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IndoStar Capital Finance Limited (INDOSTAR) Fair Value & Analysis

Financial Services · IN · Market cap ₹42.3B

IC IndoStar Capital Finance Limited INDOSTAR · NSE
Price₹239.25
Fair Value₹113.00
Upside-52.8%
Quality39/100
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Expensive Growth
Thin margins · 0.0% net margin
Moderate debt · negative free cash flow
Trails peers (1/10)
Narrow moat 41/100
Evidence: High Range ₹84.75 – ₹141.25 Share as image

Fair value as of: Aug 15, 2026

From 7 valuation models · updated 2 days ago

Share price −11.7% over the past month.

Below-average quality, and screening another 53% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹141.25). The favourable scenario is already priced in.
  • Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

₹400.50 ₹104.05 Fair Value ₹113.00 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 2026.

How to read this chart

60‑month range ₹104.05 – ₹400.50 · fair‑value band ₹84.75 – ₹141.25 · the ₹239.25 price screens above the ₹113.00 fair value. Dashed = 300-day average. As of Aug 15, 2026.

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Analysis

IndoStar Capital Finance Limited (INDOSTAR) currently trades at ₹239.25, while our model-based Fair Value estimate is ₹113.00, implying the stock looks roughly 52.8% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Revenue declined 4.9% year over year. It earns a return on equity of 3.5%. Net debt stands at ₹51.7B. The stock trades on a trailing P/E of 26.6. Fundamentals as of Aug 15, 2026

Our scenario range runs from ₹84.75 (bear case) to ₹141.25 (bull case); at ₹239.25, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -45% fair-value upside, at -53%, INDOSTAR screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹173.01 ₹170.29 ₹150.56 76
P/E Multiple ₹84.75 ₹113.00 ₹141.25 63
P/B Multiple ₹110.82 ₹147.76 ₹184.71 55
All 7 models by family
DCF Models
Owner Earnings ₹40.64 31
Earnings-Based
Graham-Dodd ₹59.11 ₹244.77 ₹333.59 54
Lynch FV ₹61.76 ₹88.22 ₹114.69 50
Multiples
P/E Multiple ₹84.75 ₹113.00 ₹141.25 63
P/B Multiple ₹110.82 ₹147.76 ₹184.71 55
Asset-Based
NCAV (Graham) ₹117.05 ₹156.84 ₹234.09 50
Economic Profit
Residual Income ₹173.01 ₹170.29 ₹150.56 76

Widest divergence: Economic Profit (₹170.29) versus Earnings-Based (₹88.22). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) −₹3.7B
Revenue growth (YoY) -4.9%
Return on equity 3.5%
Free cash flow −₹149M FY2026
P/E ratio 26.6
Operating margin 140%
More key figures
EPS (TTM) ₹9.01
EPS growth (YoY) -68.1%
Net debt ₹51.7B FY2026

Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 35 · Market factors (momentum, volatility) 49

Profitability 23
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 18
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 58
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

IndoStar Capital Finance Limited, a non-banking financial company, provides various financing services to corporates, small and medium enterprises (SMEs), and individual customers in India.

Full company description

IndoStar Capital Finance Limited, a non-banking financial company, provides various financing services to corporates, small and medium enterprises (SMEs), and individual customers in India. The company offers vehicle finance services, including loans for commercial vehicles, farm equipment, four and two-wheelers, and construction equipment; home finance; and financing for used and new vehicles, as well as insurance products, such as life, motor, and accident cover and critical illness. It also provides small ticket micro loan against property finance services; small business loan for working capital and business expansion; and education, marriage, medical, and corporate lending products. The company was incorporated in 2009 and is based in Mumbai, India. IndoStar Capital Finance Limited operates as a subsidiary of BCP V Multiple Holdings Pte. Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

IndoStar Capital Finance Limited reported revenue of ₹13.9B in FY2026 versus ₹10.9B in FY2022, a compound +6.2%/yr. Reported net income was ₹1.4B in FY2026.

Growth Quality 33/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹13.9B
Latest YoY
+9.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.3%
Avg. growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.8%
Revenue +6.2%/yr
FY22 ₹10.9B
FY23 ₹10.9B
FY24 ₹9.3B
FY25 ₹12.7B
FY26 ₹13.9B
Net income
FY22 −₹7.4B
FY23 ₹2.3B
FY24 ₹1.2B
FY25 ₹1.2B
FY26 ₹1.4B
Character of growth · EPS growth decomposed (2015-2026) −8.6 % p.a.
Revenue per share +2.9 pp

of which total revenue +7.9 pp · buybacks/dilution −5.1 pp

EBIT margin −6.9 pp
Tax rate +0.6 pp
Residual (interest, one-offs) −5.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

INDOSTAR screens 53% overvalued. Compare with Visa Inc →

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Cite: Fair Value Calculator (2026). "IndoStar Capital Finance Limited Fair Value". https://www.fairvalue-calculator.com/stock/INDOSTAR

Peer Group

Credit Services · 333 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 40 · Bottom 25%
Fair Value upside −53% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 1% · Below median
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 140% · Top 25%
Revenue growth -5% · Below median
Debt / equity 1.45× · Higher than median

Valuation Multiples vs Credit Services median · lower = cheaper

P/E (TTM) 26.6× · Pricier than 75% of peers
EV/EBITDA 15.9× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 33
FUTURE 0 · sector 39
PAST 14 · sector 31
HEALTH 28 · sector 59
DIVIDEND 0 · sector 58

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Credit Services stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).

Stock Price Fair Value vs Fair Value
Visa Inc V $359.42 $198.27 -45%
Mastercard Incorporated MA $561.44 $221.87 -60%
Bajaj Finance Limited BAJFINANCE ₹1,094 ₹397.61 -64%
Shriram Finance Limited SHRIRAMFIN ₹1,117 ₹553.83 -50%
Cholamandalam Investment and Finance Company CHOLAFIN ₹1,918 ₹796.52 -58%
Tata Capital Limited TATACAP ₹367.05 ₹149.40 -59%
Power Finance Corporation PFC ₹376.50 ₹615.85 +64%
Muthoot Finance Limited MUTHOOTFIN ₹2,876 ₹3,429 +19%
Indian Railway Finance Corporation IRFC ₹88.35 ₹69.72 -21%
REC Limited RECLTD ₹346.00 ₹692.00 +100%

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Frequently asked questions

Is IndoStar Capital Finance Limited (INDOSTAR) overvalued or undervalued?
As of Aug 15, 2026, our model estimates a fair value of ₹113.00 versus a price of ₹239.25, about −53% (overvalued).
What is the fair value of INDOSTAR?
Our model-based fair value for IndoStar Capital Finance Limited is ₹113.00 (as of Aug 15, 2026), built from audited fundamentals. The current price is ₹239.25.
What is the quality score of INDOSTAR?
IndoStar Capital Finance Limited has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the net profit margin of INDOSTAR?
The net profit margin of IndoStar Capital Finance Limited is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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