FINKURVE
Finkurve Financial Services financials
- Market cap
- ₹1.0k Cr
- Sector
- Financial Services
- Calls analysed
- 1
FINKURVE Q3 FY26
What went well
- Assets Under Management (AUM) grew by 118% from Rs. 381 crores to Rs. 833 crores.
- Branch network expanded significantly from 72 to 98 branches.
- Income grew by 31% year-on-year.
What to watch
- Net Interest Margin (NIM) is currently 15%, higher than the industry average of 11-12%, due to low leverage.
- Return on Equity (ROE) is 8-9% and Return on Assets (ROA) is 3.5-4%, which is lower due to the company's current low leverage.
What Finkurve Financial Services Limited does
Finkurve Financial Services is a next-generation, technology-enabled gold-owned NBFC that lends against gold, drawing on its integration with the Augmont ecosystem for gold sourcing, distribution and risk management. It also runs a Personal Loan product, recently restructured from a 30-day high-churn format to a 3-month EMI format to spread out yields. The company operates through a branch network and is beginning to explore co-lending alongside its on-book lending.
Segments
- Gold loans
- Personal loans
- Branch network
- 98 branches (up from 72)
- Assets Under Management (AUM)
- Rs. 833 crores
Guidance record · Q3 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- AUM Growth open said Q3 FY26 Promised: 40% to 50% growth over the next 1 year Q3 FY26: Guidance initiated based on internal operating plans and branch expansion.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 88.3%, net profit up 65.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32 | 40 | 40 | 40 | 48 +51% | 52 +30% | 67 +67% | 75 +88% |
| Net profit | 3 | 6 | 4 | 5 | 6 +71% | 7 +24% | 8 +106% | 8 +66% |
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 −36.5% 1Y
1Y: ₹114.07 on 1 Oct 2025 → ₹72.49. High ₹125.47 (3 Oct 2025), low ₹51.07 (30 Mar 2026).
How the price took the results
close before → close after
- Q3 FY26
- −0.2%
- 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 53.6% a year over 5 years, FY20 to FY26.
| Year ending | FY20 | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Revenue | ₹24 Cr | ₹28 Cr | ₹57 Cr | ₹90 Cr | ₹140 Cr | ₹207 Cr |
| Interest | ₹8 Cr | ₹7 Cr | ₹3 Cr | ₹6 Cr | ₹16 Cr | ₹49 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹1 Cr | ₹3 Cr |
| Net profit | ₹4 Cr | ₹5 Cr | ₹20 Cr | ₹16 Cr | ₹17 Cr | ₹26 Cr |
| Net margin | 16.8% | 16.2% | 34.9% | 17.8% | 12.4% | 12.6% |
| Cash from operations | ₹-84 Cr | ₹6 Cr | ₹29 Cr | — | — | — |
| Free cash flow | ₹-84 Cr | ₹6 Cr | ₹28 Cr | — | — | — |
| ROE | 6.0% | 3.0% | 3.0% | 9.0% | 9.0% | 9.0% |
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 | ₹13 Cr | ₹14 Cr |
| Reserves | ₹123 Cr | ₹145 Cr | ₹160 Cr | ₹176 Cr | ₹194 Cr | ₹331 Cr |
| Borrowings | ₹76 Cr | ₹24 Cr | ₹52 Cr | ₹75 Cr | ₹241 Cr | ₹847 Cr |
| Other liabilities | ₹3 Cr | ₹4 Cr | ₹10 Cr | ₹20 Cr | ₹29 Cr | ₹41 Cr |
| Total liabilities | ₹215 Cr | ₹186 Cr | ₹235 Cr | ₹284 Cr | ₹477 Cr | ₹1.2k Cr |
| Fixed assets | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹8 Cr | ₹27 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹0 Cr |
| Investments | ₹13 Cr | ₹5 Cr | ₹4 Cr | ₹3 Cr | ₹5 Cr | ₹7 Cr |
| Other assets | ₹202 Cr | ₹180 Cr | ₹229 Cr | ₹279 Cr | ₹456 Cr | ₹1.2k Cr |
| Total assets | ₹215 Cr | ₹186 Cr | ₹235 Cr | ₹284 Cr | ₹477 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 Financial Services Limited 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.
Learn to analyse Finkurve Financial Services Limited
Guides on how to read this kind of business and the numbers that matter.