Hinduja Leyland Finance Limited Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Hinduja Leyland Finance Limited Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | 6,280.5 | 4,659.2 | 3,501.6 |
| Expense | 1,607.1 | 1,206.0 | 1,104.7 |
| EBITDA | 4,673.4 | 3,453.2 | 2,396.8 |
| Other Cost | 3,633.6 | 2,611.8 | 1,743.9 |
| PBT | 1,039.8 | 841.4 | 652.9 |
| Tax Expense | 266.0 | 205.0 | 162.9 |
| PAT | 773.8 | 636.4 | 490.0 |
| Other Inc./Exp. | 908.5 | 573.3 | 93.6 |
| Net Income | 1,682.3 | 1,209.8 | 583.6 |
| Shares O/S | 54.52 | 53.52 | 53.50 |
| EPS (₹) | 14.46 | 11.89 | 9.80 |
| Rev. Growth % | 34.8% | 33.1% | — |
| EBITDA Mgn % | 74.4% | 74.1% | 68.4% |
| Net Mgn % | 26.8% | 26.0% | 16.7% |
| EPS Growth | 21.6% | 21.3% | — |
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About Hinduja Leyland Finance Unlisted Shares
History of the company
Hinduja Leyland Finance Limited (HLFL) was incorporated on November 12, 2008, in Chennai, promoted by commercial vehicle major Ashok Leyland Limited, the flagship auto business of the Hinduja Group. The company began operations in March 2009 with a straightforward mandate: build a captive, asset-backed financing arm to support buyers of Ashok Leyland's trucks and buses, and then grow that book into a full-fledged retail NBFC.
Over the years, HLFL widened its lending book well beyond Ashok Leyland's own dealer network. It added financing for used commercial vehicles, cars, two-wheelers, tractors, and construction equipment, and later moved into loans against property and, through a subsidiary, affordable housing finance. Today, the company positions itself as one of India's leading vehicle-finance NBFCs, with a branch and touchpoint network spread across more than 1,750 locations in over 25 states and union territories, serving first-time buyers, fleet operators, and small businesses in urban and semi-urban India.
Year | Milestone |
2008 | Incorporated in Chennai, promoted by Ashok Leyland Limited |
2009 | Commenced lending operations |
2013 | Everstone Capital invests approximately Rs. 200 crore for a stake in the company |
2014 | Received registration as a non-deposit-taking NBFC-Asset Finance Company (NBFC-AFC) from the RBI |
2015 | Entered housing finance through wholly owned subsidiary Hinduja Housing Finance Limited |
2016 | Filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs. 700 crore via IPO |
2017 | Withdrew the DRHP amid subdued market conditions; existing shareholders infused fresh capital instead |
2024 | CRISIL upgraded HLFL's long-term rating to AA+/Stable; company firmed up plans for its debut dollar bond issuance |
2025 | Ashok Leyland invested a further Rs. 200 crore, raising its stake in HLFL to 61.12% |
Who Owns Hinduja Leyland Finance?
Shareholder | Approximate stake (in percentage) |
Ashok Leyland Limited (holding company) | 61.12 |
Hinduja Automotive Limited | 12.71 |
Abridge Investments Ltd | 6.42 |
Aviator Global Investment Fund | 5.23 |
Elara India Opportunities Fund Limited | 4.75 |
Other institutional and private investors | 9.77 |
Between Ashok Leyland and Hinduja Automotive, the Hinduja family and its related entities collectively control more than 70% of HLFL, keeping the company firmly within the Hinduja Group's automotive and financial services fold. Early-stage private equity investor Everstone Capital, which first invested in 2013, has pared down its holding over the years as Ashok Leyland bought out portions of its stake.
Hinduja Leyland Finance Subsidiaries
HLFL runs two notable arms alongside its core vehicle-finance business:
Hinduja Housing Finance Limited- Incorporated in April 2015 and launched commercially in FY2016, it is a wholly owned subsidiary that focuses on affordable housing loans. It has grown into a meaningful contributor to the group's consolidated loan book, with housing finance accounting for roughly a fifth of consolidated assets under management in recent years.
Gro Digital Platforms Ltd - A joint venture between Ashok Leyland and HLFL aimed at the inter-city full-truckload logistics market, connecting transporters and fleet operators through a digital freight-matching platform.
Functions and Business Model of Hinduja Leyland Finance
HLFL operates as a middle-layer, non-deposit-taking NBFC regulated by the RBI. Its business model rests on a few core pillars:
A) Vehicle Finance
This is where it all started, and it's still the backbone of the company. It covers pretty much anything with wheels: new and used trucks and buses, both heavy-duty and smaller commercial ones, plus cars, multi-utility vehicles, two-wheelers, and three-wheelers. HLFL also refinances vehicles people already own, not just new purchases.
B) Construction Equipment and Tractor Finance
From vehicles, the company branched into financing construction machinery and farm equipment, giving contractors and farmers a way to borrow against the asset itself rather than needing separate collateral.
C) Loans Against Property (LAP)
Individuals and small business owners can borrow against residential or commercial real estate they already hold, using that property as security for the loan.
D) Housing Finance
This one is handled a bit differently. It runs through Hinduja Housing Finance, a dedicated subsidiary built specifically for affordable home loans, rather than being bundled into the parent company's own book.
E) MSME Lending
HLFL also lends to small and medium enterprises, mostly working capital and secured business loans that help them manage day-to-day cash needs.
