FINKURVE FINANCIAL SERV L

Lends against gold jewellery to retail customers through a branch-based model, earning interest income on the loan book. In Q4 FY26, assets under management stood at INR 1,096 crore (up 149% year-on-year), served through 105 branches that were expanded from 73 a year earlier. The company funds this book with debt at an average cost of borrowing guided at ~11.2% for FY27, sitting on total assets of INR 1,233 crore and a capital adequacy ratio of 30.96% as of FY26. It also runs a co-lending programme with bank partners such as Godrej and RBL, where loans are originated jointly and a portion sits off-balance-sheet; co-lending AUM of about INR 21 crore was already built out at the time of the Q4 FY26 update. A small cross-sell channel branded Arvog Wellness has issued 150+ insurance policies, with additional cross-sell products in rollout. Employee cost was 8.8% of FY26 revenue and other operating expenses 6.2%, while depreciation was 1.7%.