Shriram Finance Limited

“Shriram Finance is among the best-positioned specialty lenders in emerging markets, with a 40-year proprietary data moat in used commercial vehicle financing, a post-merger reinvestment runway that is still in early innings, above-cost-of-capital returns (ROE ~17%, ROA ~2.7%), and a valuation at ~14x forward earnings that remains ~50% below its closest peer on P/B — the principal risks are regulatory (RBI bank-ification pressure) and credit-cyclical, neither of which constitutes a permanent impairment scenario under a 5-10 year horizon.”