508954
Finkurve Fin. financials
- Market cap
- ₹1.1k Cr
- Sector
- Financial Services
- Calls analysed
- 3
Finkurve Fin. Q1 FY27
What went well
- Asset Under Management (AUM) grew by 135% YoY, demonstrating strong business expansion.
- Revenues increased by almost 89% YoY, and Profit After Tax (PAT) grew by almost 65% YoY.
- The branch network expanded by 42%, from 83 to 118 branches as of June 30, indicating robust physical presence growth.
What to watch
- Return on Assets (ROA) was 2.9%, which management attributed to increasing leverage and finance/opex costs not allowing PAT to grow proportionally with AUM.
- The gold loan industry's growth is directly correlated with gold prices, posing a potential challenge if prices stabilize or correct, impacting loan growth and ticket sizes.
What Finkurve Fin. does
Finkurve Financial Services Limited, operating under the retail lending brand 'Arvog', is an NBFC that offers secured gold loans through a direct, branch-led origination model and unsecured personal loans through a partnership/co-lending model, including tie-ups with RBL Bank and Godrej Finance. Gold loans are collateralised against physical gold within RBI-prescribed loan-to-value norms and now form the dominant share of the loan book, having shifted from a legacy corporate-lending focus. The company runs its branches on a centralised loan-origination and management system with dual OTP vault access, maker-checker verification and AI-assisted gold appraisal and video surveillance across its branch network in South India.
Segments
- Gold Loans
- Personal Loans
- Branches
- 105 (across Telangana, Andhra Pradesh, Karnataka, Tamil Nadu)
- Active gold-loan customers
- 28,506
- Gold holdings under management
- 1,076.2 kg
- States of operation
- 4 (Telangana, Andhra Pradesh, Karnataka, Tamil Nadu)
- Average gold-loan ticket size
- ₹1.81 lakh
- Average gold-loan disbursal turnaround time
- ~25 minutes
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 0 delivered 2 missed 13 open- New Branches missed said Q3 FY26 Promised: 50-60 new branches in FY26 Q1 FY27: The target for FY26 has passed and was missed. No new information provided.
- AUM Growth revised up said Q3 FY26 Promised: 40-50% AUM growth for the upcoming year (FY27) Q1 FY27: Management revised the AUM growth guidance for FY27 upwards to 50-60%.
- Co-lending Proportion of AUM on track said Q3 FY26 Promised: 10-15% of overall AUM in the next year Q1 FY27: Co-lending share is at 3%. Management reiterated the target of 15-20% by the end of FY27.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 67.2%, net profit up 105.6% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28 | 32 | 40 | 40 | 40 +40% | 48 +51% | 52 +30% | 67 +67% |
| EBITDA | 8 | 8 | 12 | 11 | 15 +73% | 16 +93% | — | — |
| Net profit | 4 | 3 | 6 | 4 | 5 +16% | 6 +71% | 7 +24% | 8 +106% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −25.9% 1Y
1Y: ₹100.1 on 10 Sept 2025 → ₹74.2. High ₹125.45 (3 Oct 2025), low ₹51.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +6.2%
- 13 Aug
- Q4 FY26
- −0.7%
- 21 May
- Q3 FY26
- −2.5%
- 9 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 49.2% a year over 5 years, FY21 to FY26.
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Revenue | ₹28 Cr | ₹57 Cr | ₹50 Cr | ₹90 Cr | ₹140 Cr | ₹207 Cr |
| Operating profit | — | — | ₹25 Cr | ₹28 Cr | ₹40 Cr | — |
| Operating margin | — | — | 49.2% | 30.7% | 28.8% | — |
| Interest | ₹7 Cr | ₹3 Cr | ₹5 Cr | ₹6 Cr | ₹16 Cr | ₹49 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹3 Cr |
| Net profit | ₹5 Cr | ₹20 Cr | ₹14 Cr | ₹16 Cr | ₹17 Cr | ₹26 Cr |
| Net margin | 16.2% | 34.9% | 28.4% | 17.8% | 12.4% | 12.6% |
| Cash from operations | ₹4 Cr | ₹28 Cr | ₹-20 Cr | ₹-7 Cr | ₹-134 Cr | ₹-566 Cr |
| Free cash flow | ₹4 Cr | ₹27 Cr | ₹-21 Cr | ₹-14 Cr | ₹-138 Cr | ₹-572 Cr |
| ROE | 3.0% | 13.0% | — | — | — | — |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹125 Cr | ₹145 Cr | ₹160 Cr | ₹176 Cr | ₹315 Cr | ₹331 Cr |
| Borrowings | ₹78 Cr | ₹24 Cr | ₹52 Cr | ₹75 Cr | ₹382 Cr | — |
| Other liabilities | ₹9 Cr | ₹4 Cr | ₹10 Cr | ₹20 Cr | ₹31 Cr | ₹41 Cr |
| Total liabilities | ₹225 Cr | ₹186 Cr | ₹235 Cr | ₹284 Cr | ₹741 Cr | ₹1.2k Cr |
| Fixed assets | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹11 Cr | ₹27 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹0 Cr |
| Investments | ₹4 Cr | ₹5 Cr | ₹4 Cr | ₹3 Cr | ₹5 Cr | ₹7 Cr |
| Other assets | ₹219 Cr | ₹180 Cr | ₹229 Cr | ₹279 Cr | ₹716 Cr | ₹1.2k Cr |
| Total assets | ₹225 Cr | ₹186 Cr | ₹235 Cr | ₹284 Cr | ₹741 Cr | ₹1.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −5.86 pp while the public added +5.17 pp. The shareholder count grew 26% to 3,433.
- Promoters
- 56.2%
- FIIs
- 7.3%
- Public
- 36.5%
Since Jun 2025
- Promoters −5.86 pp
- Public +5.17 pp
- FIIs +0.69 pp
How it drifted, 12 quarters
Over this window the public fell from 39.6% to 36.5% — −3.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 54.6%, FIIs 5.8%, Public 39.6%.Dec '23: Promoters 54.6%, FIIs 5.8%, Public 39.5%.Mar '24: Promoters 59.0%, FIIs 5.8%, Public 35.2%.Jun '24: Promoters 59.0%, FIIs 5.8%, Public 35.2%.Sep '24: Promoters 59.0%, FIIs 5.8%, Public 35.2%.Dec '24: Promoters 61.7%, FIIs 5.8%, Public 32.5%.Mar '25: Promoters 62.1%, FIIs 5.9%, Public 32.0%.Jun '25: Promoters 62.1%, FIIs 6.6%, Public 31.3%.Sep '25: Promoters 56.3%, FIIs 6.7%, Public 37.0%.Dec '25: Promoters 56.2%, FIIs 6.7%, Public 37.0%.Mar '26: Promoters 56.2%, FIIs 7.0%, Public 36.7%.Jun '26: Promoters 56.2%, FIIs 7.3%, Public 36.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Minerva Ventures Fund FPI fund newly disclosed 1.09% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Finkurve Fin. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mohinidevi Bhanwarlal Kothari | 28.90% | unchanged |
| Ketan B Kothari | 18.22% | unchanged |
| Thomas John Muthoot | 13.14% | unchanged |
| Kalawati Prithviraj Kothari | 6.45% | unchanged |
| Rishabh Mehta | 5.79% | unchanged |
| Nexpact Limited FPI fund | 5.29% | unchanged |
| Namita Ketan Kothari | 1.29% | unchanged |
| Sandeep Kapadia | 1.10% | unchanged |
| Minerva Ventures Fund FPI fund | 1.09% | newly disclosed |
| Devkumari Manekchand Kothari | 1.06% | unchanged |
| Bhavna Ashwin Bafna | 0.29% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Finkurve Fin.
Guides on how to read this kind of business and the numbers that matter.