Hinduja Leyland Finance Limited
1 MAbout Hinduja Leyland Finance Limited
A Comprehensive Overview of Price & Journey
Understanding Hinduja Leyland Finance Limited Inception and Growth
HINDUJA LEYALAND FINANCE LIMITED UNLISTED SHARE PRICE
Hinduja Leyland Finance Limited is an unlisted company trading in the private market. Unlike listed companies, the valuation and share price of unlisted or Pre-IPO companies are determined via negotiation and demand & supply. Hinduja Leyland Finance Limited unlisted share.
Investors looking for diversification of their portfolio should carefully analyze Hinduja Leyland Finance Limited Unlisted Share price, valuation, and research report for the latest year. This is the comprehensive coverage of Hinduja Leyland Finance Limited's unlisted shares that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of Hinduja Leyland Finance Limited, what Hinduja Leyland Finance Limited does, and How has Hinduja Leyland Finance Limited performed in recent years?
Overview
Hinduja Leyland Finance Limited is the largest unlisted NBFC specializing in customized commercial vehicle financing solutions alongside construction, equipment financing, and loan against property (LAP). Hinduja is jointly promoted by Hinduja Group and Ashok Leyland, the subsidiary was incorporated in November 2008 but started lending operations in FY2011 after receiving an NBFC license from RBI in March 2010. HLFL is a 17-year-old entity that tried to go public twice but got delayed twice; now HLF is merging by absorption with NDL Ventures following its digital media and communication business—emerging as a full-fledged NBFC. The reverse merger was a strategic move to provide HLF access to public capital. The merger was approved by BSE and SEBI and received no objection letter from CCI. In the transaction, every shareholder with 25 shares of HLFL will receive 10 shares of NDL Ventures.
What does HLF do?
Core Strategic Pillars of the Operational Model
- Parent Backing and Synergy: HLF is backed by Ashok Leyland and leverages its close relationship. A significant portion of the commercial vehicle loan portfolio directly funds Ashok Leyland Vehicles.
- Hub-and-Spoke Model: HLF operates on a hub-and-Spoke network infrastructure, where it has an extensive network of 1750+ locations across India. Local branches act as spokes, which act as the direct touchpoints with customers, while hubs manage credit underwriting, risk assessment, and treasury.
- Targeting the underbanked segment: The business model targets first-time buyers and small road transport operators who often lack formal income proof or extensive CIBIL.
- Diversified loan portfolio: In order to minimize cyclical risk associated with the vehicle industry, the company also diversified in loans against property, two-wheeler, and portfolio buyouts.
How Does HLF Make Money? – Revenue Model
Hinduja Leyland Finance has diversified revenue streams, making it protected against cyclical risks:
Stream 1 – Vehicle Finance
HLF provides the financing solutions for the following vehicles:
- MHCV—Medium and Heavy Commercial Vehicles
- LCV – Light Commercial Vehicles
- SCV – Small Commercial Vehicles
- Buses
- Passenger Vehicles
- Two-wheelers and three-wheelers and
- Tractors
HLF enjoys an exclusive partnership with its parent, ALL, for heavy vehicle financing with special benefits. ALL financing constitutes approx. 23% of the overall portfolio of HLF. But the company is moving strategically towards reducing this captive concentration risk. It also exposes the company to macroeconomic risks and cyclical drawdowns. In addition, it is focusing on financing high-margin-yielding non-vehicle asset classes.
HLF finances both new and used vehicles. The primary (new) market portfolio constitutes 83%, and the secondary market consists of around 17%.
In addition to financing traditional vehicles, HLF is also accelerating its EV financing portfolio that includes Electric buses, trucks, commercial vehicles, two-wheelers, and three-wheelers.
HLF’s total consolidated AUM has crossed INR 59,531 Cr.
Stream 2 – Construction Equipment Finance
HLF also finances construction equipment such as excavators, cranes, backhoe loaders, and concrete mixers. Combined with Vehicle financing, it constitutes 52% of the consolidated portfolio. Instead of relying on one brand, HLF uses a multi-brand strategy where it partners with:
- JCB
- ACE
- Tata Hitachi Construction Machinery
- Schewing Stetter
- Putzmeister Concrete Machines
Stream 3 – Loan Against Property
HLF gives loans against property (LAP) to residential and commercial property owners. Since the loan is backed by physical security, NBFCs are sometimes lenient in financing. SME business owners, self-employed people, homeowners, and fleet operators with property assets are targeted for this product.
As per the latest data, the LAP portfolio as a % of AUM roughly accounts for 28%.
Stream 4 – Hinduja Housing Finance Limited (Subsidiary)
HHFL was incorporated on 15 April 2015 as a wholly subsidiary of HLFL to bifurcate its housing finance division.
