).
• Shares encumbered by Shriram Ownership Trust: 3,10,400 (0.01%).
• Shares encumbered by Shriram General Insurance Company Limited: 49,500 (0.00%).

What Changes for the Business

• Promoter group entities face contractual limitations on their ability to transfer shares of Shriram Finance Limited.
• These transfer restrictions are part of a shareholders' agreement, impacting the liquidity and flexibility of their holdings for a defined period.

⚠️ What Could Go Wrong

• [Other] Promoters are subject to transfer restrictions on their Shriram Finance shares for a period of 3 years from April 8, 2026, with further conditions applicable afterwards regarding transfers to 'Restricted Persons' and a right of first offer to MUFG Bank Ltd. on share sales.

Results Snapshot

What to Track Next

• Monitor the commencement of transfer restrictions from April 8, 2026.
• Observe any developments related to the conditions for share sales, including the right of first offer to MUFG Bank Ltd.

Summary

• Sanlam Life Insurance Limited, a promoter entity of Shriram Finance Limited, has filed a disclosure under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The disclosure pertains to transfer restrictions on shares held by various promoter group entities, including Sanlam Life Insurance, as per a shareholders' agreement (SHA).
• These restrictions limit the transferability of shares for specified periods, commencing from April 8, 2026.

Key Numbers & Dates

• Reporting Date: 17 April 2026
• Restriction Effective Date: 08 April 2026
• Sanlam Life Insurance Limited: 0.33% shareholding with a 1-year transfer restriction.
• Shriram Capital Private Limited: 14.27% shareholding with a 3-year transfer restriction.
• Shriram Value Services Limited: 5.69% shareholding with a 3-year transfer restriction.
• Shriram Ownership Trust: 0.01% shareholding with a 3-year transfer restriction.
• Shriram General Insurance Company Limited: 0.00% shareholding with a 3-year transfer restriction.

What Changes for the Business

• The primary impact is on the liquidity and potential immediate sale of shares by the identified promoter entities.
• These restrictions ensure a period of stability in the promoter shareholding structure, as per the SHA.

⚠️ What Could Go Wrong

• [Other] Contractual transfer restrictions are in place for promoter group entities, limiting their ability to sell shares for specified periods.
• [Other] A right of first offer to MUFG Bank Ltd. applies to sales after the initial lock-in period.
• [Other] These restrictions will cease to apply if MUFG Bank Ltd. and its affiliates' shareholding falls below 10% of Shriram Finance's capital on a fully diluted basis.

Summary

• Shriram General Insurance Company Limited has filed a disclosure regarding transfer restrictions on shares of Shriram Finance Limited.
• These restrictions apply to promoter entities and are part of a shareholders' agreement (SHA) involving MUFG Bank Ltd. and other group companies.
• The restrictions are set to commence from April 8, 2026, for durations of one to three years.

Key Numbers & Dates

• Reporting Date: 17-04-2026
• Encumbrance Creation Date: 08-04-2026
• Restriction Period Start: 08-04-2026
• Total Promoter Shareholding in Shriram Finance: 47,76,30,880 shares (20.30% of total share capital).
• Shriram Capital Private Limited: Holds 33,57,28,920 shares (14.27% of total share capital).
• Shriram Value Services Limited: Holds 13,37,57,305 shares (5.69% of total share capital).
• Sanlam Life Insurance Limited: Holds 77,84,755 shares (0.33% of total share capital).
• Shriram General Insurance Company Limited: Holds 49,500 shares (0.00% of total share capital).

What Changes for the Business

• Promoter entities, including Shriram General Insurance Company Limited, will face contractual limitations on their ability to transfer shares of Shriram Finance Limited.
• These restrictions are a result of a comprehensive shareholders' agreement governing share transferability for defined periods.

⚠️ What Could Go Wrong (source-based)

• [Execution] Promoter entities face significant restrictions on transferring their Shriram Finance shares for 1-3 years starting April 8, 2026, impacting flexibility.
• [Deal] The transfer restrictions are governed by a shareholders' agreement (SHA) between multiple entities, indicating complex interdependencies and conditions.

Summary

• Sanlam Life Insurance Limited, acting for its promoter group, has disclosed transfer restrictions on shares held in Shriram Finance Limited.
• These restrictions arise from a Shareholders' Agreement (SHA) involving multiple parties, including MUFG Bank Ltd.
• The disclosure impacts the ability of certain promoter entities to transfer their stakes in Shriram Finance for defined periods.

Key Numbers & Dates

• Reporting Date: 17 April 2026
• Shareholder Agreement (SHA) restrictions effective: 8 April 2026
• Restriction period for Sanlam Life Insurance Limited: 1 year from April 08, 2026
• Restriction period for Shriram Capital Private Limited and others: 3 years from April 08, 2026
• Shriram Capital Private Limited holds 33,57,28,920 shares (14.27% of total capital)
• Sanlam Life Insurance Limited holds 77,84,755 shares (0.33% of total capital)
• Total promoter shareholding in Shriram Finance is 47,76,30,880 shares (20.30% of total capital)
• Encumbrance represents 100% of promoter shareholding.

What Changes for the Business

• Key promoter group entities, including Sanlam Life Insurance and Shriram Capital Private Limited, will be restricted from transferring their shares in Shriram Finance Limited for periods of one to three years, beginning April 2026.
• This affects the immediate liquidity and transferability of these substantial shareholdings.

⚠️ What Could Go Wrong (source-based)

• [Deal] Contractual transfer restrictions are imposed on promoter group shares in Shriram Finance for up to three years from April 8, 2026, as per the SHA.
• [Deal] The SHA includes a right of first offer for MUFG Bank Ltd. on shares sold after the agreed lock-in period.
• [Other] The share transfer restrictions will cease if the shareholding of MUFG Bank Ltd. and its affiliates falls below 10% of Shriram Finance's share capital on a fully diluted basis.

Summary

• Shriram General Insurance Company Limited has submitted a disclosure regarding transfer restrictions on shares of Shriram Finance Limited.
• These restrictions are part of a shareholders' agreement (SHA) involving multiple entities and are effective from April 8, 2026.

Key Numbers & Dates

• Reporting Date: 17-04-2026
• Encumbrance/Restriction Creation Date: 08-04-2026
• Shriram Capital Private Limited holds 33,57,28,920 shares (14.27%) subject to restrictions.
• Shriram Value Services Limited holds 13,37,57,305 shares (5.69%) subject to restrictions.
• Shriram Ownership Trust holds 3,10,400 shares (0.01%) subject to restrictions.
• Sanlam Life Insurance Limited holds 77,84,755 shares (0.33%) subject to restrictions.
• Shriram General Insurance Company Limited holds 49,500 shares (0.00%) subject to restrictions.
• Total promoter shareholding in Shriram Finance Limited is 47,76,30,880 shares (20.30%).

What Changes for the Business

• Several promoter entities, including Shriram Capital Private Limited and Shriram Value Services Limited, will be unable to transfer their shares in Shriram Finance Limited for a period of one to three years, commencing April 8, 2026.
• Post the initial restricted period, further conditions will apply to share transfers, impacting liquidity and saleability.

⚠️ What Could Go Wrong

• [Deal] Transfer restrictions for 1-3 years on shares held by various promoter entities in Shriram Finance Limited, limiting immediate saleability.
• [Deal] Post the initial lock-in period, restrictions apply on transferring shares to any 'Restricted Person' as defined under the SHA.
• [Deal] Any sale of shares after the agreed lock-in period would be subject to a right of first offer available to MUFG Bank Ltd.
• [Deal] These transfer restrictions could cease to apply if the shareholding of MUFG Bank Ltd. and its affiliates falls below 10% of Shriram Finance Limited's total share capital.

📊 Performance Summary

• Reporting Period(s): Fourth quarter and financial year ended March 31, 2026.
• Status: Audited financial results are scheduled for official review and approval on April 24, 2026.

✅ What Looks Positive

• The company's board will evaluate the recommendation of a final dividend for the financial year ended March 31, 2026.

⚠️ Risk Alerts & Concerns

• There is no financial data provided in this intimation to assess the company's performance. Investors should note the board will consider a plan for resource mobilization through debt securities for the 2026-27 financial year.

🧠 Investor Takeaway

This notice serves as a procedural update regarding the timing of the upcoming annual results. Investors should monitor the company's disclosures on April 24, 2026, for the actual audited figures and dividend declarations.

Summary

• Shriram Finance Limited's wholly-owned subsidiary, Shriram Overseas Investments Limited, has obtained an in-principle approval from the Reserve Bank of India (RBI).
• The approval allows the subsidiary to begin operating as a Primary Dealer (PD).
• This development is contingent upon the subsidiary fulfilling the conditions specified by the RBI.

Key Numbers & Dates

• April 15, 2026: Date of current intimation and receipt of in-principle approval.
• March 12, 2026: Date of previous related intimation.

What Changes for the Business

• Shriram Overseas Investments Limited is set to commence Primary Dealer (PD) business upon meeting regulatory conditions.

⚠️ What Could Go Wrong (source-based)

• [Regulatory] The approval is in-principle and requires compliance with specific conditions set by the Reserve Bank of India.

Summary

• Shriram Overseas Investments Limited, a wholly-owned subsidiary of Shriram Finance, has received in-principal approval from the Reserve Bank of India (RBI).
• The approval is for the subsidiary to commence its Primary Dealer (PD) business.
• This commencement is subject to the subsidiary complying with specific conditions stipulated by the RBI.

Key Numbers & Dates

• April 15, 2026: Date of receiving in-principal approval for PD business.
• March 12, 2026: Date of previous intimation regarding the subsidiary.

What Changes for the Business

• Shriram Overseas Investments Limited is now positioned to begin its operations as a Primary Dealer (PD), pending fulfillment of regulatory conditions.

⚠️ What Could Go Wrong

• [Regulatory] The subsidiary, Shriram Overseas Investments Limited, must adhere to all conditions specified by the Reserve Bank of India to successfully commence its Primary Dealer business. Non-compliance could delay or prevent the launch.

What to Track Next

• Monitor the subsidiary's compliance with the RBI's specified conditions for the Primary Dealer business.

Summary

• Fitch Ratings has upgraded Shriram Finance Limited's (SFL) Long-Term and Short-Term Issuer Default Ratings (IDRs).
• The Long-Term IDRs are now 'BBB-' with a Stable outlook, upgraded from 'BB+', and the Short-Term IDR to 'F3' from 'B'.
• The upgrade is a result of Mitsubishi UFJ Financial Group's (MUFG) acquisition of a 20% stake in SFL, including an INR 396 billion equity injection.
• This strategic investment has significantly strengthened SFL's capital base, reducing its leverage ratio.

Key Numbers & Dates

• Long-Term IDR Upgraded: 'BBB-' (Prior: 'BB+')
• Short-Term IDR Upgraded: 'F3' (Prior: 'B')
• Senior Secured Rating Upgraded: 'BBB-' (Prior: 'BB+')
• Outlook: Stable
• Rating Watch Positive (RWP): Removed
• MUFG Stake Acquired: 20.0%
• MUFG Equity Injection: INR 396 billion (USD 4.4 billion)
• Pro forma Debt/Tangible Equity (Post-Infusion): 2.5x (Prior: 4.2x)
• Rating Action Publication Date: April 14, 2026

What Changes for the Business

• Enhanced funding access and potentially lower cost of funding due to MUFG's strategic investment.
• Improved capital base leading to reduced leverage, providing headroom for growth and technology investment.
• Expectation of mutually beneficial product development opportunities and some governance alignment with MUFG.

⚠️ What Could Go Wrong (source-based)

• [Financial] Ratings could be downgraded if the operating environment weakens materially, asset quality and profitability decline significantly, funding becomes tighter, or liquidity deteriorates.
• [Financial] Leverage persistently above 5x or significant risk-taking, such as aggressive expansion in riskier segments relative to peers, may lead to negative rating action.
• [Financial] A weakening ability or reduced propensity from MUFG to support SFL could lead to a downgrade.

What to Track Next

• The continued strategic coordination and shareholder oversight from MUFG, including board representation.
• SFL's ability to leverage MUFG's partnership for product development and technology adoption.
• Evolution of SFL's leverage ratio as it pursues growth.

Summary

• India Ratings and Research has upgraded Shriram Finance Limited's (SFL) issuer rating and long-term debt instruments to 'IND AAA/Stable' from 'IND AA+/Positive'.
• The upgrade is attributed to SFL's significantly strengthened credit profile, primarily due to a large equity investment by MUFG Bank, Ltd.
• This infusion enhances SFL's capitalisation, financial flexibility, and is expected to improve its funding access and lower costs.
• The rating also factors in SFL's strong franchise in the NBFC sector and its well-diversified portfolio.

Key Numbers & Dates

• New Rating: IND AAA/Stable (Upgraded from IND AA+/Positive)
• Press Release Date: April 10, 2026
• Non-Convertible Debentures (NCDs) Size: ₹356,858.85 million
• Bank Loan Size: ₹228,382 million
• Subordinated Debt Size: ₹76,200 million
• Short-term debt/commercial paper programme Size: ₹75,000 million
• Principal protected market linked debentures Size: ₹17,000 million
• MUFG Bank Equity Infusion: ₹396.18 billion
• SFL's Net Worth post-infusion: Over ₹1,000 billion

What Changes for the Business

• The upgrade to 'AAA' signifies improved creditworthiness, potentially leading to lower borrowing costs for Shriram Finance.
• Enhanced capitalisation and financial flexibility from MUFG's investment are expected to support future growth and absorb asset quality stresses.
• Anticipated improvement in funding outlook, including potential access to competitive overseas funding, could further boost margins.

⚠️ What Could Go Wrong (source-based)

• [Financial] Asset class is susceptible to volatility, particularly with over 50% AUM in rural areas and 45.6% in CV financing, which can accentuate during economic downturns.
• [Financial] Impact of El Nino on monsoon and thereby on rural cash flows in FY27 remains to be seen, potentially impacting asset quality.
• [Financial] A sharp increase in credit costs could lead to sustained depletion in operating buffers.
• [Financial] Weakening of linkages with MUFG or significant dilution of MUFG's stake could negatively impact the rating.
• [Financial] Tier-1 capital falling below 15% on a sustained basis could lead to a negative rating action.

What to Track Next

• Monitor the impact of MUFG's strategic investment on SFL's operations and financial performance.
• Observe any changes in borrowing costs or funding access following the 'AAA' rating upgrade.
• Track asset quality performance, especially in rural and CV financing segments, amidst economic volatility.

Summary

• Shriram Finance has received listing and trading approval from the National Stock Exchange (NSE) and BSE for equity shares issued to MUFG Bank Ltd.
• A total of 47,11,21,055 equity shares were allotted to MUFG Bank Ltd. on a preferential basis.
• These shares carry a face value of Rs. 2 each and were issued at a premium of Rs. 838.93 per share.
• The shares are set to be listed and commence trading on April 13, 2026.
• The allotted shares will be subject to lock-in restrictions until October 13, 2026.

Key Numbers & Dates

• Equity Shares Allotted: 47,11,21,055 (Shares)
• Face Value per Share: ₹2 (INR)
• Premium per Share: ₹838.93 (INR)
• Board Meeting for Allotment: April 8, 2026
• Approval Letter Date: April 10, 2026
• Listing Effective Date: April 13, 2026
• Lock-in Period Expiry: October 13, 2026

What Changes for the Business

• Shriram Finance has successfully completed a significant preferential allotment of equity shares to MUFG Bank Ltd.
• The company has obtained the necessary approvals from the NSE and BSE for the listing of these shares.
• The integration of these shares into public trading from April 13, 2026, will alter the company's equity structure.

⚠️ What Could Go Wrong (source-based)

• [Other] The 47,11,21,055 equity shares allotted to MUFG Bank Ltd. are subject to lock-in restrictions until October 13, 2026, limiting their immediate tradability on exchanges.

What to Track Next

• Monitor the trading performance of the newly listed shares post-April 13, 2026.
• Observe any potential changes in shareholding patterns after the lock-in period ends on October 13, 2026.

