BSE: 539662
BFL Asset Finvest Limited
Operates as a Base Layer NBFC under RBI's scale-based framework, headquartered in Jaipur, Rajasthan, and is primarily engaged in proprietary trading in shares, securities, futures and options for its own account, with no customer interface. Revenue from operations for FY26 stood at Rs. 1,984.23 lakh against purchases of stock-in-trade of Rs. 2,559.04 lakh, which pushed the company into a net loss of Rs. 557.66 lakh for the full year versus a profit in the prior year. Borrowings expanded nearly five-fold to Rs. 1,425.87 lakh by year-end, while other equity collapsed to Rs. 2.12 lakh after absorbing the losses. Quarterly results have been volatile: Q3 FY26 swung to a net loss of about Rs. 245.73 lakh from a profit a year earlier, after Q2 FY26 had already posted a loss of Rs. 135.52 lakh. Employee costs accounted for 2.9% of revenue and other operating expenses for 2.6%, with finance costs of Rs. 63.57 lakh. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Proprietary trading in shares, securities, futures and options. Small, Jaipur-based Base Layer NBFC focused on proprietary equity and derivatives trading.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 1 | 27 | 21 | 20 |
| EBITDA (ex other income) | 1 | 0 | 3 | 1 | (4) |
| margin % | 37.8 | 17.6 | 12.6 | 6.5 | (18.9) |
| Owners' profit | 1 | 0 | 2 | 1 | (6) |
| EPS, as reported (₹) | 0.67 | 0.36 | 2.25 | 1.21 | (5.47) |
| ROE % · ROCE % | 5.8 · — | 3.0 · — | 15.8 · — | 7.7 · — | (53.5) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | 0 | (2) | 2 | (11) |
| Capex | (0) | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 0 | 4 | 10 | 3 | 8 | (0) | 13 |
| Profit before tax | 3 | (5) | (3) | 7 | (1) | (2) | (8) | 12 |
| Net profit | 3 | (5) | (3) | 7 | (1) | (2) | (8) | 12 |
| EPS (₹) | 3.09 | (4.56) | (2.87) | 6.46 | (1.33) | (2.41) | (8.19) | 12.25 |
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 | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.8 | 18.1 | 108 of 200 | 46% |
| P/B | 0.7 | 1.1 | 82 of 253 | 66% |
| ROE | (53.5) | 3.1 | 251 of 257 | 2% |
| EBITDA margin | 95.5 | 48.6 | 29 of 249 | 89% |
| Revenue growth | 40.1 | 12.6 | 72 of 231 | 69% |
| Profit growth | 89.5 | 7.8 | 67 of 251 | 74% |
| Market cap | 7 | 34 | 236 of 268 | 12% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Newspaper ad of Q2 FY27 unaudited results, stock swings to loss | compliance | minimal | — | — |
| 15 Oct 2026 · H1 FY27 results: PAT up 42% YoY to Rs 743.49 lakh | results | high | — | — |
| 15 Oct 2026 · BFL Asset Finvest Q2 FY26: Returns To Profit, Revenue Up Sharply | results | high | — | — |
| 7 Oct 2026 · Board meeting on Oct 15 to approve Q2 and H1 FY27 results | results | low | — | — |
| 5 Oct 2026 · Routine quarterly compliance certificate filed with BSE | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results announcement | compliance | minimal | — | — |
| 14 Sept 2026 · BFL Asset Finvest approves new Independent Director at AGM | management changes | medium | — | — |
| 14 Sept 2026 · BFL Asset Finvest 31st AGM: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 11 Sept 2026 · BFL Asset Finvest 31st AGM held, 3 resolutions taken up | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Notice of 31st AGM to be held on September 11, 2026 via video conferencing | 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.