Finkurve Financial Services Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Finkurve Financial Services Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Finkurve Financial Services reported Q4 and FY26 results showing AUM crossing INR 1,000 crore, growing 149% year-on-year to INR 1,096 crore, with quarterly income up 71% and PAT up 105%. The company transitioned into a middle-layer NBFC, received credit rating upgrades from CARE and Infomerics, and initiated a co-lending partnership with Godrej alongside a wellness cross-sell program. Management described asset quality as stable with gross NPA at 0.13% and net NPA at 0.09%, and capital adequacy at 30.96%.
Numbers mentioned
AUM: INR 1,096 crore (FY26 / Q4 FY26)
p. 4
“our AUM on a YoY basis has grown by 149% from INR 439 crore to INR 1,096 crore”
Aakash Jain, page 4 of the filed PDF · View the filing
Branch network: 105 branches (FY26)
p. 4
“Our branch network has increased from 73 to 105, adding 32 branches in a year.”
Aakash Jain, page 4 of the filed PDF · View the filing
Total quarterly income: INR 69 crore (Q4 FY26)
p. 4
“Our total quarterly income has grown by 71% from INR 40 crore to INR 69 crore, and the PAT has grown by 105%.”
Aakash Jain, page 4 of the filed PDF · View the filing
Gross NPA: 0.13% (FY26)
p. 4
“Our gross NPA has been at 0.13% and net NPA has been at 0.09%.”
Aakash Jain, page 4 of the filed PDF · View the filing
Capital adequacy ratio (CRAR): 30.96% (FY26)
p. 5
“Capital adequacy ratio is at 30.96%, almost 31%, and our debt-to-equity is at 2.42x.”
Aakash Jain, page 5 of the filed PDF · View the filing
Cash and cash equivalents: INR 102 crore (FY26 year-end)
p. 5
“We closed it with INR 102 crore cash and cash equivalents balance.”
Aakash Jain, page 5 of the filed PDF · View the filing
Co-lending AUM with Godrej: INR 21 crore (Q4 FY26)
p. 3
“we have initiated a co-lending partnership with Godrej, with approximately INR 21 crores of AUM already built under this arrangement”
Priyank Kothari, page 3 of the filed PDF · View the filing
Total borrowings raised: INR 677 crore (FY26)
p. 5
“last year was the year where we had significantly leveraged our capital by raising almost INR 677 crore both from capital markets and financial institutions”
Aakash Jain, page 5 of the filed PDF · View the filing
Average portfolio LTV: 72% (FY26 year-end)
p. 15
“As of the year-end, our average LTV was around 72%, that we have displayed in our presentation as well.”
Naveen Kottala, page 15 of the filed PDF · View the filing
Stage 1 bucket: 99% (FY26 year-end)
p. 15
“our stage 1 bucket still holds 99%, which is less than 30 DPD”
Aakash Jain, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Branch network growth — 40% to 50% growth · FY27
stated firmly by Naveen Kottala
p. 5
“during the last concall also we have committed that we will be growing by 50% branch network, 40% to 50%. So that plan is still on and we are continuously doing the same thing.”
Naveen Kottala, page 5 of the filed PDF · View the filing
AUM growth — 40% to 50% YoY · FY27
stated firmly by Naveen Kottala
p. 9
“in the last concall also we have for this financial year we have given a guidance of 40% to 50%. So, YoY we will be continuing as per the guidance”
Naveen Kottala, page 9 of the filed PDF · View the filing
Co-lending share of AUM — 20% of overall portfolio · end of this financial year
stated as an aspiration by Naveen Kottala
p. 7
“We aspire to achieve a 20% of the overall portfolio in co-lending by the end of the financial year. This is our aspiration.”
Naveen Kottala, page 7 of the filed PDF · View the filing
ROE — 17% to 18% · next five-year horizon
stated as an aspiration by Naveen Kottala
p. 9
“We aspire to again on the ROE and ROA basis for the next five-year horizon, we will aspire to reach a 17% to 18% ROE and ROA is around 3.5% to 4%.”
Naveen Kottala, page 9 of the filed PDF · View the filing
AUM target — INR 5,000 crore · by 2029
stated as an aspiration by Naveen Kottala
p. 10
“we aspire to reach maybe in next five years by 2029, we are aspiring to reach about INR 5,000 crore, that is our immediate target.”
Naveen Kottala, page 10 of the filed PDF · View the filing
Debt-to-equity ratio — around 4x to 4.5x
stated as an aspiration by Aakash Jain
p. 14
“we would like to see ourselves anywhere between 4x to 4.5x. Again, that is not again considering the off-book proportion that we will build.”
Aakash Jain, page 14 of the filed PDF · View the filing
Equity raise — after H1
stated conditionally by Aakash Jain
p. 13
“For this financial year at least, as of now we are not envisaging any capital raise. If the scenarios change after a quarter, maybe then we should take a call after H1 as to when should we engage with the investor.”
Aakash Jain, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said branch expansion continues at 40-50% growth with 30-45 days needed to open a branch.
Answered by Naveen Kottala
Asked by Sandeep Kapadia: What is the branch rollout timeline and plan for the year?
p. 5
“We typically take around 30 days to 45 days to open one branch.”
