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Revenue
Pending
verification pending
Revenue YoY
31%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Finkurve reported strong Q3 FY26 results with AUM surging 118% YoY to ₹833 crore, driven by branch expansion (72 to 98 branches), new customer acquisition, and gold price tailwinds. Revenue grew 31% YoY and PAT rose 24% YoY, though NIMs contracted due to low leverage (1.67x vs industry 3-4x) and higher finance costs. Management guided for 40-50% AUM growth and similar branch expansion over the next year, targeting leverage of 4x. Asset quality remains strong with GNPA sub-2% (industry ~3%). Key risk: elevated cost of funds (15% vs industry 11-12%) may persist until credit rating improves and leverage normalizes.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects AUM to grow 40-50% over the next year, driven by branch expansion and customer acquisition, excluding gold price effects.
- Target to add 50-60 branches in the next year, similar to the 26 added last year, subject to external factors.
- Co-lending proportion targeted at 10-15% of overall AUM over the next year, with traction expected from Q4.
- Management aims to increase leverage from current 1.67x to industry average of 3-4x to improve ROE and NIMs.
Risks flagged
- Finance cost at 15% vs industry 11-12% due to low leverage and credit rating; may persist until leverage normalizes.
- NIMs contracted sharply as leverage remains low (1.67x); further contraction possible until leverage reaches 3-4x.
- AUM growth partly driven by gold price rise; if prices stabilize or fall, growth may slow.
- Aggressive branch expansion (50-60 new branches) may strain management bandwidth and asset quality.
Key quotes
- Our objective is not merely scale, but to build a trusted gold loan franchise that leverages technology and experience to deliver sustainable growth for customers, lenders, and our investors.
- We are scaling the business at a pace where systems, people, and control remains firmly ahead of growth.
- Our near-term guidance from the perspective of one year... AUM expansion should be in the range of 40 to 50%.
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