Berar Finance Ltd

Indicative price history

Key highlights

• FY26 PAT ₹36.2 Cr (EPS ₹24.15) on total income of about ₹358 Cr; net worth ₹499 Cr; total assets ₹2,036 Cr; net NPA 2.32%.
• Loan book ₹1,644 Cr at December 2025 (+26% YoY) after AUM of ₹1,386 Cr at March 2025; 160+ branches in nine states; two-wheelers about 97% of AUM.
• ₹150 Cr Series B (Oct 2025) led by Abler Nordic and First Bridge at a reported ₹610.05 a share; earlier rounds from Amicus Capital (2020) and Maj Invest (2022).
• CRISIL BBB+/Stable (upgraded Aug 2025); CARE BBB FD rating moved to Issuer Not Cooperating (Feb 2026). UnlistedZone rate ₹445 (2 Aug 2026), lot 500.

About Berar Finance

Berar Finance Limited is a deposit-taking non-banking finance company (NBFC-D, RBI middle layer) headquartered at Dhantoli, Nagpur. Incorporated on 22 August 1990 (CIN U65929MH1990PLC057829, RoC Mumbai) and promoted by Maroti Gendaru Jawanjar, it built its franchise lending for commercial and personal two-wheelers in Vidarbha and has spread across Maharashtra, Chhattisgarh, Madhya Pradesh, Gujarat, Karnataka, Telangana and other states. Two-wheeler loans, including refinance, were about 97% of assets under management at March 2025; the company also finances cars, commercial vehicles and agricultural equipment and is positioning itself as a multi-product small-ticket lender. The branch network grew from 105 to more than 160 branches (162 at the latest count) in nine states, and the second generation of the promoter family, Sandeep Jawanjar, associated since 2006, runs the business as managing director.

Institutional capital arrived in 2020: Amicus Capital invested about $10 M in January 2020 as the first institutional shareholder, Denmark's Maj Invest Financial Inclusion Fund III followed with primary shares in March 2022 (about $23 M raised from the two by then), and in October 2025 the company closed a ₹150 Cr Series B led by Norway's Abler Nordic and First Bridge India Growth Fund, with Amicus taking a partial exit; UnlistedZone reported the preferential allotment price at ₹610.05 a share. Share capital rose from ₹12.34 Cr to ₹14.52 Cr (1,45,16,996 shares of ₹10) by March 2026 and shareholder funds reached about ₹498.6 Cr.

Financially the company has scaled steadily. AUM grew at an 18% three-year CAGR to ₹1,386 Cr at March 2025 (₹1,124 Cr a year earlier) and the loan book reached ₹1,644 Cr by December 2025, up 26% year on year; total assets rose from ₹1,589 Cr to ₹2,036 Cr over FY26. Total income was ₹295 Cr in FY25 and about ₹358 Cr in FY26 (interest income ₹324 Cr, fees ₹23 Cr, other operating income ₹11 Cr). Profit after tax rose from ₹22.2 Cr in FY24 to ₹32.3 Cr in FY25 and ₹36.2 Cr in FY26 (EPS ₹24.15), with return on managed assets of 2.2% in FY25; return on equity slipped to 8.8% in FY26 because of the fresh equity. Asset quality has improved — net NPA fell from 3.30% in FY23 to 2.89% in FY25 and 2.32% in FY26 (gross NPA 4.43% in FY25) — while the net interest margin compressed from 7.97% to 7.18% over 9M FY26 on higher funding costs. Capital adequacy was 22.28% at March 2025, before the Series B. Borrowings at March 2026 were about ₹1,484 Cr: ₹1,153 Cr of bank and other loans, ₹195 Cr of NCDs and ₹135 Cr of public deposits.

Ratings and recent events: CRISIL upgraded the company to BBB+/Stable in August 2025 citing improved earnings, scale and the impending equity raise; ICRA withdrew its rating on a ₹34 Cr NCD programme in October 2025 after full redemption; and in February 2026 CARE moved its fixed-deposit rating (CARE BBB; Stable, outlook earlier Positive) to the 'issuer not cooperating' category after the company stopped sharing information with that agency and withdrew the rating on ₹30 Cr of NCDs that had been redeemed. Quarterly results are published through exchange disclosures for its listed debt: Q2 FY26 PAT was ₹7.04 Cr (flat year on year) and 9M FY26 PAT about ₹24 Cr.

Rate used and valuation: UnlistedZone's page shows an indicative price of ₹445 as of 2 August 2026, which is also its 52-week high; Sharescart quotes ₹445 with a lot of 500 and wwipl's last traded price is ₹453–460 (52-week high ₹485 on 27 March 2026, low ₹188 in August 2025). This profile uses the UnlistedZone rate of ₹445. On 1.4517 Cr shares that is a market capitalisation of about ₹646 Cr — 17.8 times FY26 earnings and about 1.3 times March-2026 book value of ₹343 a share — a discount to the ₹610 institutional round price and to listed two-wheeler financiers, reflecting the small size, the CARE non-cooperation flag and thin liquidity.

Verification status (10 Oct 2026): CIN, incorporation date, registered office, ISIN, share count, promoter identity and NBFC-D status are registry/RBI-sourced via aggregators; FY25 AUM, net worth, revenue, PAT, CAR and NPA ratios and the CRISIL/CARE/ICRA rating actions are from rating-agency summaries (CRISIL, CARE, ICRA via indiabonds); FY26 balance-sheet totals, income lines, PAT and EPS are from the standalone statements reproduced on wwipl and Sharescart. Tax, interest expense, depreciation, operating-expense splits, FY24 total income and balance sheet, asset breakdowns, cash flows, shareholding percentages, headcount and director DINs/appointment dates are estimates. No annual report could be downloaded; confirm the lot (500) and current quote with the dealer.

Where the revenue comes from

• Two-wheeler loans (new and refinance)90%

  About 97% of AUM at March 2025; income share estimated

• Car, commercial-vehicle and tractor loans6%

  Newer multi-product lines (estimate)

• Fees and other operating income4%

  Fee and commission income ₹22.9 Cr and other operating income ₹10.8 Cr in FY26

Products & services