NSE: TFL · BSE: 532812
TRANSWARRANTY FIN. LTD.
Operates as an NBFC focused on digital lending through its Oroboro platform, offering smartphone finance and MSME loans to borrowers in Tier 2 and Tier 3 cities. In FY26, total disbursements reached Rs 36.51 crore across 22,323 loans to around 70,000 borrowers, with the year-end AUM at Rs 19.17 crore. Asset quality metrics were GNPA of 2.88% and NNPA of 0% with 100% provisioning, while credit costs fell to 3.47% from 7.64%. Despite positive operating cash flow of Rs 1,500.33 lakh standalone, the company posted a standalone net loss of Rs 204.53 lakh and a consolidated loss of Rs 442.24 lakh for FY26, with an accumulated net deficit of Rs 2,111.82 lakh. Funding plans include a Rs 15 crore IDFC First Bank facility raised in Q4 FY26, NCD issuance up to Rs 7.28 crore, and a broader Rs 50 crore fundraise. Vertex Securities and Vertex Commodities were deconsolidated after voting rights in Vertex Securities fell to 42.43%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Digital lending via Oroboro platform, Earlier securities brokerage business. Small digital-lending NBFC, loss-making with accumulated deficit, recently pivoted from wholesale to retail digital loans
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15 | 11 | 14 | 15 | 14 |
| EBITDA (ex other income) | 1 | (4) | 3 | (1) | (3) |
| margin % | 9.3 | (40.7) | 19.2 | (9.9) | (17.6) |
| Owners' profit | 0 | (9) | 1 | 0 | 0 |
| EPS, as reported (₹) | (0.87) | (3.38) | 0.16 | (0.97) | (0.97) |
| ROE % · ROCE % | (11.5) · — | (27.8) · — | 2.3 · — | (15.4) · — | (15.4) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 16 | (12) | (15) | (5) | 15 |
| 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 | 4 | 4 | 3 | 4 | 3 | 3 | 4 | 3 |
| Profit before tax | 0 | (2) | (0) | (1) | (1) | (1) | (1) | 0 |
| Net profit | 0 | (2) | (1) | (1) | (1) | (1) | (1) | (0) |
| EPS (₹) | 0.09 | (0.45) | (0.61) | (0.16) | (0.23) | (0.17) | (0.26) | 0.02 |
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/B | 2.2 | 1.1 | 188 of 253 | 25% |
| ROE | (15.4) | 3.1 | 242 of 257 | 6% |
| EBITDA margin | 37.8 | 48.6 | 135 of 249 | 46% |
| Revenue growth | (35.3) | 12.6 | 183 of 231 | 21% |
| Profit growth | 85.9 | 7.8 | 68 of 251 | 73% |
| Market cap | 62 | 34 | 102 of 268 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for September results and fundraising plans | results | low | — | — |
| 9 Oct 2026 · Board approves NCD private placement up to Rs 10 Crore | fund raising | medium | — | — |
| 6 Oct 2026 · Board meeting on Oct 9 to consider Unlisted NCD issuance | fund raising | medium | — | — |
| 6 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · All 10 resolutions passed at 32nd AGM with over 99.99% majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Transwarranty Finance 32nd AGM concludes; 10 resolutions including NCD, ECB, capital hike | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 6 Sept 2026 · Newspaper ad for 32nd AGM notice and annual report dispatch | compliance | minimal | — | — |
| 4 Sept 2026 · Annual Report FY25-26 and 32nd AGM Notice filed | results | medium | — | — |
| 4 Sept 2026 · Transwarranty Finance 32nd AGM on Sep 30, 2026 | 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.