Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Shriram Finance posted 11.4% YoY PAT growth, beating consensus estimates by 3-5%. The beat was driven by lower credit costs and a surprise 35bp sequential drop in Stage 2 assets.</li>
<li>The results validate the post-merger efficiency thesis: operating expenses are flat , the cost-to-income ratio is improving, and liability management is becoming more astute</li>
<li>While some remain cautious on CV macro headwinds, SHFL's internal execution, productivity gains, cross-selling, and a laser focus on a credit rating upgrade is the more dominant and compelling narrative.</li>
</ul>


Shriram Finance posted 11.4% YoY PAT growth, beating consensus estimates by 3-5%. The beat was driven by lower credit costs and a surprise 35bp sequential drop in Stage 2 assets.
The results validate the post-merger efficiency thesis: operating expenses are flat , the cost-to-income ratio is improving, and liability management is becoming more astute
While some remain cautious on CV macro headwinds, SHFL's internal execution, productivity gains, cross-selling, and a laser focus on a credit rating upgrade is the more dominant and compelling narrative.


The Beat Ideas: Shriram Finance - Steering Steady Through Change, Poised for the Next Growth Wave

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>NIMs Improve as Excess Liquidity Eases: SLF’s 8 bps NIM improvement was aided by utilisation of excess liquidity, which currently stands at normalised levels, equivalent to 3 months (vs 5 months in Q1) of liability repayments.</li><li>Furthermore, the company’s incremental CoF stands at 8.07% vs the overall CoF of 8.83% (down 12 bps QoQ) in Sep’25.</li><li>Thus, downward repricing of CoF should help support margins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIMs Improve as Excess Liquidity Eases: SLF’s 8 bps NIM improvement was aided by utilisation of excess liquidity, which currently stands at normalised levels, equivalent to 3 months (vs 5 months in Q1) of liability repayments.Furthermore, the company’s incremental CoF stands at 8.07% vs the overall CoF of 8.83% (down 12 bps QoQ) in Sep’25.Thus, downward repricing of CoF should help support margins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shriram Finance Ltd. - Inline Quarter; Growth Outlook Optimistic!

<ul><li>NIMs Impacted by Excess Liquidity; CoF Improvement to Drive Expansion: The 14bps QoQ contraction in margins was on account of the negative carry from the excess liquidity carried on the balance sheet.</li><li>The management has indicated that SFL will look to ease the excess liquidity (by ~Rs 10,000 Cr) over the next 4-5 months, while maintaining liquidity to cover 3 months of liabilities cover vs 5-month cover currently. Thus, easing of excess liquidity should support margins.</li><li>SFL’s yields across segments have remained largely stable. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIMs Impacted by Excess Liquidity; CoF Improvement to Drive Expansion: The 14bps QoQ contraction in margins was on account of the negative carry from the excess liquidity carried on the balance sheet.The management has indicated that SFL will look to ease the excess liquidity (by ~Rs 10,000 Cr) over the next 4-5 months, while maintaining liquidity to cover 3 months of liabilities cover vs 5-month cover currently. Thus, easing of excess liquidity should support margins.SFL’s yields across segments have remained largely stable. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shriram Finance Ltd. - NIMs to Improve Over H2FY26; Growth Visibility Healthy!

<ul><li>NIMs to rebound as excess liquidity eases: Another sharp contraction in NIMs during Q4FY25 was attributed to excess liquidity of up to 6 months of liability repayments (~Rs 31,000 Cr) vs. an average liquidity of 3 months of liability repayments (~Rs 19,000 Cr).</li><li>The impact of excess liquidity on margins was 20-25bps.</li><li>The management has assured that this will be utilised over the next couple of quarters. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIMs to rebound as excess liquidity eases: Another sharp contraction in NIMs during Q4FY25 was attributed to excess liquidity of up to 6 months of liability repayments (~Rs 31,000 Cr) vs. an average liquidity of 3 months of liability repayments (~Rs 19,000 Cr).The impact of excess liquidity on margins was 20-25bps.The management has assured that this will be utilised over the next couple of quarters. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shriram Finance Ltd - On Recovery Path After a Slight Hiccup; Risk-Reward Favourable!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Aditya Birla Capital Ltd / Index Rebalance

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL IN)

The Beat Ideas: Shriram Finance - Steering Steady Through Change, Poised for the Next Growth Wave

Shriram Finance beats estimates with 11.4% PAT growth, driven by lower credit costs and improved asset quality. Post-merger efficiencies...

Nimish Maheshwari

Shriram Finance Ltd. - Inline Quarter; Growth Outlook Optimistic!

SLF’s 8 bps NIM improvement was aided by utilisation of excess liquidity, which currently stands at normalised levels, equivalent to 3 months (vs 5...

Axis Direct

Shriram Finance Ltd. - NIMs to Improve Over H2FY26; Growth Visibility Healthy!

The 14bps QoQ contraction in margins was on account of the negative carry from the excess liquidity carried on the balance sheet.

Axis Direct

Shriram Finance Ltd - On Recovery Path After a Slight Hiccup; Risk-Reward Favourable!

NIMs to rebound as excess liquidity eases: Another sharp contraction in NIMs during Q4FY25 was attributed to excess liquidity of up to 6 months of...

Axis Direct

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Shriram Finance - Steering Steady Through Change, Poised for the Next Growth Wave

​Shriram Finance beats estimates with 11.4% PAT growth, driven by lower credit costs and improved asset quality. Post-merger efficiencies...

Nimish Maheshwari

Shriram Finance Ltd. - Inline Quarter; Growth Outlook Optimistic!

SLF’s 8 bps NIM improvement was aided by utilisation of excess liquidity, which currently stands at normalised levels, equivalent to 3 months (vs 5...

Axis Direct

Shriram Finance Ltd. - NIMs to Improve Over H2FY26; Growth Visibility Healthy!

The 14bps QoQ contraction in margins was on account of the negative carry from the excess liquidity carried on the balance sheet.

Axis Direct

Shriram Finance Ltd - On Recovery Path After a Slight Hiccup; Risk-Reward Favourable!

NIMs to rebound as excess liquidity eases: Another sharp contraction in NIMs during Q4FY25 was attributed to excess liquidity of up to 6 months of...

Axis Direct

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Shriram Finance beats estimates with 11.4% PAT growth, driven by lower credit costs and improved asset quality. Post-merger efficiencies...