Summary

• MUFG's group entities have disclosed an aggregated interest of 20.11% in Shriram Finance Ltd, holding 473,149,163 shares.
• This disclosure was made as per SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011.

Key Numbers & Dates

• Aggregate interest held by MUFG entities in Shriram Finance Ltd: 20.11% (473,149,163 shares).
• Date of acquisition of interest: April 8, 2026.
• Total voting rights on issue in Shriram Finance Ltd: 2,352,686,426.
• Equity share capital before acquisition: 1,881,565,371.
• Equity share capital after acquisition: 2,352,686,426.
• Date of disclosure: April 10, 2026.

Summary

• CRISIL Ratings has upgraded Shriram Finance's long-term rating to 'Crisil AAA/Crisil PPMLD AAA/Stable' and reaffirmed its short-term rating at 'Crisil A1+'.
• The upgrade is primarily driven by a significantly strengthened capital profile following an investment by MUFG Bank, which acquired a 20% stake.
• Specific debt instruments, including Non-Convertible Debentures of Rs.1,190 crore, were withdrawn upon their redemption.

Key Numbers & Dates

• Rating Upgrade: Long-term rating upgraded to 'Crisil AAA/Crisil PPMLD AAA/Stable' from 'Crisil AA+/Crisil PPMLD AA+', with outlook 'Stable'. Short-term rating reaffirmed at 'Crisil A1+'.
• MUFG Bank Investment: Shriram Finance completed allotment of equity shares to MUFG Bank, resulting in a 20% stake acquisition.
• Capital Strength: Networth is expected to surpass Rs 1 lakh crore post-transaction, with leverage projected to fall below 2.5 times.
• Assets Under Management (AUM): Rs. 2,91,709 crore as of December 31, 2025.
• Profit After Tax (9M FY2026): Rs. 7,003 crore (annualised).
• Gross NPA: 4.5% as of December 31, 2025.
• Key Dates: Rating rationale dated April 9, 2026; company intimation dated April 10, 2026.

What Changes for the Business

• The company's capitalisation profile has significantly strengthened due to the investment from MUFG Bank.
• Shriram Finance can leverage MUFG Bank's expertise, potentially improving its technology, compliance, and access to funds at lower costs.

⚠️ What Could Go Wrong (source-based)

• [Financial] Asset quality is described as 'average, though improving', with Gross Stage 3 (GS3) ratio at 4.5% as of December 31, 2025. This indicates that while improving, it remains an area to monitor.

Results Snapshot

• Consolidated Net Profit after tax for the first nine months of fiscal 2026 was Rs. 7,003 crore.
• Consolidated Total Income for the first nine months of fiscal 2026 was Rs. 35,660 crore.

What to Track Next

• Monitoring the company's ability to scale up its portfolio while continuing to improve asset quality metrics.
• Continued benefits from the association with MUFG Bank, particularly regarding access to funds and cost of borrowing.

Summary

• ICRA has upgraded Shriram Finance Limited's (SFL) long-term rating to [ICRA]AAA; Stable, removing it from Watch with Positive Implications.
• This upgrade is primarily driven by a substantial Rs. 39,618 crore primary equity infusion from MUFG Bank Ltd.
• ICRA also assigned an [ICRA]AAA; Stable rating to SFL's proposed Rs. 2,000 crore Non-Convertible Debentures (NCDs).

Key Numbers & Dates

• Rating Action: Long-term rating upgraded to [ICRA]AAA; Stable on April 9, 2026.
• Equity Infusion: Rs. 39,618 crore primary equity capital raised from MUFG Bank Ltd on April 8, 2026.
• Proposed NCDs: Assigned [ICRA]AAA; Stable rating for Rs. 2,000 crore.
• Assets Under Management (AUM): Rs. 2,91,709 crore (standalone) as of December 31, 2025.
• Gross Stage 3 Assets: 4.5% as of December 31, 2025.
• Credit Costs: 1.4% of average managed assets (AMA) in 9M FY2026.
• Liquidity Coverage Ratio: 335% as of December 31, 2025.
• Managed Gearing: Expected to decline to ~2.5 times post-infusion.

What Changes for the Business

• The Rs. 39,618 crore equity infusion from MUFG Bank has significantly bolstered SFL's capitalisation, providing a buffer for growth and managing asset quality volatility.
• The company's financial flexibility and earnings performance are expected to improve, along with potential reductions in the cost of funding.
• SFL intends to use the equity infusion to scale up its existing businesses and focus segments.

⚠️ What Could Go Wrong (source-based)

• [Financial] Pressure on the rating could arise if there is a significant deterioration in asset quality or profitability (ROMA below 2%) on a sustained basis.
• [Financial] Considerably weakening capitalisation, with managed gearing remaining above 6 times consistently, could also pressure the rating.
• [Other] Residual value of security could reduce due to policy changes like incremental rulings on the reduction in the operating life of CVs, impacting profitability.

What to Track Next

• Monitor asset quality indicators and credit costs for sustained improvement.
• Observe the impact of the equity infusion on SFL's cost of funding and earnings performance.
• Track the company's progress in scaling up its existing businesses and focus segments using the infused capital.

Summary

• MUFG Bank Ltd. has been allotted 47,11,21,055 equity shares of Shriram Finance Limited on a preferential basis.
• This allotment represents 20.02% of Shriram Finance's total share capital and 20.00% of its diluted share capital.
• The transaction was approved by Shriram Finance's board on April 08, 2026.
• MUFG Bank acquired these shares at a price of INR 840.93 per share.

Key Numbers & Dates

• Date of allotment: April 08, 2026
• Shares allotted: 47,11,21,055 equity shares
• Percentage of total share capital acquired: 20.02%
• Percentage of diluted share capital acquired: 20.00%
• Price per share: INR 840.93
• Face value per share: INR 2
• Premium per share: INR 838.93
• Equity share capital before acquisition: INR 376.31 crore
• Equity share capital after acquisition: INR 470.54 crore

What Changes for the Business

• MUFG Bank Ltd. has become a significant shareholder in Shriram Finance Limited, holding a 20.02% stake.
• The acquisition was carried out via a preferential allotment, which is a private placement of shares.

What to Track Next

• Monitor any strategic collaborations or implications arising from MUFG Bank's substantial shareholding in Shriram Finance.
• Track future regulatory filings or disclosures related to this shareholding.

Summary

• MUFG Bank has invested approximately INR 396.18 billion in Shriram Finance Limited (SFL), acquiring a 20.0% equity stake.
• This transaction involved the subscription of 471,121,055 equity shares at an issue price of INR 840.93 per share.
• It is highlighted as the largest cross-border investment in India's financial services sector.
• The strategic collaboration aims to leverage MUFG's global expertise for SFL's accelerated growth.

Key Numbers & Dates

• Investment Completion Date: April 8, 2026
• Shares Subscribed: 471,121,055 (By MUFG Bank)
• Issue Price: INR 840.93 per share
• Total Investment: Approximately INR 396.18 billion (By MUFG Bank)
• MUFG Stake: 20.0% (Post-investment in SFL)
• Shriram Finance AUM: Exceeding INR 2.91 trillion

What Changes for the Business

• SFL will leverage MUFG's global expertise and capabilities to accelerate its long-term growth strategy.
• The investment significantly strengthens SFL's capital base.
• The collaboration aims to open new avenues for innovation, enhance access to diversified funding, and support global best practices in risk management and governance.

Summary

• Shriram Finance Limited's Board of Directors has approved the preferential allotment of 47,11,21,055 equity shares to MUFG Bank Ltd.
• The allotment is on a private placement basis at an issue price of ₹840.93 per share.
• This preferential issue aggregates to Rs.3,96,17,98,28,781.15 (approximately ₹39,617.98 crore).
• Post-allotment, MUFG Bank Ltd. will hold a 20% stake in Shriram Finance.

Key Numbers & Dates

• Total funds raised via preferential issue: Rs.3,96,17,98,28,781.15 (₹39,617.98 cr)
• Number of equity shares allotted: 47,11,21,055 shares
• Issue price per equity share: ₹840.93
• MUFG Bank Ltd. post-issue shareholding: 20.00%
• Pre-issue paid-up equity share capital: Rs.3,76,31,30,742 (₹3,763.13 cr)
• Post-issue paid-up equity share capital: Rs.4,70,53,72,852 (₹4,705.37 cr)
• Board meeting date for approval: April 8, 2026
• Investment agreement date: December 19, 2025

What Changes for the Business

• The company's paid-up equity share capital increases substantially following the allotment.
• MUFG Bank Ltd. will become a significant shareholder, holding 20% of the company's equity post-transaction.

What to Track Next

• Application for listing and trading approval of the allotted equity shares from the Stock Exchanges.

Summary

• Shriram Finance's Board approved allotting 47.11 crore shares to MUFG Bank.
• The preferential issue amounts to Rs 3,961.80 crore at Rs 840.93 per share.
• MUFG Bank will hold 20% of Shriram Finance's equity post-allotment, with shares ranking pari-passu.
• In-principle approval from NSE and BSE has been secured for the issuance.

Key Numbers & Dates

• Total Amount Raised: ₹3,96,17,98,28,781.15 (₹3,961.80 cr)
• Number of Equity Shares Allotted: 47,11,21,055
• Issue Price per Share: ₹840.93
• Premium per Share: ₹838.93
• Face Value per Share: ₹2.00
• Post-Issue Shareholding of MUFG Bank: 20.00%
• Board Approval Date: April 8, 2026
• Investment Agreement Date: December 19, 2025

What Changes for the Business

• The paid-up equity share capital of Shriram Finance will increase from Rs. 3,76,31,30,742 to Rs. 4,70,53,72,852.
• The total number of equity shares will increase from 188,15,65,371 to 235,26,86,426.
• MUFG Bank Ltd. will become a significant shareholder, holding 20% of the company's equity, and these shares will rank pari-passu with existing equity shares.

⚠️ What Could Go Wrong

• [Deal] Shares allotted to MUFG Bank Ltd. will be locked in for a period as specified in SEBI regulations.
• [Execution] Application for listing and trading approval of the Stock Exchanges for the allotted shares will be made in due course.

What to Track Next

• Application for listing and trading approval from stock exchanges for the allotted shares.

Summary

• Shriram Finance confirmed compliance with SEBI regulations for securities dematerialization.
• The company's registrar, Integrated Registry Management Services Private Limited (RTA), handled the process of cancelling physical certificates and updating ownership records to depositories.
• A list of share certificates dematerialized between March 16 and March 31, 2026, was provided.

Key Numbers & Dates

• Dematerialization Period: March 16, 2026 – March 31, 2026
• Confirmation Report Date: April 06, 2026
• Example shares dematerialized (Folio 51166): 2500 shares
• Example shares dematerialized (Folio 20343): 3760 shares
• Total share certificates detailed in table: 13

Summary

• Shriram Finance received Rectification Orders from the Commercial Tax Officer, Chennai South.
• These orders significantly reduce penalties originally imposed on erstwhile Shriram City Union Finance Limited.
• The total original penalty of ₹37.10 crore for FY19 and FY20 has been reduced to ₹1.73 crore.

Key Numbers & Dates

• FY18-19 Original Penalty: ₹13.04 crore (₹13,03,53,551)
• FY18-19 Reduced Penalty: ₹0.70 crore (₹70,42,822)
• FY19-20 Original Penalty: ₹24.06 crore (₹24,06,19,502)
• FY19-20 Reduced Penalty: ₹1.02 crore (₹1,02,20,890)
• Total Original Penalty (FY19 & FY20): ₹37.10 crore (₹37,09,73,053)
• Total Reduced Penalty (FY19 & FY20): ₹1.73 crore (₹1,72,63,712)
• Rectification Orders Date: March 30, 2026
• Intimation to Exchanges Date: April 1, 2026

What Changes for the Business

• A significant reduction in a financial liability, positively impacting the company's balance sheet.
• The penalties relate to erstwhile Shriram City Union Finance Limited, which amalgamated with Shriram Finance Limited on April 1, 2022.

What to Track Next

• Confirmation of the final resolution and accounting impact of this penalty reduction.

Summary

• Shriram Finance Limited has announced the closure of its trading window for designated persons.
• This closure is related to the consideration and approval of the company's audited financial results for the fourth quarter and the fiscal year ending March 31, 2026.

Key Numbers & Dates

• Trading Window Closure Starts: Wednesday, April 1, 2026.
• Trading Window Reopens: 48 hours after the dissemination of the Audited Financial Results.

What to Track Next

• The date of the Board meeting for considering and approving the Audited Financial Results will be intimated in due course.

Shriram Finance Limited has issued a public notice, published in the Financial Express and Makkal Kural on March 25, 2026, regarding a special window for the transfer and dematerialization of physical securities. This initiative, in line with SEBI Circulars, runs from February 05, 2026, to February 04, 2027. It aims to assist shareholders holding physical share certificates sold/purchased before April 01, 2019, or those previously rejected due to documentation issues. Shareholders are instructed to submit necessary documents, including original certificates and transfer deeds, to the RTA, Integrated Registry Management Services Private Limited. The notice also encourages shareholders with physical shares to update their KYC details and convert them to dematerialized form.

Summary

• Shriram Finance Limited has confirmed compliance with SEBI (Depositories and Participants) Regulations, 2018.
• The confirmation pertains to the dematerialization of share certificates received and processed between March 1 and March 15, 2026.
• The company's Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, conducted the verification and cancellation of physical certificates.

Key Numbers & Dates

• Confirmation Date: March 20, 2026
• Dematerialization Period: March 1, 2026 to March 15, 2026
• Number of Shares Dematerialized: Details for various shareholding folios are provided, with sample amounts including 2500, 5000, 10, and 1125 shares.

Binny Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2024, through newspaper publications in "Business Standard" and "Makkalkural" on March 19, 2026. Other significant corporate actions in the report include Kesoram Industries and Cosmo First Limited opening special windows for share transfers until February 4, 2027. Canara Bank and Shriram Finance Limited have issued demand notices and taken possession of properties related to loan defaults. Truhome Finance Limited is proceeding with an e-auction of mortgaged assets. Additionally, Avtar Career Creators Limited has filed a draft prospectus for its upcoming IPO.

Summary

• Shriram Finance Limited's wholly-owned subsidiary, Shriram Overseas Investments Limited, has applied to the Reserve Bank of India (RBI) for a Primary Dealer business license.
• The application was submitted on March 12, 2026, as an update to a previous intimation dated August 13, 2025.

Key Numbers & Dates

• Application submission date: March 12, 2026
• Previous intimation date: August 13, 2025

What Changes for the Business

• The subsidiary's application to obtain a Primary Dealer license signifies a potential diversification into a new business area, subject to regulatory approval.

What to Track Next

• Monitor for approval status from the Reserve Bank of India regarding the Primary Dealer license.

Summary

• Shriram Finance Limited completed the divestment of its 81.63% stake in Singapore-based subsidiary Bharath Investments Pte. Limited on March 11, 2026.
• The sale consideration received was USD 172,000.
• This action results in Bharath Investments no longer being a subsidiary of Shriram Overseas, and its associate Armour Insurance Services WLL also ceases to be an associate of the company.
• The divested subsidiary had a negligible turnover (₹0.00 crore) and a net worth of ₹3.36 crore for the financial year ended December 31, 2025.

Key Numbers & Dates

• Divestment Completion Date: March 11, 2026
• Agreement Date: March 10, 2026
• Stake Sold: 81.63% in Bharath Investments Pte. Limited
• Consideration: USD 172,000
• Net Worth of Divested Entity (provisional FY 2025): ₹3.36 crore
• Turnover of Divested Entity (provisional FY 2025): ₹0.00 crore

What Changes for the Business

• Bharath Investments Pte. Limited has ceased to be a step-down subsidiary of Shriram Finance Limited.
• Armour Insurance Services WLL has ceased to be an associate of Shriram Overseas and Shriram Finance Limited.