Naveen Kottala, page 5 of the filed PDF · View the filing
CFO explained credit rating improved from BBB to BBB+ but a further upgrade to A- will take time.
Answered by Aakash Jain
Asked by Sandeep Kapadia: What efforts are being made to reduce cost of funds, tied to credit rating?
p. 6
“we received an upgrade in the month of March from a BBB to BBB plus category. Journey from here to an A minus category, it's a journey that comes with the size of your asset base, ROA, ROE kind of a numbers, and multiple other factors here.”
Aakash Jain, page 6 of the filed PDF · View the filing
Management explained the co-lending partnership only went live mid-quarter and expects growth, aspiring to 20% of AUM.
Answered by Naveen Kottala
Asked by Tanya Kothari: Why is co-lending contribution currently low and what is the target?
p. 7
“You will see a steady growth in this numbers substantially in this financial year. We aspire to achieve a 20% of the overall portfolio in co-lending by the end of the financial year.”
Naveen Kottala, page 7 of the filed PDF · View the filing
Management said independent PSL/agri lending has limited benefit and agri products depend on co-lending bank partnerships still in discussion.
Answered by Naveen Kottala
Asked by Tanya Kothari: What is Arvog's penetration in agricultural loans?
p. 7
“Now as per the new guidelines, PSL book only can be built via co-lending. So, we are in touch with and that too PSL is only beneficial for a bank.”
Naveen Kottala, page 7 of the filed PDF · View the filing
Management said the Augmont lineage helps with better cost of funds and access to institutional lenders due to brand weightage.
Answered by Naveen Kottala
Asked by Vishal Darji: What tangible financial benefits come from the Augmont ecosystem?
p. 8
“the Augmont lineage experience, and the background gives us a lot of weightage when we are talking to a larger set of banks when it comes to PSUs, NBFCs, and that reflects into a better cost of fund”
Naveen Kottala, page 8 of the filed PDF · View the filing
CFO explained the buffer helps navigate a seasonal slack in bank lending in April and will be fully deployed.
Answered by Aakash Jain
Asked by Varun Trivedi: Is the large cash buffer deliberate or will it be deployed into the loan book?
p. 9
“Hence, to have that buffer in place also helps us in keeping the momentum on, uninterrupted supply of capital to the business and that is why it was more meaningful for us to have that kind of a balance at the end of the year.”
Aakash Jain, page 9 of the filed PDF · View the filing
Management said no equity raise is planned for this financial year given comfortable CRAR.
Answered by Aakash Jain
Asked by Vatsal Chheda: Are there plans for an equity raise to fund AUM growth to INR 5,000 crore?
p. 13
“For this financial year at least, as of now we are not envisaging any capital raise.”
Aakash Jain, page 13 of the filed PDF · View the filing
CFO explained the expense reflects payouts to fintech co-lending partners on the personal loan book and will grow in proportion to AUM.
Answered by Aakash Jain
Asked by Mandira: What explains the fee and commission expense line and will it moderate with scale?
p. 13
“The fees and commission expense that is out there in the financials represents the outflow to the Fintech partners after retaining our hurdle rate on the loan book that we have with us.”
Aakash Jain, page 13 of the filed PDF · View the filing
Management said they aim for around 4x to 4.5x, below the industry average of players above 4x.
Answered by Aakash Jain
Asked by Heena Parekh: What debt-to-equity ratio is the company comfortable operating at?
p. 14
“We still feel there's enough room because the industry average is about 3.5x to 4x. There are players above 4x as well. But we would like to see ourselves anywhere between 4x to 4.5x.”
Aakash Jain, page 14 of the filed PDF · View the filing
Management said Augmont customers have not yet been leveraged; sourcing is currently branch-led.
Answered by Naveen Kottala
Asked by Heena Parekh: What percentage of gold loan customers are sourced through Augmont versus branch walk-ins?
p. 14
“We have still not leveraged Augmont customers for the Finkurve gold loans. Currently whatever customers you see, those are sourced independently by Finkurve at the branch-led model only.”
Naveen Kottala, page 14 of the filed PDF · View the filing
Management said the portfolio remained stable through a prior sharp gold price fall and stress tests indicate comfort at that level.
Answered by Naveen Kottala
Asked by Rutvik Gandhi: What is the stress test outcome if gold prices correct 15-20%?
p. 15
“So, we are comfortable in terms of stress test of even 15% to 20% as well.”
Naveen Kottala, page 15 of the filed PDF · View the filing
Risks flagged
Elevated global uncertainty from geopolitical developments and market volatility
p. 4
“the quarter also witnessed elevated global uncertainty, particularly arising from geopolitical developments in West Asia and volatility across commodity and financial markets”
Priyank Kothari, page 4 of the filed PDF · View the filing
Industry-wide rise in cost of funds
p. 6
“the momentum is upwards where the industry is expecting a rise in cost of funds at an overall level”
Aakash Jain, page 6 of the filed PDF · View the filing
Sharp gold price correction risk to loan portfolio
p. 15
“if you remember in last quarter there was a time when the gold prices corrected almost on a single day the fall was almost 15% sharp”
Naveen Kottala, page 15 of the filed PDF · View the filing
Constraint on branch rollout due to manpower availability
p. 5
“primary constraint is there on the availability of manpower rather than technology and physical infra”
Naveen Kottala, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.