SK Finance Ltd
Jaipur-based NBFC-ML financing used and new vehicles and MSMEs in rural north-west India; AUM ₹15,755 Cr and PAT ₹431 Cr in FY26, with a ₹2,200 Cr IPO in the pipeline.
Market cap
₹10,020 Cr
13.45 Cr shares
P/E ratio
23.25
Sector average 22
Book value
₹294.64
P/B 2.53
1-year return
+16.83%
52w ₹648 – ₹745
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+16.83% ₹638 → ₹745
52-week band in this window: ₹637.70 – ₹752.74. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY26 PAT ₹431 Cr (+13.5%), AUM ₹15,755 Cr, net worth ₹3,963 Cr, D/E 3.23x.
- ₹2,200 Cr IPO filed with SEBI in 2024 (Kotak lead manager); launch pending.
- Indicative unlisted price ₹745 (12 Aug 2026) vs ₹648 (30 Jun 2026); Altius quote not captured.
About SK Finance
SK Finance Limited (erstwhile Ess Kay Fincorp), founded by Rajendra Kumar Setia in 1994, is an RBI-registered non-deposit-taking middle-layer NBFC. It lends against commercial vehicles, cars, tractors and two-wheelers (new and used) and to small businesses, with a 600+ branch network concentrated in Rajasthan, Gujarat, Madhya Pradesh, Maharashtra and Punjab and a strongly rural, self-employed customer base.
FY26 was its best year yet: total income ₹2,828 Cr (₹2,824 Cr from operations), PAT ₹431 Cr (+13.5%), AUM ₹15,755 Cr, disbursements ₹9,162 Cr, net worth ₹3,963 Cr and debt-to-equity 3.23x. FY25 total income was ₹2,386 Cr. Investors Norwest, TPG Growth, Evolvence, Baring PE India and IIFL invested over 2018–22; a ₹1,328 Cr round in January 2024 brought in Motilal Oswal PE, Duro Capital, Axis Growth Avenues, Ananta Capital and Mirae.
The company filed a DRHP with SEBI in 2024 for a ₹2,200 Cr IPO (₹500 Cr fresh, ₹1,700 Cr OFS) with Kotak as lead banker and KFin as registrar and received SEBI's observations; as of September 2026 the issue has not been launched and dates are not announced. FY24 profit, expense splits, balance-sheet and cash-flow lines below are estimates. Figures preliminary; verify from MCA filings.
Altius Investech lists the stock but its buy/sell quote did not surface in our search; the rate used is ₹745, the 12 August 2026 indicative price from another dealer (₹648 on 30 June 2026). Share count of 13.45 Cr (face value ₹1) is from the last public paid-up-capital figure and may be stale after the 2024 raise.
Where the revenue comes from
- Vehicle finance (CV, cars, tractors, two-wheelers)78%
Secured loans on new and used vehicles — approximate AUM share
- MSME / small-business loans22%
Secured small-ticket business loans — approximate
Products & services
Used & new commercial-vehicle loans
Core product — secured loans on LCVs, HCVs and MUVs to first-time and small fleet owners.
Car, tractor and two-wheeler loans
Secured retail vehicle finance in rural and semi-urban markets.
MSME loans
Secured small-business loans, typically against property, to self-employed borrowers.
What works
- • Consistent profitability and growth — PAT ₹431 Cr in FY26 on a ₹15,755 Cr book; ICRA AA- rated.
- • Deep rural vehicle-finance franchise with in-house collections; strong secured-lending discipline versus unsecured peers.
- • Well-capitalised (net worth ₹3,963 Cr, D/E 3.2x) with marquee private-equity backing and an IPO already cleared by SEBI once.
What to watch
- • Used-vehicle and tractor borrowers are sensitive to monsoon and rural income shocks; credit costs rise quickly in bad years.
- • IPO timing has slipped repeatedly since 2024; a lapsed SEBI approval means a fresh filing and possible repricing.
- • PE investors hold roughly half the equity and will sell in the OFS — supply overhang around listing.
- • At ₹745 and 13.45 Cr shares the implied market cap is ~₹10,000 Cr, about 2.5x book and 23x FY26 earnings — not cheap for a vehicle NBFC.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| SK FinanceThis page | ₹745.00 | ₹10,020 Cr | 23.25 | 2.53 | +28.57% |
| Arohan | ₹233.00 | ₹3,355 Cr | 37.28 | 1.77 | +18.96% |
| OfBusiness | ₹415.00 | ₹41,500 Cr | 62.41 | 5.75 | +3.44% |
Latest reported year: FY26 ending 31 Mar 2026.