In FY26 HHFL’s total AUM has touched INR 15,937 Cr vs INR 13,820 Cr in FY25—scaling at 15% YoY. The company is operational in 19 Indian states and union territories.
HHFL specifically targets customers who are:
- Self-employed informal borrowers
- Lack formal income proof
- New to credit and borrowings
HHFL approx. accounts for 23-25% of the consolidated AUM of parent HLFL. In FY26, it has contributed INR 387 Cr of PAT to HLFL.
Stream 5 – Gro Digital Platform
This is a digital marketplace connecting truck owners with load aggregators. It is a highly scaled B2B smart fleet management and logistics platform. The platform has advanced from the pre-revenue stage to the high-growth and revenue-generating phase. In FY25 Gro Digital has generated standalone revenue of INR 406 Cr. The platform has an active relationship with over 750,000+ fleet owners.
Competitive Landscape
Listed Peers
- Shriram Finance
- Cholamandalam Investment & Finance
- Mahindra Finance
- L&T Finance
Vehicle Finance Specialists
- Magma Fincorp—Later rebranded as Poonawala Fincorp after acquisition by Cyrus Poonawala Group. It focuses heavily on Retail and MSME loans, offering personal loans, LAP, and medical equipment loans.
- Muthoot Finance – provides loan facilities against gold; the product is different from HLFL but competes for the same customers – rural and semi-urban borrowers
Funding Rounds
Date
Funding Round Type
Key Investors
Amount
July 2013
Private Equity (PE Round)
Everstone Capital (Everstone Capital Partners II)
₹200 Crore
2016
Rights Issue
Ashok Leyland Limited (ALL) & Everstone Capital
₹280 Crore
FY 2017 – FY 2018
Cumulative Capital Infusion
Ashok Leyland Limited (ALL) & Hinduja Group
₹700 Crore
October 2022
Series C Round
Everstone Capital, Management, & Institutional Investors
$276M
FY 2025
Strategic Equity Infusion
Ashok Leyland Limited (ALL)
₹200 Crore
FY 2025 – 9M FY 2026
Subordinated Debt / Tier-II Capital
Capital Market Investors & Financial Institutions
₹2,554 Crore
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HINDUJA LEYALAND FINANCE LIMITED UNLISTED SHARE PRICE
Hinduja Leyland Finance Limited is an unlisted company trading in the private market. Unlike listed companies, the valuation and share price of unlisted or Pre-IPO companies are determined via negotiation and demand & supply. Hinduja Leyland Finance Limited unlisted share.
Investors looking for diversification of their portfolio should carefully analyze Hinduja Leyland Finance Limited Unlisted Share price, valuation, and research report for the latest year. This is the comprehensive coverage of Hinduja Leyland Finance Limited's unlisted shares that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of Hinduja Leyland Finance Limited, what Hinduja Leyland Finance Limited does, and How has Hinduja Leyland Finance Limited performed in recent years?
Overview
Hinduja Leyland Finance Limited is the largest unlisted NBFC specializing in customized commercial vehicle financing solutions alongside construction, equipment financing, and loan against property (LAP). Hinduja is jointly promoted by Hinduja Group and Ashok Leyland, the subsidiary was incorporated in November 2008 but started lending operations in FY2011 after receiving an NBFC license from RBI in March 2010. HLFL is a 17-year-old entity that tried to go public twice but got delayed twice; now HLF is merging by absorption with NDL Ventures following its digital media and communication business—emerging as a full-fledged NBFC. The reverse merger was a strategic move to provide HLF access to public capital. The merger was approved by BSE and SEBI and received no objection letter from CCI. In the transaction, every shareholder with 25 shares of HLFL will receive 10 shares of NDL Ventures.
What does HLF do?
Core Strategic Pillars of the Operational Model
- Parent Backing and Synergy: HLF is backed by Ashok Leyland and leverages its close relationship. A significant portion of the commercial vehicle loan portfolio directly funds Ashok Leyland Vehicles.
- Hub-and-Spoke Model: HLF operates on a hub-and-Spoke network infrastructure, where it has an extensive network of 1750+ locations across India. Local branches act as spokes, which act as the direct touchpoints with customers, while hubs manage credit underwriting, risk assessment, and treasury.
- Targeting the underbanked segment: The business model targets first-time buyers and small road transport operators who often lack formal income proof or extensive CIBIL.
- Diversified loan portfolio: In order to minimize cyclical risk associated with the vehicle industry, the company also diversified in loans against property, two-wheeler, and portfolio buyouts.
