NSE: AYE · BSE: 544699
AYE FINANCE LIMITED
Aye Finance is an NBFC that lends to micro-enterprises, with Q1 FY27 AUM of ₹7,324 crore and 6.7 lakh active borrowers served through 571 branches across 18 states. Revenue comes from interest on these loans — Q1 FY27 gross total income was ₹490 crore (+22% YoY) and net total income ₹322 crore (+38% YoY). Q1 FY27 disbursements of ₹1,219 crore (+22% YoY) were the strongest ever for a Q1. The portfolio is shifting toward mortgage-backed lending (mortgage share currently 22%, target 30-35% over the medium term) to structurally lower credit costs, with plans to add gold loan and affordable housing products to the offering. Asset quality has improved for six consecutive quarters — GNPA at 4.49% and credit cost at 4.01% — and the India Ratings upgrade to A+ stable is expected to cut incremental borrowing cost by 20-25 bps. The largest cost line itemised in the cost shape is employee expense at 27.3% of revenue, while the company funds itself primarily through NCDs (e.g., ₹220 crore at 9.75% coupon in July 2026) and plans to raise up to ₹4,000 crore via NCDs in FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Micro-enterprise lending. Cyclical, asset-light NBFC focused on micro-enterprise lending (capex 0.6% of revenue)
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 1,815 |
| EBITDA (ex other income) | 759 |
| margin % | 41.8 |
| Owners' profit | 194 |
| EPS, as reported (₹) | 9.73 |
| ROE % · ROCE % | 7.6 · — |
| Debt / equity (x) | — |
| Cash from operations | (1,355) |
| Capex | (12) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 443 | 528 | 477 |
| Profit before tax | 54 | 111 | 97 |
| Net profit | 43 | 86 | 75 |
| EPS (₹) | 2.22 | 3.89 | 3.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 18.5 | 93 of 200 | 54% |
| P/B | 1.3 | 1.1 | 138 of 253 | 46% |
| ROE | 7.7 | 3.1 | 78 of 257 | 70% |
| EBITDA margin | 49.0 | 48.6 | 124 of 249 | 50% |
| Market cap | 3288 | 33 | 25 of 268 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · IPO proceeds largely deployed; Rs 226.30 million remains idle | compliance | minimal | — | — |
| 22 Oct 2026 · Aye Finance publishes Q2 FY27 results in newspapers | compliance | minimal | — | — |
| 22 Oct 2026 · Q2 FY27 earnings call audio recording link shared | investor communications | low | — | — |
| 21 Oct 2026 · Q2 FY27 profit rises 151% as asset quality improves | investor communications | medium | — | — |
| 21 Oct 2026 · No deviation in use of IPO proceeds | compliance | minimal | — | — |
| 21 Oct 2026 · Aye Finance Q2 PAT jumps 151% YoY to INR 87 Cr, record quarterly profit | results | high | — | — |
| 21 Oct 2026 · Aye Finance submits H1 FY27 financial results to NSE | results | high | — | — |
| 16 Oct 2026 · Aye Finance allots 69874 equity shares under ESOP plans | capital market events | low | — | — |
| 16 Oct 2026 · Aye Finance grants 514 stock options to employees under ESOP 2024 | general | low | — | — |
| 15 Oct 2026 · Routine compliance filing: Depository certificate for Q2 FY27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.