Summary

• Shriram Finance Limited announced a virtual investor and analyst conference scheduled for March 16, 2026.
• Senior management will attend to discuss the company's investor presentation and public domain disclosures.
• The meeting is in compliance with SEBI Listing Regulations and involves participants from various funds, institutional investors, and brokers.

Key Numbers & Dates

• Meeting Date: March 16, 2026
• Meeting Time: 8:30 AM
• Meeting Type: Group virtual

What to Track Next

• The event is part of the Morgan Stanley Virtual India Financials Seminar.
• Further information regarding the meeting is available on the Shriram Finance website.

Summary

• Shriram Finance Limited's ESOP Allotment Committee approved the allotment of 37,245 equity shares.
• These shares were issued under the 'SFL ESOS 2023 (No.1)' scheme to 62 employees.
• The allotment took place on March 11, 2026.

Key Numbers & Dates

• ESOP Allotment Date: March 11, 2026
• Equity Shares Allotted: 37,245 shares
• Number of Employees Benefiting: 62
• Face Value per Share: Rs. 2
• Exercise Price per Share: Rs. 38.71
• Premium per Share: Rs. 36.71
• Total Issued Shares (After Allotment): 188,15,65,371 shares
• Paid-up Share Capital (Before Allotment): Rs. 3,76,30,56,252
• Paid-up Share Capital (After Allotment): Rs. 3,76,31,30,742

What Changes for the Business

• The company's paid-up share capital has increased following the allotment of new equity shares.
• The paid-up share capital rose from Rs.376,30,56,252 to Rs.376,31,30,742.

⚠️ What Could Go Wrong

• No risks or potential negative factors were mentioned in the provided text.

Summary

• Shriram Finance Limited's Registrar and Share Transfer Agent (RTA) has provided a certificate confirming compliance with SEBI (Depositories and Participants) Regulations, 2018.
• The RTA verified the dematerialisation of securities, including the cancellation of physical certificates and updating depositories as registered owners.
• This confirmation covers share certificates processed during the period from February 16 to February 28, 2026.

Key Numbers & Dates

• RTA Confirmation Date: March 02, 2026
• Dematerialisation Period: February 16, 2026 - February 28, 2026
• Details of share certificates dematerialised during this period are provided in an attached statement.

Summary

• Shriram Finance received an order from the Additional Commissioner of Central Tax imposing penalties for FY20-21, FY21-22, and FY22-23.
• Total penalties amount to ₹834.33 lakh (₹8.34 cr).
• The penalties are due to non-payment of GST and non-reversal of ineligible input tax credit.
• The company reported no material impact on its financial or operational activities.

Key Numbers & Dates

• Penalty FY 2020-21: ₹95.17 lakh (₹0.95 cr)
• Penalty FY 2021-22: ₹114.75 lakh (₹1.15 cr)
• Penalty FY 2022-23: ₹624.40 lakh (₹6.24 cr)
• Total Penalty: ₹834.33 lakh (₹8.34 cr)
• Order Date: February 26, 2026
• Intimation Date: February 27, 2026

What Changes for the Business

• No material impact on financial, operational, or other activities of the Company is expected.
• The Company is seeking an opinion from its tax consultant regarding the demand orders.

⚠️ What Could Go Wrong (source-based)

• [Legal] The company is awaiting an opinion from its tax consultant regarding the demand orders, suggesting potential for further engagement or clarification on the matter.

What to Track Next

• Awaiting opinion from the tax consultant regarding the demand orders.

Summary

• Shriram Finance Limited is holding a meeting with Funds, Analysts, Institutional Investors, and Brokers on February 26, 2026.
• The discussion will focus on investor presentations and public domain disclosures.
• Senior management personnel will attend this event, which is part of IIFL's 17th Erprising India Global Investors' Conference.

Key Numbers & Dates

• Date of Meeting: February 26, 2026

What Changes for the Business

• This meeting facilitates direct engagement with potential and existing investors, analysts, and brokers, offering a platform for strategic communication.

⚠️ What Could Go Wrong (source-based)

• [Other] The disclosure does not specify the exact agenda or any forward-looking statements to be made, limiting clarity on the meeting's specific outcomes.

Results Snapshot

What to Track Next

• Monitor any follow-up disclosures or announcements that may arise from this investor engagement.

News Crux

Shriram Finance Limited has submitted a regulatory confirmation to stock exchanges and depositories regarding the dematerialization of its share certificates. This filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018, detailing the process managed by the company's Registrar to an Issue and Share Transfer Agent (RTA).

News Crux

Shriram Finance Limited has informed the stock exchanges about scheduled meetings with institutional investors and analysts at the Kotak Chasing Growth 2026 Conference on February 24, 2026.

Key Events

Shriram Finance Limited announced its participation in the Kotak Chasing Growth 2026 Conference, scheduled for February 24, 2026. Senior management will hold one-on-one meetings with J.P. Morgan Asset, GIC, and T. Rowe.

News Crux

Shriram Finance Limited has informed the exchanges about its participation in the Kotak Chasing Growth 2026 Conference.
The conference is scheduled for February 23, 2026, in Mumbai.
Senior management and management personnel of the company will attend.

Key Events

• Investor Interaction: Shriram Finance Limited's senior management will attend the Kotak Chasing Growth 2026 Conference on February 23, 2026.
• Meeting Schedule: The company will engage in multiple one-on-one and group meetings throughout the day with various institutional investors, funds, analysts, and brokers, including prominent names like MFS Investment Management, FIL Investment Management, HSBC Global AM, Allspring Global Investments, Kotak Group, Marshall Wace, and a large group of other asset managers and investment firms.
• Discussion Basis: Discussions will be based on investor presentations and public domain disclosures.

News Crux

India Ratings and Research (Ind-Ra) has revised the Outlook on Shriram Finance Limited (SFL) and its various debt instruments to Positive from Stable, while affirming the ratings at ‘IND AA+’. This upgrade is primarily driven by MUFG Bank’s announcement to acquire a 20% stake in SFL, which involves a substantial equity infusion of approximately INR 396 billion.

Financial Deep Dive

The analysis highlights several key financial aspects:

• Assets Under Management (AUM): Stood at INR 2.9 trillion (₹2,90,000 Billion) at 9MFY26.
• Total Assets: Reached INR 3,182.2 billion (₹3,18,220 Crores) at 9MFY26.
• Total Equity: Stood at INR 620.9 billion (₹62,090 Crores) at 9MFY26, with an expected increase to over INR 1,000 billion (₹1,00,000 Crores) post MUFG infusion. Prior figures include FYE25: INR 562.8 billion (₹56,280 Crores) and FY24: INR 485.7 billion (₹48,570 Crores).
• Capital Adequacy: Tier-1 ratio was 19.7% at 9MFY26 (FYE25: 20.03%; FY24: 19.55%). Post-infusion, it is expected to comfortably exceed 30%.
• Leverage: Expected to decline sharply to around 2.6x from 4.05x post infusion.
• Gross NPAs: Fell to 4.53% at end-9MFY26 (FYE25: 4.55%; FYE24: 5.45%).
• Net Profit: Reported INR 69.9 billion (₹6,990 Crores) for 9MFY26 (FY25: INR 97.6 billion; FY24: INR 71.9 billion).
• Return on Average Assets (RoAA): Was 2.9% in 9MFY26 (FY25: 3.51%; FY24: 3.13%).
• Liquidity: As of December 2025, SFL had INR 161.3 billion (₹16,130 Crores) in cash, cash equivalents, non-lien fixed deposits, and investments, along with INR 80.7 billion (₹8,070 Crores) in unutilised bank lines, sufficient to cover three months of debt repayments.

Key Events

India Ratings and Research has revised the credit rating outlook for Shriram Finance Limited (SFL) to Positive. This action is driven by MUFG Bank's announcement to acquire a 20% stake in SFL, involving a significant equity infusion.

Outlook

India Ratings has assigned a 'Positive' outlook to Shriram Finance Limited (SFL) and its debt instruments. This reflects the potential strategic benefits from the MUFG transaction, which is expected to substantially strengthen SFL's capital base, enable portfolio expansion, improve funding costs, and enhance its targeting of higher-credit-profile customers. The agency anticipates ongoing support from MUFG, which could further solidify SFL's credit profile.

News Crux

CARE Ratings has reaffirmed its highest credit rating of 'CARE AAA; Stable' on Shriram Finance Limited's (SFL) long-term debt instruments and assigned 'CARE A1+' rating to its bank facilities. The agency also withdrew ratings on specific subordinated debt due to maturity. The Stable outlook reflects SFL's sustained market leadership in used CV financing, diversification post-merger, comfortable capitalisation, and resilient earnings. A significant positive development noted is MUFG's proposed 20% equity stake acquisition, subject to regulatory approvals.

Quarterly Results

Financial data provided is for audited FY25 (year ended March 31, 2025) and unaudited 9MFY26 (nine months ended December 31, 2025).

Standalone Financials (₹ Crore):

• FY25 (Audited): Total Income: 41,859; PAT: 9,761 (Adjusted PAT: 8,104); AUM: 263,190; On-book gearing: 4.62x; CAR: 20.66%.
• 9MFY26 (Unaudited): Total Income: 35,650; PAT: 6,985 (Adjusted PAT: 6,985); AUM: 291,709; On-book gearing: 4.05x; CAR: 20.27%.

Consolidated Financials (₹ Crore):

• FY25 (Audited): Total Income: 41,859; PAT: 9,436 (Adjusted PAT: 7,882); AUM: 263,190; On-book gearing: 4.60x; CAR: 20.66%.
• 9MFY26 (Unaudited): Total Income: 35,660; PAT: 6,989 (Adjusted PAT: 6,989); AUM: 291,709; On-book gearing: 4.03x; CAR: 20.27%.

Financial Deep Dive

• Income Statement Drivers: FY25 PAT (adjusted) was ₹8,104 Cr, rising from ₹7,190 Cr in FY24. 9MFY26 PAT (adjusted) was ₹6,985 Cr. RoTA for FY25 was 3.75% (3.09% adjusted). Yield on advances improved to 18.16% in 9MFY26. Net Interest Margin (NIM) moderated to 8.16% (annualised) for 9MFY26. An exceptional gain of ₹1,657 Cr was recorded in FY25 from the disinvestment of Shriram Housing Finance Limited.
• Balance Sheet: Consolidated AUM grew to ₹291,709 Cr as of December 31, 2025. Tangible Net Worth (TNW) stood at ₹62,438 Cr as of December 31, 2025. On-book gearing improved to 4.03x (consolidated) as of December 31, 2025. Capital Adequacy Ratio (CAR) was 20.27% as of December 31, 2025.
• Funding: Diversified funding profile includes retail deposits (27%), ECBs (20%), NCDs (16%), term loans (21%), and securitisation (16%) as of December 31, 2025. SFL mobilised US$2,500 million in foreign currency borrowings in FY25.

🔴 Investor Risks & Governance

• [Risks - Borrower Profile]: Exposure to borrowers with modest credit profiles (small fleet operators, self-employed individuals, MSMEs, rural customers) who are inherently vulnerable to economic shocks and the cyclical nature of the CV segment.
• [Risks - Funding Cost]: Relatively higher cost of funds compared to some large peer NBFCs, although it is improving. Optimizing the funding mix to narrow this gap is a monitorable.
• [Rating Sensitivities - Downgrade]: Potential for negative rating action if profitability (RoTA) sustains below 2.5%, consolidated gearing remains above 5x, or Gross Stage 3 (GS3) assets ratio stays above 5% on a sustained basis.

Key Events

• CARE Ratings reaffirmed 'CARE AAA; Stable' for long-term instruments and assigned 'CARE A1+' for short-term bank facilities.
• Ratings on specific subordinated debt instruments were withdrawn due to redemption on maturity.
• MUFG intends to acquire a 20% equity stake in SFL via preferential issuance, subject to regulatory approvals. This is viewed as a positive development.
• SFL completed the sale of its housing subsidiary, Truhome Finance Limited, for ₹3,929 crore in December 2024.
• SFL acquired 100% shareholding in Shriram Overseas Investments Private Limited (SOIPL) for ₹50.12 crore, with plans for further equity infusion.

Outlook

The outlook assigned by CARE Ratings is Stable. This reflects expectations of continued business growth, maintenance of strong financial position and comfortable capitalisation, alongside preserving its dominant market position in used CV financing and diversification into other products while maintaining asset quality.

News Crux

Shriram Finance Limited has received new credit ratings from CARE Ratings Limited for its bank facilities and Non-Convertible Debentures (NCDs).

Key Events

Shriram Finance Limited has been assigned new credit ratings by CARE Ratings Limited.

• Long-Term/Short-Term Bank Facilities: ₹50,000 Crore - Assigned 'CARE AAA; Stable' / 'CARE A1+'.
• Non-Convertible Debentures: ₹7,631.12 Crore - Assigned 'CARE AAA; Stable'.

Outlook

The outlook assigned by CARE Ratings for Shriram Finance Limited's ratings is 'Stable'.

News Crux

Shriram Finance Limited has submitted a compliance certificate confirming the dematerialization of shares as per SEBI (Depositories and Participants) Regulations, 2018. The Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited, has confirmed the process of cancelling physical share certificates and updating the register of members with depositories.

Key Events

Shriram Finance Limited filed a certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, confirming the dematerialization of physical share certificates received for the period January 16, 2026, to January 31, 2026. This is a standard operational and compliance procedure.

News Crux

Update on the proposed preferential issue of equity shares to MUFG Bank Ltd, with a confirmation from the Reserve Bank of India (RBI) that MUFG Bank Ltd is not required to obtain prior approval for this transaction. Other approvals remain pending.

Key Events

• Update on the proposed preferential issue of 47,11,21,055 Equity Shares to MUFG Bank Ltd.
• Reserve Bank of India (RBI) has confirmed that MUFG Bank Ltd is not required to obtain prior approval from the RBI for the Proposed Transaction.
• Other approvals in relation to the Proposed Transaction are awaited.

News Crux

Shriram Finance Limited has announced that its Board of Directors has assessed two nominees from MUFG Bank Ltd, Mr. Morihiko Fuji and Mr. Shinichi Fujinami, as 'fit and proper' for appointment as Additional Non-Executive and Non-Independent Directors.

Key Events

• Board Appointments: The Board of Directors has resolved that Mr. Morihiko Fuji and Mr. Shinichi Fujinami, nominees of MUFG Bank Ltd, satisfy the 'fit and proper' criteria for appointment as directors.
• Share Issuance: The appointment is contingent upon the consummation of the proposed issuance and allotment of 47,11,21,055 equity shares of the Company to MUFG Bank Ltd, as per an investment agreement dated December 19, 2025.
• Regulatory Approval: The appointment also requires written approval from the Reserve Bank of India (RBI) under the Non-Banking Financial Companies - Governance Directions, 2025.

Shriram Finance Limited has announced the allotment of 39,750 equity shares under its Employee Stock Option Scheme 2023 (No.1). The ESOP Allotment Committee, in a meeting held on February 9, 2026, approved this allotment to 70 employees of the company who exercised their fresh stock options.

Following this allotment, the company's paid-up share capital has seen a marginal increase. It has risen from Rs.376,29,76,752/- to Rs.376,30,56,252/-. Each equity share has a face value of Rs.2/-. The exercise price per share was Rs.38.71, with a premium of Rs.36.71 per share. These shares rank pari-passu with the existing shares. The company has made the necessary disclosures under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, and Regulation 10(c) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

This event is a routine operational matter related to employee compensation and stock options, and does not reflect on the company's core financial performance or future outlook based on the provided text.

This report aggregates various corporate announcements, primarily featuring the publication of unaudited financial results for the quarter and nine months ending December 31, 2025. Companies like Alchemist Corporation Limited, Pasupati Acrylon Limited, Pee Cee Cosma Sope Ltd., Best Agrolife Limited, Brooks Laboratories Limited, Devyani International Limited, and Krishna Institute of Medical Sciences Limited have released their financial data. Additionally, Pasupati Acrylon Limited and Shriram Finance Limited notified shareholders about a SEBI-mandated special window for physical share transfer and dematerialization. Harmony Capital Services Limited also provided details on an open offer.

