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Hinduja Leyland Finance Limited Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About Hinduja Leyland Finance Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Hinduja Leyland Finance Limited
| P&L Statement | 2023 | 2024 |
|---|---|---|
| Interest Earned | 3113 | 4010 |
| Other Income | 388 | 649 |
| Interest Expended | 1721 | 2561 |
| Operating Expenses | 456 | 632 |
| Provisions and contingencies | 646 | 572 |
| PAT | 489 | 636 |
| eps | 9.14 | 11.88 |
| Gross NPA | 4.87 | 4.3 |
| Net NPA | 3.34 | 2.7 |
| Financial Ratios | 2023 | 2024 |
|---|---|---|
| Advances | 28415 | 38463 |
| Book Value | 104.63 | 127.25 |
| P / B | 2.68 | 2.2 |
| ROE (%) | 8.74 | 9.34 |
| Assets | 2023 | 2024 |
|---|---|---|
| Fixed Assets | 106 | 358 |
| Cash and Balances | 1266 | 3211 |
| Investments | 1828 | 1921 |
| Advances | 28415 | 38463 |
| Other Assets | 804.02 | 924.16 |
| Total Assets | 32419.02 | 44877.16 |
| Liabilities | 2023 | 2024 |
|---|---|---|
| Share Capital | 535.02 | 535.16 |
| FV | 10 | 10 |
| Reserves | 5063 | 6275 |
| Borrowings | 24891 | 35029 |
| Deposits | 0 | 0 |
| Other Liabilities | 1930 | 3038 |
| Total Liabilities | 32419.02 | 44877.16 |
About Company
Hinduja Leyland Finance Limited (HLF) was incorporated on 12 November 2008. It is promoted by Ashok Leyland (a flagship in the Hinduja Group) and operates as a key NBFC focusing on financing vehicles and equipment.
The following table shows a 10-point analysis of Hinduja Leyland Finance Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 AUM ₹61,692 cr (consolidated) Total Income ₹6,281 cr PAT ₹774 cr PAT margin ~12% |
Diversified NBFC focused on vehicle finance (CV, 2/3-wheelers, tractors), LAP, SME/MSME, consumer finance. Strong ties to Ashok Leyland (ALL ~61% via Hinduja Group). Emphasis on rural/semi-urban markets (~25% AUM in ALL vehicles) with robust growth amid infra & electrification trends. |
| Industry & Market Position | Leading vehicle financier in India Significant CV/HCV presence |
Competitive in CV/used vehicle segments. Edge from captive financing & distribution. Resilient diversified portfolio reduces cyclical risk. Faces competition from Bajaj Finance, Shriram & banks, but strong in commercial vehicles. |
| Revenue Growth Trend | FY23–FY25 CAGR ~25–30% FY25 YoY ~25% |
Strong expansion from CV recovery, two-wheeler ramp-up & LAP. Outpaced industry in vehicle finance. Supported by economic recovery & group linkages. Momentum continued into H1 FY26 (~9% AUM growth). |
| Profitability & Margins | NIM stable ROA ~1.3% ROE moderate PAT margin ~12% |
Healthy profitability with 22% YoY PAT growth despite provisions. Improved asset quality (GNPA ~2.8%) aids margins. High-quality earnings from secured lending & cost control; better than many peers. |
| Cash Flow Quality | OCF supported by collections Dividends: limited/no payout |
Solid operational cash from diversified book. Funding mix (banks ~78%, ECBs increasing) aids liquidity. Strong quality post-asset cleanup; group support enhances buffers. |
| Balance Sheet Strength | Net worth ₹8,694 cr (consolidated) Gearing ~5.3x CAR ~19.3% (standalone) |
Comfortable capitalization via equity infusions & internal accruals. Adequate buffers; CRAR above norms. Downside protected by group commitment & diversified assets; low leverage risk. |
| Valuation Comfort | Unlisted price ~₹190–265 (Feb 2026) P/E ~18–25x (EPS ~₹14–15) Market cap ~₹10,000–14,000 cr |
Reasonable multiple for growing NBFC with strong parent & improving asset quality. Attractive vs. listed peers; no excessive premium despite growth. |
| Management & Governance | Hinduja Group / Ashok Leyland-controlled Professional team CRISIL AA+/Stable & CARE ratings |
Proven execution in scaling vehicle finance. Transparent disclosures (annual reports/filings). Excellent governance with group oversight; no major regulatory issues. |
| Growth Triggers & Catalysts | CV/infra demand revival Two-wheeler & used vehicle expansion Asset quality stability No confirmed near-term IPO |
Organic upside from economic recovery, ALL vehicle sales & diversification. Incremental from digital/geographic expansion. Potential future listing if pursued. |
| Liquidity & Exit Visibility | OTC liquidity only No active IPO/DRHP plans (historical filings expired) |
Moderate unlisted trading; capital somewhat locked. Exit via OTC or strategic/group moves. Real liquidity risk but high-quality asset with parent backing. |
Business Verticals & Offerings
- Vehicle Financing: Commercial vehicles (heavy, medium, small), buses, tractors, and two-wheelers.
- Used Vehicle Financing: Pre-owned commercial vehicles.
- Construction Equipment Finance: Loans for construction-machinery users.
- Loan Against Property (LAP): Credit backed by real estate.
