Finkurve Financial Services Ltd.

•

arvog.comBSE: 508954NSE: FINKURVE

Market Cap₹ 1,028 Cr.

Current Price

High / Low₹ 135 / 48

Stock P/E35.0

Book Value₹ 25

Price to Book6.58

Dividend Yield0.00 %

ROCE11.5 %

ROE8.8 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Foreign Exchange Trading: 96.4% • NBFC Activity: 3.6% • Leisure & Hospitality: 0.0%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 34.0% CAGR over last 5 years
Solid return on assets for a lender - ROA of 4.5%
Asset quality is healthy - gross NPA of just 0.0%
Latest quarter profit grew 65.8% YoY, showing strong momentum
Company has delivered good sales growth of 53.8% CAGR over last 5 years

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
Company has a low return on equity of 8.8% over last 3 years
Promoter holding has decreased over last 2 years: -2.8pp
Company has a low return on capital employed of 11.6%
Free cash flow has been persistently negative
Operating margins have contracted to 29.2% from 42.8%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110814.49	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	FINKURVE	73.38	52.15	1028.38	0.00	4.91	162.78	23.64	191.67	11.46	35.24

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	20	23	24	23	28	32	40	40	40	48	52	67	75
	16	16	15	15	20	23	28	29	25	32	28	38	65
Operating Profit	4	7	8	8	8	8	12	11	14	16	24	30	38
OPM %	21.21%	29.31%	35.24%	35.63%	29.51%	26.61%	30.98%	27.88%	36.36%	34.15%	45.48%	44.20%	51.05%
Other Income	0	0	0	0	0	0	0	0	0	0	1	2	1
Interest	2	1	2	2	2	4	4	6	7	8	14	20	27
Depreciation	0	0	0	0	0	0	0	0	1	1	1	1	1
	3	6	7	6	6	5	8	5	7	7	10	10	11
Tax %	26.25%	20.87%	25.94%	24.62%	25.59%	25.54%	27.88%	25.33%	25.48%	19.89%	29.85%	22.84%	24.69%
Net Profit	2	4	5	5	4	3	6	4	5	6	7	8	8
	0	0	0	0	0	0	0	0	0	0	0	1	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	9	10	12	15	16	20	23	50	90	140	242
	0	0	2	2	3	7	13	30	64	99	162
Operating Profit	9	10	11	13	13	13	10	21	26	41	80
OPM %	96.81%	95.19%	86.58%	85.35%	82.38%	64.07%	42.72%	40.74%	28.96%	29.21%	33.11%
	0	0	0	0	0	0	21	4	2	1	3
Interest	8	9	8	12	8	7	3	5	6	17	69
Depreciation	0	0	0	0	0	0	0	0	0	1	4
Profit before Tax	1	1	3	1	5	6	27	20	21	24	39
Tax %	30.71%	31.67%	31.86%	32.96%	24.48%	25.87%	20.14%	26.91%	24.26%	26.30%	24.60%
Net Profit	1	1	2	1	4	5	22	14	16	17	29
EPS	0.00	0.00	0.00	0.00	0.00	0.36	1.70	1.13	1.27	1.37	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 53%
5 Years:: 54%
3 Years:: 84%

COMPOUNDED PROFIT GROWTH

10 Years:: 62%
5 Years:: 34%
3 Years:: -7%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 9%
3 Years:: 9%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	13	13	13	13	13	13
	1	2	4	4	119	123	145	159	175	193
	72	75	111	93	73	76	24	54	77	243
Trade Payables	0	0	0	0	0	0	2	4	6	16
	1	6	2	0	0	4	10	8	16	17
Total Liabilities	83	93	126	107	205	217	193	238	287	482
	0	0	0	0	0	0	1	1	1	8
Capital Work in Progress	0	0	0	0	0	0	0	0	0	8
	10	10	10	10	11	13	5	4	3	5
Cash & Bank	1	3	0	1	1	2	3	4	9	15
	72	80	117	96	193	202	185	228	274	446
Total Assets	83	93	126	107	205	217	193	238	287	482

