NSE: FINKURVE · BSE: 508954
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financial Services (100%). Asset-light, branch-based gold loan NBFC
Exhibit 1: Financial summary, FY19–FY22 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 |
|---|---|---|---|---|
| Revenue | 414 | 25 | 28 | 57 |
| EBITDA (ex other income) | — | 14 | 14 | 28 |
| margin % | — | 55.7 | 48.8 | 50.2 |
| Owners' profit | — | 4 | 5 | 20 |
| EPS, as reported (₹) | 0.09 | 0.36 | 0.36 | 1.55 |
| ROE % · ROCE % | — · 56.0 | 3.0 · — | 3.2 · — | 12.5 · — |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | — | — | 4 | 28 |
| Capex | — | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q3 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7 | 6 | 9 | 8 | 10 | 10 | 28 | 24 |
| Profit before tax | 3 | (1) | 2 | 3 | 2 | (1) | 21 | 7 |
| Net profit | 2 | (0) | 1 | 2 | 2 | (1) | 17 | 5 |
| EPS (₹) | 0.20 | (0.04) | 0.07 | 0.15 | 0.12 | (0.05) | 1.34 | 0.39 |
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) | 35.1 | 18.1 | 149 of 200 | 26% |
| P/B | 5.6 | 1.1 | 238 of 253 | 6% |
| ROE | 12.5 | 3.1 | 34 of 257 | 87% |
| EBITDA margin | 35.5 | 48.6 | 141 of 249 | 44% |
| Revenue growth | 191.7 | 12.6 | 29 of 231 | 88% |
| Profit growth | 162.8 | 7.8 | 46 of 251 | 82% |
| Market cap | 885 | 34 | 38 of 268 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 5 to approve quarterly results | results | low | — | — |
| 23 Oct 2026 · Clarifies NCD interest payment notice was filed under the wrong category | compliance | minimal | — | — |
| 12 Oct 2026 · On-time interest payment of Rs 50.86 lakh on NCD ISIN INE734I07073 | credit debt | low | — | — |
| 9 Oct 2026 · Share capital audit filed for Sep 2026 quarter; RTA change approved | compliance | minimal | — | — |
| 8 Oct 2026 · Routine RTA compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 6 Oct 2026 · Finkurve makes timely NCD interest payment of Rs 29.48 lakh | credit debt | medium | — | — |
| 1 Oct 2026 · Board appoints Purva Sharegistry as new Registrar and Transfer Agent | management changes | low | — | — |
| 1 Oct 2026 · Board approves RTA change, CEO transition, and 4.5 lakh ESOP grant | general | low | — | — |
| 1 Oct 2026 · Finkurve Financial Services: All 9 AGM resolutions passed with 99.99% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Finkurve Financial 42nd AGM proceedings filed with exchanges | board shareholder meetings | low | — | — |
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.