IndoStar Capital Finance Limited , a prominent player in the Indian financial services sector, has announced a significant change in its leadership team. The company has disclosed the resignation of its Chief Business Officer and the appointment of a successor, marking a new chapter in its corporate structure.

Leadership Transition Details

Resignation of Devaraj C

Devaraj C, who served as the Chief Business Officer, has stepped down from his position effective November 3, 2025. According to the company's statement, Devaraj's decision to resign is attributed to his pursuit of other career opportunities.

Appointment of Arvind Uppal

Stepping into the role of Chief Business Officer is Arvind Uppal, who will assume the position starting November 4, 2025. Prior to this appointment, Uppal was serving as the Head of Collections at IndoStar Capital Finance.

Arvind Uppal's Professional Background

Arvind Uppal brings a wealth of experience to his new role:

• Years of Experience: Over 22 years in the industry
• Areas of Expertise:
  • Strategy Planning
  • Sales & Marketing
  • Business Development
  • Credit & Risk Management
  • People Management

Uppal's background showcases significant expertise in both secured and unsecured loans. He has a proven track record in establishing profit centers, identifying key markets, and leading teams to implement innovative strategies for growth and profitability. His experience also highlights his ability to improve processes and contribute to organizational success.

Future Plans

IndoStar Capital Finance has stated that it plans to appoint a new Head of Collections in due course, to fill the position vacated by Uppal's promotion.

This leadership transition comes as IndoStar Capital Finance continues to navigate the dynamic financial services landscape in India. The company's decision to promote from within for such a crucial role may indicate a focus on leveraging internal talent and maintaining continuity in its business operations.

As the financial sector continues to evolve, the impact of this leadership change on IndoStar's strategic direction and market position will be closely watched by industry observers and stakeholders alike.

IndoStar Capital Finance Limited , a middle-layered non-banking finance company (NBFC) registered with the Reserve Bank of India, has confirmed that the proceeds from its preferential issue of warrants were utilized as per the stated purposes during the quarter ended September 30, 2025. The company reported no deviation in fund utilization across two warrant allotments.

Warrant Allotments and Fund Utilization

IndoStar made two separate warrant allotments:

The funds were allocated for the following purposes:

1. Growth Objectives: At least 75% of the issue proceeds were designated to meet funding requirements and growth objectives, including augmenting the company's capital base and onward lending for commercial vehicle financing, housing finance, SME financing, and retail lending businesses.

2. General Corporate Purposes: Up to 25% of the issue proceeds were allocated for general corporate purposes, including meeting ongoing corporate exigencies and contingencies.

Compliance with Stated Objectives

IndoStar reported that it utilized 80% of the total consideration for growth objectives, which aligns with the disclosed minimum requirement of 75%. This utilization is in line with the company's original disclosures and demonstrates adherence to its stated funding allocation strategy.

Financial Performance Highlights

For the quarter ended September 30, 2025, IndoStar reported:

The company's Gross Stage 3 stood at 3.04%, with Net Stage 3 at 1.13% for Q1 FY26.

Other Notable Developments

• The company reduced its weighted cost of funds to 10.17% in Q2 FY26, down 67 basis points from 10.84% in Q2 FY25.
• Capital Adequacy Ratio (CAR) improved to 37.2% from 32.7% in the previous quarter.
• Leverage (Debt-to-Equity ratio) decreased to 1.4x from 1.73x in the previous quarter.

Management Changes

IndoStar announced several key appointments:

• Mr. Vishal Goenka as Non-Executive and Non-Independent Director (effective August 28, 2025)
• Mr. Amit Kumar Khan as Chief Operating Officer (COO) for M-LAP (effective August 14, 2025)
• Ms. Jasmine Bawa as Chief Human Resources Officer (CHRO) (effective October 1, 2025)
• Mr. Binoy Parikh as Chief Compliance Officer (effective October 13, 2025)

These appointments are expected to strengthen the company's management team and support its growth objectives.

IndoStar Capital Finance continues to focus on its core segments of Vehicle Finance (VF) and Micro Loans Against Property (M-LAP), leveraging its position as a professionally managed and institutionally owned entity with Brookfield & Everstone as co-promoters.