- Affordable/Housing Finance: Through its subsidiary Hinduja Housing Finance Limited.
Geographical & Operational Reach
- HLF has a widespread branch network, with over 1,550 locations across 21 states and 3 union territories.
- It leverages Ashok Leyland’s dealer ecosystem, especially for commercial vehicle financing.
Financial Performance & Metrics
Based on the latest credit-rating reports and unlisted market data:
- According to CARE’s 2022 report: As of 30 September 2022, HLF had cash & equivalents of ~₹ 750 crore and unavailed credit lines of ~₹ 3,736 crore.
- Shareholding (as of Sept 2022): ~99.34% held by the Hinduja Group; Ashok Leyland holds ~68.79%.
- Key financials from earlier years: In FY20, HLF reported PAT of ₹292 crore on income of ₹2,927 crore.
- As per the unlisted share market data
- FY23 → FY24: HLF’s total income reportedly rose from ₹3,502 Cr to ~₹4,660 Cr.
- PAT (unlisted data) grew from ~₹490 Cr to ~₹636 Cr in the same period.
- AUM (Assets Under Management) is also expanding rapidly: from ~₹36,906 Cr to ~₹49,235 Cr per some unlisted-share sources.
Asset Quality & Liquidity
- According to CARE’s report (Sept 2022): HLF has strong financial flexibility, good liquidity lines, and a decent provision buffer.
- Credit risk is mitigated by a diversified vehicle-finance portfolio and LAP exposure.
Strengths & Growth Drivers
- Strong Parentage & OEM Linkage: Backed by the Hinduja Group and Ashok Leyland, which gives it credibility and deep access to the CV financing business.
- Diverse Product Mix: Not just commercial vehicles, but also used CVs, LAP, construction equipment, and housing finance.
- Network Reach: Broad branch coverage and leveraging Ashok Leyland’s dealer network.
- Capital Flexibility: Proven ability to raise funds via term loans, backed by strong financials.
- Growth in AUM: Accelerated growth in the lending book, particularly in vehicle and LAP segments, suggests scalability.
Risks & Challenges
- Cyclical Vehicle Industry: A big portion of business is tied to commercial-vehicle demand and CAPEX cycles.
- Credit Risk: Used vehicle financing and LAP come with credit-recovery risks.
- Funding Risk: As an NBFC, margin cost and liquidity cycles could pressure profitability.
- Regulatory Risk: NBFC regulation changes may impact business model/leverage.
- Unlisted Liquidity Risk: For investors in unlisted shares, exit could be difficult; valuation depends on credit performance and AUM growth.
Quick Summary
Hinduja Leyland Finance Ltd (HLF) is a well-established NBFC focused on vehicle finance, construction equipment, and property-backed lending. It benefits from strong parentage (Hinduja Group / Ashok Leyland) and a broad business model. Financials show robust AUM and PAT growth, though risks from cyclical CV demand and credit losses remain. As an unlisted share, HLF offers a compelling play for NBFC-oriented investors — provided they are comfortable with limited liquidity and long-term value realization.
Shareholding Pattern of Hinduja Leyland Finance Limited
| Name | Holding |
|---|---|
| Ashok Leyland Limited; Holding Company | 60.40% |
| Hinduja Automotive Limited | 12.95% |
| Abridge Investments Ltd | 6.54% |
| Aviator Global Investment Fund | 5.33% |
| Elara India Opportunites Fund Limited | 5.23% |
| Others | 9.5% |
Promoters of Hinduja Leyland Finance Limited
| Name | Role | Linkedin Profile |
|---|---|---|
| Dheeraj G. Hinduja | Chairman, Hinduja Group (promoter) |  |
| Sachin Pillai | MD & CEO, Hinduja Leyland Finance | |
| Ashok Leyland | Principal Promoter OEM partner | |
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Frequently Asked Questions
Hinduja Leyland Finance Limited unlisted shares refer to equity ownership in the private finance arm of the Hinduja Leyland Group. These shares are not listed on NSE or BSE and can be purchased privately through platforms like UnlistedKraft.
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Unlisted shares involve risks such as limited liquidity and lower public disclosure. However, Hinduja Leyland Finance is backed by the well-established Hinduja Leyland Group and operates with a strong financial services model. Investing via UnlistedKraft ensures secure and transparent transactions.
Pricing is based on recent unlisted transactions, demand and supply, company financial health, and valuation trends. UnlistedKraft updates these rates regularly to ensure fair and transparent market pricing.
Yes, a valid demat account is required to receive and hold Hinduja Leyland Finance Limited unlisted shares.
There is no mandatory lock-in period unless the company goes public. Most investors hold these shares until a liquidity event such as an IPO or acquisition to benefit from potential returns.
Yes. You may sell your shares through UnlistedKraft’s resale channel, subject to buyer demand and prevailing market conditions.
Yes. Under SEBI regulations, pre-IPO investors must observe a six-month lock-in period once the company is listed on a public exchange.
If held for more than two years, long-term capital gains are taxed at 20 percent with indexation. If sold within two years, gains are treated as short-term and taxed as per your applicable income tax slab.
UnlistedKraft offers verified access to unlisted shares of high-potential companies like Hinduja Leyland Finance Limited, supported by transparent pricing, expert guidance, secure transactions, and quick delivery to your demat account.
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