Several Indian companies have announced their un-audited financial results for the quarter and nine months ended December 31, 2025.

Vidya Wires Limited reported standalone Q3 FY26 total income from operations of ₹44.89 Cr and Net Profit After Tax of ₹1.56 Cr, with Basic EPS at ₹0.73. For the nine months ended FY26, standalone income was ₹124.57 Cr and Net Profit After Tax was ₹3.83 Cr, with Basic EPS at ₹1.73. Consolidated figures for Q3 FY26 showed total income of ₹44.88 Cr and Net Profit After Tax of ₹1.55 Cr, while 9M FY26 consolidated income was ₹124.55 Cr and Net Profit After Tax was ₹3.80 Cr.

Parsvnath Estate Developers Private Limited announced standalone Q3 FY26 total income of ₹4.03 Cr and Net Profit After Tax of ₹1.46 Cr, with Basic EPS at ₹5.50. For the nine months ended FY26, standalone income was ₹8.96 Cr and Net Profit After Tax was ₹2.94 Cr, with Basic EPS at ₹28.30. Consolidated Q3 FY26 income was ₹4.24 Cr and Net Profit After Tax was ₹1.46 Cr, while 9M FY26 consolidated income was ₹106.83 Cr and Net Profit After Tax was ₹8.98 Cr.

Sayaji Hotels (Indore) Limited reported standalone Q3 FY26 total income of ₹32.13 Cr and Net Profit After Tax of ₹5.87 Cr, with Basic EPS at ₹19.27. For the nine months ended FY26, standalone income was ₹76.95 Cr and Net Profit After Tax was ₹7.83 Cr, with Basic EPS at ₹25.71.

Crompton Greaves Consumer Electricals Limited disclosed standalone Q3 FY26 Net Profit After Tax of ₹109.54 Cr and Basic EPS of ₹4.53. For the nine months ended FY26, standalone Net Profit After Tax was ₹371.08 Cr with Basic EPS at ₹15.53. Consolidated Q3 FY26 Net Profit After Tax stood at ₹104.57 Cr, and for 9M FY26, it was ₹372.48 Cr, with Basic EPS at ₹15.53.

Bombay Cycle & Motor Agency Limited posted standalone Q3 FY26 total income of ₹10.37 Cr and Net Profit After Tax of ₹0.82 Cr, with Basic EPS at ₹0.70. For the nine months ended FY26, standalone income was ₹23.37 Cr and Net Profit After Tax was ₹2.66 Cr, with Basic EPS at ₹2.00. Consolidated Q3 FY26 income was ₹10.37 Cr and Net Profit After Tax was ₹0.46 Cr, while 9M FY26 consolidated income was ₹23.37 Cr and Net Profit After Tax was ₹1.98 Cr.

In terms of corporate actions, NTPC Ltd. announced a special window for the transfer and dematerialisation of physical shares, open from February 5, 2026, to February 4, 2027. DEN Networks Limited is also offering a similar special window for investors who purchased physical shares before April 1, 2019. Axis Bank issued a notice regarding shareholders who have applied for duplicate share certificates due to lost or misplaced original shares.

Separately, Mahindra & Mahindra announced plans to invest ₹15,000 crore in Maharashtra for a new integrated manufacturing facility. This facility is intended to support the company's next-generation vehicle platforms and cater to both domestic and export markets.

Shriram Finance Limited has formally announced its participation in Axis Capital's Flagship India Conference, a key event scheduled to take place on February 11, 2026. This engagement underscores the company's commitment to proactive investor relations and communication. During the conference, senior management personnel from Shriram Finance are slated to engage in a series of discussions with a diverse group of institutional investors, investment funds, and market analysts. The schedule includes both group meetings and dedicated one-on-one sessions, allowing for tailored interactions. The roster of participating entities is extensive and includes prominent financial institutions such as ASK Investment Managers, Bay Capital Advisors, Canara Robeco, Catamaran Capital, Edelweiss Asset Management Company, HDFC Life Insurance, Helios Capital Management, Invesco Mutual Fund, Kotak MF, Nippon AIF, Tata MF, Trust Mutual Fund, Union Mutual Fund, UTI Pension Fund, and YSIL (YES securities) for a group meeting. Furthermore, specific one-on-one meetings are arranged with Comgest, ICICI Pru Life Insurance, and HSBC Asset Management. The foundational material for these discussions will be the company's investor presentation and information already disclosed in the public domain. This approach ensures that conversations are based on established facts and transparency. The company has also committed to hosting this information on its official website for broader accessibility.

Shriram Finance Limited has informed exchanges about scheduled meetings with funds, analysts, institutional investors, and brokers on February 10, 2026. These meetings are part of the Systematix India Annual Conference and will be attended by the company's senior management. The discussions are slated to be based on investor presentations and public domain disclosures. Several specific entities have been listed as attendees for group meetings, including Alfaccurate, AVVASHYA CAPITAL, Bay Capital, Fident Asset Management, HDFC Pension, JM Mutual Fund, Lucky Sec, PGIM AMC, Subhkam Ventures, Swyom India, Anantam Capital Pvt. Ltd., Centrum AMC, Finavenue AIF, Monarch AIF, Nippon AIF, Spark Capital, and Stellar AMC. The meetings are scheduled to take place in Mumbai. This information is also available on the company's website.

Shriram Finance Limited (NSE: SHRIRAMFIN, BSE: 511218) has disclosed its schedule for investor engagement. The company will be holding a series of meetings with various funds, analysts, institutional investors, and brokers on Monday, February 09, 2026. These discussions, based on investor presentations and publicly available information, are scheduled throughout the day in Mumbai. Multiple one-on-one and group meetings are planned, involving a broad spectrum of financial entities including Axis MF, Aditya Birla Sun Life Insurance, Ambit Asset Management, HDFC Pension Management Company, HSBC Asset Management, ICICI Prudential Asset Management, Invesco Mutual Fund, Motilal Oswal Asset Management, Fidelity Management and Research, and Abu Dhabi Investment Authority, among others. The company secretary and chief compliance officer has signed the disclosure.

Shriram Finance Limited has announced the receipt of in-principle approval from both the BSE Limited and the National Stock Exchange of India Limited for a proposed preferential issue of equity shares. The approval, dated February 3, 2026, permits the company to issue 47,11,21,055 equity shares, each with a face value of Rs. 2/-, at an issue price of Rs. 840.93 per equity share. This issuance will be conducted on a private placement basis and the shares are to be allotted to MUFG Bank Ltd.

This development signifies a crucial step forward in the company's fundraising plans, subject to the final regulatory clearances and completion of the allotment process. The approval from the stock exchanges is in line with Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the company has informed the exchanges accordingly.

Sanchay Finvest Ltd. has issued a corrigendum to its Extraordinary General Meeting (EGM) notice, originally dated January 5, 2026, concerning a meeting scheduled for February 9, 2026. The company's Board of Directors, in a meeting held on January 30, 2026, approved significant amendments.

Key changes announced include:

• An increase in the company's authorized share capital from ₹12 Crores to ₹14 Crores.
• A revision to the preferential issue, enhancing the total fundraise from the previously stated ₹4.85 Crores to ₹6.10 Crores. This involves the issuance of 61,00,000 equity shares at an issue price of ₹10 per share.
• The addition of a new allottee, Mr. Sagar Tilokchand Kothari, who will subscribe to 12,50,000 equity shares for ₹1.25 Crores. The details of other existing allottees and their subscription amounts have also been updated accordingly.
• The net proceeds from this preferential issue are designated for working capital requirements (₹5.10 Crores) and general corporate purposes (₹1.00 Crore), with expected utilization by March 31, 2027.

Following this preferential issue, the shareholding structure will see a significant shift. Promoter shareholding is expected to decrease from 59.68% to 20.32%, while public shareholding will increase from 40.32% to 79.67%. The total allotment of 61,00,000 shares represents more than 5% of the post-issue fully diluted share capital.

In parallel, several financial institutions have published public notices under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for the sale of mortgaged properties. These notices indicate ongoing debt recovery actions by:

• Ujjivan Small Finance Bank: Announcing a public auction on March 13, 2026, for a property in Nagda, Madhya Pradesh, linked to a loan account with an outstanding balance.
• Truhome Finance Limited: Conducting e-auctions on February 23, 2026, and March 12, 2026, for properties in Ratlam and Indore, Madhya Pradesh, with specified reserve prices and amounts due.
• Shriram Finance Limited: Issuing a symbolic possession notice for properties in Ratlam, Madhya Pradesh, following demand notices related to loan amounts.
• Tata Capital Housing Finance Limited: Scheduling an e-auction on February 20, 2026, for a residential flat in Bhopal, Madhya Pradesh, with a stated outstanding amount.

These SARFAESI notices detail borrowers, property descriptions, auction dates, reserve prices, and earnest money deposit (EMD) requirements, reflecting the institutions' efforts to recover non-performing assets.

Shriram Finance Limited has filed a disclosure concerning a series of scheduled meetings with various funds, analysts, and institutional investors. These meetings are set to take place on February 5, 2026, primarily in Singapore. The participants include prominent financial entities such as LionRock Capital, Lion Global Investors Ltd, Point72 Asset Management, Flowering Tree Invst Mgt Pte Ltd, Millennium Capital Management (HK) Ltd, Schonfeld Strategic Advisors, Sunman India AR Capital Pte Ltd, First Ray Capital, Nomura AMC, Maybank Asset Management, Eastspring Investments (Singapore) Limited, and Morgan Stanley Investment Management, among others. The discussions are stated to be based on the company's investor presentations and public domain disclosures. This notification is made pursuant to Regulation 30 of the SEBI Listing Regulations, 2015, and is a routine part of investor relations activities. The company secretary confirmed the schedule as per the regulatory requirements. No material non-public information is expected to be shared.

Shriram Finance Limited has officially informed the stock exchanges about a penalty notice received from the Office of the Commercial Tax Officer, Chennai South, Tamil Nadu. The order, dated January 31, 2026, levies a penalty of Rs. 46,91,115/- for the financial year 2022-2023. This action is reportedly based on Section 74 of the Central Goods and Service Tax Act, 2017, read with the Tamil Nadu Goods and Service Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017.

The specific reasons cited for the demand and penalty include the disallowance of input tax credit taken on payment of Reverse Charge Mechanism (RCM) and issues related to credit notes issued. The total tax demand and penalty amount are both Rs. 46,91,115/-.

Crucially, Shriram Finance Limited has stated that there is no material impact expected on the company's financial, operational, or other activities as a result of this penalty. Out of commercial prudence, the company is awaiting an opinion from its tax consultants before deciding on further recourse regarding the demand orders. This disclosure falls under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, concerning material events. No financial results, performance metrics, or forward-looking guidance were part of this announcement.

Shriram Finance Limited has formally notified the stock exchanges (BSE and NSE) regarding a series of investor interactions scheduled for Wednesday, February 04, 2026. The company will be participating in the ICICI Securities Investor Conference, where senior management and other personnel will engage with various funds, analysts, institutional investors, and brokers. These meetings are slated to take place in Singapore. The discussions are planned to be based on investor presentations and publicly available disclosures. A significant number of entities, including Morgan Stanley Investment, Wellington Management Company LLP, Manulife Singapore Pte Ltd, Aditya Birla Sun Life AMC Limited, Amova Asset Management, Balyasny, Fullerton Fund Management, Highwest Global Management LLC, IKARIA Group, J O Hambro, Millennium Capital Management (Singapore) Pte. Ltd., Natixis Asset Management, PUTNAM, Schonfeld Strategic Advisors (Singapore) Pte. Ltd, Southeastern Asset Management, Tree Line Advisors (Hong Kong) Ltd, UOB Asset Management, Government of Singapore, Aberdeen Asset Managers Limited, DE Shaw, Eastspring Investments (Singapore) Limited, Helios Capital, Lion Global Investors Limited, FSSA Investment, T. Rowe Price, Kotak Mahindra (UK) Limited, Nippon Life India Asset Management (SGP) Ltd, Citadel International Equites, HSBC Global Asset Management (Singapore) Ltd, Janus Capital Funds PLC, Optimas Capital Ltd, Oxbow Capital, Seatown Holdings, Ward Ferry Management, and Capital Research Global, are scheduled to attend these meetings in various formats, including one-on-one and group sessions. The company has also stated that this information is being hosted on its website.

Shriram Finance Limited reported a strong performance for the third quarter and nine months ended December 31, 2025, as discussed in their Q3 FY'26 earnings conference call. The company witnessed a Profit After Tax (PAT) growth of 21.21% year-on-year to INR 2,521.67 crores, excluding a one-time gain of INR 1,489.39 crores from the sale of its stake in Shriram Housing Finance. This robust performance was driven by healthy operational metrics, with disbursements aggregating INR 48,645 crores, marking a 14.17% YoY increase. The Asset Under Management (AUM) grew by 14.63% YoY to INR 2,91,709.03 crores.

Net Interest Income (NII) recorded a significant increase of 16.17% YoY to INR 6,764.09 crores. The Net Interest Margin (NIM) saw an improvement, standing at 8.58% in Q3 FY'26, up from 8.48% in the prior year's corresponding quarter and 8.19% in Q2 FY'26. Asset quality metrics showed positive trends, with Gross Stage 3 assets at 4.54% and Net Stage 3 assets at 2.38%, both representing an improvement over the previous year. Credit cost on total assets was also down to 1.62%. However, the cost-to-income ratio rose to 29.66% due to incremental gratuity and long-term compensation expenses related to the new labour code.

On the liability front, the total cost of liabilities decreased by 14 basis points to 8.69%, with the incremental cost of borrowing at 7.73%. The company also benefited from credit rating upgrades by multiple agencies, including S&P to BBB- and positive watches from Moody's and Fitch, bolstering its financial standing.

Looking ahead, management expressed optimism regarding economic indicators like GDP growth and controlled inflation, which are expected to support rural and semi-urban consumption and credit demand. The company plans to leverage an upcoming equity infusion of approximately INR 40,000 crores to drive growth. While expecting overall vehicle sales to grow between 12-15% annually for the next three years, management anticipates single-digit growth for Heavy Commercial Vehicles (HCVs) due to lower infrastructure spend, but positive momentum in Light Commercial Vehicles (LCVs) and Small Commercial Vehicles (SCVs). The company aims to increase ticket sizes in MSME lending through secured products and expand its farm equipment lending portfolio. Management is confident in maintaining Net Interest Margins between 8.5% and 9% and expects asset quality to improve, leading to better ROEs and ROAs.

Shriram Finance Limited has officially informed the stock exchanges (BSE and NSE) of a significant regulatory development. On January 28, 2026, the company received an order dated January 27, 2026, from the Commercial Tax Officer, Chennai South, Tamil Nadu. This order imposes penalties totalling Rs. 1,05,40,655 for the Financial Year 2020-2021 and Rs. 50,35,342 for the Financial Year 2021-2022. The aggregate penalty amounts to Rs. 1,55,76,000 (approximately Rs. 1.55 Crore).

These penalties stem from show cause cum demand orders issued against the erstwhile Shriram City Union Finance Limited, which was amalgamated with Shriram Finance Limited effective April 1, 2022. The levies are made in accordance with Section 74 of the Central Goods and Service Tax Act, 2017, read with the Tamil Nadu Goods and Service Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017.

The specific violations alleged include the disallowance of input tax credit (ITC) taken on payment of services under the Reverse Charge Mechanism (RCM) and issues related to credit notes issued by the company. For FY 2020-2021, the tax demand and penalty are both Rs. 1,05,40,655. For FY 2021-2022, the tax demand and penalty are both Rs. 50,35,342.

Crucially, Shriram Finance Limited has stated that the company does not anticipate any material impact on its financial, operational, or other activities due to these penalties. However, as a measure of commercial prudence, the company is awaiting a detailed opinion from its tax consultants regarding these specific demand orders from the Tamil Nadu state before finalizing its course of action.

