BSE: 538540
RAAMA FINANCE LIMITED
Operates as an RBI-registered non-banking financial company, running a digital lending platform called FastSalary that disburses loans to salaried individuals. Revenue in FY26 came from interest on loans of Rs. 705.08 Lakhs and fees and commission income of Rs. 346.47 Lakhs, with total income of Rs. 12.13 Crores — nearly all of it booked in Q4 FY26 alone (Rs. 9.69 Crores). In its first full year of scaled operations, the platform crossed Rs. 35 Crores in cumulative disbursements, onboarded over 9,000 customers and ended the year with an outstanding loan book of Rs. 24.87 Crores. The balance sheet stood at Rs. 43.96 Crores in total assets, supported by Rs. 23.17 Crores of capital raised during the year, with a debt-to-equity ratio of 0.10x. The board has approved proposals to raise the overall borrowing limit to about Rs. 200 Crores and issue secured redeemable non-convertible debentures of up to Rs. 100 Crores via private placement for lending, refinancing and general purposes, and has signed a Rs. 5 Crore term loan with Mufin Green Finance Limited, secured by receivables at 120% and a pledge of promoter shares at 2.5x. Cash flow from operating activities was -Rs. 949.99 Lakhs, reflecting heavy outflows in loan disbursements during the ramp-up. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on loans, Fees and commission income. Young, scaling digital NBFC; asset-light lender to salaried borrowers
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 0 | 0 | 0 | 12 |
| EBITDA (ex other income) | 0 | 0 | 0 | 0 | 4 |
| margin % | 3.6 | 4.0 | 4.0 | 4.4 | 36.2 |
| Owners' profit | 0 | 0 | 0 | 0 | 3 |
| EPS, as reported (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.40 |
| ROE % · ROCE % | 0.3 · — | 0.3 · — | 0.3 · — | 0.3 · — | 11.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | (0) | 1 | (0) | (9) |
| Capex | 0 | 0 | 0 | 0 | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 10 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| EPS (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.32 |
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) | 30.8 | 18.5 | 138 of 200 | 31% |
| P/B | 3.1 | 1.1 | 212 of 253 | 16% |
| ROE | 11.0 | 3.1 | 47 of 257 | 82% |
| EBITDA margin | 38.1 | 48.6 | 134 of 249 | 46% |
| Revenue growth | 4874.9 | 12.6 | 2 of 231 | 100% |
| Profit growth | 20593.7 | 7.8 | 1 of 251 | 100% |
| Market cap | 90 | 33 | 87 of 268 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Q2 FY27 dematerialisation compliance certificate filed with BSE | compliance | minimal | — | — |
| 7 Oct 2026 · Statutory Auditor M/s Goyal Nagpal and Co resigns mid-term | management changes | medium | — | — |
| 3 Oct 2026 · Scrutinizer's Report on 33rd AGM voting results - Raama Finance | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Raama Finance 33rd AGM: FY25-26 accounts adopted, director re-appointed | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 33rd AGM of Raama Finance held on Sept 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 28 Sept 2026 · The Company's executives participated in the Investors Meeting at Bharat Connect Conference - Rising Stars 2026 organized by Arihant Capital today at 05:00 P.M | investor communications | low | — | — |
| 25 Sept 2026 · Raama Finance files investor presentation for Sept 28 conference | investor communications | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results are declared | compliance | minimal | — | — |
| 23 Sept 2026 · Raama Finance schedules investor meet on Sept 28 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · MD steps down, board approves NCD and equity share allotments | management changes | high | — | — |
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.