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-32	9	-29	30	-84	8	35	-16	-7	-134
Cash from Investing	-0	-0	-0	-0	-1	-1	28	-1	-6	-5
Cash from Financing	33	-6	28	-29	85	-4	-56	23	18	145
	0	2	-3	1	-0	1	1	2	4	7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.05	0.06	0.19	0.08	0.32	0.36	1.70	1.13	1.27	1.37
Book Value (₹)	1.13	1.19	1.37	1.42	10.36	10.72	12.42	13.55	14.82	16.19
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.06	0.06	0.19	0.09	0.32	0.37	1.73	1.16	1.30	1.45
PROFITABILITY
Operating Margin %	97.17%	95.68%	86.82%	85.74%	82.82%	64.18%	42.80%	49.52%	28.96%	29.21%
Net Margin %	5.58%	5.44%	14.55%	5.26%	24.71%	22.06%	95.27%	28.40%	17.85%	12.39%
ROE %	4.95%	5.05%	14.53%	5.84%	5.55%	3.37%	14.73%	8.70%	8.93%	8.85%
ROCE %	14.77%	11.73%	10.19%	11.11%	8.63%	6.21%	15.45%	12.11%	11.22%	11.46%
	0.85%	0.64%	1.64%	0.67%	2.58%	2.14%	10.53%	6.64%	6.13%	4.53%
EFFICIENCY
Debtor Days	1	0	0	0	11	0	0	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	1	0	0	0	11	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	6.57x	6.51x	8.33x	6.78x	0.55x	0.56x	0.15x	0.30x	0.40x	1.15x
Interest Coverage (x)	1.09x	1.09x	1.33x	1.10x	1.66x	1.89x	9.16x	4.96x	4.44x	2.39x
	18.71x	7.10x	1.15x	1.04x	2.80x	2.49x	6.06x	4.55x	4.49x	0.14x
GROWTH
Revenue Growth %	377.25%	9.90%	19.09%	21.40%	8.92%	25.30%	11.00%	122.35%	78.55%	56.02%
Operating Profit Growth %	420.30%	8.22%	8.06%	19.89%	5.20%	-2.91%	-25.98%	157.28%	11.58%	49.32%
Net Profit Growth %	269.65%	7.32%	218.33%	-56.12%	411.63%	11.87%	379.36%	-33.72%	12.20%	8.31%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.20%	8.27%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	41.45x	77.64x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.54x	6.58x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.30x	37.81x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.99	58.99	61.70	62.07	62.07	56.26	56.24	56.24	56.21
	5.84	5.84	5.84	5.89	6.61	6.71	6.70	7.02	7.30
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	35.17	35.17	32.46	32.05	31.32	37.04	37.05	36.73	36.49

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Updates

2026-09-05 - Finkurve Financial Services Limited has informed the Exchange regarding 'Intimation for interest payment to concerned NCD Holders'.

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Finkurve Financial Services Limited has informed the Exchange about Newspaper Publication of notice of 42nd Annual General Meeting under Regulation 47 of the SEBI (Listing of Obligations and Disclosure Requirement) Regulations, 2015

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Finkurve Financial Services Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01

General Updates

2026-09-01 - Finkurve Financial Services Limited has informed the Exchange about General Updates

2026-09-01

Shareholders meeting

2026-09-01 - Finkurve Financial Services Limited has informed the Exchange about Shareholders meeting

2026-09-01

Outcome of Board Meeting

2026-09-01 - Outcome of Board Meeting

2026-09-01

Updates

2026-09-01 - Finkurve Financial Services Limited has informed the Exchange regarding 'Intimation for interest payment to concerned NCD Holders'.

2026-08-25

Updates

2026-08-25 - Finkurve Financial Services Limited has informed the Exchange regarding 'Record date disclosure for month of september'.

2026-08-25

Updates

2026-08-25 - Finkurve Financial Services Limited has informed the Exchange regarding 'intimation for interest payment to conceerned NCD holders'.

News

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