Shriram Finance Limited (NSE: SHRIRAMFIN, BSE: 511218) has officially released the audio recording link for its earnings call concerning the third quarter and nine months ended December 31, 2025. The call was conducted on Friday, January 23, 2026. The company has uploaded the audio link to its corporate website, www.shriramfinance.in, and provided a direct URL for easy access. The transcript of the earnings call is expected to be uploaded in due course. This announcement serves as a procedural update, informing stakeholders about the availability of the call recording for review.

Shriram Finance Limited has announced receiving an order dated January 23, 2026, from the Office of the Commercial Tax Officer, Chennai South, Tamil Nadu. This order levies a penalty of ₹24,06,19,502/- for the Financial Year 2019-2020, related to the erstwhile Shriram City Union Finance Limited, which amalgamated with Shriram Finance Limited effective April 1, 2022. The penalty has been imposed under Section 74 of the Central Goods and Service Tax Act, 2017, read with the Tamil Nadu Goods and Service Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017.

The alleged violations include disallowance of input tax credit taken on RCM payments, excess input tax credit claimed in GSTR-3B, and credit notes issued. The order levies a penalty of ₹24,06,19,502/- along with interest of ₹12,01,51,803/-.

Shriram Finance Limited has stated that there is "no material impact on financial, operation or other activities of the Company." The company has observed what it believes to be arithmetical or clerical mistakes in the order and intends to file a rectification application under Section 161 of the CGST Act, 2017, post discussion with its tax consultant.

The news pertains to Shriram Finance Limited's strategic capital management plans. The company has intimated stock exchanges (BSE and NSE) about upcoming meetings of its Banking and Finance Committee and Allotment Committee- NCDs.

These meetings are scheduled to take place during the period from February 01, 2026, to April 30, 2026. The primary agenda for these committees will be to consider and approve the proposal for raising funds. The proposed method of fundraising is through the issuance of redeemable non-convertible debt securities, which may include bonds.

This issuance is planned to be executed on a private placement basis, indicating that the securities will be offered to a select group of investors rather than the general public. The approval and execution of this fundraising initiative are explicitly stated to be "subject to market conditions". The committees will have the authority to decide on the specific terms and conditions of the issue, including the issue price of the debt securities/bonds, as deemed fit.

This announcement is made pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically mentioning regulations 29 and 50. It follows up on a previous board meeting outcome intimated on January 23, 2026. No financial results, performance metrics, or specific growth guidance are provided in this announcement. It is purely a disclosure regarding a planned financial action to bolster capital resources. The company's long-term direction or specific growth drivers necessitating this fundraise are not elaborated upon in this specific notification.

Shriram Finance Limited announced its financial results for the third quarter and nine months ended December 31, 2025. The company reported a strong increase in Net Interest Income (NII) for Q3 FY26, which grew by 16.17% year-on-year to Rs 6,764.09 crore. Consequently, Profit After Tax (PAT), excluding exceptional items, increased by 21.21% YoY to Rs 2,521.67 crore, with Earnings Per Share (EPS) (excluding exceptional items) rising by 21.05% YoY to Rs 13.40.

For the nine-month period ended December 31, 2025, NII grew by 13.55% YoY to Rs 19,057.36 crore. Standalone PAT (excluding exceptional items) increased by 13.90% YoY to Rs 6,984.58 crore, and EPS (excluding exceptional items) rose by 13.86% YoY to Rs 37.14.

The company's Assets Under Management (AUM) showed robust growth, increasing by 14.63% YoY to Rs 2,91,709.03 crore as of December 31, 2025.

In terms of corporate actions, the Board of Directors approved a preferential issue of equity shares to MUFG Bank Ltd. for an aggregate amount of approximately Rs 39,618 crore, which is subject to regulatory approvals. The company also declared an interim dividend of 240% or Rs 4.80 per equity share for the financial year 2025-26. The implementation of new labour codes led to incremental employee benefit expenses.

Shriram Finance Limited announced its financial results for the third quarter and nine months ended December 31, 2025. On a standalone basis, the company reported a Net Interest Income (NII) of ₹6,764.09 Cr for Q3 FY26, an increase of 16.17% YoY. Profit After Tax (PAT), excluding exceptional items, grew by 21.21% YoY to ₹2,521.67 Cr. However, PAT including exceptional items decreased by 29.36% YoY to ₹2,521.67 Cr, primarily due to a ₹1,656.77 Cr exceptional gain from the disinvestment of its subsidiary Shriram Housing Finance Limited (SHFL) in the previous year's comparable period. Earnings Per Share (EPS) basic, excluding exceptional items, increased by 21.05% YoY to ₹13.40. For the nine months ended December 31, 2025, standalone PAT (excluding exceptional items) grew by 13.90% YoY to ₹6,984.58 Cr, with EPS at ₹37.14 (up 13.86% YoY).

Consolidated figures showed similar trends, with Q3 FY26 PAT (excluding exceptional items) of ₹2,521.67 Cr and nine-month PAT (excluding exceptional items) of ₹6,984.58 Cr.

Assets Under Management (AUM) demonstrated strong growth, increasing by 14.63% YoY to ₹291,709.03 Cr as of December 31, 2025. The company's balance sheet reflects total assets of ₹3,182,194.2 mn, with loans forming the largest component at ₹2,723,620.2 mn (up 15.84% YoY). Total equity stood at ₹622,302.3 mn, up 13.07% YoY. The debt-equity ratio remained stable at 4.05x.

Key corporate actions and updates include the Board's approval of a resource mobilization plan involving debt securities and the ongoing process for a preferential issue of approximately 20% stake to MUFG Bank Ltd for ₹39,617.98 Cr, which is awaiting regulatory approvals. The company also announced an interim dividend of ₹4.80 per share. Notably, Shriram Finance received multiple credit rating upgrades from major agencies, including CARE, CRISIL, ICRA, Fitch, S&P, and Moody's, reflecting its strengthened financial position.

Shriram Finance Limited announced its unaudited financial results for the third quarter and nine months ended December 31, 2025.

Quarterly Performance (Q3 FY26 vs Q3 FY25 - Standalone):

• Total Income: Increased by 13.88% to ₹12,191.58 Cr.
• Net Interest Income (NII): Grew by 16.17% to ₹6,764.09 Cr.
• Profit After Tax (PAT) (excluding exceptional items): Increased by 21.21% to ₹2,521.67 Cr.
• Earnings Per Share (EPS) (excluding exceptional items): Increased by 21.05% to ₹13.40.
• PAT (including exceptional items): Decreased by 29.36% to ₹2,521.67 Cr, primarily due to a significant exceptional gain in the prior year's quarter from the sale of Shriram Housing Finance Limited.
• EPS (including exceptional items): Decreased by 29.44% to ₹13.40.
• Net Worth: Stood at ₹62,230.23 Cr, a 13.07% YoY increase.
• Book Value per Share: Increased by 12.85% YoY to ₹330.04.
• Interest Coverage Ratio: Improved to 2.30x from 2.24x YoY.

Nine-Month Performance (9M FY26 vs 9M FY25 - Standalone):

• Total Income: Increased by 17.27% to ₹35,650.07 Cr.
• Net Interest Income (NII): Grew by 13.55% to ₹19,057.36 Cr.
• Profit After Tax (PAT) (excluding exceptional items): Increased by 13.90% to ₹6,984.58 Cr.
• Earnings Per Share (EPS) (excluding exceptional items): Increased by 13.86% to ₹37.14.
• PAT (including exceptional items): Decreased by 8.36% to ₹6,984.58 Cr.
• EPS (including exceptional items): Decreased by 8.41% to ₹37.14.

Business and Financial Highlights:

• Assets Under Management (AUM): Grew by 14.63% YoY to ₹2,91,709.03 Cr as of December 31, 2025.
• Credit Rating Upgrades: The company received multiple credit rating upgrades from prominent agencies including CARE (to AAA Stable), CRISIL (AA+/Watch Positive), ICRA (AA+/Watch with Positive Implications), Fitch (BB+/Rating Watch Positive), S&P Global Ratings (BBB-/Stable), and Moody's (BA1/Positive).
• Preferential Issue: The Board approved a preferential issue of equity shares to MUFG Bank Ltd. for an aggregate amount of ₹39,617.98 Cr, pending regulatory approvals.
• Dividend: Declared an interim dividend of 240% (₹4.80 per share).
• Exceptional Item: The prior year's results included an exceptional gain of ₹1,656.77 Cr (net of tax) from the disinvestment of Shriram Housing Finance Limited.
• New Labour Codes: Employee benefits expenses included incremental impact due to the new labour codes.
• Asset Quality: Gross Stage 3 assets decreased by 2.96% YoY, while Net Stage 3 assets increased by 2.79% YoY. The Coverage Ratio (Stage 3) stood at 48.77% for Q3 FY26.
• Borrowing Profile: The company's borrowings are diversified, with Non-Convertible Debentures and Public Deposits forming significant components.
• Security Cover: The security cover for debentures was 1.07 times as of December 31, 2025.

Shriram Finance Limited announced its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, on January 23, 2026.

Financial Performance (Standalone):
For the third quarter ended December 31, 2025:

• Total Income increased by 13.88% YoY to ₹12,191.58 Cr.
• Net Interest Income (NII) grew by 16.17% YoY to ₹6,764.09 Cr.
• Profit After Tax (PAT), excluding exceptional items (gain on sale of subsidiary in previous periods), increased by 21.21% YoY to ₹2,521.67 Cr.
• Earnings Per Share (EPS) (basic), excluding exceptional items, grew by 21.05% YoY to ₹13.40.
  For the nine months ended December 31, 2025:
• Total Income increased by 17.27% YoY to ₹35,650.07 Cr.
• Net Interest Income (NII) grew by 13.55% YoY to ₹19,057.36 Cr.
• Profit After Tax (PAT), excluding exceptional items, increased by 13.90% YoY to ₹6,984.58 Cr.
• Earnings Per Share (EPS) (basic), excluding exceptional items, grew by 13.86% YoY to ₹37.14.

Consolidated Performance:
Consolidated PAT (excluding exceptional items) for Q3 FY26 grew by 21.21% YoY to ₹2,529.65 Cr. For the nine months, it grew by 13.90% YoY to ₹7,003.33 Cr.

Key Financials and Ratios:

• Assets Under Management (AUM) increased by 14.63% YoY to ₹2.91 trillion as of December 31, 2025.
• Net Worth stood at ₹622,302.3 Mn, a YoY increase of 13.07%.
• Book Value per Share was ₹330.04, up 12.85% YoY.
• Gross NPA ratio improved to 4.54% (Q3 FY26) from 5.38% (Q3 FY25).
• Net NPA ratio improved to 2.38% (Q3 FY26) from 2.68% (Q3 FY25).
• NPA Provision Coverage Ratio decreased to 48.77% (Q3 FY26) from 51.64% (Q3 FY25).
• Interest Coverage Ratio was 2.30x.
• Total CRAR stood at 20.27%.
• The company's debt-equity ratio remained stable around 4.05x.

Significant Events & Updates:

• Credit Rating Upgrades: The company received multiple credit rating upgrades from CARE (to AAA), CRISIL (to AA+/Watch Positive), ICRA (to AA+/Watch Positive), Fitch (to BB+/Rating Watch Positive), S&P Global Ratings (to BBB-/Stable), and Moody's (to BA1/Positive).
• Dividend: The Board approved an interim dividend of 240% (₹4.80 per share).
• Preferential Issue: The Board approved a preferential issue of equity shares to MUFG Bank Ltd for approximately ₹39,617.98 Cr, pending regulatory approvals.
• Disinvestment Gain: An exceptional gain of ₹1,656.77 Cr (net of tax) was recorded in prior periods (FY25) from the disinvestment of Shriram Housing Finance Limited.
• New Labour Codes: Implementation of new labor codes resulted in an incremental impact on employee benefits expenses.

Segment Performance:
AUM growth varied across segments, with Commercial Vehicles, Passenger Vehicles, MSME, and Personal Loans showing YoY growth. Farm Equipment and Construction Equipment segments saw a YoY decline in AUM.

Shriram Finance Limited announced its unaudited financial results for the third quarter and nine months ended December 31, 2025 (Q3 FY26 and 9M FY26).

Standalone Performance:

For the third quarter ended December 31, 2025, standalone Profit After Tax (PAT) (excluding exceptional items) grew by 21.21% YoY to Rs. 2,521.67 crore, compared to Rs. 2,080.37 crore in the prior year period. Net Interest Income (NII) increased by 16.17% YoY to Rs. 6,764.09 crore. Basic Earnings Per Share (EPS) (excluding exceptional items) was Rs. 13.40, a 21.05% increase YoY from Rs. 11.07.

For the nine months ended December 31, 2025, standalone PAT (excluding exceptional items) rose by 13.90% YoY to Rs. 6,984.58 crore from Rs. 6,132.22 crore. NII grew by 13.55% YoY to Rs. 19,057.36 crore. Basic EPS (excluding exceptional items) was Rs. 37.14, up 13.86% YoY from Rs. 32.62.

The prior year's (Q3 FY25 and 9M FY25) reported PAT and EPS included a significant exceptional gain from the disinvestment of its subsidiary, Shriram Housing Finance Limited (SHFL), which impacts direct YoY comparisons if not adjusted.

Consolidated Performance & Financials:

Total Assets under Management (AUM) as of December 31, 2025, stood at Rs. 2,91,709.03 crore, marking a 14.63% YoY increase. Loans grew by 15.84% YoY to Rs. 2,72,362.02 crore. Total Equity (Networth) increased by 12.91% YoY to Rs. 62,092.90 crore. Total Debt stood at Rs. 2,51,731.84 crore.

Key Events & Developments:

• Preferential Issue: The Board approved a preferential issue of equity shares aggregating to Rs. 39,617.98 crore to MUFG Bank Ltd., Japan, subject to regulatory approvals.
• Credit Rating Upgrades: The company received multiple credit rating upgrades from CARE, CRISIL, ICRA, Fitch, S&P Global Ratings, and Moody's across various long-term and short-term instruments, reflecting improved creditworthiness.
• Interim Dividend: An interim dividend of Rs. 4.80 per equity share was declared.
• Disinvestment Gain: An exceptional gain of Rs. 1,656.77 crore (net of tax) was recognized in the previous financial year (FY25) from the disinvestment of SHFL.

Other Financials:

• Standalone Net Profit Margin (excluding exceptional items) for Q3 FY26 was 20.68%.
• Consolidated Total CRAR stood at 20.27% as of December 31, 2025.
• Consolidated Net Stage 3 Assets ratio was 2.38% and the Coverage Ratio was 48.77%.
• Debt-equity ratio (standalone) was 4.05 times.
• Interest Coverage Ratio was 2.30x.

Fitch Ratings has placed Shriram Finance Limited's (SFL) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of 'BB+' and Short-Term IDR of 'B' on 'Rating Watch Positive' (RWP), effective January 21, 2026. This action follows an agreement where MUFG Bank, Ltd., a subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), will acquire a 20% stake in SFL for INR 396 billion (USD 4.4 billion). Fitch anticipates this strategic investment, expected to be completed in 2026 subject to regulatory approvals, could lead to a one-notch rating uplift for SFL. This uplift is attributed to improved prospects of external support from MUFG and alignment with its strategic priorities and governance standards. The deal grants MUFG the right to nominate two board directors and second six employees, enhancing strategic coordination. Financially, the equity injection is projected to strengthen SFL's capital base, with pro-forma debt/tangible equity expected to decrease from 4.0x (end-September 2025) to 2.5x. Fitch expects SFL's Standalone Credit Profile (SCP) to remain strong, and leverage to gradually rise within rating parameters. Funding access and cost of funding are anticipated to improve due to this strategic tie-up. Rating sensitivities indicate that a downgrade could occur if the operating environment weakens, asset quality declines, or liquidity deteriorates, while an upgrade would follow the completion of the transaction and potential uplift.