How Does HLF Make Money? – Revenue Model
Hinduja Leyland Finance has diversified revenue streams, making it protected against cyclical risks:
Stream 1 – Vehicle Finance
HLF provides the financing solutions for the following vehicles:
- MHCV—Medium and Heavy Commercial Vehicles
- LCV – Light Commercial Vehicles
- SCV – Small Commercial Vehicles
- Buses
- Passenger Vehicles
- Two-wheelers and three-wheelers and
- Tractors
HLF enjoys an exclusive partnership with its parent, ALL, for heavy vehicle financing with special benefits. ALL financing constitutes approx. 23% of the overall portfolio of HLF. But the company is moving strategically towards reducing this captive concentration risk. It also exposes the company to macroeconomic risks and cyclical drawdowns. In addition, it is focusing on financing high-margin-yielding non-vehicle asset classes.
HLF finances both new and used vehicles. The primary (new) market portfolio constitutes 83%, and the secondary market consists of around 17%.
In addition to financing traditional vehicles, HLF is also accelerating its EV financing portfolio that includes Electric buses, trucks, commercial vehicles, two-wheelers, and three-wheelers.
HLF’s total consolidated AUM has crossed INR 59,531 Cr.
Stream 2 – Construction Equipment Finance
HLF also finances construction equipment such as excavators, cranes, backhoe loaders, and concrete mixers. Combined with Vehicle financing, it constitutes 52% of the consolidated portfolio. Instead of relying on one brand, HLF uses a multi-brand strategy where it partners with:
- JCB
- ACE
- Tata Hitachi Construction Machinery
- Schewing Stetter
- Putzmeister Concrete Machines
Stream 3 – Loan Against Property
HLF gives loans against property (LAP) to residential and commercial property owners. Since the loan is backed by physical security, NBFCs are sometimes lenient in financing. SME business owners, self-employed people, homeowners, and fleet operators with property assets are targeted for this product.
As per the latest data, the LAP portfolio as a % of AUM roughly accounts for 28%.
Stream 4 – Hinduja Housing Finance Limited (Subsidiary)
HHFL was incorporated on 15 April 2015 as a wholly subsidiary of HLFL to bifurcate its housing finance division.
In FY26 HHFL’s total AUM has touched INR 15,937 Cr vs INR 13,820 Cr in FY25—scaling at 15% YoY. The company is operational in 19 Indian states and union territories.
HHFL specifically targets customers who are:
- Self-employed informal borrowers
- Lack formal income proof
- New to credit and borrowings
HHFL approx. accounts for 23-25% of the consolidated AUM of parent HLFL. In FY26, it has contributed INR 387 Cr of PAT to HLFL.
Stream 5 – Gro Digital Platform
This is a digital marketplace connecting truck owners with load aggregators. It is a highly scaled B2B smart fleet management and logistics platform. The platform has advanced from the pre-revenue stage to the high-growth and revenue-generating phase. In FY25 Gro Digital has generated standalone revenue of INR 406 Cr. The platform has an active relationship with over 750,000+ fleet owners.
Competitive Landscape
Listed Peers
- Shriram Finance
- Cholamandalam Investment & Finance
- Mahindra Finance
- L&T Finance
Vehicle Finance Specialists
- Magma Fincorp—Later rebranded as Poonawala Fincorp after acquisition by Cyrus Poonawala Group. It focuses heavily on Retail and MSME loans, offering personal loans, LAP, and medical equipment loans.
- Muthoot Finance – provides loan facilities against gold; the product is different from HLFL but competes for the same customers – rural and semi-urban borrowers
Funding Rounds
|
Date |
Funding Round Type |
Key Investors |
Amount |
|---|---|---|---|
|
July 2013 |
Private Equity (PE Round) |
Everstone Capital (Everstone Capital Partners II) |
₹200 Crore |
|
2016 |
Rights Issue |
Ashok Leyland Limited (ALL) & Everstone Capital |
₹280 Crore |
|
FY 2017 – FY 2018 |
Cumulative Capital Infusion |
Ashok Leyland Limited (ALL) & Hinduja Group |
₹700 Crore |
|
October 2022 |
Series C Round |
Everstone Capital, Management, & Institutional Investors |
$276M |
|
FY 2025 |
Strategic Equity Infusion |
Ashok Leyland Limited (ALL) |
₹200 Crore |
|
FY 2025 – 9M FY 2026 |
Subordinated Debt / Tier-II Capital |
Capital Market Investors & Financial Institutions |
₹2,554 Crore |
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Ashok Leyland | Promoter | 61.12% |
| Hinduja Leyland Finance | Promoter | 12.71% |
| Abridge Investments Ltd | Investor | 6.42% |
| Aviator Global Investment | Investor | 5.23% |
| Elara India Opportunities Fund Limited | Investor | 4.75% |
| Others | Others | 9.77% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Hinduja Leyland Finance Limited varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
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Liquidity risk, unlisted shares are difficult to buy and sell,
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Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
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Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
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Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.