Hinduja Leyland Finance Limited: Financial Performance, Business Model & Merger Update (2026)

Hinduja Leyland Finance Limited (HLFL) is one of the top non-banking financial companies (NBFCs) in India. HLF Limited was founded in 2008 and is headquartered in Chennai. The company is primarily known to offer financial assistance for commercial vehicles, personal vehicles, construction equipment, and loan against property.

It is jointly promoted by the multi-billion-dollar Hinduja Group and its flagship automobile manufacturing company, Ashok Leyland Limited. It is currently under the leadership of Sachin Pillai, serving as the Managing Director and CEO. 

Key Financial Highlights (FY 2024-25)

Here are the key financial highlights for FY 2024-25

Hinduja Leyland Finance Ltd. - An Overview

Here are some quick facts about Hinduja Leyland Finance Limited.

History & Evolution of Hinduja Leyland Finance Limited

Hinduja Leyland Finance Limited was born from the strategic vision of the Hinduja Group to build a dedicated financial arm that could support Ashok Leyland's commercial vehicle business. Over the past 16 years, it has grown from a single-purpose lender into one of India's top 10 vehicle finance NBFCs by AUM.

2008: Incorporation as a Public Limited Company

HLF was incorporated on November 12, 2008, and registered as a Public Limited Company in Chennai. Its founding objective was to provide vehicle financing support to Ashok Leyland's dealer-customer network.

2010: RBI License & Lending Operations Begin

Reserve Bank of India (RBI) accepted and gave a license to HLFL to operate as a non-deposit taking systemically important (ND-SI) NBFC in March 2010, and the lending operations began from FY11.

2015: Incorporated wholly-owned subsidiary Hinduja Housing Finance Limited

In April 2015, Hinduja Leyland Finance entered housing finance by forming its wholly owned subsidiary, Hinduja Housing Finance Limited (HHFL), thereby significantly diversifying its product line beyond vehicle financing.

2016: DRHP filed with SEBI

In March 2016, HLF filed a Draft Red Herring Prospectus with SEBI for a proposed IPO to raise around ₹500 crore. It was later withdrawn in June, 2017, due to unfavorable market conditions.

2018: Second DRHP filed with SEBI

In June 2018, a new DRHP was filed with SEBI for a similar-sized IPO, comprising a fresh issue and an offer for sale. However, the company did not proceed with listing after the second filing either, and it remains unlisted as of 2026.

2022: Merger Scheme with NDL Ventures Announced

HLF's board approved the scheme of merger by absorption into NDL Ventures Limited (formerly NXTDIGITAL) on November 25, 2022. This "reverse listing" strategy was designed to give HLF access to public equity capital markets without a traditional IPO.

2025: RBI NOC for Merger Received

The Reserve Bank of India granted its No Objection Certificate (NOC) for the proposed merger of HLF into NDL Ventures - a critical regulatory phase in the company’s history. NDL Ventures board also approved the merger in November, 2025.

2026: CCI Approval Received

The Competition Commission of India (CCI) approved the merger proposal in February 2026, with subsequent approval of both BSE and NSE. However, the final approval is still awaited from the National Company Law Tribunal as of May 2026.

Leadership and Management

HLF is promoted by Ashok Leyland Ltd. and the Hinduja Group. As of May 2026, Ashok Leyland Limited holds an estimated 61% of equity stakes in HLF, whereas Hinduja Automotive Ltd. holds around 26%, and the remaining is under Public and institutional investors. Dheeraj Gopichand Hinduja is serving as the Chairman, and Sachin Pillai is the Managing Director & CEO of the company.

Board of Directors

Here is a brief overview of the board of directors as per the annual reports for 31st, March 2025.

Business Operations

Hinduja Leyland Finance operates as a non-banking financial company (NBFC) primarily focused on vehicle financing and related lending solutions. The company serves customers across urban, semi-urban, and rural markets through an extensive network spread across India. Its customer base includes first-time vehicle buyers, fleet operators, transport businesses, self-employed individuals, and MSMEs.