F) Portfolio Monetization
Behind the scenes, the company regularly securitizes and assigns parts of its loan portfolio and issues debentures as ways to manage its balance sheet and keep funding new lending rather than sitting on old loans indefinitely.
What ties all of this together is a preference for secured, collateral-backed lending. Almost everything HLFL does is tied to a physical asset, whether that's a vehicle, a piece of equipment, or property, which keeps its risk more contained than an NBFC built on unsecured lending would be. It also helps that HLFL grew up alongside Ashok Leyland's dealer network, giving it a built-in pipeline of customers walking in to finance a new commercial vehicle purchase.
The company leans heavily on secured, collateral-backed lending, which keeps its asset quality relatively contained even as it scales, and on its dealer network relationship with Ashok Leyland, which provides a built-in origination channel for new commercial vehicle financing.
Hinduja Leyland Finance Unlisted Share Price Overview
HLFL isn't listed on any stock exchange, so there's no single official price ticking away somewhere. What you see instead comes from actual deals happening between brokers and through various unlisted-share platforms, which is why the number you find on one site might not quite match what another one is showing at the same time.
2013–2017: Early pricing was anchored to private placements. Everstone's 2013 investment and Ashok Leyland's 2017 buyout of Everfin Holdings' stake were both struck in Rs. 100–Rs. 115 per share range, reflecting the company's smaller AUM base at the time (around Rs. 8,500 – Rs.14,000 crore).
In 2025, Ashok Leyland's fresh Rs. 200 crore equity infusion in March 2025 was priced at Rs. 200 per share (face value Rs. 10, premium Rs. 190), implying a meaningfully higher valuation as consolidated AUM crossed Rs. 60,000 crore.
In 2026, HLFL's unlisted shares were trading around Rs. 247 as of mid-August 2026, with a 52-week high near Rs. 245.70 and a 52-week low near Rs. 242.55, translating to roughly a 1.8% return over the past year.
With roughly 54.52 crore shares outstanding, the current price range implies a market capitalisation in the ballpark of Rs. 13,000 -13,500 crore.
Financial Performance of Hinduja Leyland Finance
Particulars (in crore) | FY23 | FY24 | FY25 |
Revenue | 3501.6 | 4659.2 | 6280.5 |
EBITDA | 2396.8 | 3453.2 | 4673.4 |
EBITDA Margin | 68.4% | 74.1% | 74.4% |
Profit After Tax (PAT) | 490 | 636.4 | 773.8 |
Net Margin | 16.7 | 26 | 26.8 |
EPS (Rs.) | 9.80 | 11.89 | 14.46 |
Hinduja Leyland Finance Competitor Comparison
Cholamandalam Investment and Finance Company (Chola), the financial services arm of the Murugappa Group, is one of the closest comparables to HLFL. Both are vehicle-finance-heavy NBFCs backed by large diversified industrial conglomerates, though Chola operates at a considerably larger scale.
Particulars | Hinduja Leyland Finance | Cholamandalam Investment & Finance |
Promoter group | Ashok Leyland / Hinduja Group | Murugappa Group |
Incorporated | 2008 | 1978 |
Core focus | Vehicle finance, LAP, housing, MSME | Vehicle finance, home loans, LAP, SME, new businesses |
FY25 AUM | Rs. 61,692 Crore | Rs. 1,99,876 Crore |
FY25 Revenue/Total Income | Rs. 6,280.5 Crore | Rs. 26,152.76 Crore |
FY25 PAT | 773.8 Crore | Rs. 4,262.70 Crore |
Listing status | Unlisted | Listed on NSE/BSE |
Housing finance arm | Hinduja Housing Finance (subsidiary) | Integrated home loans segment |
Is Hinduja Leyland Finance Unlisted Share Worth Buying?
A few things stand out when you look at where HLFL is right now:
1. Strong Promoter Backing
Ashok Leyland and the wider Hinduja Group control the majority of the company, and they've continued to back it with real money. The ₹200 crore infusion in March 2025 is just the latest example. That kind of repeated promoter support isn't guaranteed for every NBFC, and it matters when you're relying on capital adequacy to keep the lending engine running.
2. Steady Financial Growth
Revenue, EBITDA, profit, and EPS have all moved up for three straight years, and margins have actually widened along the way rather than getting squeezed as the book grew, usually a sign that growth isn't coming at the cost of discipline.
3. Improving Credit Profile
CRISIL bumped HLFL's rating up to AA+/Stable in 2024, and the company followed that up by lining up its first-ever dollar bond issuance. Both point toward cheaper, more diversified access to capital going forward, which matters a lot for a lending business.
4. Diversified Beyond Vehicle Finance
It's also not a one-trick vehicle-finance shop anymore. Hinduja Housing Finance gives it a foothold in affordable housing, and loans against property add another leg, so a slowdown in commercial vehicle demand wouldn't hit the whole business equally hard.
5. Wide Reach
HLFL now touches 1,750+ locations across 25-plus states and union territories, enough spread to source business from both city dealerships and smaller-town buyers.
6. Leverage and Exit Timeline
On the risk side, leverage sits around 5.5x debt-to-equity, which is fairly normal for an NBFC but still worth watching. The company has walked away from an IPO before, back in 2017, so there's no fixed date by which unlisted holders can expect an exit.
7. Liquidity Considerations
These shares trade off-exchange, so pricing and liquidity depend on broker networks rather than a live order book. That's a real consideration compared to listed rivals like Cholamandalam Investment and Finance or Shriram Finance, both of which offer investors an easier way in and out.
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