FINBUD

FINBUD achieved a landmark year in FY26, reporting INR 317.9 crores in revenue, a 42% YoY growth, with an EBITDA of INR 19.9 crores (35% YoY) and PAT of INR 11.6 crores (39% YoY). The company successfully completed its IPO and disbursed over INR 10,250 crores in loans across its platform. Key strategic moves included rebranding the digital business to ZAP and establishing a new NBFC, EQUALL, with RBI approval for its CEO, Mr. Ajay Vikram Singh. These initiatives are expected to drive future growth and enhance focus on digital lending.

The digital business, now branded ZAP, contributed 14% of FY26 revenue (INR 41 crores) with a 14% EBITDA margin, significantly higher than the agent business's 4.5%. Management projects ZAP's revenue to grow 7x to INR 300 crores by FY30, with EBITDA margins expanding to 25%. This growth will be fueled by increasing market share from 1% to 2.4% and wallet share from 9.5% to 20% by FY30, leveraging the company's extensive data lake of over 5 crore customers.

FINBUD launched its NBFC, EQUALL, which is built on the company's existing data and distribution network. As of March 31, 2026, EQUALL had an on-book AUM of INR 5.3 crores, with total disbursals reaching INR 9 crores by the call date. The average ticket size is INR 1.5 lakhs with a 13-month tenure, and early delinquency signals (30/90 DPD) are encouraging at around 1%. The NBFC aims for INR 2,500 crores AUM by FY30, targeting the middle-income segment (INR 4-10 lakh income category).

For FY27, FINBUD targets a total revenue of INR 425 crores, with INR 75 crores from the digital business and INR 350 crores from the agent business. PAT is projected to be INR 18-20 crores, and EBITDA INR 28-30 crores, indicating 55-60% PAT growth. The primary driver for margin expansion is the accelerated growth of the digital business and the introduction of new categories like gold loans and health products, which leverage the existing customer funnel without significant incremental marketing costs.

FINBUD's core strategy revolves around its proprietary data lake, which serves as a foundational layer for both its digital and NBFC businesses. The data enables sharper targeting, improved credit models, and the development of new products. The company is also aggressively adopting AI and building its technology stack in-house, including LOS, BRE, field apps, and payment/collection apps, to create operating leverage and reduce external dependencies.

A significant portion of the IPO proceeds, approximately INR 60 crores, remains unutilized, providing ample capital for future growth. For the NBFC, FINBUD has committed INR 15 crores from its IPO proceeds, and the CEO, Mr. Ajay Vikram Singh, has infused INR 2.5-2.6 crores. The NBFC has also secured its first term loan from Northern Arc, with commitments for increased quantum, indicating a strong ability to raise debt alongside equity.