The company offers a diversified portfolio of financial products for both personal and commercial transportation needs. Its key product offerings include:

• Commercial Vehicle Finance (Heavy, Medium, Intermediate, Light, and Small Commercial Vehicles)
• Used Commercial Vehicle Finance
• Construction Equipment Finance
• Tractor Finance
• Two-Wheeler Loans
• Used Car Loans
• Loan Against Property (LAP)
• MSME Loans
• Leasing Solutions
• Affordable Housing Finance through its subsidiary, Hinduja Housing Finance Limited.

Subsidiary & Associate Companies

Here is a quick snapshot of the subsidiary and associate companies of Hinduja Leyland Finance Limited as of 31 March 2025.

Financial Overview

Here is a brief financial overview of Hinduja Leyland Finance Limited. Let’s have a glance at the key consolidated metrics of the Financial Statement, Balance Sheet, and Cash Flow Statement of the company for the year ending 31st March 2025.

Financial Performance

Balance Sheet Snapshot

Cashflow Statement

Note: The financial metrics presented above are based on the consolidated financial statements for comparability across periods. Figures are sourced directly from the company's Annual Report 2024-25.

Business Strength and USPs

Here are a few of the key business strengths of the Hinduja Leyland Finance Limited:

• Consistent Business Growth and Financial Performance: The company has a strong track record of business expansion and profitability since its inception. Its ability to steadily grow its loan book, revenue streams, and earnings reflects a scalable business model.
• Strong Parentage and Group Synergies: The company benefits from its association with the Hinduja Group and close operational linkages with Ashok Leyland. These relationships support brand credibility in the market.
• Experienced Leadership and Management Team: The company is led by an experienced management team. Their industry expertise and leadership have played a key role in driving growth, profitability, and risk management.
• Diversified Asset Portfolio and Customer Base: The company finances a broad range of assets across multiple customer segments, reducing dependence on any single product category.
• Geographically Diversified Operations: With a presence across multiple regions of India, the company has built a well-diversified lending portfolio, enabling deeper market penetration.
• Technology-Enabled Operations: The company has invested in digital infrastructure and automated systems to streamline lending operations. Its technology platforms support faster loan processing, portfolio monitoring, enhanced collections, and improved customer service.

Key Business Strategies

The company follows strong business strategies that help it position itself as a leader in the industry. A few of the key business strengths are as follows:

• Strengthening Dealer Partnerships: The company aims to make its relationships strong with Ashok Leyland, other vehicle manufacturers, and dealer networks to enhance customer acquisition and improve market penetration across vehicle financing segments.
• Expanding and Diversifying the Asset Portfolio: The company plans to reduce dependence on any single asset category by increasing its focus on a wider range of financing products.
• Leveraging Cross-Selling Opportunities: The company intends to utilize its existing customer base and distribution network to cross-sell multiple financial products for increased customer engagement, improving retention, and enhancing revenue opportunities.
• Leveraging Securitization and Capital Recycling: The company intends to continue using securitization and asset assignment transactions as part of its funding strategy to improve liquidity, manage risk, and enhance capital efficiency.

Recent Corporate Developments

In Nov 2025, NDL Ventures Ltd (formerly NXTDIGITAL) announced its board had approved a scheme to merge HLF into NDL Ventures, subject to approvals.

This reverse merger is proposed to enable equity fundraising. HLF’s board, RBI, SEBI, and BSE have cleared the scheme, with RBI issuing an NOC (Aug 2025) and BSE/SEBI issuing no-objection letters in May 2026. The merger is still pending for the National Company Law Tribunal’s (NCLT) approval as of May 2026.

Market Reaction & Recent Updates

Since HLF is unlisted, direct market data are limited. However, due to the update of HLF’s merger with NDL, related stocks like Ashok Leyland’s share price saw a positive momentum along with the NDL Ventures stocks.

Investors can follow Hinduja Leyland Finance Limited’s unlisted shares and may see it as a potential investment opportunity with the reverse merger happening with the approval of NCLT.

Disclaimer: This company analysis is based on the information provided by publicly available sources, the company’s DRHP, and audited financial reports presented by the company on its website. As an unlisted company, the complete and validated information is limited, and any future performance depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions.