SK Finance Limited: Financials & Unlisted Share Analysis 2026
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
SK Finance Limited continues its credit expansion across rural vehicle and MSME lending, recording ₹2,828.19 Cr revenue in FY2026. This report examines its H1 FY2026 operational margins, private market price stability, and key risk disclosures.
Direct answer: SK Finance Limited showed steady top-line expansion in H1 FY2026, driven by retail vehicle and MSME lending across semi-urban markets, though borrowing costs squeezed net interest margins. Tracked via SK Finance Limited on BuyUnlistedShares, BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 notes an indicative private price of ₹745 per share as of 15 Oct 2026.
Business Profile and Corporate Background
Incorporated in 1994 and headquartered in Jaipur, Rajasthan, SK Finance Limited operates as a non-deposit-taking, middle-layer Non-Banking Financial Company (NBFC-ML) registered with the Reserve Bank of India (RBI). Founded by Managing Director and Chief Executive Officer Rajendra Kumar Setia, the firm caters primarily to self-employed and underbanked borrowers in rural and semi-urban India. Its lending operations are organized around two core retail verticals: vehicle financing—with a strong focus on used commercial vehicles, cars, tractors, and two-wheelers—and MSME credit.
The company relies on a branch-led, on-ground origination model supported by direct sales teams and channel partners across multiple states. To broaden its fee-based revenue streams, shareholders approved an amendment to the object clause of its Memorandum of Association on 11 Mar 2024, enabling the firm to solicit insurance business as a Composite Corporate Agent without risk participation. After receiving registration from IRDAI on 18 Dec 2024, SK Finance formally commenced corporate agency operations. Following shareholder approval, the Board also authorized a bonus share allotment on 8 Apr 2024. Subsequently, on 1 May 2024, the issuer filed its Draft Red Herring Prospectus (DRHP) with SEBI, BSE, and NSE for a proposed initial public offer comprising a fresh issue of shares and an offer for sale. While readers analyze pre-IPO opportunities like GFCL EV Products Unlisted Shares 2026: Financials & Capital Base, SK Finance represents a established credit-led structure seeking capital augmentation.
Key Operational & Capital Indicators
The table below presents essential structural and valuation metrics for SK Finance Limited, based on desk records and official disclosures. The company carries an ISIN of INE124N01039 (as of 15 Jul 2026) and total outstanding equity capital of approximately 13.40 crore shares (13,40,02,204 shares).
At an indicative price of ₹745 per share, the company exhibits a price-to-book (P/B) ratio of 2.98 based on a book value of ₹297.19 per share. Its debt-to-equity ratio stands at 3.22, reflecting the leverage required to sustain its loan portfolio growth in retail and vehicle credit segments.
H1 FY2026 Financial Performance & Multi-Year Trends
Per research updates published on 12 Nov 2025, SK Finance Limited generated ₹1,349 Cr in operational income during the first half of FY2026 (H1 FY2026), marking a 19.6% year-over-year growth. Net Interest Income (NII) expanded by 13% over the same period. However, elevated interest and finance costs—up 21% year-over-year—exerted pressure on interest spreads, leading to a compression in Net Interest Margin (NIM) to 7.9% for H1 FY2026. Bottom-line Profit After Tax (PAT) reached ₹179 Cr in H1 FY2026, rising 21% year-over-year, supported by an annualized Return on Assets (ROA) of 2.2% amid ongoing loan book expansion of nearly 50%.
On an annual audited basis, SK Finance Limited has sustained top-line growth over recent financial years. Operational revenue climbed from ₹852.81 Cr in FY2022 to ₹1,314.24 Cr in FY2023, ₹1,797.95 Cr in FY2024, ₹2,386.38 Cr in FY2025, and reached ₹2,828.19 Cr in FY2026. Net profit mirrored this trajectory, increasing from ₹142.87 Cr in FY2022 to ₹430.89 Cr in FY2026, delivering an EPS of ₹32.08 per share in FY2026.
Per the historical financial summary, SK Finance Limited expanded total operational revenue from ₹852.81 Cr in FY2022 to ₹2,828.19 Cr in FY2026, while profit after tax rose from ₹142.87 Cr to ₹430.89 Cr over the same period.
Unlisted Share Price Movement & Private Market Context
Equity shares of SK Finance Limited trade in the over-the-counter unlisted market. Between 17 Jul 2026 and 14 Oct 2026, desk records indicate that the indicative share price remained stable at ₹745.0 per share. At this valuation, the total market capitalization of the firm stands at ₹11,859.0 Cr.