Shriram Finance Limited has submitted a routine regulatory filing, dated January 21, 2026, to the National Stock Exchange of India Limited, BSE Limited, and depositories, acting as a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The news crux is that the company's Registrar to an Issue and Share Transfer Agent (RTA), M/s. Integrated Registry Management Services Private Limited, has confirmed the compliance with SEBI regulations concerning the dematerialization of share certificates. The RTA has duly verified, mutilated, and cancelled physical share certificates received for dematerialization, and updated the register of members to reflect the depository as the registered owner. This process ensures that all shares are held in dematerialized form, aligning with current market practices and regulatory mandates. A detailed list of share certificates dematerialized between January 1, 2026, and January 15, 2026, is included, specifying folio numbers, certificate numbers, distinctive number ranges, number of shares, and remarks indicating 'Demat' status. This filing represents a standard administrative procedure for listed companies to demonstrate adherence to SEBI (Depositories and Participants) Regulations, 2018, reinforcing transparency in the company's share transfer and dematerialization processes. The provided document does not contain any financial results, performance metrics, management guidance, future outlook, or specific business events such as order wins or expansions. Therefore, an analysis regarding revenue, profits, margins, EPS, balance sheet, cash flow, or forward-looking statements is not possible based on this news.

Shriram Finance Limited (SFL) has made a disclosure to the BSE and NSE regarding a scheduled group meeting. This meeting is set to take place on Friday, January 23, 2026, in Mumbai. Senior management and other management personnel from the company will be in attendance. The attendees include a broad spectrum of financial entities such as funds, analysts, institutional investors, and brokers. Discussions during the meeting will be based on investor presentations and information already available in the public domain. This filing is made pursuant to Regulation 30 of the SEBI Listing Regulations, 2015. The company also stated that this information is being hosted on its website.

Shriram Finance Limited has formally notified the stock exchanges (BSE and NSE) regarding an upcoming conference call. This call is scheduled to take place on Friday, January 23, 2026, at 7:00 PM IST.

The primary purpose of the conference call is for the company's management to comment on the unaudited financial results (both standalone and consolidated) for the third quarter ended December 31, 2025. The official results are expected to be considered and taken on record by the Board of Directors prior to this call, as per a notice dated January 16, 2026.

The call will feature participation from senior management, including Mr. Umesh G Revankar (Executive Vice Chairman), Mr. Parag Sharma (Managing Director & CEO), Mr. S. Sunder (Joint Managing Director & CFO), and Mr. Sanjay K. Mundra (Executive Director). They will discuss the Q3 FY26 financial performance. The transcript of the call will be made available on the company's official website (www.shriramfinance.in).

No specific financial data for Q3 FY26 or any outlook is provided in this announcement itself, as the details will be discussed during the conference call.

Shriram Finance Limited has informed the stock exchanges about a Board Meeting scheduled for Friday, January 23, 2026. The meeting will inter-alia consider the approval of the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025.

Furthermore, the Board will review and approve a periodical resource mobilization plan for the issuance of debt securities. This includes redeemable non-convertible debentures (NCDs), subordinated debentures, bonds, or notes, which may be issued via private placement or public issue, or through other borrowing methods in onshore or offshore markets, to fund the company's business operations.

Shriram Finance Limited has received a significant credit rating upgrade from S&P Global Ratings, as announced on January 15, 2026. The rating agency revised the company's long-term issuer credit rating to 'BBB-/Stable' from 'BB+/Stable'. Concurrently, the short-term issuer credit rating was upgraded to 'A-3' from 'B'. These upgrades signify improved creditworthiness and financial stability for Shriram Finance, reflecting confidence in its operational performance and strategic initiatives, including its substantial capital raise and potential strategic investments, which are viewed positively by credit rating agencies.

Shriram Finance Limited conducted its Extra-Ordinary General Meeting (EGM) on January 14, 2026, where all three proposed resolutions were passed with substantial majorities. The key approvals include:

• Resolution 1 (Special Resolution): Issuance of Equity Shares by way of Preferential Issue on a Private Placement Basis to MUFG Bank Ltd., which garnered approximately 98.5% of votes in favour. This aligns with the earlier announced strategic investment.
• Resolution 2 (Special Resolution): Approving special rights granted to the investor (MUFG Bank) in accordance with SEBI LODR Regulations, which received approximately 99.46% of votes in favour.
• Resolution 3 (Ordinary Resolution): Approval for a one-time, non-recurring, fixed amount payment to Shriram Ownership Trust for non-compete and non-solicit obligations, which was approved by public shareholders with approximately 91.94% votes in favour.

These approvals are significant steps towards finalizing the strategic partnership with MUFG Bank, expected to enhance Shriram Finance's capital base, reduce funding costs, and support future business expansion.

Shriram Finance Limited held its Extra-Ordinary General Meeting (EGM) on January 14, 2026, virtually via Video Conferencing (VC)/Other Audio Visual Means (OAVM). Chaired by Mr. Jugal Kishore Mohapatra, the meeting was attended by key directors and 110 members. Shareholders granted approval for critical strategic resolutions. A Special Resolution was passed for the preferential issuance of equity shares via private placement to MUFG Bank Ltd., a key step in MUFG's proposed ~₹3,961.79 crore investment for a 20% stake at ₹840.93 per share. Additionally, shareholders approved Special Resolutions for granting specific rights to the investor as per SEBI LODR regulations and an Ordinary Resolution approving a USD 200 million one-time payment to Shriram Ownership Trust for non-compete and non-solicit obligations. The company provided members access to valuation reports and the investment agreement. The discussions highlighted the strategic rationale behind the MUFG partnership and its expected impact on capital enhancement and future growth.

Shriram Finance Limited has received a significant rating action from CRISIL Ratings. The agency has assigned 'Crisil AA+/Watch Positive' to the company's Rs. 80,000 crore Fixed Deposit Programme. Furthermore, CRISIL has continued its 'Crisil AA+/Crisil PPMLD AA+' ratings on the company's bank facilities and other debt instruments on 'Rating Watch with Positive Implications'. The short-term rating for commercial paper has been reaffirmed at 'Crisil A1+'.

This 'Watch Positive' status is primarily attributed to the proposed strategic investment by MUFG Bank Ltd. MUFG Bank plans to invest ₹39,618 crore (approximately $4.4 billion) through a preferential issue of equity shares, which would result in MUFG holding a 20% stake in Shriram Finance on a fully diluted basis. Post-transaction, MUFG Bank will also be granted special rights, including the nomination of up to two non-independent directors on Shriram Finance's Board. This transaction is subject to various regulatory and statutory clearances and is expected to be consummated in 2026.

CRISIL Ratings believes this proposed transaction will significantly strengthen Shriram Finance’s capitalisation profile, with its net worth projected to exceed ₹1 lakh crore, thereby supporting the company's growth plans over the medium term. Additionally, the agency anticipates benefits to the company's liability franchise, driven by lower incremental cost of borrowings and an improvement in its profitability.

Shriram Finance maintains a strong market position as the second-largest retail NBFC in India, with an Assets Under Management (AUM) of ₹2,81,309 crore as of September 30, 2025. Its capitalisation remains robust, featuring a net worth of ₹60,404 crore and a gearing of 3.9 times as of the same date. The company also demonstrates a healthy earnings profile, reporting a Return on Managed Assets (RoMA) of 3.0% (annualised) for the first half of fiscal 2026. Its asset quality metrics have shown improvement, with a Gross Stage 3 (GS3) ratio at 4.6% as of September 30, 2025. The company's resource profile is diversified and growing, with public deposits constituting 28% of borrowings and External Commercial Borrowings (ECB) accounting for 21%. CRISIL Ratings will continue to engage with Shriram Finance's management and will resolve the 'Rating Watch' upon the consummation of the transaction, with a potential rating change of up to one notch.

Moody's Ratings has affirmed Shriram Finance Limited's (SFL) Ba1 long-term corporate family rating (CFR) and revised its outlook to positive from stable.

The primary driver for this outlook change is the planned acquisition of a 20% stake in SFL by MUFG Bank, Ltd. for INR396 billion (approximately $4.4 billion). This transaction is subject to regulatory approvals and is expected to close in 2026.

The strategic investment by MUFG Bank is anticipated to bring significant benefits, including a stronger capital base, enhanced access to global expertise and funding channels, improved funding diversity, and refined risk management practices for SFL.

Financially, Moody's projects that the capital infusion will strengthen SFL's tangible common equity to tangible managed assets (TCE/TMA) ratio to above 29%, a notable increase from approximately 19% as of March 2025, positioning it strongly among rated Indian non-bank finance companies. The rating agency expects profitability to gradually improve over the next 12-18 months, supported by lower funding costs resulting from central bank rate cuts in 2025 and improved funding access post-transaction. SFL anticipates its funding costs to decrease by about 100 basis points over the next two years.

Asset quality is expected to remain stable over the next 12-18 months, underpinned by robust lending and collection processes, a stable macroeconomic environment, and a high proportion of collateralized loans.

Moody's stated that it does not incorporate affiliate support from MUFG Bank into SFL's current rating, acknowledging that while MUFG will be a strategic shareholder with board representation, its willingness to provide support in times of stress remains limited. Factors that could lead to an upgrade include sustained net income to average managed assets of around 3.5%, a TCE/TMA ratio above 21%, stable asset quality, and potential changes in the assessment of affiliate support. Downgrades could occur if asset quality deteriorates significantly, leading to reduced profitability and capitalization, or if the TCE/TMA ratio falls below 17%.

Shriram Finance Limited has officially submitted a report concerning the special window established for the re-lodgement of transfer requests pertaining to its physical share certificates. This reporting period covers from July 7, 2025, through January 6, 2026. The company's appointed Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited, has confirmed that during this timeframe, a total of four requests for re-lodgement of transfer were received. Upon processing these requests, it was found that all four were subsequently rejected. The RTA cited the primary reason for rejection as the failure of the transferees to furnish authentic documentary evidence supporting their beneficial ownership of the company's shares, such as broker contract notes or proof of payment. The submitted transfer documents were also noted to be incomplete due to various technical deficiencies. The average processing time for these rejected requests was reported as 9 days. Shriram Finance Limited has also made this information available on its corporate website, ensuring transparency in its regulatory compliance efforts.

India Nippon Electricals Limited has submitted a regulatory compliance certificate to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The certificate, issued by Cameo Corporate Services Limited, the company's Registrar and Share Transfer Agent, pertains to the quarter ended December 31, 2025. It confirms India Nippon Electricals' adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certification validates that all securities received from depository participants for dematerialisation during the specified quarter were duly confirmed and processed with the depositories. Furthermore, it assures that the physical certificates were appropriately mutilated and cancelled post-verification, and that the depositories' names were substituted in the company's register of members within the stipulated regulatory timelines. This filing is a standard procedural confirmation aimed at ensuring transparency and operational integrity in shareholder record management.

Shriram Finance Limited (SFL) has received a significant boost to its credit profile with CARE Ratings upgrading its long-term instruments and Fixed Deposit Programme to 'CARE AAA; Stable', while reaffirming 'CARE A1+' for its Commercial Paper. This upgrade underscores SFL's sustained leadership in the used commercial vehicle (CV) financing segment, its diversification benefits post-amalgamation with Shriram City Union Finance (SCUF), and its strong market position as a leading deposit-taking NBFC.

The rating agency highlighted SFL's comfortable capitalization, supported by a strong net worth and capital from its housing subsidiary divestment. The earnings profile remains robust, driven by healthy net interest margins, operating efficiencies, and moderating credit costs. The merger with SCUF has enhanced its scale, distribution network, and cross-selling opportunities across various lending segments, leading to improved risk diversification.

Financially, for Q2 FY26, SFL reported a standalone Profit After Tax (PAT) of ₹2,307.18 crore, a YoY increase of 11.39%, with Net Interest Income (NII) growing 11.77% YoY. The company also declared an interim dividend of 240% (₹4.80 per share). Assets Under Management (AUM) reached ₹2,81,309 crore as of September 30, 2025, showing a 15.74% YoY increase. The standalone gearing improved to 3.87x as of September 30, 2025, with Capital Adequacy Ratio (CAR) at 20.68%, well above regulatory requirements. Gross NPAs improved to 4.57%.

A key strategic development noted by CARE Ratings is the proposed acquisition of a 20% equity stake by MUFG Bank Ltd. through a preferential issue of approximately ₹39,618 crore, which is touted as India's largest FDI in financial services. This investment is expected to further enhance SFL's financial flexibility, global funding access, and overall franchise strength. ICRA and CRISIL have also placed their ratings on 'Watch Positive' due to this transaction.

While SFL's strengths are well-acknowledged, the rating report also points out weaknesses, including exposure to a borrower segment vulnerable to economic shocks and the cyclical nature of the CV segment. However, ongoing improvements in asset quality and controlled credit costs are positive factors.

The stable outlook from CARE reflects expectations of continued business growth, strong financial positioning, and maintenance of dominant market share. The successful conclusion of the MUFG deal is anticipated to provide further impetus.

Shriram Finance Limited (SFL) has announced a transformative strategic partnership with MUFG Bank Ltd., involving a preferential issue of approximately ₹39,618 crore for a 20% stake. This transaction represents India's largest Foreign Direct Investment (FDI) in the financial services sector and is subject to shareholder, RBI, and CCI approvals. The capital infusion is expected to significantly strengthen SFL's balance sheet, reduce its cost of funds, and accelerate growth across its retail and MSME business segments.

Financially, SFL reported strong Q2 FY26 results, with standalone Profit After Tax (PAT) rising 11.39% year-on-year to ₹2,307.18 crore. Net Interest Income (NII) also saw a healthy increase of 11.77% YoY to ₹6,266.84 crore. The company declared an interim dividend of 240% (₹4.80 per share) for FY25-26. Management has provided guidance for an exit Net Interest Margin (NIM) of 8.5% for FY26 and anticipates an 18-20% growth CAGR with a reduction of approximately 100 basis points in borrowing costs post-MUFG investment.

In terms of creditworthiness, Shriram Finance has received significant rating upgrades. CARE Ratings upgraded its long-term debt ratings for Non-Convertible Debentures and Subordinated Debt to 'CARE AAA; Stable' and reaffirmed 'CARE A1+' for Commercial Paper. ICRA has placed its long-term credit ratings on 'Watch with Positive Implications', and CRISIL Ratings has placed its long-term debt ratings on 'Watch Positive', both citing the positive impact of the proposed MUFG investment.

Operationally, the company has actively managed its liability side by completing the buyback of USD 45 million in Senior Secured Floating Rate Notes and issuing various NCDs. While the company disclosed some GST penalty orders from erstwhile subsidiaries, it clarified that these have no material financial impact and are being reviewed for potential appeals. The company also confirmed routine compliance with SEBI regulations regarding share dematerialization, as evidenced by its filing dated January 02, 2026.

Shriram Finance Limited announced a significant strategic partnership with MUFG Bank Ltd., involving a preferential issue of approximately ₹39,618 crore for a 20% stake, marking a landmark Foreign Direct Investment (FDI) in India's financial services sector. This deal, subject to shareholder and regulatory approvals, is expected to significantly bolster Shriram Finance's capital base and reduce its cost of funds by an estimated 100 basis points over two years.

Financially, the company reported strong Q2 FY26 results, with standalone Profit After Tax (PAT) increasing by 11.39% year-on-year to ₹2,307.18 crore. Net Interest Income (NII) saw a corresponding YoY growth of 11.77% to ₹6,266.84 crore. Assets Under Management (AUM) grew by 15.74% YoY to ₹2,81,309.46 crore, with disbursements up 10.24% YoY. Management guided for an exit NIM of 8.5% for FY26.

Management discussed their outlook, targeting an 18-20% CAGR for business growth, driven by improved capital availability, lower borrowing costs, and India's strong economic growth trajectory. They plan to expand reach in eastern and northern regions and focus on retaining existing customers. The company also received credit rating upgrades, including 'CARE AAA; Stable' for its debt instruments, reflecting its strong performance and financial health. However, the company also disclosed GST penalty orders totaling ₹14.92 lakhs related to its erstwhile subsidiary, Shriram City Union Finance Limited, for FY2018-19 and 2019-20, stating no material impact is expected.

