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
| ₹ 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) | — | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | — | 4 | 28 |
| Capex | — | — | (0) | (0) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 6,43,552 | 31.7 | 5.50 | 11.6 | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 2,42,019 | 18.1 | 3.67 | 6.7 | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,57,446 | 27.2 | 5.17 | 6.9 | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,54,110 | 28.2 | 3.27 | 6.5 | 10.4 | — | — | 75.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Finkurve Financial to hold group analyst or investor meet on Sept 18 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Finkurve Financial Services makes timely NCD interest payment | credit debt | medium | — | — |
| 5 Sept 2026 · Newspaper publication of 42nd AGM notice and FY26 annual report dispatch | compliance | minimal | — | — |
| 4 Sept 2026 · Annual Report and AGM Notice submitted for FY 2025-26 | results | high | — | — |
| 3 Sept 2026 · Newspaper notice for 42nd AGM via video conferencing on Sept 30, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · AGM on September 30, 2026 via video conferencing; cut-off date September 23, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Finkurve Financial 42nd AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Board meeting outcome announced; details not provided | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Finkurve Financial pays NCD interest on time, September 2026 | credit debt | low | — | — |
| 27 Aug 2026 · Finkurve board to meet Sept 1 to approve FY26 annual report and AGM notice | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| MUTHOOT FINANCE LIMITED |
| 1,12,094 |
| 9.9 |
| 2.82 |
| 3.9 |
| 26.7 |
| — |
| 22.0 |
| 84.0 |
| SBI CARDS & PAY SER LTD | 62,349 | 27.4 | 3.96 | — | 13.8 | — | — | 33.1 |
| HDB FINANCIAL SERVICES L | 55,706 | 20.2 | 2.70 | — | 12.3 | — | — | 58.0 |
| SUNDARAM FINANCE LTD | 52,217 | 23.3 | 3.51 | 6.7 | 13.8 | — | — | 78.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.6 | 18.2 | 164 of 212 | 23% |
| P/B | 6.5 | 1.1 | 233 of 245 | 5% |
| ROE | 12.5 | 3.0 | 37 of 266 | 86% |
| Debt / Equity | 0.0 | 0.0 | 5 of 266 | 11% |
| 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 | 1023 | 37 | 36 of 260 | 87% |
| 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 |
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.