Per desk records from 17 Jul 2026 to 14 Oct 2026, the indicative unlisted share price for SK Finance Limited remained steady at ₹745 per share.
When evaluating unlisted valuations across the financial services domain, BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 tracks OTC transaction figures alongside equity balance sheets. Investors monitoring upcoming mainboard or SME public offerings via the IPO calendar or scanning broader private equities using the Unlisted shares screener often compare unlisted financial entities with peers such as SBI General Insurance Unlisted Share Details & IPO Status 2026 to evaluate comparative balance sheet strength.
Shareholding Pattern & Primary Risk Disclosures
The shareholding structure of SK Finance Limited reflects institutional backing alongside founder control. Private equity funds and institutional investors hold the majority stake, while the founder family retains significant operational alignment.
| Shareholder Category | Holding (%) |
|---|---|
| Funds / PE Investors (Norwest, TPG, Evolvence, Baring, IIFL) | 59.00% |
| Promoters / Founders (Setia family) | 33.42% |
| Enterprises / Bodies Corporate | 4.02% |
| ESOP Pool | 2.64% |
| Others / Public Shareholders | 0.92% |
Prospective buyers holding or evaluating unlisted equity must carefully review key operational and regulatory risk factors highlighted in the issuer's DRHP filing:
- Borrower Credit Profile: Core operations focus on mid-to-low-income retail borrowers and small businesses in rural and semi-urban areas. These segments are more vulnerable to macro-economic downturns, localized income disruption, and adverse weather events.
- Collateral Repossession Risks: Vehicle financing relies on the physical recovery and resale of collateral upon borrower default. Liquidation delays or collateral depreciation can directly increase provisioning requirements.
- Regulatory Supervision: As an NBFC-ML under RBI supervision, the firm undergoes periodic inspections. Non-compliance with inspection observations or changing regulatory capital norms could bring financial penalties or business constraints.
- Liquidity & Exit Risk: Unlisted shares lack an active exchange trading mechanism. Indicative prices differ between private dealing desks, liquidity remains limited, and proposed public listings may be delayed, repriced, or postponed depending on market conditions.
For current quotes, lot availability, and execution details on unlisted financial securities, contact BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 or submit a query through our enquiry desk.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹745 | 15 Oct 2026 |
| Lot size | 34 shares | 15 Oct 2026 |
| Minimum investment | ₹25,330 | 15 Oct 2026 |
| Market cap | ₹11,859 Cr | 15 Oct 2026 |
| Face value | ₹1 | 15 Oct 2026 |
| Book value | ₹297.19 | 15 Oct 2026 |
| P/E | 27.52 | 15 Oct 2026 |
| ISIN | INE124N01039 | 15 Oct 2026 |
| Sector | Financials | 15 Oct 2026 |
| Listing status | UNLISTED | 15 Oct 2026 |
Frequently Asked Questions
What is the core business model of SK Finance Limited?
SK Finance Limited is a Jaipur-based non-deposit-taking NBFC-Middle Layer founded in 1994. It specializes in retail vehicle financing—focusing on used commercial vehicles, cars, tractors, and two-wheelers—and MSME lending across rural and semi-urban regions through a branch network.
Is SK Finance Limited currently listed on the stock exchange?
No. SK Finance Limited equity shares are not listed on the NSE or BSE as of 15 Oct 2026. The company filed its DRHP for a public issue on 1 May 2024, but its equity currently trades exclusively in the unlisted, over-the-counter market.
Is buying SK Finance Limited unlisted shares suitable for my investment portfolio?
We do not make that call. Unlisted shares carry higher illiquidity, price variance across desks, and operational risks than exchange-traded stocks. Investors should independently review disclosures, evaluate risk capacity, and consult a qualified financial advisor before transacting.
What financial growth did SK Finance report in H1 FY2026?
Per research updates dated 12 Nov 2025, SK Finance generated operational revenue of ₹1,349 Cr (up 19.6% YoY) and a PAT of ₹179 Cr (up 21% YoY) in H1 FY2026. However, borrowing costs rose 21%, resulting in a Net Interest Margin compression to 7.9%.
Who holds the majority equity stake in SK Finance Limited?
As per equity distribution disclosures, private equity and institutional funds—including Norwest, TPG, Evolvence, Baring, and IIFL—hold a combined 59.00% stake, while the promoter Setia family holds 33.42% of the company's equity.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