Credit Rating Action and MUFG Investment

CRISIL Ratings has placed Shriram Finance Limited's (Shriram Finance) long-term debt ratings on 'Rating Watch with Positive Implications' following the company's announcement of a significant strategic investment by MUFG Bank Ltd. (MUFG Bank).

**Key Highlights:

• Rating Action: CRISIL Ratings has placed Shriram Finance's long-term bank facilities and debt instruments, including Non-Convertible Debentures and Subordinated Debt, on 'Watch Positive'. This reflects the anticipated positive impact of MUFG's proposed investment.
• MUFG Investment: MUFG Bank, Japan's premier bank, plans to invest ₹39,618 crore ($4.4 billion) in Shriram Finance through a preferential issue of equity shares. Upon completion, MUFG Bank is expected to hold a 20% stake in Shriram Finance on a fully diluted basis.
• Special Rights: MUFG Bank will be granted special rights, including the nomination of up to two non-independent directors on Shriram Finance's Board.
• Regulatory Approvals: The transaction is subject to various regulatory and statutory clearances, and its consummation is expected in 2026.
• Short-Term Ratings: CRISIL has reaffirmed its 'CRISIL A1+' rating on Shriram Finance's short-term bank facilities and commercial paper.
• Withdrawn Ratings: Ratings on redeemed Non-Convertible Debentures (₹2,769.5 crore) and Long-Term Principal Protected Market Linked Debentures (₹30 crore) have been withdrawn at the company's request.

Impact and Rationale

CRISIL expects the proposed transaction to significantly benefit Shriram Finance's capitalisation profile, with its networth projected to cross ₹1 lakh crore. This will bolster the company's capacity for growth over the medium term.

Furthermore, CRISIL anticipates the deal will enhance Shriram Finance's liability franchise by lowering incremental borrowing costs and aiding profitability improvements. The ratings continue to reflect Shriram Finance's market leadership in the NBFC sector, with an Assets Under Management (AUM) of ₹2,81,309 crore as of September 30, 2025. Its capitalisation remains healthy with a networth of ₹60,404 crore and a gearing of 3.9 times as of September 30, 2025. The company also maintains a comfortable earnings profile, with a Return on Managed Assets (RoMA) of 3.0% (annualised) for the first half of fiscal 2026.

Key Strengths acknowledged by CRISIL include:

• Market leadership in the NBFC ecosystem with a strong focus on retail asset financing.
• Strong capitalisation metrics.
• Healthy earnings profile supported by stable credit costs and net interest margins.

Factors partly offset by weaknesses:

• Asset quality metrics, while improving, remain elevated due to the company's target customer segment.
• Diversification and cost optimisation of the resource profile continue to be areas for focus.

CRISIL Ratings will continue to engage with Shriram Finance's management and will resolve the 'Rating Watch' upon the consummation of the transaction.

ICRA Limited has placed Shriram Finance Limited's (SFL) long-term credit ratings on 'Watch with Positive Implications' for its Fixed Deposit Programme and Non-Convertible Debenture Programme. This rating action follows the company's board approval to raise ₹39,618 crore of primary equity capital through a preferential issue from MUFG Bank Ltd. (MUFG), subject to shareholder and regulatory approvals. The transaction is expected to conclude in 2026, resulting in MUFG holding a 20% stake in SFL, while management control remains with the Shriram Group.

ICRA's rationale indicates that this strategic equity infusion from MUFG is poised to significantly strengthen SFL’s capitalisation profile, providing a substantial buffer for growth and for managing asset quality volatility, given the company's target borrower segment. The investment is also expected to enhance SFL’s credit risk profile, leading to improved financial flexibility and earnings performance, alongside a reduction in its cost of funding, which has historically been higher than peers.

The rating agency reaffirms SFL's strengths, including its leadership in pre-owned commercial vehicle (CV) financing, an AUM of approximately ₹2,81,309 crore as of September 30, 2025, and a diversified product offering. The company's standalone capitalisation is comfortable with a net worth of ₹59,414 crore (consolidated) and managed gearing of 4.0 times as of September 2025. Pro forma, the gearing is expected to reduce to 2.5 times post-infusion. SFL also maintains healthy profitability, with a Return on Average Managed Assets (RoMA) of 2.8% in H1 FY2026, and strong liquidity, evidenced by a liquidity coverage ratio of 297% as of September 2025. Challenges include a moderate borrower profile and asset quality, with gross stage 3 assets at 4.6% as of September 2025, although these are improving.

Shriram Finance Limited has received an order dated December 30, 2025, from the Office of the Commercial Tax Officer, Chennai South, Tamil Nadu, levying a penalty of ₹13,03,53,551/- for the Financial Year 2018-2019. This penalty is in relation to show cause cum demand order proceedings against its erstwhile subsidiary, Shriram City Union Finance Limited, which was amalgamated with Shriram Finance Limited effective April 1, 2022.

The penalty has been imposed under Section 74 of the Central Goods and Services Tax Act, 2017, read with the Tamil Nadu Goods and Service Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017. The demand arises from alleged disallowance of input tax credit taken on payment of RCM, excess Input tax credit claimed in GSTR-3B, credit notes issued, and GST on leasehold improvements.

A total tax demand of ₹13,03,53,551/- along with interest of ₹15,73,02,807/- and a penalty of ₹13,03,53,551/- has been levied. Shriram Finance Limited has stated that there is no material impact on its financial, operational, or other activities. However, the company is awaiting an opinion from its tax consultant regarding the order before deciding on further course of action.

Shriram Finance Limited announced on December 30, 2025, that CARE Ratings Limited has assigned the highest credit rating of 'CARE AAA; Stable' to its Fixed Deposit (FD) Programme. This significant rating upgrade signifies the company's exceptional creditworthiness and its strong capacity to meet financial obligations related to its FD program.

The rating reflects Shriram Finance's robust financial performance, including strong Q2 FY26 results with a standalone Profit After Tax (PAT) of ₹2,307.18 crore (an 11.39% year-on-year increase) and Net Interest Income growth of 11.77% YoY to ₹6,266.84 crore. The 'AAA' rating is expected to bolster investor confidence in its Fixed Deposit Programme, potentially lowering its cost of funds for these deposits and strengthening its overall liability management.

CARE Ratings has stated that the rating is subject to revalidation if the FD program issuance is not completed within six months from June 29, 2026, or if there are any changes to the program's size or terms.

Shriram Finance Limited has announced that the audio recording link for its earnings call, held on December 30, 2025, is now available. The company had previously intimated about this conference call via a letter dated December 24, 2025. The call, which took place on Tuesday, December 30, 2025, at 8:00 AM IST, was to discuss the company's financial results, including the Q2 FY26 performance which showed a standalone Profit After Tax (PAT) of Rs. 2,307.18 crore, representing an 11.39% year-on-year increase. The audio recording can be accessed on the company's website, www.shriramfinance.in, via a direct link. The management also confirmed that the transcript of the call will be uploaded in due course. This communication is part of the company's ongoing efforts to ensure transparency and provide investors with timely access to important financial discussions.

Shriram Finance Limited has announced the closure of its trading window, effective from Thursday, January 1, 2026. This measure is implemented in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code for the prohibition of insider trading. The trading window will remain shut until 48 hours after the dissemination of the company's unaudited financial results, both standalone and consolidated, for the third quarter and nine months ending December 31, 2025. The specific date for the Board of Directors' meeting to consider and approve these financial results has not yet been disclosed and will be communicated in due course. This announcement is a routine regulatory step.

Shriram Finance Limited (SFL) announced on December 29, 2025, that CARE Ratings Limited has upgraded the credit ratings for its debt instruments. The company's Non-Convertible Debentures (NCDs) and Subordinated Debt, aggregating ₹2,368.88 crore and ₹156.10 crore respectively, have been upgraded from 'CARE AA+; Stable' to the highest rating of 'CARE AAA; Stable'.

Concurrently, CARE Ratings has reaffirmed the 'CARE A1+' rating assigned to Shriram Finance's Commercial Paper (CP) programme, which has an aggregate outstanding limit of ₹7,500.00 crore.

These upgrades and reaffirmations are a direct consequence of the company's strong operational and financial performance observed during the Financial Year 2025 (Audited) and the first half of the Financial Year 2026 (Unaudited). The positive rating action signifies enhanced creditworthiness and stability for Shriram Finance, which is expected to lead to improved borrowing costs and greater investor confidence. The company has duly informed the stock exchanges about this development.

Shriram Finance Limited has announced a significant development in its credit profile as CARE Ratings has upgraded its credit ratings. The ratings for Non-Convertible Debentures (NCDs) and Subordinated Debt have been upgraded to 'CARE AAA; Stable' from the previous 'CARE AA+; Stable'. Concurrently, CARE Ratings has reaffirmed the 'CARE A1+' rating for the company's Commercial Paper program.

The rating committee's decision was informed by the company's operational and financial performance for the Financial Year 2025 (Audited) and the first half of FY26 (Unaudited). Shriram Finance reported strong financial results, with its Q2 FY26 standalone Profit After Tax (PAT) reaching ₹2,307.18 crore, marking an 11.39% year-on-year increase. Trailing Twelve Months (TTM) financials show revenue of ₹45,596 crore and PAT of ₹10,172 crore. The company's Debt to Equity ratio stands at 3.88, and its Return on Equity (ROE) was 16.4% in FY25. The rated NCD and Subordinated Debt amounts are ₹2,368.88 crore and ₹156.10 crore, respectively, while the Commercial Paper program has an aggregate limit of ₹7,500 crore.

The 'Stable' outlook assigned by CARE Ratings indicates that the agency expects the company's financial profile to remain robust, supporting its funding requirements and business operations. This upgrade is a positive indicator of Shriram Finance's financial health and creditworthiness.

Kotak Mahindra Bank has announced significant corporate actions and financial results. The bank's board approved a 1:5 stock split of equity shares, aimed at enhancing affordability and liquidity for investors, pending necessary shareholder and regulatory approvals. This decision follows a series of investor interactions and the release of its Q2 FY26 financial results.

For the second quarter of FY26, Kotak Mahindra Bank reported a consolidated net profit of ₹4,468.27 crore, marking an 11.4% year-on-year decline. Standalone net profit stood at ₹3,253.33 crore, down 2.7% year-on-year. The bank's consolidated total income for the quarter decreased by 7.4% YoY. This profit dip was partly due to a 18.4% YoY increase in consolidated provisions and contingencies, and the prior year's comparable quarter benefited from an exceptional pre-tax gain of ₹3,803.40 crore from the divestment of its general insurance subsidiary.

Despite the year-on-year profit decline, the bank showcased strong operational performance in provisional Q2 FY26 metrics. Net advances grew by 15.8% year-on-year to ₹4,62,552 crore, and total deposits increased by 14.6% year-on-year to ₹5,28,776 crore. The Net Interest Margin (NIM) was reported at 4.54%. Consolidated Assets Under Management (AUM) rose by 12% YoY to ₹760,598 crore. Book Value per Share increased by 14% YoY to ₹844, and consolidated Return on Equity (ROE) was 10.65%.

The bank's strategy continues to focus on digital transformation, customer centricity, and scaling its operations to achieve growth targets, aiming for credit growth at 1.5x-2x nominal GDP. It also reported the completion of its wholly-owned subsidiaries' amalgamation and received a 'Crisil ESG 69-Strong' rating. Management commentary highlighted continued investment in technology and a prudent risk approach while navigating macroeconomic challenges.

Shriram Finance Limited (SFL) has announced a pivotal strategic investment from MUFG Bank Ltd., wherein MUFG will acquire a 20% stake for approximately ₹39,618 crore through a preferential issuance. This landmark transaction is noted as the largest Foreign Direct Investment (FDI) in an Indian financial services company, aiming to bolster SFL's capital base and accelerate its growth trajectory.

Financially, SFL reported strong Q2 FY26 results. Standalone Profit After Tax (PAT) grew by 11.39% year-on-year to ₹2,307.18 crore, supported by an 11.77% YoY increase in Net Interest Income (NII) to ₹6,266.84 crore. The company declared an interim dividend of ₹4.80 per share (240% payout) for FY25-26. Operational performance also showed positive trends, with disbursements rising 10.24% YoY to ₹43,019.17 crore and Assets Under Management (AUM) increasing by 15.74% YoY to ₹2,81,309.46 crore. Earnings Per Share (EPS) for the quarter was ₹12.27. Management provided a forward-looking guidance, forecasting an exit Net Interest Margin (NIM) of 8.5% for FY26 and expressed confidence in the company's performance for Q3 and Q4, driven by strong credit demand.

In terms of capital raising and financial strategies, SFL has continued its practice of issuing Non-Convertible Debentures (NCDs) via private placements to augment its long-term resources, with recent issuances including ₹750 crore at 8.70% p.a. and ₹250 crore at 9.15% p.a. The strategic partnership with MUFG is expected to significantly enhance SFL's balance sheet strength and funding profile, potentially leading to rating upgrades.

Key events during the period also included leadership changes, with Mr. Parag Sharma re-designated as Managing Director & CEO and Mr. Sunder Subramanian appointed as Joint Managing Director & Chief Financial Officer. On the regulatory front, SFL received GST penalty orders totaling ₹14.92 lakhs from Durgapur and ₹2.77 crore plus interest and penalty from Lucknow related to its erstwhile subsidiaries; the company has stated no material impact and is reviewing options for appeals. Numerous investor meetings and conferences were held throughout the period to discuss the company's performance and strategic direction, underscoring active investor relations.

Shriram Finance Limited (SFL) has announced a pivotal strategic investment from MUFG Bank Ltd., wherein MUFG will acquire a 20% stake for approximately ₹39,618 crore through a preferential issuance. This landmark transaction is noted as the largest Foreign Direct Investment (FDI) in an Indian financial services company, aiming to bolster SFL's capital base and accelerate its growth trajectory.

Financially, SFL reported strong Q2 FY26 results. Standalone Profit After Tax (PAT) grew by 11.39% year-on-year to ₹2,307.18 crore, supported by an 11.77% YoY increase in Net Interest Income (NII) to ₹6,266.84 crore. The company declared an interim dividend of ₹4.80 per share (240% payout) for FY25-26. Operational performance also showed positive trends, with disbursements rising 10.24% YoY to ₹43,019.17 crore and Assets Under Management (AUM) increasing by 15.74% YoY to ₹2,81,309.46 crore. Earnings Per Share (EPS) for the quarter was ₹12.27. Management provided a forward-looking guidance, forecasting an exit Net Interest Margin (NIM) of 8.5% for FY26 and expressed confidence in the company's performance for Q3 and Q4, driven by strong credit demand.

In terms of capital raising and financial strategies, SFL has continued its practice of issuing Non-Convertible Debentures (NCDs) via private placements to augment its long-term resources, with recent issuances including ₹750 crore at 8.70% p.a. and ₹250 crore at 9.15% p.a. The strategic partnership with MUFG is expected to significantly enhance SFL's balance sheet strength and funding profile, potentially leading to rating upgrades.

Key events during the period also included leadership changes, with Mr. Parag Sharma re-designated as Managing Director & CEO and Mr. Sunder Subramanian appointed as Joint Managing Director & Chief Financial Officer. On the regulatory front, SFL received GST penalty orders totaling ₹14.92 lakhs from Durgapur and ₹2.77 crore plus interest and penalty from Lucknow related to its erstwhile subsidiaries; the company has stated no material impact and is reviewing options for appeals. Numerous investor meetings and conferences were held throughout the period to discuss the company's performance and strategic direction, underscoring active investor relations.

Shriram Finance Limited has issued a regulatory disclosure on December 24, 2025, announcing the publication of newspaper advertisements in Financial Express (English) and Makkal Kural (Tamil). These advertisements serve as a public notice regarding the dispatch of the Extra-Ordinary General Meeting (EGM) Notice, including comprehensive instructions for shareholders on remote e-voting and e-voting at the EGM. The company is undertaking this action in compliance with SEBI Listing Regulations and Section 108 of the Companies Act, 2013. The information is also accessible on the company's official website.

Shriram Finance Limited has submitted a regulatory confirmation to the National Stock Exchange of India Limited and BSE Limited, along with depositories NSDL and CDSL. This filing pertains to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, has confirmed the dematerialization of physical share certificates. The process involved the verification, mutilation, and cancellation of physical certificates and the subsequent substitution of the depository's name as the registered owner in the company's register of members for the period from December 1, 2025, to December 15, 2025. This is a routine compliance update ensuring adherence to SEBI norms for share dematerialization.

Shriram Finance Limited has formally announced its intention to convene an Extra-Ordinary General Meeting (EGM) on January 14, 2026. The primary purpose of this meeting is to obtain shareholder approval for a significant strategic preferential issue of equity shares to MUFG Bank Ltd. This transaction, valued at approximately ₹39,618 crore (~USD 4.4 billion), will result in MUFG Bank acquiring around 20% of Shriram Finance's post-issue equity share capital at an issue price of ₹840.93 per share.

Beyond the capital infusion, the EGM agenda includes seeking approval for special rights to be granted to MUFG Bank as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These rights encompass the ability to nominate directors to Shriram Finance's board, proportional pre-emptive rights to maintain its shareholding percentage, and the right to second personnel to the company. Furthermore, shareholders will vote on an ordinary resolution to approve a one-time, non-recurring fixed payment of USD 200 million from MUFG Bank Ltd. to Shriram Ownership Trust, in consideration for non-compete and non-solicit obligations.

The proceeds from the preferential issue are designated for strengthening the company's capital base, supporting onward lending activities, and retiring existing borrowings. This strategic move is expected to enhance Shriram Finance's financial resilience, potentially improve its funding costs and credit profile, and provide access to global best practices. The transaction is subject to necessary approvals from shareholders, the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).

Shriram Finance Limited has issued a public notice to the stock exchanges (BSE and NSE) detailing a newspaper advertisement published on December 22, 2025. The notice announces the Extra-Ordinary General Meeting (EGM) of the company, scheduled for Wednesday, January 14, 2026, at 11:00 a.m. IST. This meeting will be conducted exclusively through Video Conferencing (VC) / Other Audio-Visual Means (OAVM), in compliance with the Ministry of Corporate Affairs' circulars. The advertisements were published in the Financial Express and Makkal Kural newspapers, and are also accessible on the company's website.

Axis Securities' "Capturing India’s Next Growth Phase" report, dated December 22, 2025, outlines a strategic outlook for Indian equities heading into 2026. The market is anticipated to transition from a liquidity-driven phase to one focused on earnings delivery, policy alignment, and macro stability.

Market Outlook and Growth Drivers

The report projects a cyclical recovery in the Indian equity market, with corporate earnings expected to accelerate to 12%-15% YoY over FY26-27. GDP growth forecasts have been revised upwards to 6.7%-6.8% for H1FY27 and 7.3% for FY25-26 by the RBI. Key growth drivers include sustained domestic demand, ongoing policy reforms, and a stable political environment. A potential reversal in the global 'AI trade' could see capital flowing towards valuation-sensitive markets like India. The sustained domestic liquidity, primarily through SIPs and Mutual Funds, acts as a buffer against foreign institutional investor (FII) outflows.

Key Challenges and Risks

Risks to the optimistic outlook include delays in resolving US-India tariffs, continued rupee depreciation, a resurgence in inflation beyond comfort levels, a global risk-off environment, and slower-than-expected corporate earnings recovery.

Sectoral Themes and Recommendations

Axis Securities identifies five key themes for 2026: Financials (benefiting from credit expansion), Consumption-led growth, selective Cyclicals (capturing commodity supercycle), Healthcare (as a defensive play), and alignment across Large, Mid, and Small caps. Their 'New Year Picks 2026' include State Bank Of India, Varun Beverages, Hindalco Industries, Nippon Life India Asset Management, Dalmia Bharat, Astral Ltd, Affle India, Healthcare Global Enterprises, and Mold-Tek Packaging, with target upside ranging from 12% to 20%.

Company Updates and Specific News

• Ahluwalia Contracts India Ltd (Pick of the Week): Holds a robust order book of Rs 18,057 Cr (as of Sep 2025) with YTD inflows of Rs 5,262 Cr, providing 2-2.5 years of revenue visibility. Management guides for order inflows exceeding Rs 8,000 Cr in FY26, with a strategic focus on private capex. EBITDA margins improved to 10.9% in Q2FY26 (from 7.3% YoY), with expectations for double-digit margins from H2FY26. Projected CAGR growth for FY25-FY27E is 19% for revenue, 35% for EBITDA, and 34% for PAT. Recommended BUY with a TP of Rs 1,073.
• Shriram Finance Ltd: Approved a preferential allotment of 20% stake to MUFG Bank Ltd. for approximately Rs 39,618 Cr (~Rs 841/share). This landmark FDI aims to strengthen SFL's balance sheet, provide growth capital for segments like New-CV and MSME, and potentially improve its cost of funds and credit ratings. SFL's net worth is projected to nearly double by FY27E to Rs 1,13,256 Cr. AUM growth is projected at ~17% CAGR over FY26-28E. The deal is expected to drive margins higher by 80-90bps over FY27-28E, with RoA improving to 3.6-3.8% and RoE settling at 13-15% due to equity dilution. Reiterated BUY with a TP of Rs 1,125.
• Other Company News:
  • DCM Shriram liquidated its step-down arm, Bioseed Research.
  • Kross launched 'Tipping Jacks' with a target production of 800 units/month by FY27.
  • Tata Chemicals' arm to acquire 100% stake in Singapore-based Novabay for S$37.8 Mn.
  • Sandur Manganese promoter increased stake to 18.19%.
  • Sudarshan Chemical launched 'Red Pigment Sudafast'.
  • Craftsman Automation's arm to acquire Suprash Developers and Srikara Tech for Rs 146 Cr.
  • Great Eastern Shipping signed a contract to buy a vessel.
  • Flair Writing approved corporate guarantee issuance to step-down subsidiaries.
  • ZF Commercial received a GST demand order of nearly Rs 80 Cr.
  • Soma Textiles secured a Rs 281 Cr order from Roadway Solutions India.
  • Krishna Institute of Medical Sciences acquired a 6.94% stake in Sarvejana Healthcare.
  • Tata Steel acquired 149 Cr shares of arm T Steel Holdings.
  • Balkrishna Industries completed one line of carbon black production facilities.
  • IGL entered a JV pact with Hindustan Waste Treatment for a Compressed Biogas plant.
  • Tech Mahindra received an order to pay Rs 1,287 Cr to provident funds.

Shriram Finance Ltd. (SFL) has approved a significant strategic investment of ₹39,618 Cr from MUFG Bank Ltd. (MUFG), entailing a 20% stake at approximately ₹841 per share via preferential allotment. This transaction is highlighted as the largest Foreign Direct Investment (FDI) in India's financial services sector, underscoring global investor confidence in India's lending landscape.

The report focuses on future financial projections rather than recent quarterly or annual results. For the fiscal years FY26E to FY28E, Shriram Finance is projected to see growth in Net Interest Income (NII), Profit Before Operating Profit (PPOP), and Net Profit. Net Profit is estimated to rise from ₹9,424 Cr in FY26E to ₹15,413 Cr in FY28E, with Earnings Per Share (EPS) expected to increase from ₹50.1 to ₹65.5 over the same period.

While specific management guidance is not detailed, analyst estimates suggest an accelerated AUM growth of approximately 17% CAGR for FY26-28E. The investment is expected to lower the company's cost of funds (CoF) by 80-90 basis points over FY27-28E. Return on Average Assets (RoA) is projected to improve to 3.6-3.8% by FY27-28E, while Return on Equity (RoE) is anticipated to settle lower at 13-15% compared to 16-17% previously, due to equity dilution.

• Income Statement Drivers: Projections show NII growing from ₹24,906 Cr (FY26E) to ₹37,495 Cr (FY28E), and PPOP from ₹18,466 Cr (FY26E) to ₹28,660 Cr (FY28E).
• Balance Sheet: The company's net worth is forecast to surge by nearly 2x to ₹1,13,256 Cr by FY27E from ₹56,281 Cr in FY25. Borrowings are projected to increase from ₹2,34,916 Cr in FY25 to ₹3,26,041 Cr in FY28E.
• Cash Flow: Details on cash flow are not provided in the report.
• Key Ratios: ROAA is expected to improve to 3.6-3.8% (FY27-28E). ROAE is projected to be 13-15% (FY27-28E). NIMs are expected to improve to 9.0-9.2% in FY27-28E. Adjusted Book Value Per Share (Adj. BVPS) is projected to reach ₹492.4 by FY28E.

The primary event is the strategic capital infusion by MUFG Bank. This is seen as a validation of SFL's business model and a significant milestone for India's financial services sector.

The outlook is positive, driven by the capital infusion, which strengthens the balance sheet, lowers funding costs, and provides growth capital for the retail and MSME segments. The potential for a credit rating upgrade is also a positive factor. The company is well-positioned for sustained AUM growth.

Shriram Finance Limited (SFL) announced a significant strategic move on December 19, 2025, with its Board of Directors approving definitive agreements for a preferential issuance of equity shares to MUFG Bank Ltd. for an investment of ₹39,618 crore (approximately USD 4.4 billion). This transaction will result in MUFG Bank acquiring a 20.0% stake in SFL on a fully diluted basis. This landmark deal is hailed as the largest Foreign Direct Investment (FDI) in an Indian financial services company and is expected to reinforce confidence in India's lending and financial services sector fundamentals and future growth potential.

The proposed investment will significantly enhance SFL's capital adequacy and strengthen its balance sheet, providing substantial long-term growth capital. The collaboration aims to combine SFL’s established domestic franchise and extensive distribution network with MUFG Bank’s global expertise and financial strength. The infusion of capital is expected to improve SFL's access to low-cost liabilities and potentially strengthen its credit ratings, while aligning governance and operational practices with global best standards. The deal is contingent upon obtaining shareholder approval, regulatory clearances from authorities such as the RBI and CCI, and other customary closing conditions. An Extraordinary General Meeting (EGM) is scheduled for January 14, 2026, to seek shareholder consent for these proposals.

Shriram Finance Limited announced that its Board of Directors, in a meeting held on December 19, 2025, approved a significant preferential issue of equity shares to MUFG Bank Ltd. The company plans to raise approximately ₹3,961.79 crore by issuing 47.11 crore equity shares at a price of ₹840.93 per share, which would represent a 20% post-issue stake for MUFG Bank on a fully diluted basis. This transaction is subject to shareholder approval, as well as other necessary regulatory clearances including from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).

In connection with this preferential issue, the Board also approved the execution of an Investment Agreement with MUFG Bank, Shriram Ownership Trust, and Shriram Capital Private Limited, and a Cooperation Memorandum of Understanding with MUFG Bank. These agreements detail the terms and conditions of the investment and potential business opportunities. The Board further approved granting specific minority protection rights to MUFG, including the right to nominate directors and pre-emptive rights for future share issuances, provided MUFG's shareholding remains above 10%.

Additionally, the company approved the payment of a one-time, non-recurring non-compete and non-solicit fee of USD 200 million to Shriram Ownership Trust as consideration for its obligations, subject to public shareholder approval. This fee is intended to manage potential conflicts of interest.

A significant announcement was also made regarding Shriram Capital Private Limited (SCPL), a promoter entity, which has expressed an in-principle intent to explore restructuring options for its lending and credit business. This is currently at a preliminary stage and subject to detailed evaluation and approvals.

To seek necessary approvals for these major decisions, Shriram Finance will convene an Extra-Ordinary General Meeting (EGM) of its shareholders on January 14, 2026. Shareholders will vote on the preferential issue to MUFG Bank, the non-compete fee payment, and the grant of special rights to MUFG.

Shriram Finance Limited's Board of Directors, in a meeting held on December 19, 2025, approved a significant preferential issue of equity shares to MUFG Bank Ltd. The company will raise INR 3,961.79 crore by issuing 47.11 crore equity shares at INR 840.93 per share, which will result in MUFG holding a 20% stake in Shriram Finance on a fully diluted basis post-issue. This transaction is subject to approvals from Shriram Finance's shareholders, the Reserve Bank of India (RBI), the Competition Commission of India (CCI), and other relevant statutory authorities.

In conjunction with this investment, Shriram Finance will execute an investment agreement with MUFG Bank, Shriram Ownership Trust, and Shriram Capital Private Limited (SCPL), with SCPL acting as a confirming party. A Cooperation Memorandum of Understanding between Shriram Finance and MUFG Bank was also approved.

Subject to shareholder approval, MUFG Bank will be granted certain minority protection rights, including the right to nominate up to two non-independent directors on the board and pre-emptive rights for future share issuances, provided its shareholding remains above 10% on a fully diluted basis.

Furthermore, the Board approved the payment of a one-time, non-recurring fee of USD 200 million to Shriram Ownership Trust (a promoter entity) for undertaking non-compete and non-solicit obligations, which is also contingent on shareholder approval.

Separately, Shriram Capital Private Limited (SCPL), a promoter entity, has indicated an in-principle intent to explore restructuring options for its lending/credit business, which is currently at a preliminary and exploratory stage. An Extra-Ordinary General Meeting (EGM) is scheduled for January 14, 2026, to seek shareholder consent for the preferential issue, the non-compete fee payment, and the grant of special rights to MUFG Bank.

Shriram Finance Limited has issued a clarification in response to a news article published on December 17, 2025, by livemint.com, which reported on rumors of a potential investment of up to $5 billion by Japan's MUFG for a 20% stake in the company. The company has categorically denied the existence of any binding agreement, arrangement, or understanding with any investor regarding this matter.

Shriram Finance stated that exploring opportunities to enhance shareholder value is a routine part of its business operations. The company has announced a Board Meeting scheduled for December 19, 2025, where proposals for raising funds through various avenues will be considered.

Adhering to SEBI circulars on industry standards for rumor verification, Shriram Finance indicated that no clarification, denial, or confirmation is required for market rumors that surface between the issuance of a Board Meeting pre-intimation and the conclusion of such meeting. Any appropriate disclosures will be made after the Board meeting concludes, in accordance with regulatory requirements.

The company's Q2 FY26 results, showing a standalone Profit After Tax (PAT) of ₹2,307.18 crore (an 11.39% YoY increase) and the declaration of a 240% interim dividend, highlight the company's underlying financial strength and operational performance, providing a positive backdrop for its ongoing strategic and fundraising considerations.

Shriram Finance Limited has been issued an order dated December 16, 2025, by the Deputy Commissioner of State Tax, Lucknow, Uttar Pradesh, levying penalties amounting to ₹27,70,732. These penalties are in connection with show cause-cum-demand notices issued to its erstwhile subsidiary, Shriram City Union Finance Limited (amalgamated with Shriram Finance Limited effective April 1, 2022). The action has been taken under Section 73 of the Central Goods and Service Tax Act, 2017, read with the Integrated Goods and Services Tax Act, 2017. The demand arises from alleged contraventions including short payment of GST due to differences in tax rates on scrap sales, non-payment of GST under reverse charge on incentives paid to recovery employees, availment of ineligible Input Tax Credit (ITC), ITC booked in one financial year but claimed in another, non-submission of supporting invoices, and GST demand on payments made to Direct Selling Agents (DSAs) where tax was not discharged under reverse charge. The total demand includes tax of ₹2,77,07,316, interest of ₹1,88,56,157, and a penalty of ₹27,70,732. Shriram Finance Limited has stated that there is no material impact on the company's financial, operational, or other activities, but it awaits an opinion from its tax consultant regarding the Uttar Pradesh state demand order.